HF Modeling/Pitching help
I'm currently a junior and preparing a few stock pitches to cold email some funds and I'm in a weird situation where I didn't have a internship in IB/PE so I never really got "formal" modeling experience and had to self learn and I was hoping to get a few answers on how I could show that I know modeling in my pitch or is it really not necessary as long as my pitch demonstrates that I know how to analyze how a company operates, financials, and etc...
I was also hoping to get some insight on how to structure the pitch and whether I should make a presentation like those at the Sohn Conference or if it should just be a write up talking about the headwinds/tailwinds the company will face and etc or if it should be done in a different manner.
Any help would be much appreciated.
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What’s up. Use “a simple model”. Use macabus. I used to recreate the macabus model from memory on a new company. These helped enormously. Look at and copy the style of equity research guys. Good luck homies
thank you, definately going to check out macabus.
Hey, modelling is overrated on some dimensions, particularly on this forum - it will not differentiate you a lot, it's just table stakes. The fact that you did not do banking might be problematic if it were the only source to learn how to model, but there's a ton of resources out there (Macabacus, the IB book by Rosenbaum which you can easily find online, cases from other people on WSO who've gone through similar processes etc.)
As for your actual conundrum: what's going to drive your success is the thesis, the model is just that - a model meant to artificially synthesize your thesis and give an indication (by no means precise, but could be accurate) on the company's/ asset's future performance. You can have a terrific pitch with a solid thesis and a simple model; the reverse doesn't work. In terms of concrete examples, the Graham and Doddsville newsletters are a great resource to get ideas on laying out your thoughts: https://www8.gsb.columbia.edu/valueinvesting/resources/newsletters
Also, ideally try to build a script for your pitch and run over it with some of your friends, get their feedback and then rinse and repeat. Works wonders. Good luck!
I think your comment was exactly what I needed since I was getting a little flustered on how much I should focus on modeling when in reality most of these pitches aren't overloaded with models and just have a solid thesis and display that you can analyze a company/industry at a high level. I apprecate the thorough response.
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