Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2011-01-03
  • Publisher: McGraw-Hill Education

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The first real-world guide for training equity research analysts!Best Practices for Equity Research Analysiscovers everything budding young analysts need to know, from technical areas, such as building models and using valuation tools, to the best approach to interviewing company management. The book identifies and teaches the profession's ten best-practices areas and details 75 specific best practices within those areas. Chapters include: Selecting the Optimal Stock UniverseDon't Let Others Choose Your Fate Sectors Before StocksMaximizing Long-Run Performance Uncover Proprietary Industry Sources for an Edge Get the Most From Interviews with Management and Information Sources; Create Financial Forecasts with Just Enough Detail to Spot Anomalies; Frameworks for Deciding Between Buy, Hold, and Sell Tips to Ensure You Don't Stray From Ethical Practices

Author Biography

James J. Valentine spent 16 years working for top institutions, including Morgan Stanley, Salomon Brothers, Smith Barney, and PaineWebber; he was Director of Global Training and Development for Morgan Stanley's Research Department from 2006 to 2008. For 10 consecutive years, he was ranked by Institutional Investor as one of the top three Wall Street analysts within his sector, and in 2006 Forbes named him one of the top three Wall Street analysts among all 2,000 sell-side analysts eligible that year.

Table of Contents

List of Exhibitsp. xi
Prefacep. xvii
Acknowledgmentsp. xxiii
Introductionp. 1
Do You Have What It Takes to Be a Successful Analyst?p. 9
Mastering Organization and Interpersonal Skillsp. 15
Take Control to Optimize the Coverage Universep. 17
Prioritize Time for the Most Valuable Activitiesp. 27
Influence Others to Accumulate Insights and Get Heardp. 43
Construct and Organize an Information Hubp. 51
Buy-Side Only: Maximize Benefits of Sell-Side Relationshipsp. 67
Generating Qualitative Insightsp. 77
Identify Factors That Impact a Sector's Valuation and Performancep. 79
Identify and Monitor a Stock's Critical Factorsp. 93
Create Sustainable Proprietary Sources of Insightp. 119
Get the Most from Interviewing for Insightsp. 137
Generating Quantitative Insightsp. 153
Detect Deceptive Numbersp. 157
Leverage Statistics for Insightsp. 163
Conduct Surveys to Acquire Unique Insightsp. 185
Identify Yellow Flags through Forensic Accountingp. 195
Identify the Relevant Microsoft Excel Features for Equity Research Analystsp. 217
Creating the Best Spreadsheet Architecture for Financial Analysisp. 225
Develop Company Financial Models to Elicit Insightsp. 233
Forecast Scenarios for the Most Important Critical Factorsp. 245
Mastering Practical Valuation and Stock-Picking Skillsp. 255
Understand the Benefits and Limitations of Common Valuation Methodologiesp. 257
Overcome Challenges to Creating Discerning Stock Callsp. 271
Avoid Common Psychological Challenges That Impede Sound Investingp. 305
Leverage Technical Analysis to Improve Fundamental Analysisp. 325
Communicating Stock Ideas So Others Take Actionp. 341
Create Content That Has Valuep. 343
Identify the Optimal Communication Channelsp. 351
Convey the 7 Critical Elements of Stock Recommendationsp. 357
Special Considerations for the Most Important Delivery Channelsp. 371
Making Ethical Decisionsp. 389
Identify and Resolve Ethical Challengesp. 391
Works Citedp. 403
Indexp. 407
Table of Contents provided by Ingram. All Rights Reserved.

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