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Published on :

21 Aug, 2024

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11 Best Equity Research Books

Equity research has remained an area of great interest for investors and analysts alike, and much has been written about what should and should not guide an investor in their decisions. Here, we have prepared a highly recommended list of equity research books to read in 2021 that could be of great use for investors and aspiring equity research analysts.

• Best Practices for Equity Research Analysts
• Equity Research for the Technology Investor
• The Intelligent Investor
• Security Analysis
• Equity Research and Valuations
• The Investment Checklist: The Art of In-Depth Research
• Principles of Quantitative Equity Investing
• Advanced Equity Derivatives: Volatility and Correlation
• Equity Asset Valuation Book and Workbook Set
• How Markets Really Work
• Unholy Grails - A New Road to Wealth

#1 - Best Practices for Equity Research Analysts

Essentials for Buy-Side and Sell-Side Analysts

by James Valentine

An indispensable guide for aspiring equity research analysts that discusses the fundamentals and helps a beginner successfully navigate the complex web of concepts and methodologies employed in the field. Drawing on his decades of experience, the author shares a wealth of information on succeeding as an equity research analyst. The author delves at length into methods identifying critical factors and information sources that can help with better forecasting, advanced valuation and stock-picking techniques, and how to address ethical concerns in professional practice. A highly recommended read by experts.

Key Takeaways

The unofficial manual for equity research analysts covers all the five primary areas of equity research and offers invaluable tips to make it a success in the profession. Best suited for those planning to take up equity research as a career or looking to understand the role of an equity research analyst.

#2 - Equity Research for the Technology Investor

Value Investing in Technology Stocks

by Sundeep Bajikar

This work is specifically for those interested in exploring investment opportunities in the technology sector. It offers a practical exposition of value investing focusing on technology stocks. The author systematically tackles the complex subject, beginning with an overview of the financial services industry and market participants' behavior, which plays a key role in making investment decisions. However, it narrows down the scope of this work and brings to light several details that might be lost otherwise in a work of generic nature.

A valuable guide to understanding technology stocks, especially for long-term investors who might relate better with value investing than traders. A recommended read for investors, analysts, or students interested in understanding the practical application of investing concepts.

#3 - The Intelligent Investor

The Definitive Book on Value Investing. A Book of Practical Counsel

by Benjamin Graham (Author), Jason Zweig (Author), Warren E. Buffett (Collaborator)

Acclaimed as the Bible of value investing, this timeless classic has been read by millions worldwide and praised by experts and novices alike for the level of clarity and depth of concepts presented in this work. Graham deals with the essentials for developing a long-term investment strategy to achieve your financial objectives while avoiding common mistakes made by investors. Originally published in 1949, the current edition includes updated commentary by Jason Zweig, senior editor of Money, which brings added relevance to the text and helps readers understand how to apply Graham’s principles in today’s markets to achieve the desired outcome. A must-read for anyone interested in value investing.

Written by the father of value investing, this work focuses on long-term investment strategies to become a successful investor. One of the few classic texts which have stood the test of time successfully, and the investment concepts enumerated still hold good in today's markets. Not meant for day traders and short-term investors.

#4 - Security Analysis

by Benjamin Graham (Author), David Dodd (Author)

Bringing together the genius of Benjamin Graham and David Dodd, this repository of knowledge reveals the time-tested classical approach developed by them for identifying value investments. No doubt it's a cult classic with more than a million copies sold in its 60-plus decades of existence, but the million-dollar question is, Do the value investing techniques still hold? And the answer is a resounding YES. The kind of success achieved by value investors like Warren Buffett, John Neff, and Michael Price should prove enough for the same, all of whom swear by this classic. Written barely five years after the Great Depression of 1929, this work was originally intended to help investors see through the worst times without losing fortunes. It is exactly what it has been doing ever since.

The most definitive guide on value investing was composed in the 1930s and remained a veritable source of information on time-tested principles of value investing. What sets this edition apart is that it intends to be a reproduction of the original classic published first in 1934, including every word penned down by the masters of value investing without any later alterations. A true collectible for every investor.

#5 - Equity Research and Valuations

by Dun & Bradstreet

Excellent work on securities evaluation detailing technical aspects of equity research in a highly accessible language. Valuation holds the key to making critical investment decisions. The author expounds on an extremely reliable and scientific methodology to arrive at a balanced valuation in this work to help the analyst and an investor. Beginning with the macroeconomic factors, the author explains the tools of industry-level analysis before focusing on company analysis and uses several valuation methods to arrive at the most logical outcome. A must-read for any avid investor.

Lays a solid foundation for making stock valuations grounded in realistic industry and company-level analysis for critical investment decisions. An excellent overview of valuation analysis focused on its real-world application.

