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COPYRIGHT 2003 Adams Business Media
Davenport & Company
An ownership mentality is not just a state of mind for the analysts at Davenport & Company--it's the real deal. Davenport is wholly-owned by its employees and today is the largest independent retail brokerage firm headquartered in Virginia. In 1997, Davenport became a limited liability corporation and selected S corp status for tax purposes. "This reorganization was a real blessing because it allowed us to more actively manage our capital, and I think that has probably enhanced our ability to stay independent over the long term," says Research Director and Analyst David West.
West views the Davenport research department as an "idea shop." "We sometimes tell people that we try to straddle the stream between buy-side and sell-side research by being organized broadly along sectors," he says. "We don't claim to be absolute experts on a lot of niche areas, but we've chosen to take that broader perspective like a buy-side analyst would to find the best ideas."
Each analyst is encouraged to find representative names across their various sectors which results in a mix of large-, mid- and small-cap stocks. There's also a bias towards more regional names. "We're open to coverage outside our geography if a story makes sense," West says. "If we think it has good value we want to follow that story, but it certainly makes sense to us to be aware of and know companies that are in our own backyard. I think you'll see a pretty good regional representation from each of the analysts and their...
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