Oleg Godun
Co-Founder & Chief Investment Officer
Senior
Baruch Islamic Investment Research Group
Research the thesis. Test the evidence. Defend the conclusion.
BIIRG is MBA's student-led investment research group. Members analyze companies, markets, and asset classes; apply Shariah screening criteria; develop and challenge investment theses; and document their work through a simulated portfolio and published research.
The emphasis is on process: understanding what drives a view, what could invalidate it, and how the evidence changes over time.
Applications closedView Research
Five
Research Divisions
Public Equities, Fixed Income & Sukuk, Real Assets, Quantitative Research, and Macro Research.
Biweekly
Research Presentations
Members develop and defend company, sector, macro, and market views before their divisions and the wider group.
Each Term
Professional Development
Workshops and industry sessions run alongside the research program.
Research Archive
Published Research Library
Memos, pitches, screens, and reports are preserved for review and future reference.
Semester
Performance & Process Reporting
Each term closes with a written review of research activity, portfolio decisions, and process development.
Process
One research process. Applied consistently.
Every idea moves through the same framework, whether it ultimately advances, changes, or is rejected.
- 1
Research it
Build the thesis from company filings, market data, industry research, macro context, and other primary sources.
- 2
Screen it
Apply BIIRG's Shariah screening framework before the idea progresses further.
- 3
Present it
Present the thesis, evidence, valuation, catalysts, and risks in a structured review.
- 4
Challenge it
Test assumptions, identify weak points, and determine what evidence would invalidate the thesis.
- 5
Decide together
Assess whether the idea is sufficiently supported for inclusion in the simulated portfolio or formal research output.
- 6
Document the reasoning
Record the thesis, evidence, risks, decision, and subsequent developments for future review.
Divisions
Five divisions. One research standard.
1
Public Equities
The Public Equities Division conducts fundamental company and industry research across global markets. Analysts develop investment theses using filings, valuation work, competitive analysis, catalysts, and risk assessment, then present and defend those views before the broader group.
2
Fixed Income & Sukuk
The Fixed Income & Sukuk Division studies credit markets, rates, duration, issuer fundamentals, and Shariah-compliant fixed-income structures. Research focuses on understanding both the contractual structure of sukuk and the macro and credit conditions that shape risk and return.
3
Real Assets
The Real Assets Division analyzes investment themes across infrastructure, real estate, commodities, and other asset-backed markets. Analysts focus on supply and demand, project economics, capital intensity, policy, and the long-duration forces that drive real-asset performance.
4
Quantitative Research
The Quantitative Research Division develops data-driven tools that support the broader investment process. Its work includes screening models, factor analysis, statistical testing, portfolio analytics, and research systems designed to test assumptions and improve decision-making.
5
Macro Research
The Macro Research Division assesses the economic and market environment that frames the rest of BIIRG's research. Analysts track growth, inflation, central banks, rates, currencies, credit, commodities, and cross-asset conditions to identify the regimes and risks shaping investment outcomes.
BIIRG operates a simulated portfolio for educational purposes. Research published by BIIRG is intended solely for academic and educational use and does not constitute investment advice, an offer to buy or sell securities, or a certified religious ruling.
Research Outputs
Research designed to be reviewed, challenged, and revisited.
Each published item includes a clear title, author or team, publication date, research category, and abstract. Where appropriate, reports also document the underlying thesis, assumptions, risks, and screening process.
- Weekly Market Memo
- Investment Pitch
- Shariah Screening Memo
- Mid-Semester Performance Review
- End-of-Semester Research Report
- Annual Report
The BIIRG research archive is being prepared.
Published research, market commentary, screening memos, and semester reports will be added here as they are released.
Market Memos
Weekly cross-asset research from the BIIRG Macro Division.
A recurring review of growth, inflation, central banks, rates, currencies, equities, credit, commodities, and the broader market environment.
Latest Market Memo/September 14, 2026/PDF
Monday Morning Macro Brief — Week of September 14–18, 2026
August CPI in line while core firmed, a repricing toward a September hike, and a four-day equity slide into the FOMC decision, with credit spreads near cycle lows.
Analyst Guides
Foundational research guides used across BIIRG's five divisions to standardize methodology, expectations, and analytical approach.
PDF
Public Equities Analyst Guide
Framework for fundamental company research, valuation, thesis development, catalysts, risks, and presentation standards.
PDF
Fixed Income & Sukuk Analyst Guide
Framework for credit analysis, sukuk structures, rates, duration, issuer research, and fixed-income market assessment.
PDF
Real Assets Analyst Guide
Framework for researching infrastructure, real estate, commodities, and other asset-backed investment themes.
PDF
Macro Research Analyst Guide
Framework for analyzing growth, inflation, monetary policy, rates, currencies, cross-asset conditions, and macro regimes.
PDF
Quantitative Research Analyst Guide
Framework for screening, factor analysis, statistical testing, model development, and data-driven research.
Team
BIIRG leadership.
Amaal Yahya
Director of Fixed Income
Senior
Tanzim Tazwar
Director of Real Assets
Sophomore
Mehran Athen
Director of Equities
Sophomore
Time commitment
What the program asks of you.
- Weekly division work and reading.
- A research presentation on a biweekly cycle.
- Contribution to the semester report.
Eligibility
Who can apply.
- Any current Baruch student, any major.
- No prior investing experience required.
- Willingness to present work and be questioned on it.
BIIRG questions
- Do I need investing experience to join BIIRG?
- No. Members are taught the research method. What matters is preparation, curiosity, and a willingness to be questioned.
- What is the time commitment?
- Expect a weekly rhythm: division work, reading, and a research presentation on a biweekly cycle. Exact hours are confirmed with each cohort at the start of the semester.
- Is the portfolio real money?
- BIIRG operates a simulated portfolio for educational purposes. Research published by BIIRG is intended solely for academic and educational use and does not constitute investment advice, an offer to buy or sell securities, or a certified religious ruling.
- Does BIIRG issue religious rulings?
- No. BIIRG applies a documented screening framework as a learning exercise. It does not provide certified religious rulings.
Apply
Join the next research cohort.
Applications are currently closed. Join the association and you'll hear first when the next BIIRG cohort opens.
BIIRG operates a simulated portfolio for educational purposes. Research published by BIIRG is intended solely for academic and educational use and does not constitute investment advice, an offer to buy or sell securities, or a certified religious ruling.