Securitized Products Research and Strategy__OLD

Academy’s Securitized Products Research and Strategy is led by Stav Gaon, Ph.D. The research and data analytics department aims to provide unique research insights across securitized products, and serve as a trusted advisor to Academy’s institutional clients. Academy data-driven securitized research flagship publications are widely considered by the market as thought provoking, routinely highlighting “under the radar” value and opportunities. The department specializes in bottom-up deep fundamental analysis, collateral-specific underwriting, and structural, legal, and valuation nuances of structured finance investing.

Recent Pieces



May 14, 2023

The Debt Shilling

May 11, 2023

Life in a Video Game

May 7, 2023

One and Donish

May 3, 2023

Smooth Sailing Ahead?

April 30, 2023

Peanuts and Lula

April 16, 2023

Davy Jones and the Six

April 9, 2023

Slowing, Slowing, Gone?

April 5, 2023

Fortune Favored the Bold

April 2, 2023

Moving Beyond Banks

March 29, 2023

Quick Rundown

March 20, 2023

Gasp, Gulp, Glug!

March 18, 2023


March 5, 2023

Surprise, Surprise!

February 26, 2023

World War v3.1

February 20, 2023

999 Luftballons

February 12, 2023

Ahead of the Fed - Ugh!

January 29, 2023

For the Record

January 15, 2023

8 Seconds

January 12, 2023

2023 Outlook - PAIN

January 1, 2023










Dr. Gaon draws on 20+ years of experience in securitization research. He joined Academy in early 2022 after a 16-year career at Citigroup where he worked as Co-Head of Global Securitized Products’ CMBS and CRE Strategy. Throughout his career he cultivated deep relationships with institutional investors and market participants across the industry. Dr. Gaon and his team ranked #1 or Top-3 CMBS research team in 2017-2021 in the Institutional Investor All-America Fixed-Income Research Survey. Dr. Gaon holds a PhD in Finance and Economics from Columbia Business School where his academic research focused on securitization and structured finance. Dr. Gaon also holds a BA in Economics and Business from the Hebrew University and an LL.B. from the Faculty of Law.