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Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts
The first real-world guide for training equity research analysts—from a Morgan Stanley veteran
Addresses the dearth of practical training materials for research analysts in the U.S. and globally Valentine managed a department of 70 analysts and 100 associates at Morgan Stanley and developed new programs for over 500 employees around the globe He will promote the book through his company's extensive outreach capabilities
Addresses the dearth of practical training materials for research analysts in the U.S. and globally Valentine managed a department of 70 analysts and 100 associates at Morgan Stanley and developed new programs for over 500 employees around the globe He will promote the book through his company's extensive outreach capabilities
518 pages, Kindle Edition
First published January 1, 2010
177 people are currently reading
1447 people want to read
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Displaying 1 - 30 of 39 reviews
June 19, 2011
Excellent, excellent, excellent. David Merkel has a good summary here -- http://alephblog.com/2011/04/15/book-... -- so I won't try to add to it. Only reason I won't give it a five-star is because I don't think it offers anything hugely new or briliant. It is helpful, comprehensive, thoroughly researched, detailed and clearly and concisely written, and there is some unique insight in Valentine's mnemonic summaries of what is important (FaVeS, ENTER, CASCADE) -- all characteristics of the best equity research -- but I don't think there is anything exceptionally brilliant here. I also think that the level of detail a stock analyst can go into might make him miss the forest for the trees, for e.g. Valentine's comment that not many people saw the 07 crisis coming -- I'm just not sure that's true, not all of them called the timing right, but I do think a lot of people anticipated some sort of blow-up, even if they were professionally constrained from giving it too much weight in their forecasts (e.g. stock analyst who must subscribe to house economist macro view).
FaVeS: Forecast - Valuation - Sentiment
Every stock recommendation should have out-of-consensus insight in at least one of these areas, otherwise what's the point?
ENTER: ensuring content has value by making sure it has these elements:
Expectational (i.e. forward looking rather than reporting the past)
Novel (what's new)
Thorough
Examinable
Revealing
CASCADE: for communicating a recommendation or idea
Conclusion-oriented
Appealing
Stock-oriented (as opposed to company-oriented)
Concise
Aware
Data-driven
Easy-to-understand
FaVeS: Forecast - Valuation - Sentiment
Every stock recommendation should have out-of-consensus insight in at least one of these areas, otherwise what's the point?
ENTER: ensuring content has value by making sure it has these elements:
Expectational (i.e. forward looking rather than reporting the past)
Novel (what's new)
Thorough
Examinable
Revealing
CASCADE: for communicating a recommendation or idea
Conclusion-oriented
Appealing
Stock-oriented (as opposed to company-oriented)
Concise
Aware
Data-driven
Easy-to-understand
October 15, 2022
The problem with the equity research analysis profession sprouts from the lack of proper training. Holding any degree (even finance), I argue, is insufficient for the preparation of excellent security analysts. This all goes back to the ambiguous nature of this job. Senior and seasoned analysts lack the time and the incentive to train juniors, and so the latter have to proactively fight their way towards excellency. The truth is, if you're a junior equity analyst, you will not have proper training nor guidance. If you start off from a different background, you will have to read your way through the job. Arguably speaking, reading a wide variety of books (although I have yet to form a chronological list of books to read to enter this profession) will serve you well.
This book is a must-read for anyone entering this profession. The author has done a brilliant job in clearly articulating all sides of being an equity research analyst with everything you might need. Is this enough, however? I would say no. Nothing will train you the way actual experience does. However, this book is an excellent start and a necessary reference that should be present in the library of any aspiring analyst.
Such an excellent read.
This book is a must-read for anyone entering this profession. The author has done a brilliant job in clearly articulating all sides of being an equity research analyst with everything you might need. Is this enough, however? I would say no. Nothing will train you the way actual experience does. However, this book is an excellent start and a necessary reference that should be present in the library of any aspiring analyst.
Such an excellent read.
