About Us

Founded in January of 2004, the Texas Hedge Report is a newsletter dedicated to highlighting under and overvalued securities in the equity, bond, currency, and commodity markets.  Authors Steven McIntyre & Todd Stein are frequently quoted in publications such as The Wall Street Journal, Barron's, MarketWatch and Fortune.  Articles are posted several times per year.

In addition to equities, we have an extensive background in short selling and junk bonds, which has enabled us to see the dark underbellies of many once loved companies. As such, we view all potential investments with an extremely skeptical eye. We are devout followers of Graham & Dodd fundamental analysis. This devotion entails a detailed focus on the balance sheets, cash flows, footnotes, and the accounting minutia that others often gloss over. We also adhere to the belief that price is the most important aspect of any investment.

Texas Hedge Team

Steven McIntyre

Mr. McIntyre co-authors the investment research generated at Texas Hedge. Prior to founding Texas Hedge, he was a portfolio manager for 2 ½ years at Q Investments, L.P., a multi-billion dollar hedge fund located in Fort Worth, Texas. During his tenure at Q, Mr. McIntyre focused on distressed value investing opportunities. Value investments were made across companies' capital structures in equities, bonds, bank debt, and preferred securities. His focuses also included capital structure arbitrage and acting as the firm's primary analyst on its billion dollar short debt portfolio. Mr. McIntyre holds a bachelor's degree in business administration from the University of Texas at Austin where he graduated magna cum laude from the Business Honors Program. While attending college, he wrote for David Tice's Behind the Numbers (short-sell reports) and performed long micro cap research for Mr. Tice's mutual funds.

Mr. McIntyre currently resides with his wife Alana in Dallas, TX. Personal interests include golf, tennis and spending time with family.

Todd J. Stein, CFA

Mr. Stein co-authors the investment research generated at Texas Hedge. Prior to founding Texas Hedge, he was a portfolio manager for 3½ years at Q Investments, L.P. During his tenure at Q, Mr. Stein co-managed a $100 million (long market value) merger arbitrage portfolio in addition to serving as the firm's primary analyst on its short distressed/bankrupt equities portfolio. In 2002, Mr. Stein was appointed by the U.S. Trustee of the Northern District of Illinois to serve on the official creditors committee of United Airlines. Ranked #1 in his class, he earned his bachelor's degree in business administration from the University of Texas at Austin. Mr. Stein is a member of the Dallas Society of Financial Analysts, the CFA Institute, and the World Affairs Council of Dallas/Ft. Worth.

Mr. Stein currently resides in Dallas, TX. Personal Interests include international travel, politics and the martial arts.