Cipher Capital is an investment management firm which employs quantitative methods to discover and capture persistent opportunities in capital markets. Cipher's research and investment process is based on the founders' belief that a systematic and disciplined approach is essential to achieving long-term success. Models must prove statistically strong, yet must also be supported by sound economic rationale. Equally important is the belief that commoditization of many typical quant strategies has blurred the line between true alpha and systematic style premia. Cipher's strategies clearly delineate and harvest both sources of return.