cold emailing with investment ideas
I'm a recent graduate trying to break into Asset Management and do equity research. In order to stand out, I have been trying to cold email a few analysts/PMs investment write-ups that I've made and asking for feedback, in attempt to stand out.
Unfortunately, I've had little to no response. Anyone have advice on what kind of approach, or even email title/body wording I can use to get someone to read my email and research? Great thanks in advance.
Here is the an example of what I sent someone today:
Investment idea from an aspiring analyst
Dear Mr/Mrs. XXX,
My Name is XXXX and I am a recent graduate looking for a job in asset management. For the time being, I have been creating my own investment idea write-ups for my blog, YYYYYYY.
Recently I covered ZZZZZZZZZ.. I believe it’s a compelling long opportunity with CC% upside in the next 12 months with limited downside risk. I figured you might find my idea interesting and I would appreciate it if you could give me any feedback. I have attached the full write-up. I look forward to hearing back from you.
(Thesis excerpt of ZZZZZZZZ) and attached Word Doc
The email is adequate. I did something similar with success, although I sent a mix of cold emails and responses to job postings. All of the job postings required a write-up anyways.
I was cold emailing intermittently for over 6 months. I only received a handful of responses, and most of the responses I got came several months later (when they actively started the analyst hiring process).
This only works if you are targeting managers who would be interested in the thesis (dont send MSFT to a small cap manager). It also only works if your thesis is actually good, actionable, tells the reader something they dont already know.
If you arent getting responses, then I recommend the following: 1) keep trying, its a numbers game; 2) give it time, they may not respond for several months until a position opens up; 3) try posting your thesis on VIC or DDIC, the response you get will tell you if your thesis sucks and needs to be re-written.
In my experience this is the best approach. Couple thoughts: one, most analysts especially HF dudes have a 1 second attention span where they decide if something is worth reading. Think about what would be interesting for them to know. And stay on top of them in a polite and hopefully non-annoying way. One example I know a dude from my b-school time with no prior experience, pretty much hounded a top HF manager non-stop (with good, relevant info and insights) and ended up working for him..granted there was some connection with the school. Long story short, sending write-ups/ideas is the best way to get some interest and have a topical conversation, in my view. Keep it relevant and consider follow-up calls. Also network is key. If you can get introduced or mention a reference they will look for 1 second longer. Good luck.
Thanks so far for the feedback. I'll keep trying. And yes I'm targeting the right managers (ie. small cap value funds for my small cap value idea).
That's a high risk / high reward strategy. Some people might like it but I would probably ignore such emails because I already get a ton of similar pitch emails from the sell-side. Also, your email will go down in flames if you have any errors in your pitch.
My advice to college students and recent grads is always the same: try to make a personal connection. Email the person and mention that you saw them on linkedin / your school's alumni website / whatever and be candid. Give them a little of your background ("I graduate next year from X with a degree in Y") and mention that you are interested in investment management. They will know where you are coming from - they were there not that long ago.
If you do get a call with them, do the basic chit chat and ALWAYS ask them if they have any advice for someone in your shoes. They might mention an internship or opening at their firm, or connect you with a buddy who works at a firm that does have an opening. It won't always work, but personally I always try to help people that reach out to me.
Rerum modi reprehenderit ratione et et voluptatem similique dignissimos. Vitae et nostrum voluptates unde est consequatur cum. Nostrum qui voluptate reprehenderit repellat laudantium. Quasi ut sit odio corrupti eaque voluptate deserunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...