Any sources of no B/S, to the point buy-side research thats publicly accessible?
Sell-side reports contain too much duplicate words. For example, initiation report on an IPO can be 100 pages long. If you remove all the duplicate paragraphs / words it can be just 5 pages or so. Same for annual reports etc.
So any punchy buyside reports that you guys follow that can be accessible by the public?
It's called hedge fund quarterly letters. Or some of the Substack newsletters (free, but paywall for full access)
Thanks! Can you provide an example of your favourite. I just googled and it seems most letters that are available are from small HFs - at least not those ones that I work with on the sell-side
I cannot answer that question for you, because it's dependent on your investment style.
If you are a deep value investor and I suggest you go read Polen Capital's letter, that doesn't do you any good.
If you are a growth investor and I suggest you go read Michael Price's letter, same logic.
The ones that you work with on the sell-side are mostly multi-managers, they don't write letters lol.
https://www.altafoxcapital.com/research
Connor Haley puts out his quarterly letters plus stock specific writeups (of course, after he's established a position)
To that point, many activists will put out a deck or letter advancing their position…of course these are all biased but still worth reading
This sounds interesting! Can you provide a few examples of these?
For me I also enjoy reading short sellers reports. Those tend to be punchy and highly analytical. I enjoy those a lot
ackman and loeb are famous for theirs
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