Where to start? Incoming IB Analyst with no Background in Public Markets
Hi all. I am a senior at a liberal arts college and am starting at one of GS/MS/JPM in an industry coverage group next year.
I have always been interested in public markets but was never a gung-ho HF or die kind of guy. Banking and finance have always been a means to an end for me. I happened to get a banking offer super early and accepted but am realizing that my interests lie in public markets. Can also appreciate that I will learn close to nothing about public markets investing from my analyst stint in banking.
I have no academic background in finance but I want to learn more about public markets, more specifically, how to come to a "variant" view on a company (which seems like the core of equity investing - please correct me if I am wrong). The goal is to ultimately succeed in HF recruiting when (if) the time comes.
Seems like the typical advice is to learn by doing a la creating a mock portfolio or actually investing in names I would have conviction in.
My question is, as someone with no background in public markets, how can I build a foundation to critically read and understand company filings, ER reports, investor presentations, earnings calls, etc and ultimately form a strong, informed opinion around a name?
As of right now, my plan is to read a ton of VIC posts, especially the ones from the likes of Sundheim, read a few of the recent Hindenberg research articles, maybe read Margin of Safety (would appreciate any other recs). Hopefully, this will allow me to understand what goes into a strong pitch and guide my own analysis.
However, this plan is super arbitrary. I'd appreciate any guidance on reading materials, resources, or even an outline.
TLDR: No background in public markets, but want to learn how to meaningfully analyze public companies. Any and all suggestions are much appreciated!
There are some posts on WSO about this already; some are really good. Spend some time looking up different questions with "WSO" attached to them, and you'll start building your own mosaic of how to approach this. I'd give "expectations investing" a cursory read, too. Get comfortable with modelling, understanding drivers behind revenue segments and margins, etc
Much appreciated, thank you
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