I am currently in ER and hope to make it to a pod shop one day, but I want to get more sell-side experience first. Who are the TMT ER Analysts that large HFs have the most respect for / whose insights are appreciated?
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Based on the most helpful WSO content, here are some insights regarding TMT (Technology, Media, and Telecommunications) in Equity Research (ER):
Top Sectors in ER:
Sell-Side Experience:
Client Focus:
Career Path and Learning:
For more detailed discussions and specific names of top TMT ER Analysts, you might want to explore the following WSO threads: - https://www.wallstreetoasis.com/forum/equity-research/a-warning-to-thos…</a">A warning to those aiming for Sell Side Equity Research
These resources can provide further insights and potentially highlight specific analysts who are highly respected in the TMT sector.
Sources: ER Career Paths, Where does ER go from here?, A warning to those aiming for Sell Side Equity Research, Equity Research: Wall Street's Best Kept Secret, https://www.wallstreetoasis.com/forum/equity-research/qa-er-analyst-at-top-bb-plus-about-er-general-advice?customgpt=1
If you think HFs care about what ER analysts have to say...
Good sign of a 22 year of buyside analyst who thinks too highly of themselves is hating on the sell side. There are a ton of issues with ER but good investors leverage them well for corp access, mgmt tone shifts, getting up to speed on industry and so on
Fair enough, we don't - and we're a blue-chip fund envied on this website and no one I know does either, but maybe that's just us. You raise a great point, thanks!
You sound like maybe the last person I'd ever want to be around
This is such cap, you for sure don’t even work in publics if you have this mindset
If you have enough corp access to talk to any large cap CEO (including mag7) or you only invest in small caps without much ER this strategy could work. Otherwise very difficult without research as a conduit
“eVNieD On DiS wweBsiGhT”
Guy definitely name drops on Hinge dates and wonders why he’s jerking it alone at night
So do you ignore upgrades / earnings revisions as catalysts? That doesnt make any sense
this is so well said.
Who actually takes "tone shift" opinions seriously? Like it's beyond arbitrary to judge and could be due to the management guy not getting any action from the wife...
lol pod monkeys are obsessed with what sell-side thinks and where street numbers are
Isn’t that just inherent to the MM HF role? I mean if you live and die by quarters you need to know what expectations you’re trying to outperform vs. somewhere with a more long term focus
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I don’t know what this gut is getting monkey shit. A good number of top performers even at pod shops actually don’t give a f about ER analysts.
If a HF analyst covers 10-40 names (depending on strategy) vs sellside covering 20-30 names spending 80% of time marketing then the HF analyst should know more about the name than the sellside guy 95% of the time if they’re doing the job right.
Sure sellside could help you with positioning but that stuff can come from sales specialists too with probably better sample size and no confirmation bias.
Swinburne at MS and Moffett/New Street are great for media/telco
Is Internet considered media? How’s the broader internet-related coverage at Moffet?
Sheridan
Seconding Moffett on the "MT" side.
Bump, curious about other reputable tech ER analysts
Every analyst has their own flavor or thing they bring. Some are more similar to very good journalists, while others have unique data points or incrementals that are useful. Others are classic marketers, which means they excel at structuring the upside/downside scenarios and "figuring out the math" that would make an idea work.
At JP Morgan, Mark Murphy in Software has his CIO Survey and expert calls, which is very good and super helpful for the mosaic. He tends to have good instincts on budget flushes and where the puck is going. Brian Essex, on the other hand, still feels like he's in "ramp" mode. My understanding is that he consolidated cyber security as a vertical and that it's a fairly new coverage. Hamza at MS is better in that space (but it seems to be an access thing). Kash Rangan at GS is very good, but I like Raimo at Barc a bit better. Gregg Moskowitz at Mizuho is probably my favorite.
In semis, Aaron Rakers at Wells is very tactical, Stacy Rasgon at Bernstein is probably one of my favs for semis, and Mark Lipacis is fun to read (very active views). In internet, Mark Mahaney is a classic stock marketer (like Dan Ives), Doug Anmuth at JP Morgan is solid (great quarterly decks on what's happening across the space, some incremental work as well), as is Eric Sheridan at GS.
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Where's the mahaney love
I work in FI but read ER reports as well, don't know what the equity folks focus on but I like semis with Vivek from BofA, and in general JPM is pretty good on TMT. Telco from RBC is not bad either, but that's mostly for Canadian names. TD Cowen is decent sometimes as well. When I'm bored I go read what Ehrlich is cooking up.
Citi always seems like it's a data dump with no views.
TMT credit side, JPM and Stifel are my favorites.
rates quant intern at SFO but have access to ER reports - Turrin is my goto for my PA
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