ARS is a registered investment advisory firm. We are a boutique sell side research firm in Ridgefield, CT. We pride ourselves in providing best services to our esteemed clientele.  We go the extra mile in our work, always bringing proprietary information to the table.  We are particularly strong in our efforts to go outside of Wall Street for information.

The firm follows a rigorous process while undergoing the selection of short-worthy stocks. Our research style is intuitive and unconventional. We are constantly fine-tuning our strong, “outside the box” analytical skills that are pivotal in finding flawed, and failing business models. Our research generation process begins with qualitative analysis, amongst other unique strategies that we choose to follow.


Robert MacArthur: CEO & Founder (since 2005)

Robert MacArthur started his career in short selling in 1994. He worked for Access Securities, a quantitative execution firm in Stamford, Connecticut where he developed a proprietary short strategy for hedge funds. In 2005, he started a specialized RIA, short only; research firm, Alternative Research Services, Inc. He initiated the for-profit education sector as a short from 1998 through 2013. Several schools in the sector went bankrupt due to fraudulent behavior. MacArthur’s reputation for investigative fraud research grew quickly in the hedge fund community.

With two decades of expertise on the short side, his goal is to start a short only hedge fund. He is reaching out in the hope of seed capital to start a short only fund or managed account.

Rob graduated from the American University with Bachelor degree in Political Science.

For-profit education fraud has been hurting taxpayers, students, and shareholders, simultaneously. Just like subprime mortgage lending we now have a wave of defaults on student loans based on years of predatory recruiting by for-profit schools. I am compelled to go public with the whole story.

Laks Ganapathi: Director of Equity Research (since 2015)


Laks Ganapathi is a senior research analyst at Alternative Research Services Inc. (ARS). Laks is responsible for generating research and content on the publicly traded companies. She also provides marketing services for the firm. Laks has more than seven years of experience in the accounting, and financial industry with expertise in research, writing, consulting, marketing, business development, and due diligence.

Laks received her Bachelor’s in Accounting from the University of Madras, and completed a two years course in Master’s in International Business, from PSG university in India. She also received her Master’s in Business Administration – Finance from the University of Connecticut. Laks is currently a CFA level 1 candidate.