October 8, 2014
Boring to read but good insights throughout the book. Just need to have the patience to look for them
February 27, 2018
Key Messages
1) Be an offensive equity analyst | In the buyside, you are paid to come up with the best ideas and antecipate facts, look for catalysts and not exactly to be the expert in the industry (if you are, good)
2) Interview to obtain insights | To excell, a buyside analyst must know how to interview to obtain insights and make the right questions in order to extract the most sensitive piece of information from c-level executives and other stakeholders without compromise them regarding non public information.
3) Building and nurturing a good network | Create a process to follow up your contacts frequently and not only when you need some piece of information
4) Leverage Sell Sides | Elect the best 3 sell sides from each sector/stock and track his/her forecasts assertiveness. Focus on drivers that will move stock price and market has not antecipated
1) Be an offensive equity analyst | In the buyside, you are paid to come up with the best ideas and antecipate facts, look for catalysts and not exactly to be the expert in the industry (if you are, good)
2) Interview to obtain insights | To excell, a buyside analyst must know how to interview to obtain insights and make the right questions in order to extract the most sensitive piece of information from c-level executives and other stakeholders without compromise them regarding non public information.
3) Building and nurturing a good network | Create a process to follow up your contacts frequently and not only when you need some piece of information
4) Leverage Sell Sides | Elect the best 3 sell sides from each sector/stock and track his/her forecasts assertiveness. Focus on drivers that will move stock price and market has not antecipated
August 22, 2018
This is as far as I know a unique book. It’s in essence a number of check lists covering most aspects of the work description of a sell side equity analyst. The book aims to cater to both the buy side analyst and the sell side analyst. In reality it is the later who is in focus. This is no surprise as the author has been a top ranked sector analyst at a number of US investment banks including Morgan Stanley. According to the author the craft of equity research lacks quality control processes. The profession is mostly learnt through on the job training in a kind of mentor-apprentice–system. You might get lucky and have a good mentor, but on the other hand you might not. Valentine’s aim with this book is to develop a best practice for the profession.
The book covers a number of topics such as influencing your research coverage, handling relations within you own organisation and with clients, finding insights to include in research, stock valuation and how to best communicate the research done. Valentine is writing a number of lists of things that often is quite intuitive and basic. The list form is hardly the recipe for a colourful writing and as the same advice is repeated in both the check lists and the text surrounding those lists there is a fair amount of repetition.
There is much in this book that irritates me. However the coverage of topics is comprehensive and I would agree that they probably are close to a best practice for the profession. The advice in this book will both be a good guide for a less experienced analyst and it will remind the more seasoned analyst that he perhaps has neglected one or two aspects of what he could do. There is some good advice regarding psychological pitfalls, too few analysts utilize statistical analysis in the way the author suggests which is a shame and there is also a useful discussion around the best way to build financial models for the companies covered by the analyst.
For an investor, outperformance in the stock market is accomplished by either doing something different from others or by acting like most others but being cleverer than they are. This is a best practice for those who have accepted the professional role as it is, i.e. for those who will run with the crowd. The time horizon for the work of a mainstream US sell side equity analyst is one to six months. With a horizon like that, relative stock performance within a sector is driven by changes in company specifics that are not appreciated by consensus and there is a need for near time triggers. The intrinsic value of the stock is less interesting as valuation is slow-acting.
Here instead, value is something relative within the sector covered. First choice for valuation is to assign a pro cyclical single period multiple to the near term estimate. Growth is seen as the primary reason for differences in multiples, notwithstanding that the spread between return of capital and cost of capital is equally important. Many analysts have a deep knowledge of the companies covered but they are simply momentum analysts.
The author’s way to try to create alpha, while at the same time doing the same thing as everybody else, is through focus on three to four key variables. This is the best advice of the whole book. There is no chance you can win by knowing more details than other investors on every topic. There is much to gain from understanding what the key issues for the stock are and then dig deeper around these and recognize the rest of the information is non- important noise.
This is a cookbook to produce the short- sightedness of today’s Wall Street, but it is also a unique guide for the person working as a sell side analyst. If you are one, or aspire to be one, you really should read it. I would.
