How to make best use of meetings with management teams?
I want to know how to make best use of group meetings with management teams. I always feel like I end up taking too many garbled notes (which don't help me much anyway) and then I end up just tuning out half the meeting (sometimes it's because management has long winded answers to questions).
When I do these investor conferences, I'll typically have between 6-10 meetings a day and I generally spend 10-15 minutes prepping for these meetings ahead of time, I'll quickly read some sell-side notes and my own notes from last earnings call (if we are involved).
Am I taking too many meetings? Am I spending too little time prepping? What should I do so that I don't end up tuning out of meetings and can make the best use of them.
To make the best use of meetings with management teams, here are some actionable tips based on the most helpful WSO content:
Be Selective with Meetings: If you're attending 6-10 meetings a day, it might be worth reassessing whether all of them are necessary. As one WSO thread suggests, just because you can take more meetings (especially with virtual options) doesn't mean you should. Focus on the ones that are most relevant to your investment thesis or areas of interest.
Streamline Your Preparation: Spending 10-15 minutes prepping is fine, but ensure that time is focused. Review key points from sell-side notes and your prior notes, but also identify 1-2 critical questions you want answered in each meeting. This will help you stay engaged and ensure you get value from the discussion.
Take Effective Notes: Avoid garbled notes by structuring them. Use a simple format:
Stay Engaged During Meetings: To avoid tuning out:
Limit Distractions: Put your phone face down and avoid multitasking during meetings. This will help you stay present and absorb more information.
Post-Meeting Review: After each meeting, take 2-3 minutes to quickly review and refine your notes. This will help solidify the key points in your memory and ensure your notes are clear.
By being more selective with meetings, preparing focused questions, and improving your note-taking and engagement strategies, you'll maximize the value of your time with management teams.
Sources: Ways of Underperformance - and how to avoid them (Part 1), Your best sourcing tips, Client meeting etiquette rules as an Analyst, https://www.wallstreetoasis.com/forum/private-equity/becoming-better-at-asking-questions?customgpt=1, Hedge Fund Guru Answering Inbox Questions Here. Thanks Mr. Pink Money
I try to avoid asking questions that management can only speculate on. Think about what they actually know and what useful information they can provide based on what they know. If you aren't clear on what they know then ask questions to figure this out. I also try to avoid asking questions with a yes/no answer. For example, "To what extent are you going to..." vs. "Are you going to..." It helps a lot to come in with a list of prepared questions.
Tailor questions to role. Do not ask basic 10-K questions to CEO or CFO. That is for IR. Ask questions about strategy, industry dynamics, what the management thinks a competitor will do, and why. Ask about elasticity: what do you need to see to do XYZ. Do not ask about alternative data and guidance because this is precisely how you brand yourself as a pod monkey with heavy reluctance for calling back after earnings.
I never ask basic questions from IR. Most of my questions to CFO are about last Q earnings (if there was any significant change), guidance philosophy (kinda have to for my model), competition, industry dynamics but they mostly repeat what they say on the earnings call or just give a long winded answer. That's when I start tuning out.
Because everyone asks the same exact questions. They're not gonna answer guidance. They are not going to give you any "edge" because that could get them arrested. Gotta ask them about strategy
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