Most l/s hedge fund analyst job postings ask for a company analysis/pitch example for an investment idea you've had. Some specify to keep it to 1-2 pages, but others are open ended. Does anyone have any examples they can share of a company pitch for an interview or application submission? Coming from an IB background I'm obviously familiar with pitch books and sell side research, but I'm looking for some guidelines to a more utilitarian and concise approach rather than a 20+ page opus. Any pointers for hitting the key points in an analysis without appearing overly simplistic would be great.
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The HF Pitch: condensing HF case/pitch into key points (Originally Posted: 11/09/2015)
WSO'ers, wanted to take some time out to help prospective IBD/ER candidates with a crucial part of the HF interview process. The Pitch. A lot of stress, pain, and angst goes into successfully (or unsuccessfully) navigating the pitch to a prospective PM. The below is what I found helpful after many interviews. There are small nuances to each PM/fund but these are the bare bone basics that must be addressed.
This structure (in my opinion) works well with both case studies as well as in person/over the phone pitches on investment ideas. Obviously the case will be a bit more detailed but these are good starting points.
1) Tell me about the company in 30 seconds. ,
- this can often times be the most difficult part of the pitch. As a PM, I essentially want to know in layman's terms, what is the industry they operate in? How do they generate revenue/profit? (subscription based? txn based? volume based?). - so many times candidates try and cram the entire 10-k into the pitch. If you go into too much detail, you've already lost your PM/Sr Analyst. CONDENSE. Get the 20% of the company that matters
2) What has happened over the last 4-8 quarters?
3) Your thesis
4) What is the market view and why am I different? - self explanatory
5) Why now?
6) Valuation / target price
7) Catalysts
8) Risks
I am writing this jetlagged and on less than 5 hrs of sleep. Open to criticism.
I use to have a professor that would tell us that our speech/paper should be like a girls dress- long enough to cover the material but short enough to keep it interesting.