you guys can get the model from oldmonk. i don’t have time and don’t get paid to send stuff around. any complaints, please direct them to oldmonk.
Hey Monk, can you send me both of the models guest and numi sent you. I’d really appreciate it. Thanks! My email is Bron.Bronson@yahoo.com
j-rad Wrote: ------------------------------------------------------- > I’m sure he will upload the file… no need to post > emails. actually, not to be totally non-constructive, but i won’t be uploading the file. i don’t want to encourage this type of behavior where people hang around the forum with nothing to contribute, only to emerge when there are “freebies” to be distributed. i’m far more inclined to help people who help others, i.e. the people who take time and energy out of their day to offer useful advice here on a regular basis, not just people who post their e-mail addresses when there’s something to be given away. these statements are not directed at anyone personally – in fact, they actually follow in the footsteps of those 100+ post threads where people seem to come out of nowhere just to get on the bandwagon for free goods. however, anyone who does take what i said personally should resist the temptation to sulk and instead find ways to contribute to the forums. remember…this is finance and you gotta learn to earn your keep.
Hi Monk, can you please send me the models too at dinesh.sundrani@gmail.com. Really appreicate your help.
numi Wrote: ------------------------------------------------------- > j-rad Wrote: > -------------------------------------------------- > ----- > > I’m sure he will upload the file… no need to > post > > emails. > > actually, not to be totally non-constructive, but > i won’t be uploading the file. i don’t want to > encourage this type of behavior where people hang > around the forum with nothing to contribute, only > to emerge when there are “freebies” to be > distributed. i’m far more inclined to help people > who help others, i.e. the people who take time and > energy out of their day to offer useful advice > here on a regular basis, not just people who post > their e-mail addresses when there’s something to > be given away. > > these statements are not directed at anyone > personally – in fact, they actually follow in the > footsteps of those 100+ post threads where people > seem to come out of nowhere just to get on the > bandwagon for free goods. however, anyone who does > take what i said personally should resist the > temptation to sulk and instead find ways to > contribute to the forums. remember…this is > finance and you gotta learn to earn your keep. I have to agree. I’m not of fan of the freeloading chain email request. However, I am an active participant of this forum, Numi. I’m here every day soaking up and transferring knowledg and participating in discussion. Therefore, could you send me the model as a personal favor? I would surely benefit and appreciate it.
numi Wrote: ------------------------------------------------------- > oldmonk, I just sent you a link to the ABT.xls > model that you can download. If anyone asks for > it, please download it and circulate/send it > around. Good luck Thanks Numi. I will upload the file once I have it. Numi sent it to me thru Google docs and it needs access approval (from Numi) once I click on the link. I agree that there are plenty of freeloaders out there and there are guys who genuinely contribute to the forum. For people who download, please make an effort to contribute wherever you can. And thanks Bromion for the advice as well. You are right on the mark. Also, here is a link to another thread on modelling with some great input from Numi. http://www.analystforum.com/phorums/read.php?1,791137,page=1
Here are the files: http://www.sendspace.com/file/dez2k1 Credit: Numi http://www.sendspace.com/file/6m539k Credit: Guest123 Enjoy and remember to share.
oldmonk, another piece of advice from someone who’s doing er for several yrs now. any model uses the elements included in the xls above. what differentiate a good analysis from this xls is the operating part of the model, aka how well an analyst understands the business of a company. i’ve seen models with thousands of lines just to estimate a company’s business segment’s revenues. everyone knows the theory, you learn it in the CFA and in almost every finance course. but not many understand the operationals in such a manner that they could do for example a proper swot of the company
olfy Wrote: ------------------------------------------------------- > but not many understand the operationals in such a > manner that they could do for example a proper > swot of the company This is very true. 99% of the SWOTs you see are pure BS, unfortunately. A final piece of advice: an analyst has to be articulate. This means phrasing your investment ideas in a clear and straightforward manner. Also, the “distinguishing fact from opinion” bit from the CFAI materials applies as well. I would recommend reading through some research to look at the way analyst formulate their ideas, and think about whether they may have been stated in a better way. A lot of work involved in writing equity research is editorial stuff, i.e. how to phrase certain concepts, which section should go where, etc.
olfy Wrote: ------------------------------------------------------- > oldmonk, another piece of advice from someone > who’s doing er for several yrs now. > > any model uses the elements included in the xls > above. > > what differentiate a good analysis from this xls > is the operating part of the model, aka how well > an analyst understands the business of a company. > i’ve seen models with thousands of lines just to > estimate a company’s business segment’s revenues. > > > everyone knows the theory, you learn it in the CFA > and in almost every finance course. > but not many understand the operationals in such a > manner that they could do for example a proper > swot of the company And I guess that comes with experience. It’s the same as researching fund managers. The good researchers at my firm can pretty much tell why a particular manager is holding x% of a certain stock or why a PE fund raising is going so slowly for another along with dissecting the personalities of the PMs. I am hoping to collect as many aids as I can in preparing for my job search/interview w/o going overboard.
