Help: Courses/Books for learning TMT Investing

Hi everyone, I am a junior who will be interning at a TMT hedge fund this summer and wanted to learn as much as I can before I start. Are there any books/courses for learning about TMT investing? I know there’s a ton of books about the industry in general but I am looking for very technical resources that walk through how to evaluate a tech company (cRPO growth, billings, etc). Ideally it would be the TMT equivalent of Best Practices for Equity Research Analysts by James Valentine or Security Analysis by Graham. Thank you in advance to anyone who responds.

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As someone that read a lot of books, I don't think any book really captures what a more growth-y TMT investor does. I would look at actual pitches and read and evaluate them. To narrow down your search, look at what the fund owns on the long side according to their last 4-8 13Fs then look for pitches online related to those companies. Perhaps narrow down to PDFs by limiting google search to "filetype:pdf." Try whatever logical google searches make sense to you in order to find pitches. Also, try looking on value investors club. It's fine if the pitches are old, but maybe stick to things in the last 5 years. 

Try to go through claim by claim and think about how strong the evidence is. What is necessary to prove and what is sufficient? Do you agree or disagree? Look at how the stock actually performed in the year after the thesis was published. If the return hedged to the S&P was really high or low and disagrees with your conclusions, then really think about what you might have missed or what avenues weren't explored in what you read that perhaps should have been. To make it more interesting, consider copy and pasting the pitches into ChatGPT to help you break things down claim by claim. Compare your analysis against ChatGPT to make it more interactive.

There's other exercises you can do too. Another is to think about which ideas / analyses you liked then think about how you would replicate the same analysis yourself. Can you reverse engineer what the person did? How would you guess they figured out certain points that were made that you liked?  

As a caveat, I wouldn't say your actual opinions based on what you read when you start. You still won't know anything. But it will still give you a flavor.

 

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