Beyond Consensus

Meaningful value often appears before markets form complete consensus.

That is why BGA does not research only the hottest companies or assets. The more important work is to keep asking deeper questions.

Before Consensus

• What infrastructure sits behind the hotspot?
• Which critical links does growth depend on?
• If demand keeps expanding, where might the next bottleneck appear?
• Which industries may undergo structural change because of a new technology cycle?

When markets already share a highly aligned consensus, much of the information is already in the price. BGA therefore focuses on what happened before consensus formed.

Where alpha comes from

For BGA, alpha is not short-term directional forecasting. Research-relevant alpha often comes from:

• Knowledge gaps
• Timing gaps
• Industry-understanding gaps
• Capital-flow gaps
• Market-structure gaps
• Different judgments about the speed and scale of future change

Seeking Alpha — seeking value that markets have not fully recognized.