Open access research
ALETH / ABOUT
Aleth is an open-access research platform founded by Stef Hamill. Stef spent his career as a top-ranked equity analyst - co-founding Clear Capital, a research boutique (later acquired) - and holds a CFA and a PhD in protein folding from Cambridge. Aleth focuses where capital markets are most dysfunctional: late-stage private and small-to-mid-cap listed companies.
The coverage is technology-focused and unapologetically AI-enabled with human oversight. The benefit of this architecture is that it is free to read (opens in new tab).
We see big structural benefits over time from AI-enabled research to address the ongoing market failure in research provision, to create a trusted public good and improve market liquidity. Nothing published here is investment advice.
This site hosts our permanent research archive, while the live insights drop directly into your inbox. Subscribe for free via Substack to get our latest life sciences, frontier AI and deep tech analysis the moment it’s published. Subscribe free at sub.aleth.co (opens in new tab).
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ALETH / RESEARCH IS KEY TO ECONOMIC GROWTH
As an analyst I viewed myself as a small cog in a large machine: there to improve the efficiency of capital markets. The sharp declines in research coverage in recent years have left a machine that is no longer efficient. Most research still available now concentrates on large mega-cap companies. Smaller ones - where much of the scientific innovation actually happens - are barely examined. The result is that small and mid-sized companies with sound fundamentals are misunderstood and illiquid. These distortions filter through the real economy, raising the cost of capital and slowing down its flow, ultimately reducing economic growth.
ALETH / AI-DRIVEN RESEARCH CAN IMPROVE GROWTH
Much information in capital markets is premium priced and exclusive. Indeed, many of the new AI-driven solutions coming to market today are premium-priced products aiming at the same customer base. Better information: research that anyone can read improves market conditions for everybody.
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ALETH / THE NAME
Aleth is the ancient Greek root ἀλήθ: the stem of ἀληθής (alēthēs: true) and ἀλήθεια (alētheia: truth). The word is built on a negation: the prefix a-, not, against lēthē (concealment). Truth is what remains when concealment is stripped away. This idea sits at the centre of classical Western philosophy. Aristotle stated: "to say of what is that it is, and of what is not that it is not, is alēthēs (opens in new tab)". Perhaps the first - and probably the best - description of what research is.
Two millennia later, Heidegger re-emphasised the literal reading of alētheia: unconcealment (opens in new tab). An important theme in today's markets where the provenance of information is increasingly uncertain.
ἀλήθ
ALETH / AI-NATIVE RESEARCH
It feels ironic to name a research platform after pure truth in the age of machines that are notorious for hallucination (to the Greeks pseudos: illusion or the mimicry of truth). A model that predicts the next token, word or phrase is optimised for plausibility. Plausibility is not truth.
Unconcealing the truth is a key theme in our research process. Aleth is built AI-native but anchored by rigorous human oversight of the underlying research process. As frontier AI-engineering methods emerge and mature, we aim to embed them into our workbench. For Aleth this means retrieval architectures strictly grounded in primary evidence.
Our first research products are simple - weekly round-ups of key developments in each field - but with a unique twist: unconcealment. Every story passes through our provenance engine: an agentic pipeline that traces each story back to its origin and cuts out everything in between. Stories with no resolvable origin will not be included. Subscribe (opens in new tab) to filter out noise and jump straight to the signal in markets.
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ἀλήθ (alēth) — the root of ἀλήθεια (alētheia): truth, the unconcealed