鑽石舞台

新一屆的新財富榜單在上周揭曉了。有朋友問我，除了拉票外，如何才可以成為一名優秀的賣方分析師呢？我覺得這位Bernstein的半導體資深分析師(Stacy Rasgon)寫得不錯，在這裡分享給大家。

This is first and foremost a client service job. Everything you do should tie back to this. Everyone on the team, from the senior analyst to the junior associate, should work at buidling client relationships.

賣方研究最重要的性質是客戶服務工作，你所有的工作都要圍繞這個核心。這個組從初級分析員到資深分析師都應該建立和維護好客戶關係。

Always strive to do good work. But If your clients don’t like you, they will not vote for you no matter how good your work is.

永遠追求好的工作質量。但如果你的客戶不喜歡你，無論你的工作做得有多好，他們都不會投票給你(佣金派點和行業選舉)。

It is especially fun after you get to know your clients. You have to really enjoy this from your heart, it is tough to fake if youdon’t. To that end if you don’t like interacting with clients, your clients will know, and it will show. So make sure you like this part of the job. If you don’t like people and cannot succeed in building relationships you will fail on the sell side, no matter how good your stock picks are.

當你了解你的客戶後，工作會變得有趣。你必須從心底里喜歡和客戶交流，因為你很難長時間地去假裝。如果你不喜歡，那麼你的客戶始終會察覺。所以，你必須明白這部分工作性質，如果你不善於和客戶打交道，那麼你的選股建議更好也沒用。

Answer every email, return every phone call, do everyfavor. Feel GOOD when the phone rings. It means someone is taking time out oftheir busy day to call you. Respect that.

回復每個郵件和電話。電話鈴聲響起的時候應該感到高興，因為有人正從他們忙碌的時間表裡面抽出時間來打電話給你。

Don’t ever forget that your clients』 job is (MUCH) harder than yours. They have to be right. You only have to be interesting. So be interesting! Have provocative ideas. Remember that your clients get a hundred VMs and a thousand emails every day from the sell side. Give them areason to look at yours. When newsbreaks, your clients have time to make 3 calls. Make sure one of them is you.

不要忘記你的客戶的工作比你的難度高很多。他們必須要做對的決定，而你只需要有趣。所以，做一個有趣的人，提出能引起互動的idea。你的客戶每天有成百上千的電話留言和郵件，給他們一個理由來留意到你的。當有新聞發生的時候，客戶有時間打三個電話，你要讓自己是那三個分析師之一。

Be memorable. Have a personality. Wear suspenders or abow tie. Grow a beard. Let yourpersonality come across in your writing. Develop a voice.

做到有性格和令人留下印象。例如戴蝴蝶結領帶或者留鬍子。讓你的性格貫穿你的寫作。

這個就是留了鬍子的Stacy

While your clients』 job is harder than yours, they suffer in secret. Your pain (and there will be much pain over a career) is public, sometimes VERY public. You will need to develop a thick skin。

雖然你的客戶的工作比你的難，但是他們可以在暗處舔傷口。而你的痛楚是公開的，有的時候甚至是非常公開(指的是在手撕報告，在earning call上被公司管理層羞辱之類的)，所以要學會有厚臉皮。

Earnings call Q&A isthe most underutilized tool in a sell-sider’s toolkit. I am continually amazed at how few analysts get this point.

公司季報電話會的問答環節是賣方分析師用得最少的自我展現工具。幾千個(潛在)客戶在聽你表演。我奇怪為什麼很少分析師做到這一點。

Most of your best ideas for pieces will come from client conversations. If you get the same question from 3 clients, you should probably write a note about it.

大部分你最好的主意來自於和客戶的溝通。如果你在和三個客戶的交流中被問到同樣的問題，那麼你最好寫一個報告。

Learn how to tell a story. People don’t want to read your research, they want you to tell them a story.

