Learn / The long-only research process and pitch Go to Overview 1. Finding ideas 2. Competitive advantage with evidence, Pro 3. Management, governance, and incentives, Pro 4. The variant view, Pro 5. Scenarios and expected value, Pro 6. Writing and delivering the pitch, Pro 7. Monitoring, selling, and stewardship, Pro Flashcards, 0 of 20 reviewed Basic quiz Advanced quiz Terms The long-only research process and pitch
0 of 7 lessons
0 of 20 cards How a buy side analyst finds an idea, proves the business is good, judges the people running it, works out where the market is wrong, and then writes, defends, sizes, and watches the position.
A Advanced4 lessons 4 The variant view A stock only beats the market if the market is wrong about something. The variant view is the specific number where you disagree with consensus, why, and how the market will find out. 10 min 5 Scenarios and expected value A single price target hides the range. Bull, base, and bear cases with probabilities give an expected value, a clear downside, and the shape of the bet. 10 min 6 Writing and delivering the pitch The pitch is a memo for the portfolio manager and a two minute answer in an interview. Both lead with the call, show the edge, state the risk, and say how much to own. 10 min 7 Monitoring, selling, and stewardship Buying is one decision; owning is hundreds. A thesis tracker, a sell discipline written in advance, position limits, and active ownership through votes and engagement are what the job looks like after the pitch. 10 min Q Advanced quiz 10 questions, 80% passes