49 years of experience. Decades of documented predictions. One mission: give fiduciaries the truth Wall Street can't provide.
In September 2000, I submitted detailed reports to the SEC warning that GE and Cisco—then the two most valuable companies in the world—had produced misleading earnings. Three weeks later, Barron's published a major exposé. Within months, both stocks had collapsed, destroying trillions in investor wealth.
Wall Street analysts kept recommending both stocks throughout the decline. They were paid to promote, not protect. That's when I knew: investors needed an independent rating system—one with zero conflicts of interest and proven predictive power.
I've spent my entire career studying financial statements and building systems to identify risk before it materializes in stock prices. In 1986, I appeared on the front page of the New York Times warning about market risk. The crash came the following year. In 2020, Forbes interviewed me about our ratings—Bristol-Myers (rated risky) lagged the S&P by 70%, while BorgWarner (rated strong) beat the index by 50%.
The pattern is always the same: When you measure what others won't measure, you can see what others can't see.
"I don't tell you what price will be. I measure how probable it is that a stock will fall or rise. The price is not what's material—it's the relationship between price and the underlying value of the company."
— Ray Mullaney, Founder
Started formal study of financial statement analysis, inspired by Abraham Briloff's "Unaccountable Accounting"—a foundational text on forensic accounting.
Incorporated first NASD member brokerage firm and SEC-registered investment research firm.
Featured on front page of The New York Times warning of future market crash. Elected to represent Massachusetts at the White House Conference on Small Business.
Markets crash as warned—methodology validated.
Submitted detailed reports to SEC alleging GE and Cisco produced misleading earnings. Both were on Merrill Lynch's "Focus List." Three weeks later, Barron's published exposé. By early 2001: Cisco down 75%, GE down 37%.
Hired Thomas Harpin, mathematician trained in actuarial science, to build computerized stock risk rating system. 12 years of development began.
Forbes interview: Bristol-Myers rated extremely risky (lagged S&P by 70% in one year), BorgWarner rated very strong (beat index by 50%)—compelling demonstration of ratings accuracy.
Formally incorporated Equity Risk Sciences, Inc. All code, models, and intellectual property assigned to company.
InvestLabs.ai™ platform launched. First institutional investments secured. Model portfolios created and independently verified by BX Partners and IndexOne.
Make investing safer and more profitable by using data science and AI to rate the probability and magnitude of future stock price changes.
We believe fiduciaries deserve independent, validated risk ratings free from Wall Street's conflicts. We believe retail investors deserve the same protection that institutional investors have always demanded. We believe investment research can—and must—be scientific.
Founder & CEO
49 years in quantitative finance. Founded NASD broker-dealer in 1982. Front page of NY Times (1986). SEC reports on GE/Cisco (2000). Built ERS over 12 years.
Co-Founder & CTO
Mathematician trained in actuarial science. 12 years building ERS platform and methodology. Architect of all proprietary rating systems and technology infrastructure.
Our research and predictions have been featured in major financial publications.
25 years of validation. 433,500 ratings. Zero conflicts. See how ERS can transform your practice.