where should I focus my energy?

for those who are currently in the industry, what skills do you wish you developed earlier (undergrad, ect.)? and, along those lines, what skills did you think were very valuable that ended up having low impact?

ive been (1) working on getting fluid with excel & shortcuts by getting deeper and more granular with each of my models (2) covering various names in a specific sector (ucaas) and force ranking IRRs within the space and (3) reading books like gorilla game and working through BIWS.I love what I'm doing now and feel like I'm learning a ton, but have also never worked at a mm hf. will be working at one over the summer and im trying to be prepared as possible when I start.would love to hear everyone's thoughts / feedback

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Comments (5)

Nov 19, 2021 - 6:43pm

It's an interdisciplinary profession that you need to be well rounded. 

Technical: know accounting and how to read 10Ks very well. Develop your own research process and refine it over time. Know how to model different kinds of businesses. 

Business: follow one industry and keep track of how businesses evolve over time and what stocks create / lose value in that industry and why. 

My regret: I wish I looked at more businesses versus reading so many investment books. 

Instagram: @dickthesellsider | Substack: dicktoad.substack.com

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Nov 19, 2021 - 11:08pm

Any tips for "looking at more businesses"? I'm the same way in that I've realized that I've read so many books but don't have enough real world practice. Are you just reading through 10ks or triangulating info from other sources?

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Nov 19, 2021 - 11:23pm

If you know your investment style already, reading 10ks of companies that fit your style - for me, it's finding good businesses and why they are great (or why they are going to be great in the future, or why they are going to be greater than they already, the widening moat type). 

If you don't know your style, it's fine too - map out the players in the a value chain. Read 10k of those players. For example, oil and gas, read 10ks of E&P, midstream, refiners, oil equipment, etc. And then you can expand from there, learn about the chemical value chain. 

Instagram: @dickthesellsider | Substack: dicktoad.substack.com

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Nov 20, 2021 - 9:57am

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