#6 - The Investment Checklist: The Art of In-Depth Research

by Michael Shearn

An acclaimed work on systematic investing can help you avoid some of the common mistakes committed while making investments. Skillfully utilizing key factors, the author analyzes companies and evaluates their future growth potential while explaining how anyone can do the same with a little effort. The author adopts an easy-to-follow approach and provides several checklists to help readers identify what they are missing out on. Interestingly, the author offers several real-world examples of applying the principles of research enumerated here, enhancing its value for investors.

It offers invaluable help and practical advice on conducting equity research without breaking a sweat. This work can help readers understand and interest in studying companies instead of stocks and making balanced investment choices.

#7 - Principles of Quantitative Equity Investing

A Complete Guide to Creating, Evaluating, and Implementing Trading Strategies

by Sugata Ray

A complete nuts and bolts guide to quantitative investing in equities, designed to help investors and professionals. The author provides a wide range of information and resources on portfolio rebalancing, market timing, benchmarks, and stock screening and demonstrates each technique with Equities Lab software. It might be interesting to note that this book comes with 20 weeks of free access to the Equities Lab. Equipped with the right kind of knowledge, readers can use this software to develop quantitative strategies suited to specific investment objectives and backtest their efficacy against historical data.

An excellent resource on quantitative investing to help traders develop a personalized set of rules and trading strategies to achieve their goals. Adding to its practical value, comprehensive information on the technical aspects of investing in the text can be used with the help of Equities Lab software.

#8 - Advanced Equity Derivatives: Volatility and Correlation

by Sébastien Bossu.

A highly technical manual on pricing and hedging equity exotic derivatives for options traders, quantitative analysts, and sophisticated investors. The author deals extensively with advanced concepts of option pricing based on the Black-Scholes model and its extensions while sharing his own and other experts in the field. The key topics covered include implied volatility surface models, stochastic volatility and correlation models, volatility derivatives, and correlation trading. A highly recommended read for those versed in basic equity derivatives and acquainted with advanced mathematical modeling.

A detailed exposition on financial modeling for accurate pricing and hedging of exotic equity instruments with a special focus on the Black-Scholes model for the purpose. Recommended for students and professionals with a flair for advanced mathematics and a grasp of basic equity derivatives.

#9 - Equity Asset Valuation Book and Workbook Set

by Jerald E. Pinto

A comprehensive work on valuation theory and practice that introduces readers to the concept of equity valuation and various assessment methods in vogue. A highly systematic approach is adopted while delineating the valuation process, making it easier to understand and acquire knowledge of various valuation methods. Some of the key topics covered in this volume include Markowitz and Sharpe's modern portfolio theory and Graham and Dodd’s valuation concepts, even as the author does not shy away from discussing the adoption of multiple approaches to arrive at a balanced valuation. Various aspects of equity valuation are explored while focusing on industry-company analysis, which plays a key role in the entire process. Published with the CFA, this work is a perfect supplementary text for the Level 3 CFA certification Program.

An essential read for students of the Level 3 CFA certification program and anyone interested in acquiring a clear-cut understanding of equity valuation concepts. Taking it a step ahead, this work focuses on the practical application of these concepts while elaborating on the valuation process and offers lots of additional practice resources for the readers.

#10 - How Markets Work

Quantitative Guide to Stock Market Behavior (Bloomberg Financial)

by Larry Connors (Author), Cesar Alvarez (Contributor), &1 More

A realistic exposition of stock market behavior based on original research on historical market data for the past couple of decades. The author adopts an intelligent analytical approach to study markets and unravel novel information to question commonly accepted ideas about historical volatility, momentum, new highs and lows, put/call ratios, and other aspects. What emerges is a bold view on markets functioning as, equipped with insightful data, the author demonstrates how markets behave much like they did years ago. It is shown how it can sometimes pay to be a contrarian and not be bound by conventional wisdom while making sure you understand the markets well enough. With the right kind of information, anyone can make wise investment choices and decisions.

An unconventional read on stock market behavior analyzes past historical data to contradict much of common market wisdom. Readers are presented with novel information to help understand markets better and make investment decisions based on realistic assumptions.

#11 - Unholy Grails - A New Road to Wealth

by Nick Radge (Author)

A bold, renewed look at how markets work and how investors lose money by sticking to the herd mentality. Nick dares to break the mold of conventional thinking and presents a no-holds-barred approach to making the right moves at the right time and succeeds where most others merely remain, mute spectators, as things go awry. Going beyond the old buy and hold strategy, he focuses on momentum investing to show how you can ride a stock in a short-term uptrend with a strategy built around the fundamental idea that a stock price tends to stay in motion. He analyzes and experiments with several investment strategies to help readers understand how to choose a strategy that suits their needs and stop blindly following investment advice.

