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Empirical Research Partners
Michael Goldstein's Empirical Research Partners builds multi-factor equity models for institutional allocators and active managers.
Empirical Research Partners
Empirical Research Partners operates as a specialized research boutique, serving a concentrated client base of sophisticated institutional asset managers. The firm's analytical framework dissects US and international equities through a multi-factor lens, evaluating securities based on valuation, earnings quality, momentum, and risk attributes. The output is not a trade recommendation but a systematic map of expected return drivers, enabling clients to calibrate their own active positions. The firm's primary product is its US Equity Model, which ranks a broad universe of stocks on a composite of factors including value, quality, and price momentum. Factor exposures are not static; the model dynamically weights signals based on prevailing market regimes and estimated factor efficacy. A shorter-term version applies these principles to tactical allocation windows. The research also extends to non-US developed markets, applying a similar decomposition of returns across countries and sectors. Goldstein, who built the firm after earlier roles at Sanford C. Bernstein and as a managing director at Merrill Lynch, runs a deliberately lean operation with a small team of quantitative researchers. The organizational structure keeps intellectual property and model evolution tightly controlled, avoiding the asset-gathering conflicts of a larger manager. The firm's client base historically centered on long-only equity managers, including a cluster of value-oriented shops attracted by the model's emphasis on fundamental drivers. Empirical's structural differentiator lies in its unbundled research model. Unlike bulge-bracket banks that embed their quantitative work within broader trading and corporate access packages, the firm sells pure analytical output on a subscription basis. This creates an unusual alignment where the client's performance is the sole metric of the service's value, unencumbered by soft-dollar arrangements or execution relationships.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Michael Goldstein
Founder
Frequently asked questions
Who founded Empirical Research Partners and what is his background?
Michael Goldstein founded the firm. Prior to launching Empirical, he was a senior quantitative analyst at Sanford C. Bernstein and later a managing director in equity research at Merrill Lynch. His career has centered on systematic equity research and factor analysis for institutional clients.
What service or product does the firm provide?
The firm provides subscription-based quantitative equity research to institutional asset managers. Its core product is a multi-factor model that ranks a broad universe of US and international stocks based on valuation, earnings quality, momentum, and risk factors. Subscribers receive the model's output and supporting analytics to inform their own portfolio decisions.
Is Empirical Research Partners a registered investment advisor that manages assets?
No, Empirical Research Partners operates as a research boutique, not a traditional asset manager. It does not manage public assets or offer commingled funds. The firm generates revenue from research subscriptions, which structurally differentiates it from firms with AUM-based fee models and their associated conflicts.
Who are the firm's typical clients?
The firm's core client base consists of institutional long-only equity managers, including a historically strong following among fundamental, value-oriented investors seeking systematic validation and idea generation. The firm's unbundled model—selling pure analytical output without trading or corporate access—appeals to managers who want to integrate quantitative signals without ceding portfolio construction to a black box.
How does the firm's multi-factor model operate?
The model evaluates individual securities across a composite of factor categories: value, earnings quality, price momentum, and macroeconomic sensitivity. Factor weights are not static; the firm dynamically adjusts them based on an analysis of the current market regime and an ongoing assessment of each factor's predictive power. The objective is to estimate expected return, not to dictate a specific portfolio.
What is the known size and scale of the firm's operations?
Empirical Research Partners is a small, specialized boutique. The firm operates with a deliberately lean team of quantitative researchers and analysts, though a specific headcount is not publicly disclosed. This compact structure is integral to its business model, keeping intellectual property controlled and avoiding the asset-gathering imperatives that can dilute the purity of a research process at larger institutions.
Does the firm cover markets beyond US equities?
Yes, while the US Equity Model is the firm's flagship product, its analytical framework extends to non-US developed markets. The international research applies a similar factor-decomposition methodology to evaluate stocks across countries and sectors, helping global managers incorporate systematic signals into their ex-US allocations.
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