GLJ Research


We identify unique value opportunities across of a broad range of industries and sectors, providing in-depth coverage of companies in fields as diverse as steel, iron ore, electric vehicles, solar energy, lithium ion production, cannabis and much more.

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GLJ Research


Making both long and short recommendations, GLJ targets relatively unresearched businesses in its quest to help investors add alpha.

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GLJ Research


Our analysts utilize intelligence from an extensive network of contacts in the United States, China and globally, modeling out company financials along different vectors than analysts that rely on company executives and other traditional sources.

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Who We Are

GLJ Research, LLC is a differentiated research boutique committed to identifying unique investment opportunities across a variety of sectors. GLJ makes both long and short recommendations with acute care to each of our institutional clients’ needs, providing insight into relatively unresearched stocks to help investors find alpha. Currently, GLJ Research covers 14 stocks in the solar, bulk commodity, rail, electric car, Li-Ion, and Cannabis sectors. Our aim, in short, at GLJ Research is to provide unbiased deep-value analysis, enabling us to be the best in each sector we cover.

GLJ Research, LLC thus far has established a reputation for unique short ideas, as well as select long calls where applicable. Furthermore, through mentoring, GLJ Research intends on developing home-grown/talented analysts focused on providing truly unique/value-added analysis to our institutional clients.

For further information, please contact [email protected] or
[email protected].

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February 20, 2024

GLJ Macro Weekly: Is the Fed “Sleepwalking” us into a 10x Worse Recession in 2024 by Using the Wrong Neutral Rate & Ignoring UST Yields (which the bond market takes its cues from) in Favor of its Fed Funds Rate (which few use to price debt – i.e., banks pay 5bps for deposits)?

By Gordon L. Johnson II

Is the Fed Using the Wrong Neutral Rate, Suggesting they are Sleepwalking the US Economy into a Much “Nastier” Recession than if they Weren’t Constantly Pushing Imminent Rate Cuts as a Certainty? Based on the…

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February 8, 2024

GLJ Solar Weekly – Dec. California Solar Initiative (“CSI”) Data Dump (i.e., Inverter, Storage, Installer, Battery, & Module Market Share Thru Nov.) Shows Weak US Solar Demand May be Structural; & Update on German/U.K. Solar Installations

By Gordon L. Johnson II

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 1-15), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…

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February 7, 2024

Despite Strength in Solar Stocks Today, Do Enphase’s 4Q23 Results & 1Q24E Guidance Actually Foretell a Coming “Nuclear Winter” for Solar Stocks (i.e., are they still grossly overvalued)?

By Gordon L. Johnson II

Solar Stocks are Roaring Higher Today, Despite Enphase’s 4Q24 Revs. Missing a Q4 Street Est. that Had Been Cut -51.9% Over the Past 6 Months (yes, you heard that right); Does this Make (Any) Sense?…

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February 6, 2024

US HRC Steel Prices Appear Set to Have a “Humpty Alexander Dumpty”-Like Fall… Which is Not Priced Into CLF’s Shares; PT to $11.41/shr

By Gordon L. Johnson II

Looking Past Last Year’s Delayed Recession, the Real Thing Appears Set to Take Hold in 2024. While steel industry CEO’s have maintained a positive bias thru 4Q23 earnings reporting season, contrary to the belief of…

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Our Leadership

Gordon Johnson CEO/Founder
Alt Energy, Metals-Mining & Rails, EVs, & Cannabis
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Gleb Kruchinin Managing Director – Client Relations
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James A. Bardowski CFA, Chief Investment Officer and Managing Director
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GLJ Research in the Media:

The Rooftop Solar Industry Could Be on the Verge of Collapse

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Tesla bear Gordon Johnson, GLJ Research, says the latest earnings supports his PT slash to $23.53 and that plans for a cheaper EV won’t help

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Teslas are unreliable, unsafe, don’t have mileage and consumers are moving away

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Gordon Johnson on why he’s investing in Cameco and shorting Sunrun

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Musk ‘sticking middle finger up’ at the law is why he wasn’t invited to White House

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Two equity strategists discuss how to invest in stocks within a higher-for-longer environment

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Tesla bear: Production drop is from demand issues

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Gordon Johnson makes the bull case for Cameco

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Gordon Johnson thinks uranium rally is just sparking up

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Has China Reached the point that additional stimulus is simply not coming?

