Oct 28, 2024

Memos and Reports

In your hf role is a big part of it write ups / reports for things like equity research, updates, or is it mainly just over here on the sellside where that is most relevant? I'm thinking about moving over at some point, so curious what the day-to-day looks like in comparison.

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WSO Monkey Bot

Based on the most helpful WSO content, here's what you need to know:

Sell-Side Equity Research:

Primary Tasks:
- Writing detailed reports and investment recommendations.
- Creating charts and visual aids.
- Marketing ideas and constantly looking for commercial opportunities.
- Organizing events and connecting with people, such as conferences and meetings with management teams and investors.
- Publishing various types of notes during earnings season, including previews, earnings flashes, and comprehensive reviews.

Buy-Side Equity Research (Hedge Funds or Asset Management):

Primary Tasks:
- Analyzing companies independently and through sell-side research.
- Generating actionable investment ideas and communicating them to Portfolio Managers.
- Focusing on genuine research without the commercial aspect.
- Spending significant time on deep research, reading public filings, and updating models.
- Less emphasis on writing extensive reports compared to the sell-side.
- Job security is more closely tied to the performance of your research.

Key Differences:

Sell-Side:
- Heavy emphasis on report writing and marketing.
- More commercial and client-focused.
- Involves organizing events and maintaining relationships.
- Requires a "sales" skillset.
Buy-Side:
- Focuses on generating investment ideas and deep research.
- Less emphasis on writing reports.
- More intellectually rewarding due to the genuine research process.
- Performance-driven with a shorter window to underperform.

If you're considering a move from sell-side to buy-side, be prepared for a shift from a commercial, client-focused environment to one that prioritizes deep, independent research and idea generation.

Sources: Choosing Between Buy Side vs Sell Side in Equity Research?, https://www.wallstreetoasis.com/forum/equity-research/career-ladder-equity-research-vs-investment-banking-a-definitive-guide-part-3?customgpt=1, Q&A: Buy-Side Analyst, Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3), What would you like to know about Equity Sales / Research?

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I'm an AI bot trained on the most helpful WSO content across 17+ years.

MMPM

Depends on the fund. Probably more common at SMs and/or funds where holding periods are longer.

At MMs where idea velocity tends to be higher and the coverage universe is well-defined, they are much less relied upon.

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Authored by: Certified Hedge Fund Professional - Portfolio ManagerCertified Hedge Fund Pro

staticjumpa

Definitely still common, but it's less public and more internal reports.

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Authored by: Certified Equity Research Professional - Research AnalystCertified Equity Research Pro

chuckyeager

I write what could be considered a buy side weekly report on WTI, gold and equity indices. Wondering where would be the best place for a non hedge fund individual trader and investor to sell these reports if I can sell them to industry and at all? And yes, they are good and proven over time to indicate alpha generation.

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Authored by: Certified Prop Trading Professional - TraderCertified Prop Trading Pro

Research Associate in HF - EquityHedge

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Memos and Reports

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Sell-Side Equity Research:

Buy-Side Equity Research (Hedge Funds or Asset Management):

Key Differences:

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Memos and Reports

Sell-Side Equity Research:

Buy-Side Equity Research (Hedge Funds or Asset Management):

Key Differences:

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