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Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts 1st Edition
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Top Customer Reviews
Another key, since the book is long, is to look at the shaded summaries which are usually at the back of each chapter. If stretched for time, read those first, and then read the chapter if you didn't get it.
This book aims to focus analysts on information that matters. Aim for information that makes a difference, and that few others have. Create an information web that maximizes the value of your time, and creates value for your research.
This book covers both the buy-side and the sell-side, telling each how to best use the other side. As a former buy-side analyst, to me it means fewer analyses, and better analyses. Aside from that, it is a game: buy-side: identify the better sell-side analysts and listen to them. Sell-side: identify clients that will generate commissions and market their best insights to them.
Regardless, analysts must identify the few factors that account for 80% of the performance in a given industry, and focus on those intensely. It helps to get into the industry organizations, which can help drive insight into the industry as a whole, and provide a backdrop for questions to ask when talking with executives in the industry.
Learning this will give an analyst a leg up on other analysts.Read more ›
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.Read more ›
I would suggest that future editions contain a disc or web access to go into more detail on sections (autocorrelation in residuals, time series, etc..) and provide non analysts with the opportunity to run through exercises.
Or consider exercises on one long valuation throughout the book running from top down, bottom up selection of sector and company. A fictional interview with management, running a history of numbers, forecast earnings..come up with various price multiples..and finally making a recommendation.
I think that would give readers a more interactive experience and help to use those many Excel tricks.
On the whole, I extracted some value from this book.
Most Recent Customer Reviews
That what every entry level needs prior choosing their career pathPublished 17 months ago by Majed Sulaiman
The title is actually a very humble description of what one can get from the book. I believe it is esssential for anyone into financial analysis professions. Read morePublished on April 21, 2014 by Fabio D Noronha
So far the best book on equity research in market. Already read twice and still feel enjoyable of reading, as opening it . Highly recommendingPublished on March 25, 2014 by foreverhusky
Since I switched career, I've been looking for a book that could give me an overall picture on how to do things correctly in my job. Read morePublished on July 31, 2013 by Jowl Kuan