Silver BananaTopicReplies
+25
Ask a VP in Equity Research anything - 2018 EditionIt’s been two years since I did the last one ("Ask A VP in ER anything" ), so I figured I would do one more. Let’s talk about the industry, MIFID, banks in general, trends in the industry, long term career outlooks, etc. ...
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What are the best independent research shops?Hey Guys, i was wondering what you guys thought were the best independent research shops? i know that bernstein and isi have great reputations. jeff degraaf, former of isi just started his own shop called RenMac and fromer Strategist Jason Trennert runs Strategas. There are also the cleveland shops...
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Equity Research writing test+modeling test next Tuesday, seeking for adviceHey guys, I am going to attend a 2 hours writing test + modeling test for an ER position next Tuesday, since I dont have any experience or much knowledge about ER, could anyone give me some advice on what the test might cover or what should I prepare for it? Thanks....
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Cornerstone MacroHas anyone heard of Cornerstone Macro? They are primarily a macro research shop founded by some former ISI mangers back in 2013. Would be great to get some feed back on how they are perceived on the street....
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Goldman Sachs - Review - Investment ResearchInteresting work with a very steep learning curve. People I worked with are highly intellectual and division has a very collegiate feel.. Fair amount of chart/spreadsheet/ppt updating. Hours can be unpredictable when publishing schedule becomes filled up. ...
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What can make a stock overvalued/undervalued interview question?Was asked in an interview to give a reason why the current share price of a stock may be overvalued or undervalued. I know that there are the obvious fundamentals such as ratios that can indicate this. However, in an emerging industry such as blockchain or cannabis, these fundamentals can be pretty ...
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Research Management SoftwareHi, I spend a lot of time gathering data and adding it to my valuation model. Whether it be compounds, 10Q or even a video. The excel files are a bit difficult to maintain. I'd rather only use it for the analysis. I am wondering if there is a better alternative. Any tools you guys use to manage due...
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T. Rowe Price - Review - Equity ResearchReally relaxing working culture. The job is fun by itself and I got to do lots of research on the buy side funds as we are a fund of funds. Not fantastic location. Especially for sophomores trying to network during the summer. Had to take 5 hours of bus in order to get to New York...
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Delaying Graduation or Finishing school and finding Industrial PlacementCurrent undergradutate with a decent GPA (Second Upper) in Singapore. Currently only have 1 BO internship (Regulatory Compliance) and 1 upcoming summer Middle office internship at the Central Bank (Financial Markets Development). I have one last semester to go before finishing school. Here is the di...
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UBS AG - Review - Equity ResearchWork life balance, autonomy, engaging / interesting work, interaction with C suite, Sales, Trading, Buyside . Compensation could be better; Culture could be better - more social outings; ongoing development could be better...
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How to get projections/forecasts for a listed company if the company has not provided any projections? Hi all, I am a 1st year analyst with a Private Investor, I have studied in South Africa and pursued a double major in Finance and Economics, at present I am a CFA Level 1 Candidate. I am currently working in India gaining exposure to the Indian Markets. Considering, that now I am practically on th...
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Is the equity research recruiting timeline on the same timeline as IB?Are BBs recruiting this spring for Equity Research? Should I be info interviewing and stuff right now? Also, if I potentially wanted to do IB after a summer ER at a BB, would that be possible?...
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Research Request: BLKLooking for initiating coverage on BlackRock. I read [Barclays launched coverage in Sep 2017](https://www.barrons.com/articles/asset-managers-good-businesses-bad-stocks-1504895050). It'd be great to have the report as well as the one that covers the broader industry. Up for trade: equity research...
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Is Cyptocurrency a Form of GamblingThey're called "cryptocurrencies" in popular lingo, but Bank of Canada Governor Stephen Poloz has a different name. "They are crypto but they are not currencies," Mr. Poloz said recently. "I'm not really sure what they are…. It's just essentially speculative or gambling." No one yet knows what t...
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Going from Buy-Side Analyst to Sell-Side Equity Sales?Hi everyone, Just wanted to ask you a few question - if you happen to want to give your opinion on that. I am currently working on the Buy Side at a large AM house in London, mostly as an equity analyst, with 3 years exp since graduation. A well-regarded Broker wants to poach me, but not only thi...
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PREDICITION: Apple to lose 20% of current smartphone market share by 2020Thoughts? I have noticed a general shift in sentiment. This could just be my own social circle but it reminds me of Instagram's introduction of stories and the shift away from Snapchat. Once the stigma around using none iOS devices is broken, the bottom will fall out on iphone ownership. ...
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I want to get an article from the CIBC database but I do not have an account. Is there another way to get it?.........................................................................................................................................................................................................................................................................................
