Let's pretend the year is 2006 and you've just been hired as an SS ER guy in the real estate team. You, being a rationale and astute investor, feel that real estate stocks are severely overvalued and positioned to lose up to 50% in the next 2 or 3 years.
What are you supposed to do about it? I can't imagine you giving "sell ratings" on a whole basket of companies. Are your supervisors going to lynch you for being a heretic? Are they going to let you advise PM's to reduce real estate holdings to cash?
I assume you were assigned to tech coverage... Just do what all the other analysts do. Isn't that how ER works anyways?
Haha - I feel nervous when I see job postings for tech coverage. Are those guys gonna get fired the second the tech bubble collapses?
lol, no - they'll just put sell ratings on the stock and get paid for reasons I can't comprehend.
I dont know your group but your situation really isnt horrible, I would play the cycle out. To be honest many buysiders will be laid off. You will still have to pitch ideas to the buyside regardless but that gives you the opportunity to jump after this mess is over . You cannot look at tech as a massacre but as an entire macro play. For instance, many funds began holding padlock companies because of foreclosures. Then bought financing companies for autos because people still paid their car payments so they could make it to work...
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