The book covers a number of topics such as influencing your research coverage, handling relations within you own organisation and with clients, finding insights to include in research, stock valuation and how to best communicate the research done. Valentine is writing a number of lists of things that often is quite intuitive and basic. The list form is hardly the recipe for a colourful writing and as the same advice is repeated in both the check lists and the text surrounding those lists there is a fair amount of repetition.
There is much in this book that irritates me. However the coverage of topics is comprehensive and I would agree that they probably are close to a best practice for the profession. The advice in this book will both be a good guide for a less experienced analyst and it will remind the more seasoned analyst that he perhaps has neglected one or two aspects of what he could do. There is some good advice regarding psychological pitfalls, too few analysts utilize statistical analysis in the way the author suggests which is a shame and there is also a useful discussion around the best way to build financial models for the companies covered by the analyst.
For an investor, outperformance in the stock market is accomplished by either doing something different from others or by acting like most others but being cleverer than they are. This is a best practice for those who have accepted the professional role as it is, i.e. for those who will run with the crowd. The time horizon for the work of a mainstream US sell side equity analyst is one to six months. With a horizon like that, relative stock performance within a sector is driven by changes in company specifics that are not appreciated by consensus and there is a need for near time triggers. The intrinsic value of the stock is less interesting as valuation is slow-acting.
Here instead, value is something relative within the sector covered. First choice for valuation is to assign a pro cyclical single period multiple to the near term estimate. Growth is seen as the primary reason for differences in multiples, notwithstanding that the spread between return of capital and cost of capital is equally important. Many analysts have a deep knowledge of the companies covered but they are simply momentum analysts.
The author’s way to try to create alpha, while at the same time doing the same thing as everybody else, is through focus on three to four key variables. This is the best advice of the whole book. There is no chance you can win by knowing more details than other investors on every topic. There is much to gain from understanding what the key issues for the stock are and then dig deeper around these and recognize the rest of the information is non- important noise.
This is a cookbook to produce the short- sightedness of today’s Wall Street, but it is also a unique guide for the person working as a sell side analyst. If you are one, or aspire to be one, you really should read it. I would.
July 5, 2020
An excellent resource for anyone interested in a career in equity research (buyside or sellside). Lots of practical advice on everything from understanding the competitive dynamics of industries, to better managing your note-taking system, to squeezing information from various sources.
Some of the chapters regarding key drivers for stocks and industries may be very useful for the serious retail equity investor too.
Some of the chapters regarding key drivers for stocks and industries may be very useful for the serious retail equity investor too.
December 2, 2022
Wouldn't say this was a groundbreaking read, more like a fun perspective on the equity research profession, which is a far cry (and somewhat refreshing) from the investment banking and private equity side of high finance which collectively dominate the perception of the finance industry as a whole.
A couple icks I had with this book is that it really reads like a huge circle-jerk. This guy seems so full of himself lol, the number of times I read this guy writing smtg that heavily implies smtg like 'Equity research analysts are really intelligent', 'Management of companies under coverage are dumb', 'ER is like the best job out there', 'Everyone wishes they were an ER analyst', makes me wanna vomit. Like, chill a bit bro, imagine taking your job as (plainly speaking) picking stocks and researching public info which literally a degenerate WSB could arguably do, that seriously lol.
Major qualm about this guy's methodology was his worship of forecasting. I have no doubt, 100%, that in deep liquid markets like equities, forward-looking valuation, building and triangulating a mosaic, and smart strategic forecasting (to some extent) and identifying inflection points when efficiency starts to break down, is key to truly generating alpha, but the extent to which this guy places importance in strict forecasting is questionable.
