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?
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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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