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  • Sell Side Buy Side Up Side Down Side: Learning To Speak

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    1) The document discusses the roles of sell-side analysts, who work at investment banks and produce research reports to sell, and buy-side analysts, who work at investment funds and use sell-side research and their own analysis to inform investment decisions. 2) Sell-side analysts produce company and industry reports, set expectations for earnings, and make investment recommendations to help garner clients and reputation. Buy-side analysts build their own models, utilize conference calls and company guidance, and provide information up to portfolio managers. 3) The relationship between sell-side and buy-side analysts involves the buy-side paying for research and accessing daily calls and conferences, while the sell-side benefits from sharing models

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    1) The document discusses the roles of sell-side analysts, who work at investment banks and produce research reports to sell, and buy-side analysts, who work at investment funds and use sell-side research and their own analysis to inform investment decisions. 2) Sell-side analysts produce company and industry reports, set expectations for earnings, and make investment recommendations to help garner clients and reputation. Buy-side analysts build their own models, utilize conference calls and company guidance, and provide information up to portfolio managers. 3) The relationship between sell-side and buy-side analysts involves the buy-side paying for research and accessing daily calls and conferences, while the sell-side benefits from sharing models

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    17 views18 pages

    Sell Side Buy Side Up Side Down Side: Learning To Speak

    Uploaded by

    wong
    1) The document discusses the roles of sell-side analysts, who work at investment banks and produce research reports to sell, and buy-side analysts, who work at investment funds and use sell-side research and their own analysis to inform investment decisions. 2) Sell-side analysts produce company and industry reports, set expectations for earnings, and make investment recommendations to help garner clients and reputation. Buy-side analysts build their own models, utilize conference calls and company guidance, and provide information up to portfolio managers. 3) The relationship between sell-side and buy-side analysts involves the buy-side paying for research and accessing daily calls and conferences, while the sell-side benefits from sharing models

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    of 18

    Learning to Speak

    Sell Side Investment Up Side


    Management
    Buy Side Down Side
    Joan Williams
    March 6, 2002
    Sell Side
    PART ONE
    Buy
    Side
    Industry Organization

    Sell Side Buy Side

    analyst analyst
    Industry Organization

    Sell Side Buy Side


    Company Industry Sell Side Company

    analyst analyst

    Economy Technical

    Recommendations Analysis &


    = & Analysis = Investment Decision
    The World of the
    Sell-Side
    Analyst
    Sell Side: Major Players
    Investment Banks
    CSFB, Morgan Stanley, Merril Lynch, JP
    Morgan, Bank of America, Deutsche Banc,
    Bear Stearns, CIBC
    Company and Industry Reports
    Regional / Industry
    Ex. Simmons in Energy
    Sell Side: Goals
    Produce and sell research
    Call It
    Reputation / Credibility
    Go-to analyst
    Expert status / air-time
    Funny Titles
    Sell Side: Research
    Interfacing with Company Management
    Conference Calls
    Company
    Conferences (ex.- Extreme Networks)
    Robertson Stephens Technology Conference -- San Francisco, CA Wednesday,
    February 27, 2002 Time: 3:00 p.m. PT (6:00 p.m. ET) Presenter: Gordon Stitt,
    Chief Executive Officer
    Merrill Lynch Global Communications Conference -- New York, NY Wednesday,
    March 13, 2002 Time: 12:00 p.m. PT (3:00 p.m. ET) Presenter: Gordon Stitt, Chief
    Executive Officer

    Economic and Industry Data


    Credit Ratings
    Sell Side: Reports
    Company / Industry (Sector, SubSector,
    Commodity)/ Economy / Theory
    Report team
    Earnings models
    Supporting analysis
    Expectations
    EPS and CFPS (First Call / consensus)
    Investment Recommendation
    Sell Side: Clients
    Internal and External Buy Side
    Investment Management
    Intermediaries
    Investment banking analysts
    Chinese wall / conflict of interest
    Bias
    Buy doesnt mean buy
    Dropping coverage
    The World of the
    Buy-
    Side
    Analyst
    Buy Side: Major Players
    Investment banks
    Institutional and Private Wealth
    Mutual Funds
    Portfolio Managers
    Institutional and Private Wealth
    Buy-side: Sell-side
    relationships
    Buy-side pays for sell-side relationship
    Go-to people
    Often share models or background
    information
    Daily conference calls
    Road shows (usually following report)
    Often internal (I-banks)
    Buy-Side: Research
    Build own earnings models
    Utilize Conference Calls
    Daily sell-side calls
    Company earnings
    Company guidance
    Conf. Calls and Road Shows
    Real-time market trends
    Technical analysis (shhhh.)
    Buy Side: Flow of information
    Flow up to PMs and Fund Managers
    Sometimes same people
    Assigned to S&P sector and strategy
    group
    Internal meetings and reports
    Buy Side: Brokers and
    traders
    Access and timing
    Two-way information flow
    Buy Side: Performance
    Measures
    Fund & Portfolio marketing results
    Benchmarking
    Up Side
    PART TWO
    Down
    Side

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