Quotes from the book: 'If you're not comfortable with forecasting, you're in the wrong profession'. Really? Fr? I'm a big believer (or at least, an assenter lol) in what Howard Marks has to say about (macro) forecasts - what makes you think you can forecast better than THE ENTIRE MARKET, which is trying to do the exact same thing. Even if you can forecast one critical factor better than the rest, what makes you think ALL your critical factors can be forecasted correct and better, that collectively ties together all your assumptions in your model to drive your thesis? Really made me appreciate Howard Marks concerns/ musings on the obsession for forecasting and not just dismiss it as another investment ick, since even 'experts' like this fella Jim Valentine asslicks forecasting and brings it to the professional round-table
But then, tbf, although this guy inadvertently reveals his hand on certain topics (like his ass-licking for forecasting), I applaud him for staying decently neutral on most topics and just preaching, literally, the best practices. It certainly helped me internalize my equity research internship, heavily reflect on my prior musings and reflections on both the internship and the profession as a whole, the depressing zero-sum game nature of the industry, my observations, and cleared up some questions and internal confusions I had previously held.
Made me realize how so much data out there is useless and un-critical, and you really need to learn how to save your time. Also made me realize how absolutely horrendous and mediocre most analysts and research reports are, and how most of them take a historical look and provide zero value other than regurgitating consensus and plucking valuation multiples outta their asses.
This book gave me a new-found appreciation for ER analysts - seems like, if an analyst were truly to adhere to all the best practices and perfect training, his job would truly be very intellectual and demanding. Made me wonder what PMs do then, since analysts seem to do most of the heavy lifting. Analysts and PMs also exist on a separate career track. I reckon PMs just do a whole different job - portfolio construction, order block timing, stop loss and take profit strategizing, risk management, adhering to the risk profiles and preferences of all investors. All that fun stuff. Also made me reflect/ realize on how the FRM is a hella useful skillset for PMs, but not necessarily analysts.
This guy also makes a very interesting recommendation imo - he thinks a huge reason why most active managers fail to beat the market is because analysts cover way too many stocks (50+ at buyside firms which is insane). His recommendation for this problem is to cover less stocks. I wonder if this is a viable solution - begs the question if the reason most active strategies fail is truly due to overreaching and lack of skill and due diligence, and not due to the fundamental zero-sum game nature of the business
A couple icks I had with this book is that it really reads like a huge circle-jerk. This guy seems so full of himself lol, the number of times I read this guy writing smtg that heavily implies smtg like 'Equity research analysts are really intelligent', 'Management of companies under coverage are dumb', 'ER is like the best job out there', 'Everyone wishes they were an ER analyst', makes me wanna vomit. Like, chill a bit bro, imagine taking your job as (plainly speaking) picking stocks and researching public info which literally a degenerate WSB could arguably do, that seriously lol.
Major qualm about this guy's methodology was his worship of forecasting. I have no doubt, 100%, that in deep liquid markets like equities, forward-looking valuation, building and triangulating a mosaic, and smart strategic forecasting (to some extent) and identifying inflection points when efficiency starts to break down, is key to truly generating alpha, but the extent to which this guy places importance in strict forecasting is questionable.
Quotes from the book: 'If you're not comfortable with forecasting, you're in the wrong profession'. Really? Fr? I'm a big believer (or at least, an assenter lol) in what Howard Marks has to say about (macro) forecasts - what makes you think you can forecast better than THE ENTIRE MARKET, which is trying to do the exact same thing. Even if you can forecast one critical factor better than the rest, what makes you think ALL your critical factors can be forecasted correct and better, that collectively ties together all your assumptions in your model to drive your thesis? Really made me appreciate Howard Marks concerns/ musings on the obsession for forecasting and not just dismiss it as another investment ick, since even 'experts' like this fella Jim Valentine asslicks forecasting and brings it to the professional round-table
But then, tbf, although this guy inadvertently reveals his hand on certain topics (like his ass-licking for forecasting), I applaud him for staying decently neutral on most topics and just preaching, literally, the best practices. It certainly helped me internalize my equity research internship, heavily reflect on my prior musings and reflections on both the internship and the profession as a whole, the depressing zero-sum game nature of the industry, my observations, and cleared up some questions and internal confusions I had previously held.
Made me realize how so much data out there is useless and un-critical, and you really need to learn how to save your time. Also made me realize how absolutely horrendous and mediocre most analysts and research reports are, and how most of them take a historical look and provide zero value other than regurgitating consensus and plucking valuation multiples outta their asses.
