We are a fundamental-research, employee-owned investment firm. We invest using a thorough in-house research process - free from sell-side research and the herd mentality. Our thinking is independent of the investment community and our opinions often differ greatly from the consensus. Because we are not engaged in investment banking, brokerage and prop trading (nostro activities), we have no conflicts of interest to cloud our judgment. Ours is truly an independent investment firm. Based on our independent research, we make investments where there is significant under-valuation or where there are realistic and meaningful opportunities for growth at reasonable prices. Our main focus is on small-cap companies because we believe that market inefficiencies often occur in the valuation of small, harder to find, and lesser-known companies. Our investment philosophy, based on independent thinking and a record of strong performance, has built Forest into a firm that has grown primarily through referrals.