Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Thematic (Sector/Industry)

United states Financials / Thematic (Sector/Industry)

<ul><li>Exchange migration. Since its inception in 1971, Nasdaq has welcomed more than 500 voluntary exchange transfers from other markets, representing ~$2.7 trillion in market capitalization.</li><li>The bulk of these moves occurred over the past two decades, following the 2003 repeal of NYSE’s restrictive Rule 500, which had made voluntary delisting and transfer nearly impossible.</li><li>It hasn’t been entirely one way, as since 2000, 347 companies worth $1.5 trillion have moved in the opposite direction. </li></ul>

Exchange migration. Since its inception in 1971, Nasdaq has welcomed more than 500 voluntary exchange transfers from other markets, representing ~$2.7 trillion in market capitalization.The bulk of these moves occurred over the past two decades, following the 2003 repeal of NYSE’s restrictive Rule 500, which had made voluntary delisting and transfer nearly impossible.It hasn’t been entirely one way, as since 2000, 347 companies worth $1.5 trillion have moved in the opposite direction. 

Biotechs and the Lure of Nasdaq - 23 December 2025