Billy Collins Jr. Wrote: ------------------------------------------------------- A lot of work involved in writing > equity research is editorial stuff, i.e. how to > phrase certain concepts, which section should go > where, etc. But isn’t that more for sell side, broker research etc. Does a buy side analyst have to spend countless hours writing reports?
oldmonk Wrote: ------------------------------------------------------- > I am hoping to collect as many aids as I can in > preparing for my job search/interview w/o going > overboard. I think that’s a safe bet if you have time, but keep in mind that the ER interview process usually breaks down something like this: 1) Typically the first interview is with a recruiter by phone to check your interest in the position and other relevant details. 2) The first “real” interview. They will go over your resume and ask about your experience and education. Try to have a few facts on hand that will be impressive – maybe you were a sports team captain or have some other accomplishment. Maybe you have a high finance GPA or whatever. Depending on the length of the interview, there may be a few technicals (should not be a problem if you have a finance degree) and a few brain teasers that you cannot prepare for anyway. Actually, you can probably search around online for some of the common questions they ask. They’re typically pretty banal, like “Tell me how you would determine how many ping pong balls fit in an airplane.” If you are not retarded, it should be pretty easy. I doubt they will ask a whole lot about your knowledge of ER, but you should have a good reason for why you want to go into ER. This would be an appropriate time to talk about all the ER notes you have read and have you have developed a real interest in company valuation from your experience following the market and valuing companies with P/E and DCF. You want to make sure they know you have done a little work on this front, but don’t make it sound like you are an expert or they will call BS on you. Something along the lines of how you are familiar with the work but want to further develop your fundamental skillset would be an appropriate comment for an entry level position. 3) If you get this far and it’s a horse race against another candidate, they may ask a few more technicals, but probably they are looking at fit with the team. You may meet a good portion or all of the team. Dress well and smile a lot. Make sure you have a strong handshake. If you do well, it will be on to salary negotiations, expectations discussions, and hopefully an offer. Good luck.
oldmonk Wrote: ------------------------------------------------------- > But isn’t that more for sell side, broker research > etc. > > Does a buy side analyst have to spend countless > hours writing reports? Clearly not as much as sell-side, but still communication skills (oral & written) are very important.
bromion Wrote: ------------------------------------------------------- > > 3) If you get this far and it’s a horse race > against another candidate, they may ask a few more > technicals, but probably they are looking at fit > with the team. You may meet a good portion or all > of the team. Dress well and smile a lot. Make sure > you have a strong handshake. If you do well, it > will be on to salary negotiations, expectations > discussions, and hopefully an offer. > > Good luck. Bromion, can I send you an email with a few queries? Or if you prefer, please drop me a line at oldmonk16 at gmail and I can reply to that. Appreciate all your help.
Buyside: 3 to 5 page write-up Sellside: 10 to anything write-up
I agree with bromion – as I’ve written about in this forum numerous times in the past, those are the types of things you should expect in a research interview. Nothing altogether difficult, but the most important thing is to show your understanding of research, what the role is about, and demonstrate a personal interest in research as well as the team you’re potentially joining. You should definitely have a high-level understanding of what the senior analyst you’re interviewing with thinks about the sector, what are his top picks, and what makes attractive investments in their space. I interviewed about a dozen candidates for a job while I was on the sell-side and it was embarrassing how many people came into an interview without actually asking me about the sector I covered or even having read any of the notes we wrote, ESPECIALLY if they came in during a second round. That lack of effort shows that they don’t want the job that seriously; and if they don’t want us, then we don’t want them. Moral of the story is, don’t be the stupid job candidate that shows up for the interview without actually reading about the space you’ll potentially be covering or having reasons to work with the specific bank or analyst you are interviewing with. You are better off calling in sick and staying at home.
hey numi, lets say a interviewee comes in knowing a lot of XYZ firm in XYZ industry, inclusive of the modeling, SWOTs, valuation…etc. if he/she did not know anything about the industry that he/she is applying for, does that result in a ding? or is it not really a cut and dry answer to it?
I think that if you know going into the interview what industry you’ll be interviewing for, then you should do some basic research and try to get a broad understanding of what that industry is about. That being said, most senior analysts won’t “ding” you on that, probably because they are more lenient or for whatever reason don’t necessarily expect you to do it. However, whenever I’ve prepared for interviews, I try to minimize my chances of being caught flat-footed, and if there’s anything I can do creatively or resourcefully to gain an edge over my competitors, I make sure to get it done. Some people say that 90% of a successful interview is about presentation and how you sell yourself; I say 90% of a successful interview is about preparation. You can’t sell what you don’t have. So the short of it is, you might not be dinged automatically for not knowing about the sector you’re interviewing for. However, now that you know what it takes to differentiate yourself, why wouldn’t you put your game face on? The point is, just doing what people expect only makes you average; going above and beyond makes you better.