Research
The thesis nobody agrees with
You think a mid-cap distributor is mispriced because the market treats a one-off contract loss as structural. Every sell-side note disagrees. Your PM asks what would prove you wrong.
All simulators
Thesis construction, valuation and conviction
Buy-side Analyst simulator
Your seat: Single-name research, long-only fund
Build a variant view, state what would prove you wrong, and size it. Then find out whether you were early, right, or simply stubborn.
What you'll learn
- How to write a falsifiable thesis instead of a preference
- Why position sizing decides returns more than idea quality does
- How to tell a price move apart from a broken thesis
Who it's for
Equity research and long-only investment analyst interviews.
It works as interview prep: you'll have made the calls an interviewer asks about, and seen what happens when you get them wrong.
Decisions from your first year
Three calls a year. Here's the kind of thing that lands on your desk before your first promotion.
Position sizing
How much of the book
The committee approved the idea. You can take 2%, 6%, or 11% of the fund. Your last three high-conviction calls: two right, one very wrong.
Earnings
A beat, and a quiet guidance cut
The company beat consensus on EPS via a tax rate change, and cut full-year revenue guidance in the appendix. The stock is up 6% pre-market.
The ladder
Each rank has its own bar for returns and standing. Clear both to move up.
- Junior Analyst
- Analyst
- Senior Analyst
- Sector Head
- Deputy CIO
- Chief Investment Officer
Terms you'll use
- Trading comparables
- What similar listed companies trade at, as multiples of earnings.
- Precedent transactions
- Multiples paid in past acquisitions of similar companies.
- Multiple of money
- Total cash out divided by cash in.
- Market regime
- The prevailing pricing and risk environment.