Just curious, how many research associates end up being great investors? I’m sure you guys can throw out a hundred names, but hte value investors I looked up didn’t have that. Francis Chou, Warren Buffet, Irwin Michael, Charles Brandes, etc…
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Are you suggesting that having been a “research associate” precludes one from being a “great investor”? Seems implausible to me.
Well I’m pretty sure Buffett started out as an analyst under Ben Graham, so there’s one. I’d have thought the skills you learn as a research associate would lend themselves well to someone looking to become a successful investor in later life.
Not sure if anyone can be a portfolio manager without first passing through an analyst stage, at least in the formal sector. Some people might just manage their personal portfolios and generate such awesome returns that others decide to invest with them, but no one is going to say to a new recruit, here’s $50MM of other people’s money, go make it grow (except possibly prop traders).
sorry…i meant research associate on the sellside. I’m just inquiring as to see if the sellside is the right way to go. Buffet was an analyst for graham but he was on the buyside.
I think Howard Marks (Chairman of Oaktree) used to be a sell-side pharma analyst. Marty Whitman of Third Avenue also started out as an sell-side analyst.