Where to find example pitches/write ups
Anyone have old pitches/write ups they would mind sharing? I’m subscribed to various substacks, read VIC and SA but few pieces seem to be HF quality. SS ER is not great imo.
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VIC is not hedge fund quality? You know a lot of VIC members work at hedge funds?
VIC is the best undoubtedly, moreso SA/substack that are very hit or miss
New to the industry and didn’t see answers from a quick google search - what is VIC?
Folks on Twitter say VIC quality has gone down over time. I don’t have enough experience to sort the difference between good vs. bad pitches, but would be great to hear whether or not the VIC write-ups these days are worth studying.
To answer your question OP: https://www.10xebitda.com/hedge-fund-presentations/
I was going to share the same link, I think the presentations included there are a great place to start
OP here - good share but I’ve read all those
in my opinion, yes, the average quality has gone down a bit as membership has grown but there are definitely still some very good ones. sometimes i read write-ups on companies i’m working on — though, i do use them more as a blind spot / sanity check after i’ve finished 90% of the work and need to take a step back.
How can you compare SA with VIC tho? SA is so overwhelmingly casual and retail focused. And yes, VIC's quality has defo declined over the years
What is SA in this context?
Seeking Alpha
The main place I'd look is on the fund manager newsletters on Reddit every Q - there's some good ones there. If you use Google extensively - you'll find Tiger cub and other letters from years gone by. Most of these letters contain a pitch or two. It really depends what kind of pitch you're looking for at the end of the day - some of these newsletters write 10-30 pages per idea.
fintwit
Piggybacking off the fin twit comment above, for the experienced analysts/PMs on this site, would you say Bill Ackman's pitches are good? If you were interviewing Ackman purely on his pitches, would you hire him?
Enough only for entry-level hires
Ackman's decks are marketing-oriented. For more experienced hires you need to show your estimation methods, sources in detail, valuation back up, overall evidence from channel checks etc. in much more detail
Vic is rarely good. I started looking at the definitive proxy materials files by non management form on sec Edgar when I was trying to find similar materials. U could say I found them in big ways
what are you trying to say? I don't follow
I haven't found any pitches online to be of the depth and quality that I would expect for formal pitching - you see excerpts here and there, VIC clearly has the gist of some ideas at times, sumzero is usually bad but you see some formal pitches there, and in the emerging manager space you see a few theses that are somewhat decent (but the format is geared for letter writing). CBS business school pitches are mostly decent as well I feel like.
If you are wondering what it needs to be for real pitching, the format is the guide you see on WSO and everywhere else: I see this, this, and this, which drives this variance to street expectations, and here it is quantified so this is the risk/reward. Here is my evidence in support of it, here are the risks (and why I believe there may be some mitigants). Done and done - don't book report it. In slideshow format that turns into roughly 10-15 slides or so. Introduction of thesis / business, cap table / description / business segments, stock chart and setup, thesis overview and "why does this opportunity exist", model overview page with risk/reward presentation (maybe 2 slides), thesis point 1, thesis point 2, thesis point 3, risk 1, risk 2, risk 3, additional details as needed.
I’m pretty sure VIC is basically a bunch of hedge fund professionals with the occasional smart retail investor. Those pitches go in depth…
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