Pitch the Perfect InvestmentThe Essential Guide to Winning on Wall Street
Learn the overlooked skill that is essential to Wall Street success Pitch the Perfect Investment combines investment analysis with persuasion and sales to teach you the "soft skill" so crucial to success in the financial markets. Written by the leading authorities in investment pitching, this book shows you how to develop and exploit the essential, career-advancing skill of pitching value-creating ideas to win over clients and investors. You'll gain world-class insight into search strategy, data collection and research, securities analysis, and risk assessment and management to help you uncover the perfect opportunity; you'll then strengthen your critical thinking skills and draw on psychology, argumentation, and informal logic to craft the perfect pitch to showcase your perfect idea. The ability to effectively pitch an investment is essential to securing a job on Wall Street, where it immediately becomes a fundamental part of day-to-day business. This book gives you in-depth training along with access to complete online ancillaries and case studies so you can master the little skill that makes a big difference. It doesn't matter how great your investment ideas are if you can't convince anyone to actually invest. Ideas must come to fruition to be truly great, and this book gives you the tools and understanding you need to get it done. Persuade potential investors, clients, executives, and employers Source, analyze, value, and pitch your ideas for stocks and acquisitions Get hired, make money, expand your company, and win business Craft the perfect investment into the perfect pitch Money managers, analysts, bankers, executives, salespeople, students, and individual investors alike stand to gain massively by employing the techniques discussed here. If you're serious about success and ready to start moving up, Pitch the Perfect Investment shows you how to make it happen.
CONTENTS Preface Introduction Part I: The Perfect Investment: How to… Chapter 1: ...Value an Asset Chapter 2: … Value a Business Chapter 3: …Think about Competitive Advantage and Valuing Growth Chapter 4: …Value a Security Chapter 5: …Think about Market Efficiency Chapter 6: …Think about the Wisdom of Crowds Chapter 7: …Think about Behavioral Finance Chapter 8: …Add Value through Research Chapter 9: …Assess Risk Part II: The Perfect Pitch: How to… Chapter 10: …Select a Security Chapter 11: …Organize the Content Chapter 12: …Deliver the Message Afterword Acknowledgments About the Authors Index
PAUL D. SONKIN is an analyst and portfolio manager at Gabelli Funds and previously spent 14 years at the helm of The Hummingbird Value Fund. For 16 years he was an adjunct professor at Columbia Business School and is coauthor of Value Investing: From Graham to Buffett and Beyond. PAUL JOHNSON runs Nicusa Investment Advisors and is an Adjunct Professor at Columbia Business School and the Gabelli School of Business at Fordham University. He is a contributing annotator to The Most Important Thing Illuminated (by Howard Marks), co-author of The Gorilla Game, and a contributing author to Columbia Business School: A Century of Ideas.
Investors who succeed on Wall Street spend their careers analyzing companies, and honing and refining their investment strategies. But they had to start somewhere. Training for research analysts is basically nonexistent on Wall Street resulting in a "baptism by fire" that forces the new analyst to develop expertise on their own through an agonizing process of trial and error. To overcome this deficiency, Sonkin and Johnson have written the ultimate "survival" guide for someone embarking on a career as an investment professional. Arnie Ursaner, a sell side veteran, who retired after 43-years on Wall Street said, "I wish I had this book when I started in the business. I remember my early days being characterized by a lot of hits and misses. This book provides valuable shortcuts to experience more hits and fewer misses." The single most important element in survival is having knowledge, as knowledge dispels fear, and on Wall Street, fortune favors the prepared mind. Pitch the Perfect Investment accelerates the learning process, giving the college or MBA student the edge they need to succeed, whether they are pitching a stock idea in a job interview, in a stock pitch competition, or for a student-run investment fund. Echoing this sentiment, Aswath Damodaran, a prolific author of over 20 books on valuation and award-winning professor at New York University, said, "...this is a book that most of my students would have loved to have had before their first interview and job." Sonkin and Johnson also seek to push the open-minded, seasoned investment professional out of their comfort zone and challenge them to think about familiar concepts differently. In an industry where even the most successful veterans must worry about younger managers snapping at their heels, Pitch the Perfect Investment equips the Chief Investment Officer or Director of Research with new tools, enabling them to tighten their analytical process and significantly improve communication and efficiency throughout their organization. As noted by Geoffrey Moore, author of several highly-acclaimed strategy books in the technology industry, "Much heartache will be avoided and faster decisions will be reached by any organization that adopts Sonkin and Johnson's recommendations." Nicholas Galluccio, CEO of Teton Advisors, added, "In this era of hyper-competition on Wall Street, active portfolio management is under attack by ETFs and passive investment vehicles. In this new environment, beating the market is even more essential to the active portfolio manager and even the smallest edge can make the difference between success and failure. Pitch the Perfect Investment will give the professional investor that edge." No other single resource will provide students, money managers, analysts, bankers, executives, salespeople, and individual investors with a faster way to improve their performance. Pitch the Perfect Investment is the essential guide to winning on Wall Street. www.pitchtheperfectinvestment.com
Respect and fear the old men… …in a profession where men die young "Pitching stocks is a dark art. What begins with meticulous research, cold and rational analysis, and clear judgment, must then become seduction. Sonkin and Johnson explain this alchemy in wonderful detail. They've structured their book around an unappreciated key to success in finance: Nothing is as important to landing your first job, and then thriving there, as pitching the perfect investment." —Jeff Gramm, Portfolio Manager, Bandera Partners, and author of Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism "It is rare that you get a book on finance that is fun to read, immensely informative, and deeply insightful. Sonkin and Johnson have pulled off the trifecta in this book." —Aswath Damodaran, Professor of Finance, NYU Stern School of Business and author of Investment Valuation and Narrative and Numbers "My decades of experience have taught me that pitching is a vital skill one must master to succeed on Wall Street. Sonkin and Johnson's book gives someone new to the industry a significant head-start in obtaining this skill." —Regina Pitaro, Head of Institutional Marketing, GAMCO Asset Management, Inc. and author of Deals…Deals…and More Deals "Sonkin and Johnson's explanations of market efficiency, the wisdom of crowds, and security valuation set a benchmark for clarity and practicality." —Scott E. Page, Leonid Hurwicz Collegiate Professor Complex Systems, Political Science, and Economics, The University of Michigan, and author of The Difference and The Diversity Bonus "Pitch the Perfect Investment provides the toolkit to build conviction in your analysis and effectively articulate how it should be implemented. Sonkin and Johnson follow their own advice with concise and persuasive principles. Their guidance will neutralize the intimidation factor in pitching a portfolio manager and allow the analyst to shine." —Bruce Geller, Chief Investment Officer, Dalton, Greiner, Hartman, Maher & Co. LLC "Communicating investment research in a thoughtful manner is both art and science, which Sonkin and Johnson masterfully teach in Pitch the Perfect Investment." —John Mihaljevic, Managing Editor, The Manual of Ideas
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