Our Mission

To Provide Uncompromising Investment Research

EXPLANATION OF JTVIR’S INDUSTRY LEADING FIRST-HALF

We are proud that our team of three analysts and an office manager had industry leading
stock recommendation performance among over 250 global research providers in the
First Coverage system. We positioned ourselves in the first-half of 2009 with an
emphasis on base metals mining and containerboard. We had no Overweights in gold,
aluminum, or carbon steel. Three Canadian firms also in the top ten had a mining focus.

Our top seven Overweight recommendations were Mercator Minerals up 237.5%
(absolute, not annualized and excluding dividends), Teck up 224.0%, Temple-Inland up
173.3%, Thompson Creek Metals up 156.1%, FNX Mining up 156.0%, PolyMet Mining
up 94.0% and Rio Tinto up 84.3%. We had eight more Overweight recommendations
that rose > 25% before dividends over just six months, including Allegheny
Technologies, Freeport-McMoRan Copper, Antofagasta PLC, BHP, Duluth Metals, Vale,
International Paper, and MeadWestvaco. These recommendations benefited from copper
making its low in December or nickel in August 2008, well in advance of the March 9,
2009 stock market low, permitting them to rally ahead of the market. In honesty, we had
recommended virtually all these firms during their 2008 second-half declines as well, but
ranked Third overall for Basic Materials in 2008 in the First Coverage system.

We had Underweight ratings on three stocks that declined up to 10% each in the 2009
first-half - - U.S. Steel, Barrick Gold and Weyerhaeuser. We had Underweights for part
of the period on AngloGold, FCX, Alumina Ltd, Alcoa and Century Aluminum.

We had two notable failures. We had one Overweight rated stock decline, a 17.3% drop
in Domtar. We also cut our rating to Underweight on Louisiana-Pacific on March 7,
2009 at $1.27 only to see it close at $3.42, which was a 169.3% gain over < 4 months or
almost a sevenfold annualized gain. Our average gain may almost have doubled without
the errant LPX Underweight.

First Coverage First-Half 2009 Top Firms

                                                                                                        HQ              # Ideas     Return
John Tumazos Very Independent Research, LLC     New Jersey         47         30.51%
Johnson Rice & Company LLC                                       New Orleans      42         18.05
William Blair                                                                           Chicago              67         16.60
Merriman Curhan Ford & Co                                             San Francisco  38         15.39
Avian                                                                                        Boston                12         13.99
Piper Jaffray                                                                           Minneapolis       17         13.47
GMP Securities                                                                      Toronto              146       13.34
Salman Partners                                                                    Vancouver         79         13.10
RW Baird                                                                                  Milwaukee         75         12.71
Toll Cross                                                                                Toronto             103        12.13
 

JTVIR Cover Letter for First coverage

First Coverage News Release

Important notice!

JTVIR provides independent research reports to institutional clients for fixed and subscription fees. JTVIR's affiliate, JTVIO, provides advisory services to entities in connection with financing deals, mergers and acquisitions, mine services, valuations, fairness opinions, strategy, corporate services and capital raising. For its advisory services, JTVIO may be compensated up to a year after the termination of JTVIO's services or advisory agreement. It is JTVIR's policy not to provide research reports or updates to such reports for any entity that has engaged JTVIO's services.

Company Profile

JOHN TUMAZOS VERY INDEPENDENT RESEARCH, LLC (JTVIR LLC) is registered as an investment advisor in the State of NJ. We have 30-odd institutional clients in New York, CT, Massachusetts, California, Wisconsin, Minnesota, North Carolina, and Florida.  We do fundamental research on commodities markets and common stocks in the metals and forest products sectors.  For example, in the second-half of 2007 we traveled abroad five times to visit mines and smelters, and published 92 investment reports.  We collected our first revenue on September 20, made our first email communications seeking revenue September 4 and 10, became registered August 27, filed for registration August 10, formed our LLC on July 6 and "changed course" on June 6, 2007 when the former Prudential Equities Group shut down.  We sent reports "developmentally" to our former mailing list from July 8 to August 27, 2007 "not for compensation" while we completed registration and through mid-November in a "grace period" as our clients engaged us.

We are regulated like a money manager, but we manage no client funds as our business is to advise active money managers.  We are not a broker-dealer, but deliver the same basic research services that we had since 1981 as an employee at major brokerage firms.  In our business model we sell our research direct payments and deliver it via email and our www.veryindependentresearch.com web site.  Our clients pay us via direct checks, wire transfer, commission sharing agreements or soft dollar payments.  Initially we have had no sales force, and our clients learn of us from our existing reputation, existing relationships and "word of mouth."

Please click on the "Become a Subscriber Member" button to the left or simply phone or email us if you want to buy our research

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Contact Information

Please Contact us with any questions.

Telephone

732-444-1083

FAX

732-444-1085

Postal address

11 Yellowbrook Rd. Holmdel, NJ 07733

Electronic mail

General Information: john@veryindependentresearch.com

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Last modified: 03/10/10