This book gave me a new-found appreciation for ER analysts - seems like, if an analyst were truly to adhere to all the best practices and perfect training, his job would truly be very intellectual and demanding. Made me wonder what PMs do then, since analysts seem to do most of the heavy lifting. Analysts and PMs also exist on a separate career track. I reckon PMs just do a whole different job - portfolio construction, order block timing, stop loss and take profit strategizing, risk management, adhering to the risk profiles and preferences of all investors. All that fun stuff. Also made me reflect/ realize on how the FRM is a hella useful skillset for PMs, but not necessarily analysts.
This guy also makes a very interesting recommendation imo - he thinks a huge reason why most active managers fail to beat the market is because analysts cover way too many stocks (50+ at buyside firms which is insane). His recommendation for this problem is to cover less stocks. I wonder if this is a viable solution - begs the question if the reason most active strategies fail is truly due to overreaching and lack of skill and due diligence, and not due to the fundamental zero-sum game nature of the business
October 30, 2025
1. importance of alpha
- confidence to pursue non-consensus views and not make compromises
- identify non-consensus views, understand why the market hasn't caught on, determine what/when catalyst triggers the change in valuation, what could derail the thesis
- must be superior to market: forecast, valuation, understanding of sentiment
- has to be understood before changes, if your stock is in the news you're too late
- understand which types of investors own the stock (who will eventually bid higher than you? or who will never pick up the knife falling from your hands until its too late)
- lack of clarity equals opportunity
- high quality catalysts are significant, underappreciated by the market, certain to happen
2. valuation techniques
- pros/cons of single-point multiples vs multi-period cash flows
- what valuation method is the market using? will it change? why?
- simplicity is king: coherent, less error, less subjectivity
- always consider the timeframe of inputs/variables
- consider historical valuation data to see feasibility of thesis, outperformance of market/sector, lead/lag time, historical relationships with certain factors
- No arbitrary numbers, must be data-driven
- first movers aren't always competitively advantages as they are guinea pigs
- diversification is shit
3. time management
- narrowing your observable universe to # many of stocks YOU can handle
- offensive analyst (ignores the noise, pursues only what is relevant to the stock) > defensive
- GTD framework (collect, process, organise, review, do)
4. interpersonal skills
- self-awarenss: "rank me 1-5 on each criteria"
- awareness of others: WIIFT, What are their concerns?, get in their mindset
- don't use precision that doesn't exist
- avoid sensationlistic phrases as it signals naivety
- clearly signal your conviction in the thesis
5. 7 elements of stock pitches [CASCADE]
- conclusion oriented (structure to start with conclusions)
- appealing (hook)
- stock-oriented (relevant)
- concise (only relevant information, better to end early if it doesn't sacrifice details)
- aware (acknowledge alternative views diplomatically)
- data-driven (don't overwhelm but can incorporate into key points/slides), also if data isn't proprietary think about why the market hasn't incorporated it
- easy to understand (structured outline)
- confidence to pursue non-consensus views and not make compromises
- identify non-consensus views, understand why the market hasn't caught on, determine what/when catalyst triggers the change in valuation, what could derail the thesis
- must be superior to market: forecast, valuation, understanding of sentiment
- has to be understood before changes, if your stock is in the news you're too late
- understand which types of investors own the stock (who will eventually bid higher than you? or who will never pick up the knife falling from your hands until its too late)
- lack of clarity equals opportunity
- high quality catalysts are significant, underappreciated by the market, certain to happen
2. valuation techniques
- pros/cons of single-point multiples vs multi-period cash flows
- what valuation method is the market using? will it change? why?
