In my stock pitches, I should include lots of text, correct?
I've always been told that you should not have walls of text on slide decks etc. However, if I am going to be sending these stock pitches over email to try to land internships and I won't be able to actually "pitch" the stock live, then more text would be beneficial so I can explain as many of my thoughts as possible, correct? I still have plenty of charts and graphs and images etc.
Minimizing text with concise bullets is even more important when sending pitches via e-mail. There are a few ways to accomplish this. To practice, write out each slide as a paragraph. Take that paragraph and condense it down into one sentence, preferably thirty words or less. I promise you no idea is too big to be communicated in one sentence. This takeaway should be the header of your slide, and you can then fill up the body with charts, graphs, and maybe two or three bullets to provide additional context. Ideally, your main header and exhibit should be enough. Same concept applies if writing a pitch memo style. Have the main page be the conclusion detailing your thesis, valuation, and catalysts and then use subsequent pages to walk through the idea. If you want to PM me I'm happy to take a look and offer comments.
I've been making a pitch in a 2 page format, with investment thesis overview, business overview, and 1-2 thesis points on the first page and then 1-2 thesis points, valuation, model overview, and conclusion on the second page. I have about 4 charts per page, but the text is still pretty dense -- it's tough to fit a fleshed-out thesis in 2 pages.
In your view, is this an acceptable format to use? Should I instead be making a deck with more slides and less information per slide? I went with this format because someone told me to send him a "one pager" once
For reference, I'm planning on attaching this to cold emails to shops that don't have formal FT programs out of undergrad to show that I'm serious.
You can do this in a 1-2 page format, but I don't agree with splitting the thesis isn't two pages. Expect a PM to read only what you put on the first page, what is most important for them to see? Really think about distilling the idea down into its essence...take all of the analysis you've done - the business model, cash flow fundamentals, valuation work, catalysts and risks, and work on explaining it all in exactly thirty words. Don't get hung up on including so much qualitative / quantitative back up in your sentences as you might think is necessary, chop down all of the non-critical fluff. Reads will ask follow ups at which point you can respond with all the data you've put together.
Single page...business overview and summary capitalization with high level financials (Revenue, EBITDA, FCF), thesis points, and valuation output. You can use a second page for a model output if you want.
Thank you so much! Really helpful
Jeez I made a 20 page slide deck… the point of the pitch was to present to my mentor and a few other higher-ups at my internship, but then I adapted it to add more text for sending it so I could have most of my thoughts on the page. But that seems like way too much now lol. Is this just something I should scrap?
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