Hulc exists to prove that research of institutional quality no longer requires institutional scale.
Historically, the quality of financial research has been dictated by capital scale. The underlying apparatus for data access, analytical capacity, and infrastructure required a certain level of capital to be viable. Below this threshold, the alternative has typically been standardized products, rough estimates, or a complete absence of analysis.
Technological shifts, such as API access to market data, modern programming tools, and increased computational power, have moved these cost drivers. Technology itself is not the objective, but it makes it possible to challenge the principle that institutional standards require institutional scale. Hulc was established as its own case study for this hypothesis.
The firm operates across two areas sharing the same methodological foundation:
Hulc manages capital through investments governed by systematic strategies with a long-term investment horizon, incorporating all relevant parameters into the models. Operating profit is a prerequisite for long-term endurance, not the primary objective.
The firm provides financial analysis and decision support to small and medium-sized enterprises. These services deliver a quantitative foundation for decision-making, offering an alternative to making critical business choices without sufficient data.
The core drive at Hulc lies in the craft and financial modeling itself. The underlying principles of valuation, cash flow analysis, and risk management remain identical whether we are analyzing our own investment portfolio or building a decision support framework for a business owner.
Board member and investor
Kjell Vidar is a surgeon and department head at Bærum Hospital, and has over several years built and invested in his own businesses in healthcare and property. His experience of running operations and building companies is applied in Hulc to assess whether the assumptions in an analysis hold up in practice. On the board he contributes the ownership perspective and the long-horizon judgment.
Co-owner and head of financial analysis
Noah is completing his bachelor’s degree in Business Administration at BI Norwegian Business School, with top grades across his finance courses, and has run his own company in the fitness industry since 2023. He competes in biathlon at national level, with a top ten finish at the Junior World Championships. In Hulc he is responsible for the analytical models, the data and the quantitative testing.
The team is under development