Enjoying the tortoise years: Boston-based firm knows that slow and steady wins the race. (Research Profile).

Publication: Buyside

Publication Date: 01-MAY-03

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Moors & Cabot, Inc.

After 113 years in business, it's apparent that the team at Moors & Cabot has learned to not only survive the ups and downs of the economy and the markets, but to thrive.

Moors & Cabot covers two sectors: technology and financial institutions. One fundamental difference between the firm and its competitors is simply one fact: "We're here and they're not," says Edgar Bierdeman, senior vice president and research director. "We're one of the few remaining boutique institutional research firms." The company also has 25 sales offices around the country.

Bierdeman credits Moors & Cabot's longevity to management's decision not to jump on the investment banking bandwagon during the dot-com heyday--in contrast to some other firms. "It was a fabulous time for them, and they were rolling in piles of cash." However, the bursting of the Internet bubble decimated the revenue streams of many of Moors & Cabot's competitors, some of which are no longer around.

In contrast, Moors & Cabot has maintained profitable operations in trading, institutional sales and floor operations throughout the boom, and beyond. "It's similar to the tale of the tortoise and the hare" says Bierdeman. "Now, we're...

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