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BMO Capital Markets - Interview - Equity ResearchI have not taken any accounting any accounting courses at my college so I did not know how to answer any of those. The questions began as mostly behavioral questions asking about resume content/past work experience. Then the interviewer asked if I follow the markets. I told him I follow the equi...
+3
T Rowe Price Equity Research Summer Analyst ProgramThinking of recruiting for T Rowe Price's sophomore summer analyst program next year - heard some good things about it from someone I networked with who works at Blackstone. How does this program stack up against other sophomore internships? What's the summer analyst experience like?...
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Morningstar - Review - Structured Products FSRGood deal volume; smart co-workers who know both the real estate side of the business and the credit/structuring and securitization side; very good work-life balance (almost too good); ample opportunities to go beyond your role definition and have firm-wide impact. Low pay (comparatively speaking); ...
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Breaking into ER from REI've been interested in breaking into sell-side ER for a while. Trying to get some advice and a bit of motivation. Below is some background info about myself: Graduated in 2013 from a semi-target. Finance major. Dull GPA, but above 3.0. Working in real estate my entire career. A few years at a glob...
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Equity Research summer internship starting soon, how to prepare?Hi, I'll be starting at a major european bank, as an equity research intern in the summer. How should I prepare? As a background, I have a Msc in finance and have read a loot of basic books in investing. In addition I have no prior experience in ER. And I have no idea which industry I will be work...
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Jefferies & Company - Review - Equity ResearchLots of resources: mentorship program, frequent associate training, quarterly stock pitches. feels as though the research group has a cohesive goal. office feels slightly disjointed but that is probably a result of being in a regional office. nothing else...
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Cowen Group - Interview - Equity Capital MarketsNo difficult or unexpected questions indeed. The interviewee asked me to talk about my understanding of the current biotech market, and my opinions on the trend of the biotech industry, e.g. which technology will be the leading player applied to the therapeutic development. Then, he asked me to talk...
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How to transition from biology to market/equity research (in life sciences)?Hey guys, I'm hoping I can get some information on what kinds of jobs I could use as a launch point to enter the business (I'm specifically thinking market/equity research or M&A) arena from a biology background. I got my B.S (Biology). in 2016 and I have been working at a state university's medica...
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Has anyone heard of Park Manor Capital Advisers LLC in Boston? Has anyone heard of this equity research firm in Boston or Philadelphia? Any insight would be greatly appreciated. ...
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Timed Writing Interview AdviceHello Everyone, I have a timed 2-hour writing interview for ER at a BB and was wondering if anyone has gone through something similar or had any advice. The format is they will give you a company press release related to quarterly earnings and then you are supposed to write an research note off o...
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ER summer associate to market risk full timeI know that most people would never go front office to middle/back office but hear me out. I am interning this summer in ER at a MM under a highly ranked II analyst, however, I hear almost everyday about how ER is a dying business, and that risk is a new up and coming business. I also like the more...
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Help - JP Morgan vs. Wellington Management Research Hi all, Here's my situation: I have an offer for JP sell-side research. I also have a super day with Wellington for equity research on Dec. 2nd. If it comes down between the two, what do you guys think?...
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JP Morgan Securities - Review - Equity ResearchHappy with the experience, exposure, and knowledge gained. Great culture and team dynamics. Great reputation. . Some groups work more than others and putting in hard work goes unappreciated. Lack of clarity in performance review. ...
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Brookfield Asset Management - Review - Infrastructure- Challenging work - Great communication between analyst and interns - Chill culture, friendly workforce and eager to help you learn. - Difficulty in communication with analysts - Heavy workload - Lots of self-learning, your job to learn on the job...
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Questionnaire for Equity AnalysisHello everybody, my name is Sidharaja Masali. I am currently pursuing MBA in Strategic Management from Indian School Of Business and Computing, Bangalore. I have selected equity research topic in my research proposal. In this rergards, I have prepared some questions related to equity analysis. May ...
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Equity Research Summer Internship - Placement and Coffee ChatsHi my name is Removed, I am looking for an internship in Removed. Can anybody help me find Removed? I am lost in Removed. Removed. Reeeemoved. Reeeemoved....
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Tariff Effects on Markets?Asian markets were down after the Trump Administration announced the tariffs they plan to impose (25% on steel, 10% on aluminum). I can confidently say that the effect politics have on markets has been decreasing over the years, however this one is different. This decision can and will effect the ma...
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Third Bridge - Interview - Consulting1. What is your biggest achievement so far? 2. Tell me a time that you go the extra mile to get the job done. 3. Tell me a time that you fail as a leader. It wasn't actually that difficult, I was just caught off guard. As I said, the questions are mostly behavioural so they are quite easy and m...
