I have new respect for ER. What you guys do is damn hard. How do you do it? I have been working on a one-off ER assignment for a BB. It's an 80 pg research report and it's damn hard to stay focused and just write. It's taken a couple months to do all the research and then write it up. It's especially difficult with Youtube available at a click of a mouse and writing being so taxing and boring. How do you ER people actually do it?
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80 pages is very long for even an initiation report, unless it is filled with a ton of large charts/graphs. That said, writing is just part of the job description. If you hate writing, you’re gonna have a bad time in ER.
IMO a highly under appreciated part of the job is how many different directions you’re pulled in as a sell-sider, and how much harder it makes the job. You have to please management teams, the IB department, ER management, long-only funds, HFs, as well as your own drive to provide good/unbiased research. I think people who criticize ER for having too many buy ratings and things like that don’t really understand the fact they have to please everybody, and that the value-add extends well beyond the rating and price target...
100% - you have to please so many people.
Where is the value add from ER, when entire banks like LAZ, PJT, etc don’t have ER departments
Not quite sure what you’re getting at…investment banks can obviously operate without a dedicated ER function. That doesn’t mean ER in general doesn’t add value. I never worked in IB and am not that familiar with the firms you mentioned so I can’t personally shed light on their strategy / nuances.
80 pg piece is prob a deep-dive, thematic report.
A lot of the content is company's press release or technical white paper reworded to make it not too plagiarized (it still is plagiarism).
Don't be too impressed, it's not that hard to say what others have already said. Only difference is a top 10 ER shop at least makes effort to rephrase while lesser ER shops straight up copy and paste.
you're right it's a thematic report. It's on alternative protein. About a third of it is interviews, which I summarized, and the rest is a summation of various technologies, market sizing, consumer attitudes, etc. It's been exhausting esp when I have had to dive into science that I did not at the onset understand. This means I've had to do a ton of studying just to understand enough to write 1 page. And forcing myself to actually write and not go play on Youtube has been a real chore. I'm impressed w/ ER people, and I don't think I could have managed this job.
I did figure out a few things that helped. I'm here looking for more tips and tricks.
1) I used narrow margins and turned the whole doc into a table, with each section being a row (albeit a row filled with tons of paragraphs and charts and text). Making the whole document into a table has enabled me to better organize the paper. When I need to replace sections or move them around, it's easier to do. When I need to get scientists' insights, I can just send them a section, and later replace that section as a row.
2) I dictate much of the document using Google speech to text into my smartphone and then cut and paste that into my document.
3) I did a lot of interviews which added color and depth to the report. When doing company interviews I often just had them fill out a doc that has a set of questions. That enabled me to beef up the document more quickly.
4) paying professional proof-readers to clean the doc up
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