A Growth Strategy


Introduction to the Great Lakes Review

The History.

Great Lakes Review, was founded in 1981 and is located in Cleveland, Ohio. Great Lakes Review was a division of Wellington Shields & Co. LLC from 2011 through 2019 and is now independent. 

The Strategy.

Great Lakes Review is a research boutique focused on seeking out the highest-quality, medium-sized companies headquartered in the Midwest, regardless of industry, for the fundamentally-oriented investor.  The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies that meet certain specific criteria, as detailed below.

The Criteria.

Great Lakes Review strives to ferret out early on, as soon as marketability permits, those investment opportunities that meet the following additional stringent criteria:

Criteria Checklist

1.  Specialty Niche.

     a.  Consistent growth in earnings year-after-year, regardless of external business conditions

     b.  A high rate of growth in earnings per share and sales well above that of inflation

     c.  An above-average return on sales relative to the industry in which it operates

     d.  A superior return on equity without resorting to excessive debt

2.  Confidence in and personal rapport with Senior Management  

3.  Self-funding balance sheet.

4.  Significant insider ownership.

5.  Minimum number of institutional shareholders.

6.  Constructive labor relations.

7.  A reasonable price/earnings ratio, defined by the prevailing interest rate, in

     relationship to the Company's projected three-to-five-year growth rate in earnings.

The Sell Discipline. 

Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates. 

Product & Service.  

GLR's product and service is designed for institutional investors, and includes the following:

  • The Quarterly (which is thematic) accompanied by a Statistical Summary of our universe of approximately thirty companies

  • Individual company reports

  • Company-specific updates on timely events 

  • A Weekly Update, often with a Stock Highlight of the Week


Our Team

Managing Partner

Tel: (216) 767-1340

Elliott L. Schlang, is the Managing Partner of Great Lakes Review, a Cleveland-based proprietary research firm, specializing in medium-sized regional investment opportunities for institutional equity clients. Great Lakes Review was founded in 1981, it was a division of Wellington Shields & Co. LLC from 2011 through 2019 and it is now an independent firm.  Previously, Mr. Schlang, a CFA, was EVP of Prescott, Ball & Turben and SVP at Kidder, Peabody.  A graduate of Yale University and the Harvard Business School, he serves on the Boards of the Yale University Art Gallery, Cleveland Museum of Art, the Cleveland Institute of Music, the Investment Committee of the Harvard Business School of Cleveland, and Menorah Park, the largest nursing home in Ohio.  Mr. Schlang was referred to as the “Prophet of Profit” in Corporate Cleveland magazine and as the “Genius of Cleveland” in the book, Dow 36,000. He was also acknowledged by Peter Lynch in “One Up on Wall Street,” the Institutional Investor magazine’s All-America Research Team and by The Wall Street Journal in its “Best on the Street.”  A native of Cleveland, Ohio, Elliott is married and has three children and six grandchildren.


Coverage Universe

Neogen Corporation (NEOG) - the food and animal safety company
Nordson Corporation (NDSN) - the dispensing equipment systems company
PolyOne Corporation (POL) - the polymer materials, services and solutions company
RPM International Inc. (RPM) - the specialty coatings and chemical company
Scotts Miracle-Gro Company (SMG) - the lawn and garden company
Stepan Company (SCL) - the surfactants company 
STERIS plc (STE) - the infection prevention equipment company
Thor Industries, Inc. (THO) - the recreational vehicles company
TransDigm Group Incorporated (TDG) - the aircraft components company
Wabtec Corporation (WAB) - the freight and transit rail company
Zebra Technologies (ZBRA) - the specialty printers, scanners and mobile computers company

ANSYS, Inc. (ANSS)  - the simulation software company

Applied Industrial Technologies (AIT) - the industrial parts distributor
AptarGroup, Inc. (ATR) - the caps, closures and pumps company
CDW Corporation (CDW) - the multi-brand technology solutions company
Cintas Corporation (CTAS) - the work clothing and other business services company
Dentsply Sirona Inc. (XRAY) - the dental consumables company
John Bean Technologies (JBT) - the food processing and air transportation solutions company
Lancaster Colony Corporation (LANC) - the specialty foods company
Lincoln Electric Holdings, Inc. (LECO) - the welding equipment company
LKQ Corporation (LKQ)  - the automotive collision repair parts company
Matthews International Corporation (MATW) - the memorialization products company
Mettler-Toledo International (MTD) - the precision instruments company
The Middleby Corporation (MIDD) - the commercial and residential cooking equipment company

Great Lakes Review

Research Samples

 Call us at (216) 767-1340 or email for research samples or to be added to our distribution list. 



Contact Us

20600 Chagrin Blvd.

Cleveland, OH 44122



Tel. (216) 767-1340


Please call us at (216) 767-1340 with any questions.

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