It presents a fresh perspective on investing that dares to question the traditional wisdom and helps investors develop a personalized investment strategy. An excellent read on how average investors can use momentum investing and other little-used techniques to achieve their goals.

Recommended Articles

It has been a guide to Equity Research Books to read in 2021. Here we provide you with the list of 11 best Equity Research Books that could be of great use for investors and aspiring equity research analysts. You may also read the following books –

• Best Financial Advisor Books
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Best Practices for Equity Research (PB)

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Praise for Best Practices for Equity Research Analysts :

"Jim Valentine has taken his decades of experience as a highly successful security analyst and written an effective and comprehensive guide to doing the job right. I only wish I had this book by my side throughout my career." -- Byron R. Wien, Vice Chairman, Blackstone Advisory Partners LP

"Given the fast pace and high-pressure nature of the markets, analysts don't have the luxury to make mistakes. James J. Valentine's Best Practices for Equity Research Analysts should be required reading for all new and experienced analysts, particularly those who were not lucky enough to be brought up in the business under a mentor. Valentine can be that mentor." -- Jami Rubin, Managing Director, Global Investment Research, Goldman Sachs

"Jim's book is an excellent window into the world of securities research. Very few works cover the complete life cycle of an analyst and the necessary balance between theory and practice. This is one of them." -- Juan-Luis Perez, Global Director of Research, Morgan Stanley

"Valentine's book doesn’t rehash the basics of finance but covers all the nonacademic topics in terms of how the analysts should manage their time, resources, data, and contacts in order to come up with the best stock picks. This book is required reading for beginning analysts and a must-read for all analysts who want to develop an edge." -- Carl Schweser, Founder of Schweser’s Study Program for the CFA Exam

" Best Practices for Equity Research Analysts is by far the best written and most comprehensive book that I have read on how to become a top-notch analyst. I shouldn't be surprised; it was written by one of the best analysts that Wall Street has ever seen. Every securities firm should require their analysts to read this book." -- Eli Salzmann, Portfolio Manager

Most equity research analysts learn their trade on the job by apprenticing under a senior analyst. However, equity analysts who work for senior producers often have little time or incentive to train new hires, and those who do have the time may not have research skills worth emulating.

Now, Best Practices for Equity Research Analysts offers promising equity research analysts a practical curriculum for mastering their profession. James J. Valentine, a former Morgan Stanley analyst, explains everything today's competitive analyst needs to know, providing practical training materials for buyand sell-side research analysis in the United States and globally.

Conveniently organized for use as a learning tool and everyday reference on the job, Best Practices for Equity Research Analysts covers the five primary areas of the equity research analyst's role:

• Identifying and monitoring critical factors
• Creating and updating financial forecasts
• Deriving price targets or a range of targets
• Making stock recommendations
• Communicating stock ideas

Expanding upon material covered in undergraduate courses but written specifically to help you perform in the real world, this authoritative book gives you access to the wisdom and expertise of leading professionals in the field. You'll learn best practices for setting up an information hub, influencing others, identifying the critical factors and information sources for better forecasting, creating a better set of financial forecast scenarios, improving valuation and stock-picking techniques, communicating your message effectively, making ethical decisions, and more.

Without Best Practices for Equity Research Analysts , you're just treading water in the sink-or-swim world of the equity analyst.

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Best Practices for Equity Research Paperback – 21 April 2023

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A real-world guide to becoming a top-performing equity analyst.

• Identifying and monitoring critical factors
• Creating and updating financial forecasts
• Deriving price targets or a range of targets
• Making stock recommendations
• Communicating stock ideas

Without Best Practices for Equity Research Analysts , you're just treading water in the sink-or-swim world of the equity analyst.

• ISBN-10 1265624666
• ISBN-13 978-1265624668
• Publisher McGraw-Hill
• Publication date 21 April 2023
• Language English
• Dimensions 15.24 x 2.39 x 22.86 cm
• Print length 464 pages
• See all details

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• Publisher ‏ : ‎ McGraw-Hill (21 April 2023)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 464 pages
• ISBN-10 ‏ : ‎ 1265624666
• ISBN-13 ‏ : ‎ 978-1265624668
• Item Weight ‏ : ‎ 617 g
• Dimensions ‏ : ‎ 15.24 x 2.39 x 22.86 cm

About the author

James j. valentine.

