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Sell Side Buy Side Learning to Speak Investment Management Joan Williams March 6, 2002 Sell Side Buy Side Learning to Speak Investment Management Joan Williams March 6, 2002 Up Side Down Side

Sell Side PART ONE Buy Side Sell Side PART ONE Buy Side

Industry Organization Sell Side analyst Buy Side analyst Industry Organization Sell Side analyst Buy Side analyst

Industry Organization Sell Side Company Industry Buy Side Sell Side analyst Economy = Recommendations Industry Organization Sell Side Company Industry Buy Side Sell Side analyst Economy = Recommendations & Analysis Company Technical = Analysis & Investment Decision

The World of the Sell-Side Analyst The World of the Sell-Side Analyst

Sell Side: Major Players • Investment Banks – CSFB, Morgan Stanley, Merril Lynch, JP Sell Side: Major Players • Investment Banks – CSFB, Morgan Stanley, Merril Lynch, JP Morgan, Bank of America, Deutsche Banc, Bear Stearns, CIBC – Company and Industry Reports • Regional / Industry – Ex. – Simmons in Energy

Sell Side: Goals • Produce and sell research • “Call It” • Reputation / Sell Side: Goals • Produce and sell research • “Call It” • Reputation / Credibility – Go-to analyst – Expert status / air-time • Funny Titles

Sell Side: Research • Interfacing with Company Management – Conference Calls – Company – Sell Side: Research • Interfacing with Company Management – Conference Calls – Company – Conferences (ex. - Extreme Networks) – – Robertson Stephens Technology Conference -- San Francisco, CA Wednesday, February 27, 2002 Time: 3: 00 p. m. PT (6: 00 p. m. ET) Presenter: Gordon Stitt, Chief Executive Officer Merrill Lynch Global Communications Conference -- New York, NY Wednesday, March 13, 2002 Time: 12: 00 p. m. PT (3: 00 p. m. ET) Presenter: Gordon Stitt, Chief Executive Officer • Economic and Industry Data • Credit Ratings

Sell Side: Reports • Company / Industry (Sector, Sub. Sector, Commodity)/ Economy / Theory Sell Side: Reports • Company / Industry (Sector, Sub. Sector, Commodity)/ Economy / Theory • Report team • Earnings models • Supporting analysis • Expectations – EPS and CFPS (First Call / consensus) • Investment Recommendation

Sell Side: Clients • Internal and External Buy Side – Investment Management • Intermediaries Sell Side: Clients • Internal and External Buy Side – Investment Management • Intermediaries – Investment banking analysts • Chinese wall / conflict of interest • Bias – “Buy doesn’t mean buy” – Dropping coverage

The World of the Buy-Side Analyst The World of the Buy-Side Analyst

Buy Side: Major Players • Investment banks – Institutional and Private Wealth • Mutual Buy Side: Major Players • Investment banks – Institutional and Private Wealth • Mutual Funds • Portfolio Managers – Institutional and Private Wealth

Buy-side: Sell-side relationships • Buy-side pays for sell-side relationship • Go-to people – Often Buy-side: Sell-side relationships • Buy-side pays for sell-side relationship • Go-to people – Often share models or background information • Daily conference calls • Road shows (usually following report) • Often internal (I-banks)

Buy-Side: Research • Build own earnings models • Utilize Conference Calls – Daily sell-side Buy-Side: Research • Build own earnings models • Utilize Conference Calls – Daily sell-side calls – Company earnings • Company guidance – Conf. Calls and Road Shows • Real-time market trends • Technical analysis (shhhh…. )

Buy Side: Flow of information • Flow up to PM’s and Fund Managers – Buy Side: Flow of information • Flow up to PM’s and Fund Managers – Sometimes same people • Assigned to S&P sector and strategy group • Internal meetings and reports

Buy Side: Brokers and traders • Access and timing • Two-way information flow Buy Side: Brokers and traders • Access and timing • Two-way information flow

Buy Side: Performance Measures • Fund & Portfolio marketing results • Benchmarking Buy Side: Performance Measures • Fund & Portfolio marketing results • Benchmarking

Up Side PART TWO Down Side Up Side PART TWO Down Side