The most highly acclaimed and comprehensive learning tool available, Best Practices for Equity Research Analysts is an on-the-job reference filled with the practical knowledge and specific tasks buy-side and sell-side equity analysts need to claim their place among the most highly regarded in their industry.
Most equity research analysts learn their trade on the job, by apprenticing under a senior analyst or portfolio manager. However, these senior producers often have little time to train new analysts. Those who do have the time may not have developed research skills worth emulating (after all, over half of money managers underperform their benchmarks). Furthermore, in modern day equity research, analysts without a mentor don’t have time to learn on their own through trial and error because the stakes are too high.
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June is near and CFA candidates all over the world are counting down the days until exam day. All of us at NYSSA wish the best of luck, strong composure, and laser focus to those members of the NYSSA community who took our weekly or condensed review courses, problem solving or essay writing workshops, bootcamps and mock exams!
Because luck is not always enough, here are some easy to remember exam-taking strategy tips from our Lead CFA instructor, O. Nathan Ronen, CFA for you to internalize before exam day:
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“The stock market is a voting machine rather than a weighing machine. It responds to factual data not directly, but only as they affect the decisions of buyers and sellers.”- Graham and Dodd, Security Analysis
Earnings drive stock prices, so says investing lore. As earnings rise, stock prices move higher. As earnings fall, stock prices move lower. If it were only that simple.
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From left, Golden Griffin Fund financial team members Carl Larsson, Ryan Zimmer, Matt Coad, Kevin Monheim and Stephen Miller (not shown) won the CFA Institute Research Challenge Global Championship, emerging first among 4,000 students. Derek Gee/Buffalo News
Five students win international contest testing financial analysis skills
Commencement is around the corner and the real world is waiting, and now Ryan Zimmer can add an impressive credential to his résumé: world champion financial analyst.
Zimmer and four other Canisius College students recently won an international financial analysis skills competition that pitted them against 4,000 students from 865 colleges across the globe.
The Canisius victory marked the first time since 2007 that a team from the United States captured the CFA Institute Research Challenge Global Final title.
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No matter who you are or what you do I am willing to bet that if you are having any of these thoughts below, then you are holding yourself back from achieving great success. As an executive coach, I am fortunate to work with and get into the brilliant minds of the brightest and most successful executives on Wall Street and beyond. Like the rest of us, my clients have insecurities that we work on recognizing and banishing from their minds. Here is the list of thoughts that are surprisingly common and are the greatest offenders to our success.
Beware of these toxic thoughts.
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No matter who you are and what you do, your success relies on your ability to effectively follow up with people. Do you dread having to follow up and make up excuses to avoid doing it? It’s time to stop!
If you are a salesperson in the midst of a deal – you have to follow up in order to close the deal.
If you are looking for a new job you have to follow up to stay relevant and top of mind to the potential employers.
If your work requires you to collaborate with others in or outside your team – follow up is just part of the game.
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Megan McArdle, a libertarian-oriented commentator on economics, recently recalled her reaction to a proposed class-action suit of the early-2000s dealing with fast-food companies’ impact on public health. McArdle challenged an author involved in the anti-obesity cause to point to any research demonstrating that the restaurant chains’ advertising induced children to increase their consumption of fast food.
The question confused the author, who simply assumed that corporations would not spend millions of dollars on advertising unless it increased sales. McDonald’s does not, however, advertise with an eye toward convincing kids to eat more fast food. The goal is rather to persuade them to eat it at McDonald’s (NYSE: MCD) instead of Burger King or some other chain. In general, advertising is better at stimulating specific demand (brand selection) as opposed to primary demand (the decision to consume).
This point was emphasized in the mid-20th century by critics of advertising, which at that time was mired in political controversy, much as the financial industry is today. It became an article of faith among many economists that because advertising did nothing to increase overall consumption, it represented a waste of resources.
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The following post was adapted from a chapter I wrote for John G. Taft’s new book, A Force for Good, published just this past week by Palgrave Macmillan. John is the CEO of RBC Wealth Management, and I am proud to be in the illustrious company of individuals like Mary Schapiro, Robert Shiller, Sheila Bair, Roger Martin, and Dominic Barton, who were invited by John to contribute to this book. I think you will find A Force for Good a fascinating read as it explores, from a variety of experienced perspectives, how the financial industry can marshall, for the long-term public good, the creative energies and brainpower it has deployed in the past to develop derivatives, high-frequency-trading technologies, and other engineering complexities.
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Now that internal promotions are all the rage, investment banks are slower to invite people to interviews. Why hire externally when you can promote a junior with far less hassle? When you’re invited to a finance interview, it’s therefore become all the more important that you don’t mess up.
Below, we have a selection of real life interview disasters provided to us anonymously by finance recruiters who work inside and outside investment banks. Read and learn. On no account commit the same mistakes yourself.
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In December 2014, the United States Court of Appeals for the Second Circuit issued what has been described as a landmark decision in United States v. Newman. In its decision, the Court vacated the insider trading convictions and sentences of Anthony Chiasson and Todd Newman, two hedge fund professionals convicted of insider trading after trial in federal court in Manhattan. The decision has been greeted by the white collar defense bar as an important repudiation of the Government’s heavy handed pursuit of insider trading.
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