- simplicity is king: coherent, less error, less subjectivity
- always consider the timeframe of inputs/variables
- consider historical valuation data to see feasibility of thesis, outperformance of market/sector, lead/lag time, historical relationships with certain factors
- No arbitrary numbers, must be data-driven
- first movers aren't always competitively advantages as they are guinea pigs
- diversification is shit
3. time management
- narrowing your observable universe to # many of stocks YOU can handle
- offensive analyst (ignores the noise, pursues only what is relevant to the stock) > defensive
- GTD framework (collect, process, organise, review, do)
4. interpersonal skills
- self-awarenss: "rank me 1-5 on each criteria"
- awareness of others: WIIFT, What are their concerns?, get in their mindset
- don't use precision that doesn't exist
- avoid sensationlistic phrases as it signals naivety
- clearly signal your conviction in the thesis
5. 7 elements of stock pitches [CASCADE]
- conclusion oriented (structure to start with conclusions)
- appealing (hook)
- stock-oriented (relevant)
- concise (only relevant information, better to end early if it doesn't sacrifice details)
- aware (acknowledge alternative views diplomatically)
- data-driven (don't overwhelm but can incorporate into key points/slides), also if data isn't proprietary think about why the market hasn't incorporated it
- easy to understand (structured outline)
January 8, 2025
For those considering a career in Equity Research, either on the buy-side or the sell-side, this is an important read, particularly before your first internship or work experience. Nevertheless, it is clear that the book is outdated in sections compared to 202X ER practices, and there is nothing in the book that is necessarily surprising.
Here is what I find most useful from the book:
(1) Be offensive/proactive with your time allocation. Reacting to news flow is too late for a good stock call, you need to be proactive about diligencing the 2-4 critical factors that matter for a stock. The critical factors are the drivers of the business that are likely to move the stock significantly (e.g. 5% on EPS) over the investing time horizon. Think critically about what the critical factors are BEFORE doing too much work.
(2) To have a good stock call, you need differentiation on one of three things: financial forecasts/estimates, valuation, and/or sentiment (the FaVeS framework). Financial forecast differentiation comes from solid fundamental analysis. Valuation is rare, and there needs to be a catalyst for the market to either use a different valuation method (e.g. going from EV/Rev to EV/EBITDA) or for a rerating of the multiple. Sentiment is the third category which explains short-term movements. It is hard to have a differentiated view on sentiment without experience with the asset, but if +ve or -ve news flow no longer moves the stock up/down, look for sentiment inflections.
(3) CASCADE framework for communicating your pitch/call: it needs to be conclusion-oriented, appealing (have a hook), Stock-oriented (don't give company/sector background), Concise, Aware (of the counterthesis and risks), data-driven (no vibes based!), and Easy-to-Understand. He also mentions that the only work worth communicating in the first place falls under an ENTER framework (expectational, novel, thorough, examinable, and revealing), though I think the CASCADE framework is more useful.
There are an assortment of modeling/analysis recommendations that can be a starting point, and in particular some of the sector-level suggestions were useful. The chapter on accounting yellow-flags was also memorable/helpful.
Here is what I find most useful from the book:
(1) Be offensive/proactive with your time allocation. Reacting to news flow is too late for a good stock call, you need to be proactive about diligencing the 2-4 critical factors that matter for a stock. The critical factors are the drivers of the business that are likely to move the stock significantly (e.g. 5% on EPS) over the investing time horizon. Think critically about what the critical factors are BEFORE doing too much work.
(2) To have a good stock call, you need differentiation on one of three things: financial forecasts/estimates, valuation, and/or sentiment (the FaVeS framework). Financial forecast differentiation comes from solid fundamental analysis. Valuation is rare, and there needs to be a catalyst for the market to either use a different valuation method (e.g. going from EV/Rev to EV/EBITDA) or for a rerating of the multiple. Sentiment is the third category which explains short-term movements. It is hard to have a differentiated view on sentiment without experience with the asset, but if +ve or -ve news flow no longer moves the stock up/down, look for sentiment inflections.
(3) CASCADE framework for communicating your pitch/call: it needs to be conclusion-oriented, appealing (have a hook), Stock-oriented (don't give company/sector background), Concise, Aware (of the counterthesis and risks), data-driven (no vibes based!), and Easy-to-Understand. He also mentions that the only work worth communicating in the first place falls under an ENTER framework (expectational, novel, thorough, examinable, and revealing), though I think the CASCADE framework is more useful.
There are an assortment of modeling/analysis recommendations that can be a starting point, and in particular some of the sector-level suggestions were useful. The chapter on accounting yellow-flags was also memorable/helpful.