James J. Valentine, CFA, is the founder of AnalystSolutions, providing best practices, training and career advancement services for equity research analysts (http://bit.ly/1sY6ISD). He's held a number of roles at four of Wall Street's largest firms, including most recently Morgan Stanley where he was the Associate Director of North American Research as well as Director of Training for the firm's global Research department. He was also an established research analyst where, for 10 consecutive years, he was ranked by the major Wall Street institutional investor polls as one of the top three analysts within his sector, putting him among the top 2% of analysts during that decade. In 2006, Forbes named him one of the top three Wall Street analysts among all 2,000 U.S. sell-side analysts that year. He has been recognized for his stock picking, earnings forecasts and client service from the Wall Street Journal, Thomson Reuters, Institutional Investor Magazine, and Greenwich Associates. He holds a Masters degree in finance and the Chartered Financial Analyst (CFA) designation.

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Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts Hardcover – 16 Feb. 2011

A real-world guide to becoming a top-performing equity analyst.

• Identifying and monitoring critical factors
• Creating and updating financial forecasts
• Deriving price targets or a range of targets
• Making stock recommendations

Without Best Practices for Equity Research Analysts , you're just treading water in the sink-or-swim world of the equity analyst.

• ISBN-10 9780071736381
• ISBN-13 978-0071736381
• Publisher McGraw-Hill Education
• Publication date 16 Feb. 2011
• Language English
• Dimensions 15.49 x 3.81 x 23.11 cm
• Print length 464 pages
• See all details

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• ASIN ‏ : ‎ 0071736387
• Publisher ‏ : ‎ McGraw-Hill Education (16 Feb. 2011)
• Language ‏ : ‎ English
• Hardcover ‏ : ‎ 464 pages
• ISBN-10 ‏ : ‎ 9780071736381
• ISBN-13 ‏ : ‎ 978-0071736381
• Dimensions ‏ : ‎ 15.49 x 3.81 x 23.11 cm
• 291 in Job Interviews
• 7,185 in Professional Finance

About the author

James j. valentine.

James J. Valentine, CFA, is the founder of AnalystSolutions, providing best practices, training and career advancement services for equity research analysts (http://bit.ly/1sY6ISD). He's held a number of roles at four of Wall Street's largest firms, including most recently Morgan Stanley where he was the Associate Director of North American Research as well as Director of Training for the firm's global Research department. He was also an established research analyst where, for 10 consecutive years, he was ranked by the major Wall Street institutional investor polls as one of the top three analysts within his sector, putting him among the top 2% of analysts during that decade. In 2006, Forbes named him one of the top three Wall Street analysts among all 2,000 U.S. sell-side analysts that year. He has been recognized for his stock picking, earnings forecasts and client service from the Wall Street Journal, Thomson Reuters, Institutional Investor Magazine, and Greenwich Associates. He holds a Masters degree in finance and the Chartered Financial Analyst (CFA) designation.

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Best Practices for Equity Research

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I've locked up my internship for this summer as an equity research analyst intern. Now that I don't have to worry about interviewing and can put less of a focus on networking I would like to find a few books on equity research to read in my free time. Any good recommendations? Any books that you have read and really enjoyed or learned a lot from? Though my focus is on research, please feel free to recommend books that you just think are a great overall read as well. Thanks, I look forward to your thoughts!

wall street meat and liar's poker

How is 'Liar's Poker' remotely useful for Equity Research?!

Look at Graham and Dodd's Security Analysis book, as well 'A Random Walk down Wall Street' for the nuts and bolts of Technical and Fundamental Analysis .

double post

listen, i am pretty sure an intern is not going to want to read graham and dodd for a summer internship . it is better to get the gist of what working at an investment bank is all about rather than learning the intricacies of valuation.

... he also said, "please feel free to recommend books that you just think are a great overall read as well"

Think before you speak.

I think you'll find he asked for 'books on Equity Research'...Liar's Poker is not much to do with ER , face the facts, it's an autobiography essentially, about somebody who worked in Sales.

David Einhorn's "Fooling Some of the People All of the Time"

House of Morgan, Den of Thieves, Liars Poker , When Genius Failed all books that are not bad to read unlike the Graham books. Thats if you just want casual reading books otherwise get CFA books

maybe you should consider books on fin modelling, and read reports and recommendations by other research analysts..

equities research is more about selling your ideas, so get to know how these researchers market their ideas

Not sure if anyone has mentioned this one yet but ' Confessions of a Wall Street Analyst' is a great book for research. That's defintiely one you'll want to pick up.

McKinsey puts out a book called Valuation that's pretty good. Benninga has a financial modeling book if you want to sharpen up your Excel skills.

Damodaran has put out some books on Valuation.

The Intelligent Investor , Security Analysis , or the Interpretation of Financial Statements (all by Graham).

Thanks for all the responses and suggestions. Once I read them I will get back to you with my thoughts!

Take a look at "Applied Equity Analysis ." I just ordered a copy. Supposed to be a very practical book from someone who worked in sell side research. I was debating between this and some others, but will probably read this and then potentially dive into either a) Security Analysis , or b) Steven Penman's financial analysis textbook thereafter. If anyone has any thoughts on which to choose, it'd be much appreciated. Both books require very very many hours so I'm still wrangling over what to go with.

