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Investment Ideas Club Kick-Off Meeting. Objective / Format. Objective: Provide a low risk environment to help participants improve their pitching skills Developing an investment pitch is the best ways to prepare for investment management interviews Format:

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objective format
Objective / Format
  • Objective: Provide a low risk environment to help participants improve their pitching skills
    • Developing an investment pitch is the best ways to prepare for investment management interviews
  • Format:
    • 6 meetings over the year (Fall: 09/21, 10/12, 11/16)
    • First meeting open to all interested, submission of a write-up required for all subsequent meetings
    • 2-4 judges, 10-25 students pitching
what is a stock pitch
What is a stock pitch?
  • Buy or sell recommendation on a bond or a stock
  • In the context of the IIC, recommendation supported by:
    • 2-page write-up (plus up to 1p of exhibits)
    • 2 ½ min oral presentation, followed by 2-5min Q&A
  • Objective is to demonstrate that you have the skills required to be a successful analyst (not to find the next 10-bagger)
    • A good stock pitch requires rigorous research to support the investment thesis; this cannot be emphasized enough
tips for finding compelling pitch ideas
Tips for finding compelling pitch ideas
  • Look for ideas that have a “hook”:
    • Differentiated investment thesis
    • Special situations (spin-offs, restructuring, etc.)
    • Off-the-radar companies
  • Looks for ideas that are interesting to your audience:
    • More than $1bn market cap, sufficient trading volume
    • Preferably North American companies
  • Work within your circle of competence
    • New to Investing? Research a company in your old industry!
written pitch 2 pages
Written Pitch – 2 Pages
  • Heading
    • Your name and email address
    • Name of the company
    • Long or short
    • Share price and price target
    • Summary of the capital structure
    • Key trading statistics and valuation
    • Summary financials
    • Price graph
written pitch 2 pages cont d
Written Pitch – 2 Pages (cont’d)
  • Business description
    • Be concise, pick businesses that are straightforward to understand
  • Investment thesis
    • 1-3 areas of difference between your view and the market view
    • Your differentiated view on the company, not the sell-side view
    • Conclusions supported by facts, not a book report
  • Catalysts (especially necessary on the short side)
  • Risks
    • Most likely reason why you would be wrong + quantify
oral pitch structure
Oral Pitch – Structure
  • Clear recommendation upfront (1 sentence)
    • Include company name, current price, market cap
  • Short business background if necessary (2-3 sentences)
  • Investment thesis
    • 1-2 key differentiating factors
    • Valuation
  • Catalysts (preferably)
  • Risks (preferably)
oral pitch format
Oral Pitch – Format
  • Stick to time available: 2min – 2½min max
    • Favor simplicity over complexity
  • Go to your thesis quickly
  • Balance conviction with humility
  • Know what you don’t know
    • Don’t know the answer to something? Explain how you would think through finding the solution. Don’t guess!
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