November 15, 2024
Insightful and practical. Valentine offers many deep insights into equity research that is authentic and readily applicable. I gained a lot of rudimentary insights into the field, and was surprised to see the book pointed out a few errors, or "avoids" my equity research mentor is making; ie. coming up with YoY forecasts and target prices with the snap of a finger. I could tell this is written by someone with authentic experience in the field, and it benefited me by providing an optimizing framework in sell-side research with emphasis on both the logical, and mental processes and framework on which a successful analyst is built.
If I continue to pursue equity research after my current internship, this book shall be my industry bible.
If I continue to pursue equity research after my current internship, this book shall be my industry bible.
June 21, 2025
I asked my professor for a book recommendation and this was his only recommendation and said he’d give me the book. For context this was during the last two weeks of classes of my senior year. A week later he handed it to me after our class ended. The language was kinda loose on if he wanted it back. Not sure what the deal is but I kept it and I can’t really give it back now
It’s a training manual that people should return to frequently
It’s a training manual that people should return to frequently
September 9, 2021
The WHAT to do is in abundance everywhere but "Best Practices for Equity Research Analyst" covers the HOW in much interesting detail. One can read 100 books on Buffet and still go nowhere if he/she is not able to apply the principles in practice. This book gives a clear direction.
"Best Practices for Equity Research Analyst" definitely deserves a place in every newbie analyst's shelf.
"Best Practices for Equity Research Analyst" definitely deserves a place in every newbie analyst's shelf.
December 29, 2018
A useful book that can be used for non-investors to learn how to analyze a public company to invest your own money! Even for those who works in the investment world, this book contains insightful thoughts that can level your knowledge up!
November 14, 2023
Good book with good advice.
Generally well regarded among sellside analysts.
While it would seem most of the advice would have been absorbed and adopted by now, it really hasn't been, at least from what I've seen.
Bias disclosure: I worked with some of the folks quoted and credited.
Generally well regarded among sellside analysts.
While it would seem most of the advice would have been absorbed and adopted by now, it really hasn't been, at least from what I've seen.
Bias disclosure: I worked with some of the folks quoted and credited.
December 2, 2017
Very good book to clear you're concepts about equity analyst.Good amount of buy and sell side aspects considered.
May 12, 2019
From theory to daily habits/practise of research analysts. takes you down to real essence of equity research..
March 20, 2018
Good practical book with lot of actual takeaways for use in day to day job. Although it is more useful if read early in career.
March 8, 2018
Very insightful and practical.A book which I will be referring for a long period of time.
April 22, 2018
If you asked me to choose the only book on ER, this would be it
August 17, 2018
A gold standard reading for all aspiring, budding, and veteran equity research analysts
February 28, 2019
A very insightful book and must read. The topic is being covered is really aligned with the title. Moreover, I must put this in the top 10 investing book.
Read
September 30, 2019Reserving a review of the book for a few years until experience sufficient to judge contents.
January 2, 2020
Very informative and insightful book and a must read for any new or experienced equity analyst.
September 27, 2021
A solid read for those curious about the ins and outs of the investment analyst profession
April 27, 2022
phenomenal read and great reference after you read for anyone beginning their career in equity research (buy side included!)
November 20, 2022
Hop, skip and jump - delve deeper into the ideas that grabs attention and is relevant. Textbook for how to approach being an equity analyst.
May 11, 2023
Covers a wide range of issues encountered in the equity research field. Includes plenty of concrete, practically applicable tips. A very enjoyable read.
February 12, 2024
Solid, but may be a tad dated. Full of practical information, actionable strategies backed with sound explanations and examples.
March 31, 2025
Very helpful guide and reference book about the inner workings of equity research. Provides much of the training necessary for an associate beginning their careers
March 22, 2017
Would give good advice to fine tune your skill set. The language is straightforward and very clear, jargons were minimized. I read it during my first few months of the job, so although I didn't get much help from the book back then, it was a good guide to understand different tasks of the work that I am doing.
Displaying 1 - 30 of 39 reviews