I'd recommend "The SuperInvestors of Graham and Doddsville" over "The Intelligent Investor " simply because it's a quick read and gives a good overview of what value investing is about. I would avoid "The Intelligent Investor " for now because it's enormous and you need time to chew over and digest what Graham is saying. You should definitely read it, but when I tried reading it before my internship it gave me an enormous complex about how much I didn't know :-)

http://www7.gsb.columbia.edu/alumni/news/hermes/print-archive/superinve…

I don't think any one's mentioned Buffet's letters, but you should definitely look at those if you want to do some reading. One letter is about 22 pages, so it's good for reading on the go. Man's got style .

Confessions of a Shopaholic!

LOL. I'm reading Confessions of a Wall St Analyst right now, and it's pretty interesting. But the landscape is definitely different now... sigh.

Best Books for Equity Research ( Originally Posted: 06/21/2015 )

Looking to break into Equity Research. The consensus seems to be that Rosenbaum and Pearl, Damodaran, and McKinsey are best for solidifying an understanding of valuation. Thoughts on which is best, as well as any comparison of these books, would be greatly appreciated. Thanks!

Went with Rosenbaum and Pearl

For general equity research , assuming you are just building a foundation, I would recommend any Warren Buffet related books. One that I enjoyed and has helped me a lot is "A Random Walk Down Wall Street" mainly because its current.

If you are looking for specific books dealing with valuation, I am halfway through Jim Kelleher's book "Equity Valuation for Analysts and Investors." Some things, particularly in the beginning, have gone over my head but it is a great and relatively simple book that walks through DCF , multiple method, and ratio analysis.

James Valentine's Best Practices

It's one of the better ones around for practitioners and is apparently updated annually or so (can't verify this as I bought the first edition and not going to buy another copy for the luxury of looking for updated material). I keep this one on my shelf in the office.

Note that I said practitioners because a big part of the book is about workflow and process. It may not be that applicable for an outsider, so to speak.

Margin of Safety

Great, thanks everyone! I will look into your suggestions.

Agree with margin of safety. I would also try to find some initiation reports and comb through those.

Any idea where to buy Margin of Safety ? I am struggling to find an affordable copy.

Download the pdf, print it if you need to (should be slightly over 100 pages, double-sided).

Books for Wannabe Equity Research Analyst ( Originally Posted: 02/13/2014 )

Hello everyone,

I'm graduating with an MA Economics in May, and want to go into Equity Research. While I have full confidence in my abilities to do the job and to interview well and everything, I'd like to spend these next few weeks/months preparing as much as I can.

I'm looking for a good book that goes over financial modeling that equity analysts need to do. Does anyone have any suggestions? I'd preferably like something that focuses on what equity researchers need to know as opposed to IB , but if you're suggestion includes IB too, that's fine.

Thanks a lot, I appreciate the help.

S. Benninga - Financial Modeling Rosenbaum - Investment Banking J. Valentine - Best Practices for Equity Research Analysts

These would probably cover all you need to know. ER modeling is not THAT much different from IBD modeling.

Valentine's book was recommended to me by a #1 ranked analyst at JP Morgan as the best book to read before entering the ER field.

It is really good, but some of the advice applies for the 'Analysts' (i.e. the lead guys/sector heads) vs. 'Associates' (i.e. the junior guys). Regardless, definitely worth a read as it covers everything from how to interview company management to Excel -specific stuff.

One Up on Wall St. by Peter Lynch Largely written for buyside investing, but principles apply nonetheless.

//www.wallstreetoasis.com/forums/er-modeling-test-1 .... check my post in this link - the links in my post will be more important than the other stuff i wrote -- the stuff in this should help you in the short term

do the CFA - should be good for the long term but you can learn ER stuff without it

below is a list of books ... My personal favorites are:- 1 McKinsey Valuation 2 Financial Valuation: Applications and Models 3 Financial Shenanigans 4 Intelligent Investor 5 How to Read a Financial Report: Wringing Vital Signs Out of the Numbers (there are other similar books by Mariusz Skonieczny & Thomas R. Ittelson - without being able to analyze Financial Statements and the notes to the statements everything is pretty much pointless

