Wall Street Prep – Buy-Side Financial Modeling

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Wall Street Prep – Buy-Side Financial Modeling download , Wall Street Prep – Buy-Side Financial Modeling review , Wall Street Prep – Buy-Side Financial Modeling free

Wall Street Prep – Buy-Side Financial Modeling

Buy-Side Financial Modeling

Led by Hedge Fund Veteran Brett Caughran (ex-Maverick, Citadel, DE Shaw, Schonfeld), this program begins where financial modeling training ends — with a deep-dive into how buy-side analysts build models to make key investment decisions.

Learn the “Buy-Side Mentality”

Taught by an Experienced Hedge Fund Professional
Led by a hedge fund veteran with experience at top buy-side firms, this course is a deep-dive into buy-side modeling that provides tools, frameworks and over a decade of industry experience for students to learn from.
Develop Buy-Side Modeling Intuition and Frameworks
Learn to build buy-side models, understand why the buy-side model is the backbone of investment decisions and how it differs from the sell-side and investment banking model.
Understand Buy-Side Modeling Applications
Learn the importance of tracking and incorporating company-specific key drivers into your models and how to set up your model to develop an actionable perspective on stock valuation.

What You Will Learn

Process Driven Investing
Understand the role of modeling as a tool for thesis development in the investing process. You’ll learn about:

• “Alpha load” and the quest for outperformance
• The model as the backbone of the investing process
• Stock selection frameworks
• The typical model use cases (i.e. “Is this a good or bad business”, “Will this stock beat or miss earnings?, etc.)

Analyzing a Business
Learn how buy-side Analysts go about the process of understanding a business in depth. You’ll learn:

• The good business / bad business framework
• The importance of key driver identification and build your model around what actually drives value
• Unit economics (i.e. “how does this business make money”)
• Cost structure analysis, and incremental margins

Buy-Side Valuation
Learn the factors that influence valuation, from growth, business momentum, business quality, capital deployment/structure, and terminal value stability.

• The dichotomy of the DCF and the messy reality of equity pricing
• The roles of multiples in buy-side investing
• The core formula for price target derivation
• Normalized earnings analysis

Buy-Side Model Construction
Learn what a PM wants to see from a buy-side model and how that differs from a sell-side model. Starting with a “scratch build” using TSLA, you’ll learn about:

• The upside of bespoke modeling
• The raw ingredients needed for your model
• Architecture to handle a torrent of earnings prints, news flow and market moves.

Buy-Side Forecasting Frameworks
Gain a general orientation to forecasting and learn key forecasting frameworks including:

• Growth stack forecasting, mix accelerator, comp waterfall, box replicator, ramp curve, creative lags, mid-Cycle, data correlations
• Revenue forecasting & sustaining growth
• Approaches to expense forecasting
• The role of company guidance and investor relations in your modeling process.

Buy-Side Thesis Development
Here, we will move from the model towards a thesis. You’ll learn:

• How buy-side analysts use the model to generate outputs that answer “what is the risk/reward”, “what is the upside / downside”?
• How the model can clarify thoughts on the FEV framework (fundamentals, expectations, and valuation
• What is baked in? What do we believe is true / what is the expectations gap?
• Evaluating a view on variance versus consensus

Who Should Take This Course?

• Aspiring Hedge Fund Analysts
• Upcoming Portfolio Managers
• Seasoned Asset Managers
• Sell-side to Buy-Side Career Switchers
• Public Equity Investors

Program Prerequisites
This course presumes knowledge of basic financial & valuation modeling, accounting, financial reporting and Excel. Students with limited experience in these areas can enroll in these prerequisite courses during checkout at special prerequisite pricing.

•  Prereq 1 Accounting Crash Course
•  Prereq 2 Excel Crash Course
•  Prereq 3 Analyzing Financial Reports
•  Prereq 4 Non-GAAP Reporting
•  Prereq 5 Basic Financial Modeling
•  Prereq 6 Valuation & DCF Modeling

Course TOC

Process Driven Investing
1. Buy-Side Modeling Course Welcome
2. Course Downloads
3. Ecology of the Buy-Side, Required Toolbox and Abilities
4. Modeling Course Agenda
5. Investment Process Steps
6. The Point of Fundamental Research and Search for Alpha
7. Life and Role of a Hedge Fund Analyst
8. Process Driven Investing and The Role of the Model
9. Modeling in Different Styles and Processes
10. Modeling Use Cases – 6 questions to focus on
11. Use Case 1 – Is this a good business?
12. Use Case 2 – Is this stock cheap or expensive?
13. Use Case 3 – What expectations are priced into the stock?
14. Use Case 4 – Will this company beat or miss earnings?
15. Use Case 5 – What metrics will drive the stock?
16. Use Case 6 – How much should the stock react?
17. What a PM Wants to See and FEV Framework
18. MIC Process – Market, Internal view, Catalyst for convergence
19. What’s Next
20. Process Driven Investing Review

Buy-Side Model Construction
21. Bespoke or Template
22. The Thinking Behind the Model and Learning to Model
23. Notes on Formatting, Construction and Shortcuts
24. Model Sections and Organization
25. Reading Stack – 10-K, 10-Q, 8-Ks, Transcripts, etc
26. Plate File
27. Raw Build, Steps 1-5 (TSLA example)
28. Analyzing a Business-Stock
29. Analysis Rows – Revenue
30. Analysis Rows – Expenses-Margins
31. Forecasting Architecture, Step
32. Balance Sheet
33. Cash Flow Statement
34. GAAP to Non-GAAP
35. Re-Segmenting
36. PM View
37. WGO Example – Model Basics
38. WGO Example – Revenue Build
39. WGO Example – Expenses and Profits
40. WGO Example – EPS Forecast
41. Wrap Up
42. Buy-Side Model Construction Review

Analyzing a Business
43. Five Key Questions for Fundamental Investors
44. Is This a Good Business?
45. How Does This Business Make Money – Unit Economics
46. Cost Structure
47. Incremental Margin and Uber Example
48. Current State – Future State Economics
49. Key Drivers – Everything There Is to Know (ETIK)
50. Business Momentum
51. WGO Example – Five Key Questions Walk Through
52. WGO Example – What Do I Need to Figure Out?
53. Analyzing a Business Review

Buy-Side Forecasting Frameworks
54. Notes on Forecasting
55. Revenue Build
56. Revenue Build – Growth Forecasting and Examples of Various Frameworks
57. Durability of Growth
58. Expense and Margin Forecasting
59. Key Drivers
60. Three Statements and Below-the-Line Items
61. Company Guidance
62. Consensus Estimates and Revisions
63. WGO Example – Forecasting
64. Buy-Side Forecasting Frameworks Review

Buy-side Valuation
65. Valuation and the Model
66. DCFs and Terminal Value
67. Market Valuation and Multiples
68. Applying a Multiple
69. Drivers of Multiples, Normalized Earnings and Disaggregating P/E
70. Investing Styles and Return Forecasting
71. WGO Example – Establishing a Price Target
72. Buy-side Valuation Review

Buy-Side Thesis Development
73. