Who we are

Piscataqua Research, Inc. was founded in 1992 by Stephen J. Church.  Steve has provided investment consulting service to wealthy investors and large pension funds since 1986.  We provide investment supervisory, investment management or investment consulting services to clients with sizable assets.

Piscataqua Research is dedicated to:

Determining the Facts:

We conduct research into the sources of investment performance; the valuation of asset classes; the valuation of stocks; and the environment for economic growth.  Though it is much harder to identify facts than to create opinions, we strive to find useful facts that guide us in choosing investment strategies.

Sensible Investing:

Investing is a business.  Investment managers, banks, brokers, and insurance companies try to earn profits every year.  You should, too.  The rules of sensible investing are:

Rule #1:  Try to earn money every year.  We help you design a strategy where you only take risk when you understand how you will make money.

Rule #2:  Educate yourself and insist that companies that want your business educate you.  Do not play the confidence game.  Make decisions for yourself.  We help you find the information that you need.

Rule #3:  Pay fair fees for the likely returns.  Every dollar paid in expenses reduces your investment returns.  Most successful investment strategies pay total fees averaging 10% or less of their expected returns.  We help you make fee choices.

Rule #4:  Use well-known organizations with good records of team investing and a reputation for providing dependable services at fair prices.  We help you narrow down the choices in the confusing and constantly changing world of investment management.


To us, integrity is the act of working in the best interest of our master: you.  We:

  • Accept only fees paid to us directly by clients;
  • Disclose all potential conflicts of interest; and
  • Provide all clients with consistent access
    to our research.