Module Two
Building a Solid Investment Thesis
Summary
This course focuses on developing a structured and persuasive investment recommendation.
It is built around our core framework — the Investment Case Summary template.
Learning is reinforced through case studies, hands-on application exercises, and project reviews.
Target Audience
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Early-career buy-side or sell-side equity research analysts with 0-3 years of experience.
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This module can be tailored to Equity Sales and Traders at investment banks.
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Professionals in Sales and Operations at asset management firms have also found this course useful in helping to understand their analysts' thought processes.
Certificate
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Each participant receives the Denny Ellison certificate.
Course Format
Duration
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Minimum of 4 hours
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10 hours if delivered in greater depth
Delivery
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Video conferencing (Zoom, Webex)
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In person at our clients' offices
Region
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We are based in London, UK
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The module can be delivered globally
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We have delivered this course to professionals in the USA, France, Hong Kong and India
Class Size
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Typical class size is 10 participants (min of 3)
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For individual mentoring, please contact us directly
Training Mandate
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The program is typically offered to in-house research analysts as part of:
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Learning & Development schemes
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Graduate Training Programs, or
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Research Management initiatives.
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Customisation
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We tailor each session to be relevant, practical, and aligned with your investment research approach and learning & development goals.
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For each delivery, we will determine together the optimal format, including:
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The duration
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The relevant sections
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The depth of subjects
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The level of interaction with participants
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The delivery style (coaching or teaching)
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The amount of assessment and feedback to management
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Expected Results
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Participants can expect to gain a deeper understanding of:
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The different investment strategies in asset management
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Building a solid investment case on the sell side
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Building a compelling investment recommendation on the buy side
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How to deal with biases in investment decision making
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Syllabus
Section 1
Investment Strategies
What are the different investment strategies?
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Growth investing
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Value investing
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Income and dividend investing
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Sector and thematic funds
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Market neutral / Hedge funds
Section 3
Buy-Side Case
How to build an investment case as a buy-side equity research analyst
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Industry trends and company positioning
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Financial analysis and valuation
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Company strategy and capital allocation
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Management, governance and ownership
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Risks
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Catalysts
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Where are you vs. consensus?
Section 2
Sell-Side Case
How to build an investment case as a sell-side equity research analyst
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What are the company's key earnings drivers?
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What is the market missing on company earnings?
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Where should the shares be trading?
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Is the timing right for the recommendation?
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What are the risks to the investment case?
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Positioning your story and select top picks
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How to assess company management?
Section 4
Behavioral Finance
How to deal with biases in investment decision making
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Key biases
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Tools to avoid biases
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What makes a superforecaster?
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Probability thinking
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Bayesian theorem
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Applying key forecasting tools to stock calls
Specialist Instructors
Usha Back. Usha worked at Capital Group for several years as an investment analyst responsible for covering the European Biotech, mid-cap Pharma and Real Estate sectors. She holds a PhD in pharmaceutical excipients from the University of London, School of Pharmacy. Usha also conducted the investment management programmes at London Business School.
"A detailed assessment of the risks is an inherent part of any investment recommendation. Don't just list them. Assess the magnitude and probability of each of them."
Dr. Zafar Khan. Zafar has nearly 40 years of experience in equity research, including over 20 years at sell-side broker Societe Generale, where he was the Head of European Capital Goods and Head of Research. After becoming MD he developed the global Aerospace & Defence franchise. He has a PhD in computational Fluid Dynamics and an MBA from Bayes Business School.
"Building an investment case is a combination of art and science. Understanding the market forces behind a company's share price is half of the job."
Guy Norman. Guy has nearly 10 years of experience in buy-side equity research covering a broad range of industries including Tech, Resources and Financials, He worked at Standard Life and Border to Coast Pensions. He started his career at Accenture in London covering UK Telecoms. He holds a Bachelor of Arts in Philosophy from the University of Cambridge.
"Every investment firm is unique. Research analysts must fully grasp their firm's strategy, investment horizon and risk appetite before pitching ideas to their PMs."
Eveline Varin. Eveline worked at Morgan Stanley as a sell-side equity research analyst in the Consumer sector for many years. Before that she worked at Dresdner Kleinwort Wasserstein in the general Retail sector. Eveline holds a master’s degree in international management from ESCP-EAP and conducted her classes prépartoires at Lycée privé Ste Genevieve.
"The essence of the role of a sell-side analyst is to identify what the market is missing on a stock and provide value-added analysis to bridge those gaps."
