The story behind invest in the numbers

Established in 1982

Our story

with Tim Lincoln, Co-Founder and
Managing Director
Video duration: 2m 39s

It all started over lunch with an engineer...

Dr Merv Lincoln was having lunch with an engineering friend who couldn’t understand why accountants didn’t predict the risk of a business failing like engineers could predict the risk of a bridge failing. Surely, the health of a business was in its numbers. It couldn’t be that hard to create a formula to analyse those numbers.

Turns out it was quite hard. Six years and a PhD later, Merv had developed a methodology that indicated the health of any business with a high degree of accuracy by analysing its numbers.

... continued over dinner with a computer programmer... 

The strength of Merv Lincoln’s methodology was immediately apparent, with leading financial institutions wanting to invest in Merv’s analysis of the numbers after he was awarded his doctorate. But the power of this approach was only unlocked after a dinner with his son Tim, the computer analyst, who developed the technology that enabled the methodology to be applied quickly, making the most of time-sensitive financial statements to the market.

... to become some of the most reliable investment insights in Australia. 

Today, that technology has been optimised to become the basis of all the investment analysis for Lincoln Indicators’ managed funds business – funds with long term success and stability that have outperformed most of the market in good times and bad. That technology – and the investment insights it generates – are also available directly to you through our proprietary share market research platform, Stock Doctor – Australia’s premier DIY share market research membership platform

Dr Merv Lincoln (1933 - 2016)


Merv Lincoln’s ground-breaking PhD research “The Usefulness of Accounting Ratios to Describe Levels of Insolvency Risk” uncovered how to use the financial statements of a business to accurately predict both its financial health and the long-term performance of its share price. It is the core of our methodology and a key part of our ongoing success.

A former international athlete for the mile who represented Australia at both the Olympics and Commonwealth Games, Merv went on to become a senior lecturer in Economics and Finance at the University of Melbourne for 21 years. His intellectual rigour and appetite for elite performance remains the benchmark used to inspire our team every day.

Tim Lincoln

Co-Founder and Managing Director

In 1991, Tim introduced Dr Lincoln’s pioneering methodology to private share investors with the development of Stock Doctor – Australia’s premier DIY share market research membership platform. He was appointed Managing Director in 1997 on Dr Lincoln’s retirement, and is also a member of a variety of industry bodies. These include the Australian Institute of Company Directors, Financial Services Institute of Australasia, Australian Shareholders Association, Australian Institute of Credit Management, and the Risk Management Institute of Australasia.

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