學會如何講故事。人們不是想讀你的報告，而是想你告訴他們一個故事。

Make sure your sales force knows your call. My biggest issues up front mostly stemmed from the fact that my salesforce had no idea what I was talking about. Sales should be your first client. They are your amplifier. On a good day you can make 20 calls on your own. But everysalesperson can also make 20 calls. Make sure one of them is yours.

確保你的銷售團隊聽懂你的意見。我遇到最大的問題是我的銷售團隊對我說的一無所知。銷售是你的第一個客戶，他們是你的傳聲筒。你可能一天能給客戶打20個電話，但每個銷售也可以打20個。確保銷售在他們的電話中提到你。

Spoonfeed the story to sales. Make sure they know what you want them to say. Otherwise they will decide what to say on their own, or worse yet, decide to make someone esle's call instead.

把你要講的準備好送到銷售的嘴邊，確保他們知道你需要他們說什麼。否則銷售會決定講他們自己的，或者更差的他們會講別人的故事。

「Streetestimates」 and 「consensus」 are NOT the same thing. Part of your job as asell side analyst is to figure out what 「consensus」 actually is.

「賣方一致預期」和「一致預期」是兩回事。賣方研究員要搞清楚真正的「一致預期」是什麼。(所以也有買方一致預期之說，那要靠銷售總結)

No one actually knows why the stock is underperforming.But clients will still ask. And you had better have an answer。

沒有人確實知道為什麼某隻股票最近表現不好，但是客戶還是會問，你要準備好給他們答案。

It feels dangerous to stick your neck out. No one doesit enough (myself included).

But my first big call was a negative, counter-consensus,differentiated negative call on the biggest company in my coverage. It eventually blew up. But it also got me ranked.

So don’t be afraid to stick your neck out if you haveconviction. It may go wrong of course (there are no certainties here). But clients will still appreciate it if it is grounded in facts, and differentiated. And it might go right. Those are the calls that can make acareer.

把你的脖子伸出去(指做出不同於一致預期的觀點/報告)的感覺令人害怕，所以沒有人(包括我自己)能做足夠的類似的決定。但是，我第一個big call就是對我覆蓋行業裡面最大的一家公司出了一個負面的，不同於一致預期的報告。結果公司股價起飛了，但同時我也因為這個報告得到了好評。

所以，如果你有信心，不要害怕把脖子伸出去。雖然你的call可能錯，但是客戶會欣賞你，如果你的call是有理有據的話。當然也可能是正確的call，那麼它會成就你的事業。

If a call goes against you, don’t hide from it. Use it.Controversy is your friend on the sell side, it gives you a reason to talk to clients! At the same time, own your mistakes. Admit when you are wrong. It’s easier to own a controversy with an active rating. This is the primary reason clients value therating/target price. They don't care about your buy/hold/sell rating. But they do care how much conviction you have in the controversy.

如果你的call錯了，不要逃避，而是要利用它。爭議是賣方分析師的朋友，它給你一個理由和客戶打電話。同時，如果你錯了，就要承認錯誤。客戶不在乎你的買賣建議和目標價，他們在乎的是你在爭議中有多大的信心。

再往下的是stacy寫的但我沒有翻譯的部分。年末了，分析員在這裡預祝各位讀者在2022年有新的美好一年！同時，如果您想在新的一年更好地裝備自己迎接更為複雜的挑戰，加入我的知識星球是您的不二之選。詳細的介紹在文末。

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Good company does not necessarily equal good stock. Badcompany does not necessarily equal bad stock. NEVER FORGET THIS.

Not everyone will like you.

Talk with management teams but don’t trust them, and forGod's sake don’t base a call on 「The CEO told me X.」 You will be led astray if you aren’t careful. Don’t let managementteams get away with anything. Dig. If they say something, follow up on the line of questioning. Don’t let management teams get away with anything, especially on an earnings call.

When doing channel checks know where they are comingfrom. Otherwise you will find that they’re wrong half the time, and you won’tknow which half.

