analyst

“On the public side, when someone's new, it's a bit of a struggle because often that person hasn't been a trigger puller. So you're trying to make a bet on whether they can transition from being an analyst to being a portfolio manager. And often I think the ind…”

“In order to have an optimally functioning relationship between the analyst and the portfolio manager, each of them have to do 90% of the work and take 48% of the credit.”

“In order to get the portfolio manager to actually scale the position, there has to be a transfer of ownership from the analyst to the portfolio manager, and the problem that you have is that there's a lot of subconscious emotions going on in the portfolio mana…”

“It's just not realistic to ask analysts who are in there trying to figure out what the competitive forces are or what pricing power is to deal with this as well in an hour.”

“Actually, the best I would hope would actually reward analysts who disagree with them. That should be part of the reward system is to disagree and poke holes.”

“In most instances, traders and analysts do not like each other. Or at the very least exist with like a cold piece because the traders believe that the analysts are eggheads who want to work at a think tank and can't really make money or can't really, if they m…”

“Everybody can be a journalist just taking notes. Most can do good spreadsheets. Most can have an opinion on the quality of businesses, but it's very hard to find analysts or portfolio managers that have the talent to have a opinion on stocks.”

“The worst analyst is the one who just gets dug in his position and just says, okay, no, no, no, even though the facts have changed, my view hasn't changed. That's the dangerous analyst. Being able to change your mind is a very valuable thing in this business. …”

“So we see a lot of times you'll have a younger PM. And by definition, they'll then wind up almost always hiring really young analysts, and the expectation is this person's going to come in and help me make a lot of money. It's just not realistic. At the stage …”

“So typically they'll know stock picking, but they won't know portfolio construction. They might've not had a lot of experience to trading. They probably wouldn't have managed a lot of people before.”

“When you transition from analyst to portfolio manager, it's a big and often difficult transition, but one of the most important things that you learn is, as an analyst, your job is to know everything there is about an idea, and when your idea is not playing ou…”

“Things that differentiate individuals who are gonna be a perfect analyst forever do include that presentation ability, that executive presence, and frankly, that desire. Managing people is hard. Managing sideways to your executive leadership peers is work. Man…”

“I think if you just let your team tend to be a decentralized organization, they'll naturally chase what's working.”

“In the end, you have to have some price work. You have to find a way of paying a few thousand good analysts to help price the equities, and I don't know how they will work it out. It's over my pay grade, but one day in the distant future, there might be a very…”

“First of all, we don't have any specialists, even in the traditional analyst pool, which is a classic buy side and the non-traditional, non-traditional journalists basically, and they go wherever.”