Books - these books are for the long term and sort of financial general knowledge 1. Financial Risk Taking: An Introduction to the Psychology of 2. Currency Wars - Rickards, James 3. Damodaran - Investment Fables 4. Taleb - The Black Swan - The Impact of the Highly Improbable 5. Antifragile Things That Gain From Disorder 6. Laiou - Morrison - Byzantine Economy 7. Wiley Behavioral Finance and Wealth Management 8. Accounting Shenanigans 9. The house of rothchild 10.The Handbook of Business Valuation and Intellectual Property Analysis 11.the essays of warren Buffett 12.Damodran Investment Valaution 3rd 13. Security Analysis - Graham & Dodd 14.Adam Smith 15.Economics - Freakonomics - A Rogue Economist Explores the Hidden Side of Everything 16.The Bank Analyst's Handbook 17.Stocks for the long 18.Against the gods 19.Common sense on mutual funds 20.Irrational exuberance 21.Business Valuation - Shannon Pratt 22.The Handbook of Fixed Investments 23.Active Value Investing 24.When markets collide 25. McKinsey Valuation 26.The Real Warren Buffet 27.Global asset allocation 28.Investment Performance Measurement 29.The Handbook of Traditional and Alternative Investment Vehicles: Investment Characteristics and Strategies 30.3 Modelling Books:- Building Financial Models - Tija 2nd Wiley.Financial.Modeling.with.Crystal.Ball.and. Excel .Mar.2007 Financial Simulation Modeling in Excel + Website A Step-by-Step Guide 31. Quantitative Business Valuation 32. Models behaving badly 33. Restructuring Macroeconomics 34. Macroeconomics: Understanding the Wealth of Nations 35. Economic Development (11th Edition) (The Pearson Series in Economics) 36. Liars Poker 37. The Global Crisis Makers 38. When Genius Failed 39. The Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It 40. Clash of investment cultures 41. The Economics of commmodity markets 42. Damodaran Investment Philosophy 43. Behavorial Investing 44. Financial Markets & Exchanges Law 45. Market Microstructures in Emerging and Developing Market 46. The Economics of Commodity Markets 47. The Future of Finance 48. Information Rules: A Strategic Guide To The Network Economy

General Direction Should be:- 1. Equity/ financial modelling Modelling: 30,32 ---- for modelling I would also recommend youtube videos, WSO material, Macabacus, etc … and do learn to Analyse Financial Statements 2. Valuation/Analysis: 25,8,12,31,10,28,29 3. Investment Philosophy: 3,23,38,42,40,17, 4. Investment Psychology: 3,7,20,43, 5. Markets products/regulation: 27,41,48,44,46,47,16 6. Economics current/classic/theory: 14,34,45,35,6,2,5,4,33

these books should be available on piratebay.com, 4shared, etc

mind you though the financial modelling Book by Tija uses the debt plug for the financial statement projections .. i do not know why... the standard practice as I learned it, was to balance the projected Balance Sheet and the Cashflow Statements by checking the Assets/liabilities and their relevant cash flows

look for this video on youtube:- Step 10_ Balancing the Balance Sheet - Completing Cash Flow it explains the concept in a very simple manner

Have you personally read all of the above?

list additions

49.How to read financial statements - John tracy 50.Reading Financial Statements for dummies 51.Creative Cash Flow Reporting 52.The Financial Numbers Game 53. Financial Statement Analysis : The Practitioner's Guide 54.The Market Wizards 55. The New Market Wizards 56.The Hour Between Wolf and Dog 57.Reminiscences of a Stock Operator Jesse Livermore 58.Soros - The New Paradigm for Financial Markets 59.The hour between dog and wolf 60.The art of value Investing 61.how to think like graham and invest like buffet 62.A random walk down wall street

General Direction Should be:- 1. Equity Modelling: 30,57 2a. Analysis: 8,49,51,50,52,53, 2b. Valuation: 25,12,31,10,28,29 3. Investment Philosophy: 3,23,38,42,40,17,60,61,62 4. Investment Psychology: 3,7,20,43,56,57,59 5. Markets products/regulation: 27,41,48,44,46,47,16 6. Economics current/classic/theory: 14,34,45,35,6,2,5,4

Check out @"Simple As..." post "on the job with simple as"

Edit* http://www.wallstreetoasis.com/forums/on-the-job-with-simple-as%E2%80%A…

Thanks for the shout out!

@"TheFamousTrader" Correct me if I'm wrong, but isn't Financial Modeling by S. Benninga a textbook? Wouldn't it be better to take a financial modeling class at school rather than going through a whole textbook by yourself?

Tel Aviv lectures by Simon Benninga on youtube can be used with the book... it is a very good book though

but in any case you are correct.... specific courses or the material by Mcabacus would be more applicable accompanied by a user friendly book like McKinsey Valuation ... that should pretty much fulfill basic financial modelling /valuation needs

Yes it is. But it's still nice to have something like that nearby - there are many other options like McKinsey etc. or simply taking BIWS , which covers a lot.