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Where can I view FULL ER reports to learn & practice?Hey all, I'm really interested in learning how to write reports and create my own, but being a community college student means I don't have any access to a Bloomberg terminal. Is there anywhere I can view former reports or fake reports that are formatted like real ones? I really just want to have s...
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UBS AG - Review - AutosUBS ensures that its research team has the resources to differentiate itself in ways ranging from UBS Evidence Lab to partnerships with research universities. . Morale among associates is low and compensation seems to be at the lower end of other bulge bracket banks. ...
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+6
Is ER a bad goal in college with MiFID II coming?So I'll start this off by saying I don't really know what I'm talking about. I am a senior in high school who is going to college soon (semi-target). From what I have read, Equity Research seems rather appealing to me, and it would probably be what I network for and hope to do after college. I en...
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Robert W. Baird & Co. - Review - Equity ResearchNice people: can't stress enough what a pleasure it has been to work for this company from a culture perspective. Very smart, approachable, and generally stress-free seniors make this a truly enjoyable place to work; Great work/life balance (relative to BBs and some elite boutiques, depends on sr. a...
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Jefferies & Company - Interview - Equity Research98*96 = . I was a bit stumped by this one since I was expecting more of a "Pitch me a stock" but apparently they ask this. I give you $10m, where will you invest and why? Why do you want to leave your company? Based on what you told me, it sounds like a good place to be. What do you think my job...
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the underdogHi everyone, I am in my senior year in college, I graduate FALL 2018. I want to start my career in ER. Unfortunately, it seems like everything is stacked against me. I come from a non-target school. My GPA is 3.5. The only internship that I have under my belt is an accounting intern. Is there...
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Sandler ONeill - Review - Equity ResearchGreat company to work for: Entrepreneurial spirit Good pay versus the street A lot of development opportunities. Nothing negative to review: Only possible negative is the size of the firm is small and that can bring cons but you know that going in....
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Any alternative to beta? So I have a very fundamental question on Beta. It seems that beta has it's flaws: backward looking, doesn't distinguish between upside and downside and have liquidity bias as well. Beta is a measure to capture market risk but do we only have beta to capture market risk ? What other alternatives do w...
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Is Summer 2019 ER SA recruiting similarly accelerated?Title. Also would an ER internship 2019 look fine if I potentially wanted to do IB full time? Probably won't, since ER is what I'm passionate about, but I wanna keep my options open....
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MCD ModelI can't get my model to balance. Is anyone willing to take a quick look? Also, can someone tell me if there is a way to add a link to the model. ...
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garch modeli have a time series of stock return, for which i would like to estimate conditional volatility by a garch model. My aim is not to correct an ARMA model, but only to estimate conditional variance. I used in matlab, estimate garch offset for p=1 and q=1. For some variables with outliers i have inac...
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Mizuho - Review - Equity ResearchNice working environment, great pay for intern, treat intern as very valuable, working hour flexibility. No formal training, no information on Full time offer, mizuho software are very outdated, cannot install new software...
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Best undergraduate degree for equity research?I already read "Here are the target undergraduate schools in Canada," which seemed like it was more for people who wanted to go into IB. I'm more interested in ER, and thinking about possibly going into HF later on. Which (Canadian or US) undergraduate programs do you guys recommend? (Which undergra...
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How do rising interest rates impact corporate balance sheets?In an environment of rising interest rates, lets assume we have a few scenarios: Company A: Low leverage (minimal debt to equity), high cash, high A/R, low A/P Company B: High leverage, High cash, High A/R, High A/P Company C: High Leverage, low cash, high A/R, low A/P How will each company be imp...
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Goodwill Reporting on 10-K I'm looking through Lowe's 2016 10-K and it acquired a Canadian company named RONA which was the only acquisition. An exhibit outlining what Lowe's paid for RONA states that goodwill is indeed 976 but the actual goodwill exhibit under acquisitions it has the figure 1015 instead of 976. Is this due...
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Do I have a chance at breaking into an equity research/investment organization at this point?What i am wondering: is it wise at all for me to spend my time applying to investment organizations (is my resume going to continue to get thrown in the trash?). I'm a graduating (in may) economics student at UW-Madison and have a 3.5 GPA with experience interning at a small, no-name real estate val...
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The right time to lateral?**BACKGROUND:** I have been at a Credit Rating Agency (Moody's, S&P, Fitch, etc.) for four months. I started straight out of undergrad as an Associate Analyst (comparable to an analyst in IB or associate in ER). I graduated from a small non-target with a 3.9 GPA, Economics and Poli Sci double major,...