Make your models complex enough to do the job, butsimple enough to update at 2am on an earnings night (I have broken this commandment to my everlasting detriment)

This is a competitive career. There are 40 other peopleout there trying to do the same thing as you. You have to do it better thanthem, and thrill to that fact.

At the same time, creative repetition is your friend.The job gets easier over time as you build a library of material that can be updated, recycled, and respun in new ways.

But don't just report the news. Anything you put out should have some thing incremental to it. Some insight, some tidbit, something.

It sounds trite, but it's true. Own the biggest controversies on the biggest names in your space.

Be prepared for anything to happen on any given day.Flexibility is a must. Be willing to toss your agenda out the window if needed.When key news breaks be first.

Don’t kill your team when it’s not necessary. Don’t have them work late or on weekends regularly. This way when you ask them to (and it will happen) they will know its necessary rather than arbitrary.

If you are the senior, you should be the last one toleave on earnings. Don’t be the asshole who leaves the team to finish up while you go to sleep.

When writing a piece or doing analysis, always ask yourself 「what’s the 『so-what』?」 What does it mean for your stock, or yourindustry, or whatever. Why should people care? So What?

The worst meetings are when everyone agrees (there's noreason to talk!) Have an opinion, and be willing and able to defend it.

Let the data drive the story, not the other way around.

Be careful with your numbers. Do not tolerate careless errors, clients will find them and it will detract from your message. I meanthis. My pet peeve is careless errors. I tell my team that I can forgive PROFOUND errors. But careless errors have no excuse.

Know every number.

Everyone adds value in a different way. Find out what works best for you. Differentiate from the pack, however you can. Don't spendtime on stuff where you can't differentiate.

Have good pattern recognition.

Don’t be afraid to be the bear. My favorite calls areusually the negative ones, and they get more attention too.

The buck stops with you. It's your name on the top ofthe report. It's your face on TV, your name in the WSJ. If you screw up it'syour fault. If your team screws up, it's your fault.

Your associates will get good. And then they may leave.

Carve out opportunities for your associates to grow.Make sure they have their own client call lists. Make sure the salesforce knowswho they are.

One day your role might be analyst. On another day your role might be therapist.Sometimes clients just want to talk.

For god's sake, don't ignore a client all year long andthen have the balls to beg for an II vote. It just makes you look pitiful. Infact I will go further - don't ask for II votes. Clients know who has been helpful and who hasn't, and generally know who they are going to vote for. In other words, clients know who deserves a vote without you asking for it.

(I know this one is potentially controversial, most ofthe sell side has a long and illustrious history of begging for II votes inJune...)

Don't get emotionally involved. My biggest mistakes andmissed calls have been in situations where my emotions prevented me from seeingwhat was in front of my nose.This is not easy. I've been doing this job for more than a dozen years and I still struggle with it.

Some days I am not sure if I work in the financial services industry or in the entertainment industry. I think there are elementsof both in a successful sell-side career.

Love your industry, be continually amazed by it. You will be living and breathing it, day in and day out. It will fill yourthoughts. It will fill your dreams. If you don't like your industry this jobwill make you miserable. (For the record, I LOVE semiconductors) 😍

While you do need an ego to do this job, don’t startbelieving your own bullshit.

Learn how to sleep on a planeIf at all possible, finish the note before the dinner starts. Drunk analysis isoften not the best analysis. (If you have the capacity to ignore this rule,more power to you. I do not!)

You will have clients who know your sector and stocksfar better than you do. Treasure these clients. You will also have clients whoknow nothing about your sector. Treasure them as well. Give them extraattention.If you win over clients when they start the relationship can span an entirecareer. I have big PM clients today who I』ve known since they were jr analysts.

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分析員現在開通了知識星球，大部分時間都會花在那裡，目前做到了工作日更。如果您希望可以從專業的角度了解海外和中國市場投資，您可以通過以下鏈接了解我可以提供什麼樣的社區，歡迎掃碼加入。

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