Those book suggestions are great for a general overview but if you really want a feel for what you'll be doing, get your hands on actual research reports published by an analyst. That will give you insight into the specific industry statistics you'll need to research and the various valuation methodologies that are used and why. You'll also get a feel for the tone of the research that you'll be writing as an analyst/associate in ER .

yes reading reports is essential but without knowing how to make them and not knowing the reasons behind the valuation models used, reading reports becomes sort of pointless ...making stock selection frameworks, paper portfolios, sector analysis and having a few stock pitches ready are necessary to get a glimpse of how it is actually done ... getting someone who is in ER to check it would also be good before applying for an ER job

my previous list was very general because there is more to being an equity analyst than knowing valuation models .. however two books that will cover most of your valuation & modelling needs McKinsey Equity Valuation: Models from Leading Investment Banks

and modelling only can be learned from MacaBacus (free with templates), BIWS, WSO and ... http://www.edupristine.com/ca/online-courses/financial-modeling-for-equ…

Good Books on Equity Research: DCF Modeling, Valuations etc.. ( Originally Posted: 04/29/2013 )

Trying to break into sell-side equity research . Been doing a lot of personal research on proper modeling methods. Looking for some opinions on which books are worth the buy.

TTS AMT materials

Damodaran in valuation

Porter's "Competitive Strategy" CFA curriculum and I've liked what "Best Practices of an ER Analyst" has in it. Not so much educational, but a nice picture of good modeling habits and things like that.

Equity research books??? ( Originally Posted: 04/11/2015 )

I landed a summer internship in jersey city, after the internship I want to work in ER in new york. Being that I am close to new york and want to learn about ER before the fall recruiting season.What books should I read and how should I network in new york over the summer

does it go over modeling?

Totally agreed. I had a conversation with a top ranked Researcher and he highly recommended the book. Plus it's updated every 1-2 years.

I can second best practices for Equity Research Analysts . it does not go over the nitty gritty details of modelling, but it is an excellent overview of the field

Great resource, recommend

If you are interested in the modeling aspects (and its gets a bit more nitty gritty) I would recommend "Equity Valuation for Analysts and Investors" by Jim Kelleher. The first few chapters might seem a bit confusing but is a good overview of modeling DCF and P/E.

Learn to Write Well by Reading Good Research Report ( Originally Posted: 12/01/2013 )

Are you focused on a specific sector, or are you looking to get a wider perspective on macro issues? Have you got access to Thompson One?

Macro Issues would be a area of interest, however, bottom up equity research reports would also peak my interest. Don't have access to Thompson One, anything free?

You can usually find solid equity reports on Seeking Alpha. Look in either the "top ideas" or " alpha -rich ideas" sections. Occasionally, you will find very lengthy and detailed reports by prominent hedge fund managers like Whitney Tilson (Kase Capital), Chris DeMuth Jr (Rangeley Capital), and several more. I publish my investment ideas on SA , with three out of my five receiving "editor's pick". PM me if you would like a link to my articles.

1) Buy-side pitches at investor conferences (i.e. VIC). Some are more coherent than others, but all of them know how to build a thesis 2) Bernstein still has a lot of quality research, but access is tightly controlled. Look up the institutional investor all-americans in your sector of choice and read them, don't discount the top guys at smaller firms (i.e. Imperial in Industrials, Moffet in Cable).

If you're already working as an associate, can't you find research reports that prior associate or what the analysts in your shop wrote? I think those are the best templates and guidelines for you if you can get it.

Hi I am going to write ER on real estate industry...... I would appreciate any suggestions!

Equity Research Associate Interview Help - What Books Should I Be Reading? ( Originally Posted: 08/11/2014 )

I'm one week away from a final round interview for an equity research associate position. I hear that a common thing that may be asked in the final round is what finance books have you read recently. To be honest, the only thing I've read in the past year or two outside of CFA cram books is Flash Boys.

I know that sounds pretty weak and was wondering if anyone might have suggestions on more recent finance books that might be good to read and discuss during the interview. Apologize if this is a stupid question and thanks in advance for your guys' help.

I recruited from school and must have met 50 people through the course of networking for an EQR job. I interviewed with 7 firms including first rounds and final rounds. During all that networking and all those interviews, I was never asked what finance books I read. Read for pleasure- it'll make you a more interesting person.

Books for learning more about equity research ? ( Originally Posted: 03/19/2007 )

Any books that helps you in interviews and learn more about this sector?

Yeah, I am interested in this as well.....

I'd probably pick up notes from analysts and read them . They are available on some company websites.

ratul: I'd probably pick up notes from analysts and read them . They are available on some company websites.

interested in this, do you have any links?

Also does anyone have anything to add to this list?

I read a lot of financial books, but one that I would recommend is by Pat Dorsy, CFA and Director of Equity Research for Morningstar. Forgot the name of it, but search for it on Amazon .

Other than that, what better than CFA Level 1 and CFA Level 2!!!

