Argus Research is a privately held independent investment research firm headquartered in New York City.^[1] Founded in 1934 by Harold B. Dorsey, it distributes equity research, economic analysis, and market forecasts to institutional clients including brokerage firms, mutual funds, and banks.^[2][3]

The firm does not conduct investment banking or brokerage operations, and sells its research only to institutional subscribers rather than to the general public.^[3][4]

The firm operates as part of the Argus Research Group and remains family owned and managed by the Dorsey family.^[3]

Harold B. Dorsey founded Argus Research in January 1934 while serving as chief statistician at Laird & Co.^[5]

According to his obituary in The New York Times, he established the firm due to his concerns about the conflicts of interest in brokerage research.^[6]

The firm's earliest surviving internal document from January 24, 1934 records its first statistical meetings covering multiple industrial sectors.^[7]

By the mid-1960s, Argus had approximately 20 analysts covering about 350 stocks and serving over 150 institutional subscribers.^[8]

A 1967 New York Times brief confirmed its institutional client base including brokers, mutual funds, and banks.^[9]

Harold B. Dorsey (1900–1970) was an economist who previously worked at Standard Oil of New Jersey before joining Laird & Co.^[10]

He wrote the Argus Weekly Staff Report for nearly 35 years and a weekly economics column for The Washington Post from 1955 until shortly before his death.^[11]

He served as president of Argus until 1961 and later as chairman.^[12]

In 1960, Argus established Argus Investors' Counsel, Inc., a registered investment adviser providing discretionary portfolio management services.^[13]

In 1976, Argus acquired Vickers Stock Research Corporation, which provided insider and institutional ownership data widely used by investors.^[14]

In 1993, it established Argus Vickers American Equity Research Ltd. in London to expand equity ownership research into UK markets.^[15]

Joseph Dorsey later served as president, and by 2002 Fortune noted continued family involvement in management.^[3]

John Eade subsequently became president of Argus Research.^[16]

Beginning in the 1970s, Joseph Dorsey participated in the founding of the Shadow Open Market Committee, an independent group of economists formed to offer alternative analysis of Federal Reserve monetary policy. Early meetings were held at Argus’s offices and chaired by Dorsey.^[17]

Argus Research publishes equity research reports including Buy, Hold, and Sell ratings, earnings estimates, and price targets.^[3]

The firm does not conduct investment banking or brokerage activities and serves institutional clients such as banks, mutual funds, and brokerage firms.^[3][18]

Argus Research operates as part of the Argus Research Group, including:

• Argus Investors' Counsel, Inc., an SEC-registered investment adviser.^[19]

• Vickers Stock Research Corporation, a provider of ownership data acquired in 1976.^[20]

• Argus Vickers Ltd., a UK-based affiliate focused on equity ownership research.^[21]

Argus Research has been described in financial publications as an independent investment research firm.^[22]

It has been cited in discussions of independent equity research firms operating outside traditional investment banking models.^[23]

Argus economists have been quoted in national media coverage of economic conditions and forecasts.^[24]

In 2002, Argus commentary on U.S. economic recovery was cited in The Guardian.^[25]

In 2006, Time magazine included Argus in a review of independent research firms and analyst credibility.^[26]