ANALYST Academy
A FLEXIBLE ASYNCHRONOUS ACADEMY EQUIPPING YOU WITH THE FRAMEWORKS, TOOLS, & TRAINING TO FAST TRACK YOUR BUY-SIDE CAREER ON YOUR SCHEDULE
Do ANY OF thESE sound familiar?
You’re not alone. This is how it’s always been – but it doesn’t have to be. The Fundamental Edge Academy is here to help.
We are a buy-side analyst training firm, condensing years of “learning by osmosis” into a buy-side analyst masterclass.
Academy IncludeS
12 pre-recorded video modules covering the core Fundamental Edge Analyst Academy curriculum
Slide presentations and additional materials (such as Excel model samples) available for download
Live sessions for questions and additional discussion
Pre-recorded guest speaker content from specialized industry experts
Access to all recordings for one year for maximum flexibility
LIVE SESSIONS
Live kick-off and wrap-up (Dated TBD) sessions
Access to three Q&A “office hours” sessions for interactivity, student questions, and additional discussion
Office hours dates/times: TBD
All times and dates are subject to change.
THE CURRICULUM
Foundational Tools:
Modules 1-4
Analyst Toolkit Deep-Dives: the 12 core modules that teach the skills a buy-side analyst will need when PM asks, “hey go look at XYZ stock and let me know what you think”
1) PREPARATION & PROCESS (LIVE CLASS)
Welcome to Academy!
The Fundamental Edge backstory
A buy-side primer
“Quarter in the life” of a hedge fund analyst
The eight abilities you will need on the buy-side
A recipe for success: process & judgment
The criticality of compliance & the “WSJ test”
Resources & tools for the research process
Six habits of the exceptional buy-side analyst
Ten things that move stocks
2) ANALYZE A BUSINESS
Creating your reading stack
A structured deep dive roadmap
The underpinnings of FCF generation
The Fundamental Edge pizza shop
A good business, bad business framework
Unit economics & incremental margins
Tying value drivers to the stock price: AMZN example
Your first 12 hours on a stock
Quick dive follow-along: NFLX example
Roadmap to analyze an industry
3) BUY-SIDE FINANCIAL MODELING
The six reasons buy-side analysts build models
A step-by-step raw build: TSLA walk-through
Common modeling challenges
Bells & whistles: incr margin, 2-year stack & more
Understanding consensus & estimate revisions
Seven hacks for identifying variance vs. street
Mental frameworks for better forecasting
The three statements for stock pickers
What your PM is looking for in your model
The model & stock selection: NVST case
4) KEY DRIVER “KD” DIFFERENTIATION
The critical pivot: from deep dive to key drivers
Why most stocks can be distilled to three drivers
Market embedded KDs & the reverse DCF: NFLX case
KPI to stock price correlation: what matters
Key drivers, EPS sensitivities & variance
Mapping the food chain to ask the right questions
Channel checks, surveys & expert networks
Alternative data overview
The secular view & value compounders
The power of a differential view on terminal value
Intermediate Tools:
Modules 5-8
Analyst Toolkit Deep-Dives: the 12 core modules that teach the skills a buy-side analyst will need when PM asks, “hey go look at XYZ stock and let me know what you think”
5) VALUATION & RISK/REWARD
Valuation: academia vs. the real world
The Core Formula: P/E x EPS = Price
The eight most common valuation tools
Beyond P/E: EV/rev, EV/EBITDA & FCF yield
Valuation with normalized earnings
Constructing a 30-year reverse DCF
Return disaggregation to P/E & EPS
The algorithm & why it matters
Valuation sets the bar: META case study
6) SHORT SELLING
Short selling 101
Squeezes, take outs & pumps, oh my!
The cyclicality & criticality of short alpha
Risk management on the short side
Idea generation on the short side
Anatomy of a melting ice-cube
Secular vs. cyclical & “peak on peak” set-ups
Risk/reward on the short side
Short selling case studies
A PMs approach to a diversified short book
7) EARNINGS SEASON
Why you shouldn’t get married in earnings season
The two drivers of big earnings movers
A structured earnings preparation process
Divining the buy-side whisper
The importance of positioning & set-ups
Six model checks into earnings
Creating an earnings print risk/reward
Where’s the alpha? Understanding the run-up
Read throughs & the adaptive bar
Earnings season case studies
8) ASSESSING MANAGEMENT
Why management matters (and when it doesn’t)
A framework to evaluate management
Doing a deep dive on a management team
The obsession with corporate access
A structured management meeting process
The role of investor relations
Navigating an investor conference
Analyzing stock-based compensation
Five options for deployment of cash
Analyzing stock buy-backs
Advanced Tools:
Modules 9-12
This week we’ve assembled leading experts that span across the industry to give you insight and access to some of the brightest and innovative minds on Wall St. and beyond.
9) IDEA GENERATION
Why stocks get mispriced
Articulating “why an opportunity exists”
Honing your idea filter with pattern recognition
The two C’s: change & chaos
The FEV approach to idea generation
“Multiple ways to win”, “paid to wait” and more
Risk/reward and the power of asymmetry
“Secular vs. cyclical” in idea generation
Generalist ideation with a thematic approach
Inflections & pair trades with a coverage approach
10) THESIS DEVELOPMENT & COMMUNICATION
Is there something here: convincing yourself
Not yet: IRR, catalyst path & the shopping list
A risk-first mindset to thesis development
Six tips for communicating with your PM
Uh oh: reporting bad news to your PM
Frameworks for morning, weekly & monthly notes
Pitch like a pro: 30-second, 5-minute, 30-minute
Numbers plus narrative: the art of the stock pitch
A structured 15-page presentation pitch
The skeptic: throwing dirt on a pitch
11) IDEA MAINTENANCE & THE CATALYST PATH
A roadmap for getting in the flow on a name
Developing an ongoing research plan
A structured catalyst assessment process
PSUC (probability of success) catalyst framework
Isolating the “steep part of the return curve”
When the facts change: adaptive R/R mindset
A tactical risk/reward framework
Identifying a stock’s PMR (point of max risk)
Time management & your “three golden processes”
Anatomy of thesis creep
12) BRINGING IT ALL TOGETHER
Review: the eight abilities you will need
Review: ten things that move stocks
Review: core Fundamental Edge frameworks
Review: develop a R/R & IRR
“Know thyself”: finding your game in markets
Becoming a full-stack analyst
Sharpen the saw: optimizing analyst performance
Introduction to portfolio management
An overview of risk & factor models
Capstone case studies
ANALYST ACADEMY IS DESIGNED FOR
New Buy-Side Analysts:
Analysts with 0-2 years learning the ropes and need help ramping
Sell-Side Juniors:
Looking for the buy-side approach to better serve their buy-side clients
Experienced Buy-Side Analysts:
Looking for a refresher, or analysts struggling to meet demands of the seat
Buy-Side Interns:
Current interns or interns who are returning full time who want to use the gap to prepare
High Potential Career Switchers:
The “Google Engineer” who wants to break into the buy-side
High Potential Undergrads or MBAs:
Looking to develop a skillset that will differentiate in interviews
What is the Academy NOT for?
Academy is not designed for teach grads to “make money in stocks” (we believe this takes years of experience & mentoring to do well)
TESTIMONIALS
“If I had the academy when I entered the industry, I'd be two years ahead of where I am today. Any analyst I hire will go through the academy.”
— Dominick, NYC
“If you've always felt like you put in the work but have never quite 'gotten it' -- this is the place where you can break through that wall.”
— Brian H, NYC