Date post: | 08-Apr-2018 |
Category: |
Documents |
Upload: | vimal-nair |
View: | 219 times |
Download: | 0 times |
of 18
8/7/2019 sell Side_Buy Side
1/18
Sell Side
Buy Side
Up Side
Down Side
Learning to Speak
InvestmentManagement
Joan Williams
March 6, 2002
8/7/2019 sell Side_Buy Side
2/18
Sell Side
Buy Side
PART ONE
8/7/2019 sell Side_Buy Side
3/18
Industry Organization
Sell Side Buy Side
analyst analyst
8/7/2019 sell Side_Buy Side
4/18
Industry Organization
Sell Side Buy Side
analyst analyst
Company Industry
Economy
Recommendations
& Analysis
Sell Side Company
Technical
Analysis &
Investment Decision= =
8/7/2019 sell Side_Buy Side
5/18
The World of the
Sell-SideAnalyst
8/7/2019 sell Side_Buy Side
6/18
Sell Side:M
ajorP
layers Investment Banks
CSFB, Morgan Stanley, Merril Lynch, JP
Morgan, Bank ofAmerica, Deutsche Banc,
Bear Stearns, CIBC
Company and Industry Reports
Regional / Industry Ex. Simmons in Energy
8/7/2019 sell Side_Buy Side
7/18
Sell Side:G
oals Produce and sell research
Call It
Reputation / Credibility
Go-to analyst
Expert status / air-time
Funny Titles
8/7/2019 sell Side_Buy Side
8/18
Sell Side:R
esearch
Interfacing with Company Management
Conference Calls
Company
Conferences (ex.- Extreme Networks) Robertson Stephens Technology Conference -- San Francisco, CA Wednesday,
February 27, 2002 Time: 3:00 p.m. PT (6:00 p.m. ET) Presenter: Gordon Stitt, ChiefExecutive Officer
Merrill Lynch Global Communications Conference -- New York, NY Wednesday, March
13, 2002 Time: 12:00 p.m. PT (3:00 p.m. ET) Presenter: Gordon Stitt, Chief ExecutiveOfficer
Economic and Industry Data
Credit Ratings
8/7/2019 sell Side_Buy Side
9/18
Sell Side:R
eports Company / Industry (Sector, SubSector,
Commodity)/ Economy / Theory
Report team
Earnings models
Supporting analysis
Expectations EPS and CFPS (First Call / consensus)
Investment Recommendation
8/7/2019 sell Side_Buy Side
10/18
Sell Side: Clients Internal and External Buy Side
Investment Management
Intermediaries Investment banking analysts
Chinese wall / conflict of interest
Bias Buy doesnt mean buy
Dropping coverage
8/7/2019 sell Side_Buy Side
11/18
The World of the
Buy-SideAnalyst
8/7/2019 sell Side_Buy Side
12/18
Buy Side:M
ajorP
layers Investment banks
Institutional and Private Wealth
Mutual Funds
Portfolio Managers
Institutional and Private Wealth
8/7/2019 sell Side_Buy Side
13/18
Buy-side: Sell-side relationships
Buy-side pays for sell-side relationship
Go-to people
Often share models or background
information
Daily conference calls
Road shows (usually following report)
Often internal (I-banks)
8/7/2019 sell Side_Buy Side
14/18
Buy-Side:R
esearch
Build own earnings models
Utilize Conference Calls
Daily sell-side calls
Company earnings
Company guidance
Conf. Calls and Road Shows Real-time market trends
Technical analysis (shhhh.)
8/7/2019 sell Side_Buy Side
15/18
Buy Side: Flow of information Flow up to PMs and Fund Managers
Sometimes same people
Assigned to S&P sector and strategy
group
Internal meetings and reports
8/7/2019 sell Side_Buy Side
16/18
Buy Side: Brokers and traders Access and timing
Two-way information flow
8/7/2019 sell Side_Buy Side
17/18
Buy Side:P
erformanceM
easures Fund & Portfolio marketing results
Benchmarking
8/7/2019 sell Side_Buy Side
18/18
Up SidePARTTWO
Down Side