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Books about economic and stock market Recession/Depression/bubbleDear all, I am going to study about economic and stock market Recession/Depression/bubble. Please kindly introduce some books about this subject to me (I like to read the books which tell us how fund managers, analysts, investors, Government officials…think and act that times. I quite like Micheal...
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Best Practices for Equity Research Analysts by ValentineBy chance, does anyone have a pdf ofthis book? if so, please pm me Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts James J. Valentine (Author)...
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Equity Research Q&A with FlakeMod (Andy) note: This thread is from December '11, but Flake said he is still up for answering questions, so fire away Given the holiday season, I'm in a relatively good mood and feel the need to give back a little. I've seen a bunch of these "fielding questions" threads and I thought they were ext...
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When and How To Exit?Been in ER for almost 2 years; clearly an excellent opportunity and learned a ton, including numerous certs etc. I've realized I' extremely unhappy on the job, granted I am doing it well and better as time goes on, but I know I would never want my bosses job. I've just had too many conversations a...
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CFA - Anyone burn their Schweser books and just learn from the Videos??!??!CFA Monkeys - Curious to hear your experiences with Schweser Videos or videos from any of the other companies? Helpful? Better than the books or just use them as supplementary to the books? ...
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Exit opps for ER @ small investment management firmHi all, I have an opportunity to join a ...
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ER Salary LondonA good friend of mine was offered an equity research associate position in London by a BB. She has been working for a research boutique in NYC for 3 years post MBA (top 5) and the BB offered her £95k base salary. She asked me for my view on the offer given I am based in London but as I am on the IB...
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Citigroup - Interview - Private BankingThere were no really any difficult questions that were asked. They were mostly just based on my own work experiences and extracurricular activities. With whatever you said, they made sure to ask a number of follow up questions to ensure you are telling the truth and that you arent just over exaggera...
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Did I make the right move?Hi All, After spending almost 7yrs in the financial services sector (since the start of my career), I have recently joined a high street bank in their equity research team. It feels like a whole new world, and I don't feel too bullish at the moment. Im supporting the equity strategy product as an ...
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Valuing Exxon Mobil with DCF?Hi all, apologize if this is in the wrong forum. I need to value Exxon Mobil for a presentation and have been told that a DCF would not be accurate for reasons that have not been well communicated to me. Someone has mentioned using APV, but quick searches on WSO have said that APV is purely academi...
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Stock Pitch CompetitionsWhat are some notable undergraduate stock pitch competitions that are held on a national level? Anything like the Ira Sohn Idea Contest would be helpful. Thanks....
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BMO Capital Markets - Review - EnergyVery palatable working hours. Get to travel a fair bit. Small team with friendly feel. Reasonable buy side reputation.. Potential lack of progression within the company. Employees frustrated by this. It systems are behind the times....
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UBS AG - Review - Equity Capital MarketsFocus on research. Stable outlook. Good work environment. Decent sales. Good platform and client reach. . Bad hours. Outdated IT infrastructure. Too many internal procedures. Bureaucratic. Low efficiency. Limited upside. ...
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RIA: Is this a viable option for an ER analyst who hopes to enter into AM firms and HF?I hope to start in Equity Research soon and was looking at a few ways the career itself would branch out after several years of experience. I was looking through Asset Management in the forums and I came across RIA (Registered Investment Advisory firms). Most of these firms are founded by older guys...
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Equity Research Interview: Oil Modeling HelpHi guys. I'm currently interviewing for an equity research role and they sent me an excel/modeling test. They basically gave me a bunch of data on well performance and want me to create some output (yea they were kind of vague). The overarching goal is to find the best operator. Note: best operator ...
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Cross Research GroupDoes anyone have any information on this company? Boutique equity research firm that focuses on InfoTech. Applied for an entry-level associate position and have a phone interview tomorrow. Looking for any information. Thanks....
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Fitch Ratings - Review - OtherGood culture, alot of learning. Not too many hours (45week) Nice MD's Good Pay. Interesting work, access to a lot of software (Bloomberg). Sometimes the office would be a little slow especially in regards to intern work, not as much modelling experience...
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ABN AMRO Group - Review - Equity Research- Great exposure to senior Equity Analysts - Fully implemented in the Equity Research coverage process - Early responsibilities - You learn a lot. - Hours and days can be long - Sometimes expected to show up on weekends - A little unorganised at times...
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Can a listed company that is not at risk of bankruptcy choose to end operations?If its possible, what happens to its stock and to its bonds? And is it the same case for a private company?...
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Raymond James Financial Inc. - Interview - Equity Capital MarketsOverall, the interview process was not too difficult. Everyone that makes it to Super Day is, generally, smart enough to do the job. They want to confirm your intelligence and passion for the industry, and see if you'd be a good culture fit. One of the math questions was what's 6 divided by 7 to 3 d...

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