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GLJ Discusses what to Expect at Jackson Hole

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The U.S. does Not Dictate Steel Prices; China Does

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The bull and bear case for Tesla ahead of earnings

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Binance could be ‘effectively tricking’ people into buying crypto, says founder of GLJ Research

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See @GLJ_Research’s interview with @realMeetKevin discussing the Fed, TSLA, ENPH, solar, recession, nuclear, FSD, F, GM, EVs, US/China macro, @SecYellen, SVB, banking, and more!

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Was Elon Musk’s promise on robotaxis a big mistruth?

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Detailed math on why Tesla’s 1Q23E EPS could miss… by a lot.

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GLJ’s CEO discusses current state of affairs at Tesla, and what to expect in 2023.

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Steel prices are tumbling as a result of China’s suppressed construction sector, while North American steel producers are seeing impressive earnings. Gordon Johnson, CEO of GLJ Research joins BNN Bloomberg to discuss opportunities in this market and the benefits of utilizing uranium for nuclear power.

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Gordon Johnson, CEO, and Founder of GLJ Research joins Zer0es TV to explain the deep connection between the construction and real estate bubble in China, and commodities like coal, iron ore, and steel.

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Uranium prices are soaring as more investors pile into the Sprott Physical Uranium Trust ETF putting pressure on a sector with tight supply. Gordon Johnson, CEO of GLJ Research, joins BNN Bloomberg for his outlook on it all and why he thinks the rally is sustainable.

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Gordon Johnson, GLJ Research CEO and Founder, discusses value vs. growth rotation, yields and inflation. He speaks with Alix Steel and Guy Johnson on “Bloomberg Markets.”

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Gordon Johnson, CEO of GLJ Research, explains why the aggressive fiscal stimulus is driving many commodities higher – including steel – and expects U.S. Steel and Cleveland-Cliffs to be “real winners” of the bull run.

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GLJ Research Chief Executive Officer Gordon Johnson, discusses Tesla shares which are slumping after not being added to the S&P 500. He speaks with Alix Steel and Guy Johnson on “Bloomberg Markets.”

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Gordon Johnson, CEO and founder of GLJ Research joins BNN Bloomberg with his thoughts on Tesla after the company was denied entrance in the S&P 500 index.

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Gordon Johnson reviews Tesla CEO Elon Musk’s claims that 200K orders for the new Cybertruck have been placed, in possible violation of his deal with the SEC.

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Gordon Johnson of GLJ Research discusses the closing of the US-China tariff loophole and how this move will affect solar panel imports and prices.

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After disappointing fourth quarter revenues, Gordon Johnson of GLJ Research doubles down on bearish predictions that Hexo Corp cannabis earnings will decline in 2020.

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One of Tesla’s biggest bears, Gordon Johnson of The Vertical Research Group, lays out what he thinks the Street is missing.

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Gordon Johnson, Vertical Group analyst, explains why he is shorting Tesla Inc. shares.

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Gordon Johnson talks with Bloomberg’s Alix Steel about metal prices, the iron-ore supply chain and his positioning in the group.

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Gordon Johnson, Vertical Group, discusses his firm downgrading US Steel to a ‘sell’ rating since President Trump announced imposed tariffs on steel and aluminum.

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Steel industry insiders say Wall Street needs to dial back its expectations over Section 232 steel import action, explains Gordon Johnson of Axiom Capital.

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Gordon Johnson, discusses his outlook on iron ore and metallurgical coal prices and how they are impacted by a shifting economy in China.

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