Confessions of a Wall Street Analyst, decent book about the industry itself, lifestyle, etc.

Wall Street Meat by Andy Kessler and Confessions of a Wall Street Analyst by Dan Reingold are both good for the equity research industry as a whole. They are both based during the late 90's tech boom, however, and we all know research has changed drastically since.

jotah: Wall Street Meat by Andy Kessler and Confessions of a Wall Street Analyst by Dan Reingold are both good for the equity research industry as a whole. They are both based during the late 90's tech boom, however, and we all know research has changed drastically since.

mind sharing the major changes?

"Blood on the Street" by Charlie Gasparino gives a good, although possibly biased, portrait of the Mary Meeker, Jack Grubman, Henry Blodget, Eliot Spitzer era on Wall Street that led to the fortification of the Chinese Wall.

Research's pay used to be tied to IBD revenues which led to less fundamental/straight forward research and more self-serving/profitable reports to bring in more IBD clients/deals.

Applied Equity Analysis - by James English, former JP Morgan managing director , now an adjunct professor of finance at the Columbia University School of Business. Some nice case studies and overview of analysis techniques.

Recommended readings for equity research /IM? ( Originally Posted: 08/11/2010 )

I know this technically belongs in the Asset Management forum, but nobody reads that forum, so i'm posting it here. I'm looking for good books/articles/anything else that will get me reasonably well acquainted with investment management and equity research.

I would appreciate help with this too.

Confessions of a Wall Street Analyst is a great read for ER specifically. It'll give you a little insight into what the industry was like back in the 90's and tech bubble.

Accounting books specifically geared towards ER ? ( Originally Posted: 11/26/2012 )

Anybody know of any good accounting books they have read that are directly applicable to Equity Research ?

Accounting for M&A, Equity, and Credit Analysts [Hardcover] James Morris (Author)

http://www.amazon.com/Accounting-M-Equity-Credit-Analysts/dp/0071429697

Financial Shenanigans - although I don't really know how much help it will be. It mainly covers quality of earnings and sketchy accounting issues.

Other than reading financial reports and news, how else do ER analysts research? ( Originally Posted: 07/13/2012 )

What are some unique independent research methods used by ER analysts in order to have an edge?

you can see their models in this book titled equity valuation on Amazon

Read: http://www.amazon.com/Best-Practices-Equity-Research-Analysts/dp/007173…

1) Company contacts (non-management: guys in sales, R&D, procurement) 2) Industry experts (research institutions, academics, suppliers/distributors) 3) On the ground research (ie: visiting a retail location if you are a consumer analyst) 4) Competitors of the company your cover (ie: Dell , HP, Lenovo, etc.) and piecing together the story. 5) Competitors at other banks (ie: reading other analysts reports)

Financial reports are usually the last method of research and it's just a validation/check - a good analyst should have enough contacts that he/she knows what the company should be reporting, or expected to report.

Granted they are not right 100% of the time as companies do surprise on the upside or downside, but financial reports are backwards looking and everyone has access to that info, so there is no value add in that to clients.

===============

I'm also working on a project to give people insight into the sell-side, would love to have your input in a short 20-s survey:

http://www.surveymonkey.com/s/F8SBV9K

ER Books - Banks ( Originally Posted: 08/23/2012 )

What are the best books out there for analyzing banks?

There's a whole bunch on Amazon :

The Bank Analyst's Handbook: Money, Risk and Conjuring Tricks Bank Valuation and Value -Based Management: Deposit and Loan Pricing, Performance Evaluation, and Risk Management Banking and Financial Institutions: A Guide for Directors, Investors, and Borrowers

among many others. Anyone have comments on any of the above or can chime in with recommendations of other books on the topic they found particularly useful (preferably on a fairly introductory level emphasizing bank accounting)? Thanks.

I have read the Bank Analyst's Handbook...don't buy it. 90% of the book is explaining how banks work, and a lot of the regulatory information is outdated post-2008. Also, a Google search may or may not turn up a free PDF of the book...

I would try to get in touch with any contacts you have in a FIG coverage group, or in Banking ER . They often make industry primers for new analysts.

The Bank Valuation and Value-Based Management book is decent. I would say half the book is useful in reference to valuation stuff. The other half is risk management and that is not all that useful.

Banks & Insurance ER books ( Originally Posted: 06/24/2017 )

I am a credit portfolio manager on subordinated financial debt (AT1, T1, T2 etc.). I am wondering if there are any good books on financials' (banks and/or insurance) equity research.

For you guys on ER what would you recomand to read to beef up my analyst skills ? Also, any training that are worth spending the corp' money ?

Banks: http://csinvesting.org/wp-content/uploads/2012/07/analyzing_and_investi…

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Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.

To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.

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