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Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts | by James J. Valentine | 2011 | ISBN: 9780071736381. Equity Investment Ebook. 7 Critical Elements of Stock Recommendations. How to Monitor a Stock’s Critical Factors. How Leverage Technical Analysis to Improve Fundamental Analysis.

June 24th, 2011 | by kutenk |

Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts
by James J. Valentine
2011 (464 pages)
ISBN:9780071736381
Conveniently organized for use as a learning tool and everyday reference on the job, this authoritative book offers promising equity research analysts a practical curriculum for mastering their profession.
Best Practices for Equity Research Analysts—Essentials for Buy-Side and Sell-Side Analysts
Preface
Introduction
Need for Best Practices
The Road Map
Just a Few Truisms

Chapter 1 – Do You Have What It Takes to Be a Successful Analyst?
Part 1 – Mastering Organization and Interpersonal Skills
Chapter 2 – Take Control to Optimize the Coverage Universe
Chapter 3 – Prioritize Time for the Most Valuable Activities
Overview
Good and Bad Time Management
A Day in the Life of an Analyst
Be on the Offense
Tactical Advice
Set Parameters around Communicating with Others
Remain Balanced
Time Management Programs

Chapter 4 – Influence Others to Accumulate Insights and Get Heard
Introduction
Skills Required for Successful Influencing

Chapter 5 – Construct and Organize an Information Hub
Overview
What Needs to Be Collected?
Where Will It Come From?
How Is It Best Organized?
Don’t Lose Their Number

Chapter 6 – Buy-Side Only: Maximize Benefits of Sell-Side Relationships
Part 2 – Generating Qualitative Insights
Chapter 7 – Identify Factors that Impact a Sector’s Valuation and Performance
Introduction
Capacity and Demand Analysis
Historical Analysis of Financial Metrics
Historical Analysis of Sector-Level Stock Performance
Food Chain Analysis

Chapter 8 – Identify and Monitor a Stock’s Critical Factors
What Makes a Factor Critical?
Financial Metric and Valuation Anomalies Can Help in Finding Critical Factors
Finding the Answers
Create a Short-List of the Best Critical Factors
Optional Step: Meet with Management
Monitor Critical Factors
Be on the Lookout for New Critical Factors

Chapter 9 – Create Sustainable Proprietary Sources of Insight
Overview
Keep Communication with Management Open
Your Best Information Source May Be Sitting Next to You

Chapter 10 – Get the Most from Interviewing for Insights
Introduction
Thoughtful Preparation
Lead an Interview to Obtain Insights
Read Body Language to Detect Deception
Triangulate to Derive Unique Insights
Document the Meeting for Future Reference

Part 3 – Generating Quantitative Insights
Chapter 11 – Detect Deceptive Numbers
Overview
Detecting Deceptions in Charts
Detecting Deceptions in Ratios
Statistical Misconceptions

Chapter 12 – Leverage Statistics for Insights
Overview
Appreciating Differences among Data Series
Using Regression Analysis to Improve Forecasting
Using Multivariate Regression Analysis to Help Prioritize Financial Modeling
Reality Check

Chapter 13 – Conduct Surveys to Acquire Unique Insights
Introduction
Best Practices for Conducting Surveys

Chapter 14 – Identify Yellow Flags through Forensic Accounting
Introduction
Assess the Pressure for Financial Statement Manipulation
Looking for Yellow Flags in the Income Statement
Looking for Yellow Flags on the Balance Sheet
Looking for Yellow Flags in the Cash Flow Statement
Other Yellow Flags
Not-Quite-Yellow Flags
Further Resources

Chapter 15 – Identify the Relevant Microsoft Excel Features for Equity Research Analysts
Overview
Useful Excel Tricks
Further Resources

Chapter 16 – Creating the Best Spreadsheet Architecture for Financial Analysis
Introduction
Unconventional Thoughts

Chapter 17 – Develop Company Financial Models to Elicit Insights
Overview
Build or Buy? Company Models and Their Inputs
Layout and Detail
Benefits of “Quarterizing” Two Years Forward

Chapter 18 – Forecast Scenarios for the Most Important Critical Factors
Part 4 – Mastering Practical Valuation and Stock-Picking Skills
Chapter 19 – Understand the Benefits and Limitations of Common Valuation Methodologies
Introduction
Selecting a Valuation Method
Benefits and Limitations to Most Common Valuation Methodologies
Identifying an Appropriate Multiples-Based Valuation Level

Chapter 20 – Overcome Challenges to Creating Discerning Stock Calls
Overview
Challenges with Stock Picking
Where Do You Differ?
Forecast Superior to the Market
Valuation Superior to the Market
Assess Sentiment Superior to the Market
Need for a Catalyst
Questions to Answer before Making a Stock Call
Conviction Is Icing on the Cake
Considerations for Price Targets
Sector before Stock
Set Parameters for Getting Out
Focus on Quality over Quantity
Reviewing Valuations Regularly Helps Stock Picking
Avoid Incrementalism
Lessons Learned from Experienced Stock Pickers
Special Considerations for Buy-Side Analysts
Special Considerations for Sell-Side Analysts

Chapter 21 – Avoid Common Psychological Challenges That Impede Sound Investing
Introduction
Personality Traits
Understanding the Pitfalls

Chapter 22 – Leverage Technical Analysis to Improve Fundamental Analysis
Objective Data Can Capture Subjective Emotions
Chart Construction
Trend, Support, and Resistance
Putting Technical Analysis to Use
Incorporating Technicals with Fundamentals
Analyzing Investor Sentiment Using Momentum Oscillators
Subjectivity and Objectivity in Technical Analysis
Additional Resources
Further Reading

Part 5 – Communicating Stock Ideas so Others Take Action
Chapter 23 – Create Content That Has Value
Overview
Expectational
Novel
Thorough
Examinable
Revealing

Chapter 24 – Identify the Optimal Communication Channels
Chapter 25 – Convey the 7 Critical Elements of Stock Recommendations
Overview
Conclusion-oriented
Appealing
Stock-Oriented
Concise
Aware
Data-Driven
Easy-to-Understand
Belong to the Club

Chapter 26 – Special Considerations for the Most Important Delivery Channels
Overview
Conveying Research Insights via In-Person Conversations, Presentations, and Telephone Calls
Conveying Research Insights via PowerPoint Presentations
Sell-Side Only: Best Practices for Marketing Handouts
Conveying Research Insights via Voicemail
Conveying Research Insights via E-mails and Text Messages
Conveying Research Insights via Reports
What Readers Want
Anatomy of a Great Research Report
Considerations for the Sell-Side Only

Part 6 – Making Ethical Decisions
Chapter 27 – Identify and Resolve Ethical Challenges
Identifying the Ethical Dilemma Is the First Step
Guidelines for the Right Course of Action

Works Cited

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