Institutional Equity Research
200+ published investment reports
Strategic Research • Financial & Investment Analysis • Decision Advisory
Challenge Assumptions.Clarify Decisions.Execute with Confidence.
Hull Strategy Group provides independent research, financial analysis and strategic advisory to investors and executives facing consequential business, investment and growth decisions.
Perspective
An investor’s discipline applied to strategic decisions.
Hull Strategy Group brings a perspective shaped by institutional equity research, portfolio management, private equity and independent advisory work—combining rigorous research with financial analysis, valuation and executive judgment.
Portfolio Management
Fundamental research, valuation and active thesis monitoring
Private Equity
Diligence, investment analysis and transaction evaluation
Independent Advisory
Strategic research, financial analysis and executive decision support
Services
Different questions require different evidence.
Better decisions require bringing it together.
01
Strategic Research & Intelligence
What is actually true?
Go beyond the prevailing narrative to understand the market, competitive environment and assumptions shaping a decision.
- Investment research & thesis development
- Commercial due diligence
- Market & competitive intelligence
- Primary research & expert interviews
- Market opportunity assessment
- Ongoing strategic intelligence
02
Financial & Investment Analysis
What do the economics tell us?
Translate strategy and market evidence into financial consequences, valuation ranges and decision-relevant scenarios.
- Valuation & strategic value analysis
- Financial modeling & forecasting
- Scenario & sensitivity analysis
- Acquisition & investment analysis
- Business-model economics
- KPI & performance analysis
03
Strategy & Decision Advisory
Given the evidence, what should we do?
Integrate research and economics into a clear view of the alternatives, risks, trade-offs and path forward.
- Strategic alternatives & prioritization
- Investment & acquisition decision support
- Growth & market decisions
- Capital-allocation analysis
- Executive decision briefs
- Implementation & performance monitoring
The HSG Approach
Start by defining what you actually believe.
Before a thesis can be tested, it has to be made explicit. Hull Strategy Group begins by defining the prevailing view—and the assumptions required for it to hold. From there, the work focuses on where the evidence supports the thesis, where it conflicts, where expectations may be mis-sized, and what those differences mean economically.
Define
The thesis & consensus
What is the prevailing view? What assumptions are already embedded in the decision?
Challenge
The assumptions
What has to be true? Where could the logic, expectations or magnitude be wrong?
Research
The evidence
Test the thesis through primary research, market intelligence, competitive analysis and operating data.
Model
The economics
Translate the critical assumptions into scenarios and understand which variables actually drive outcomes.
Value
The opportunity
Determine what the evidence and economics imply for value, risk and potential return.
Decide
The path forward
Clarify the alternatives, make the recommendation—and identify what future evidence would cause the conclusion to change.
Contrarian analysis starts with understanding the consensus correctly—not disagreeing with it.
Signature Engagement
Investment Thesis Challenge
Independent analysis designed to test a decision—not justify one.
The strongest investment theses are not the ones with the most supporting evidence. They are the ones that survive serious attempts to prove them wrong.
The Investment Thesis Challenge pressure-tests the assumptions underlying an investment, acquisition or capital commitment—identifying what must be true, where consensus may be vulnerable, what evidence conflicts with the thesis, and how alternate outcomes affect valuation and risk.
Define the consensus
Clarify the prevailing thesis and expectations already embedded in the opportunity.
Identify the fault lines
Surface the assumptions most capable of changing the outcome.
Test the evidence
Seek confirming and disconfirming evidence rather than building a case for a predetermined conclusion.
Revalue the opportunity
Translate different assumptions into financial and valuation consequences.
Clarify the decision
Determine what supports proceeding, changing the thesis, conducting additional diligence—or walking away.
Selected Work
Research and analysis built around real decisions.
Global healthcare products manufacturer
Market Opportunity & Strategic Diligence
Structured primary research, competitive intelligence and market analysis to assess unmet needs, market attractiveness and strategic alternatives surrounding a significant technology opportunity.
PE-backed healthcare technology company
Financial & Performance Architecture
Built integrated financial and performance architecture connecting revenue, cost, headcount and operating KPIs to give leadership clearer visibility into growth, operating leverage and execution.
Fintech company
Acquisition & Investment Analysis
Developed acquisition pro formas and scenario analysis to evaluate the financial consequences and strategic economics of contemplated transactions.
High-growth telemedicine company
Growth & Capital Planning
Re-architected complex forecasting and financial models to improve decision visibility around business-model economics, growth requirements and capital planning.
Independent Research Mindset
Consensus is information. It is not a conclusion.
Compelling narratives can be right. They can also be partially right, too early, too optimistic—or already fully reflected in the valuation.
Hull Strategy Group approaches strategic and investment questions with the discipline of independent fundamental research: understand what the prevailing view assumes, actively investigate where reality may diverge, and remain willing to change the conclusion when the evidence changes.
Neither contrarian for its own sake nor consensus-driven.
The objective is not to disagree. It is to determine where the evidence and expectations actually align.
Narrative must reconcile with economics.
Market enthusiasm, management conviction and strategic logic ultimately have to show up in the numbers.
Valuation changes the answer.
A compelling business can still be a poor investment at the wrong price. A challenged business or overlooked asset can offer value when expectations are too low.
Independent analysis designed to test a decision—not justify one.
Performance-Led AI Strategy
Start with performance. Then determine whether AI is the right lever.
AI is creating new opportunities to improve productivity, decision-making and operating performance. But adopting AI without first defining the business problem risks automating the wrong process—or solving a problem that does not materially matter.
Hull Strategy Group takes a performance-led approach: begin with the financial and operating evidence, identify the constraints and blind spots affecting results, and then evaluate where AI can create measurable value.
Performance Diagnostic & AI Opportunity Roadmap
- Diagnose performanceIdentify the financial and operating gaps that matter.
- Find the constraintSeparate symptoms from root causes.
- Evaluate AI fitDetermine which issues are genuinely AI-addressable—and which are not.
- Prioritize by valueAssess opportunities based on impact, feasibility, data readiness, risk and expected ROI.
- Build the roadmapSequence initiatives, define ownership and establish the metrics that will determine whether implementation is working.
AI should follow the business problem—not the other way around.
Founder
Nancy Hull
Founder & Principal
Nancy Hull is a strategic advisor whose experience spans competitive intelligence, institutional equity research, portfolio management, private equity and independent consulting.
Her work has consistently centered on a common problem: making sense of incomplete or conflicting information, determining what the evidence actually implies, and translating that analysis into decisions involving strategy, capital and value.
She holds an MBA in Finance and Competitive Strategy from the University of Florida and a BA in Psychology from Emory University.
Contact
Facing a decision where the assumptions matter?
Define what must be true. Test the evidence. Understand the economics. Clarify the path forward.
Discuss an Engagement