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Gerber Full Online. Martin Luther King Jr. Rowe Full Online. Share This Paper. Supplemental Presentations. Presentation Slides. Best Practices for Equity Research Analysts. Citation Type. Has PDF. To purchase a copy of the book, please click here.
Download Now. AnalystSolutions respects your privacy and will never share your information with others. You can remove yourself from any distribution with one click. To ensure a quick verification of your role above usually within one business day , please provide the email address issued by your organization. Please answer these questions to help James Valentine prepare for your call he will keep your responses confidential.
By James Valentine. The first real-world guide for training equity research analysts—from a Morgan Stanley veteran. All rights reserved. Except as permitted under the United States Copyright Act of , no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. All trademarks are trademarks of their respective owners. For industrials and utilities I would say look at a chart of price versus price-to-sales.
In most cases, they track, because sales don't vary that much in the short run. It gives you boundaries to look at in buy and sell decisions. I would also warn analysts against using Damodaran and those like him. I don't think his models are wrong so much as impractical. Who would benefit from this book: All equity analysts would benefit from this book. It is detailed, and yet practical. Some of our competitors will benefit from it, and if you don't read it, you will wonder why.
A guide for the sell side analyst By investingbythebooks This is as far as I know a unique book. It's in essence a number of check lists covering most aspects of the work description of a sell side equity analyst.
The book aims to cater to both the buy side analyst and the sell side analyst. In reality it is the later who is in focus. This is no surprise as the author has been a top ranked sector analyst at a number of US investment banks including Morgan Stanley. According to the author the craft of equity research lacks quality control processes. The profession is mostly learnt through on the job training in a kind of mentor-apprentice-system.
You might get lucky and have a good mentor, but on the other hand you might not. Valentine's aim with this book is to develop a best practice for the profession. The book covers a number of topics such as influencing your research coverage, handling relations within you own organisation and with clients, finding insights to include in research, stock valuation and how to best communicate the research done.
Valentine is writing a number of lists of things that often is quite intuitive and basic. The list form is hardly the recipe for a colourful writing and as the same advice is repeated in both the check lists and the text surrounding those lists there is a fair amount of repetition. There is much in this book that irritates me. However the coverage of topics is comprehensive and I would agree that they probably are close to a best practice for the profession.
The advice in this book will both be a good guide for a less experienced analyst and it will remind the more seasoned analyst that he perhaps has neglected one or two aspects of what he could do.
There is some good advice regarding psychological pitfalls, too few analysts utilize statistical analysis in the way the author suggests which is a shame and there is also a useful discussion around the best way to build financial models for the companies covered by the analyst. For an investor, outperformance in the stock market is accomplished by either doing something different from others or by acting like most others but being cleverer than they are.
This is a best practice for those who have accepted the professional role as it is, i. The time horizon for the work of a mainstream US sell side equity analyst is one to six months. With a horizon like that, relative stock performance within a sector is driven by changes in company specifics that are not appreciated by consensus and there is a need for near time triggers. The intrinsic value of the stock is less interesting as valuation is slow-acting. To support your work, there are many templates out there online — so which one should you choose?
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