elling book Best Practices for Equity Research Analysts (published by McGraw-Hill, Chi-nese by China Machine Press), the author James Valentine, CFA leads participants through this one-day workshop de-signed to help equity research analysts develop the most im-portant key skills required for all top performers:
Working efficiently to focus on key stock drivers
The course begins with participants self-assessing how they currently use their professional time and then challenges them to utilize best practices to set aside more time for alpha-generating activities. The workshop then delves more deeply into working efficiently, by providing a framework for identify-ing and monitoring the 2-4 critical factors most likely to drive their stocks.
Part 1: Create More Time for Value-added Research (this workshop helps equity research analysts implement concepts explained in chapter 3 of Best Practices for Equity Research Analysts, although no reading is required as a prerequisite for the workshop).
After completing this program, participants will be able to:
1. Apply general guidelines for assessing an appropriate amount of time to spend on activities.
Differentiate between playing offense vs. Defense as well as high and low value events to improve time management skills.
2. Utilize methods to minimize disruptions and to break away from conversations and activities that are consuming too much time.
3. Apply the principles for delegating, automating, and outsourcing low-valued activities.
4. Develop an action plan to ensure the calendar is dominated by alpha-generating activities while reducing low-value activities.
Note: Participants are asked to bring their calendar, in paper or electronic form (this will not be shared with the class).
Part 2: Identify and Monitor a Stock’s Critical Factors (this workshop helps equity research ana-lysts implement concepts explained in chapter 8 of Best Practices for Equity Research Analysts, although no reading is required as a prerequisite for the workshop)
After completing this program, participants will be able to:
1. Understand the concept of a “critical factor” among all of the data and noise found in the mar-ketplace.
2. Utilize methods to identify the critical factors that have moved a stock in the past as they are often the same factors that move the stock in the future.
3. Identify emerging new critical factors through discussions with current market participants.
4. Using materiality thresholds and probability, narrow down a potentially long list of factors to the 2-4 critical factors most likely to move a stock over an analyst’s typical investment time horizon.
5. Identify catalysts for a specific set of critical factors.
Implement a system for monitoring critical factors to identify when consensus is wrong.
Note: Participants are asked to bring a calculator (a smart phone will suffice)
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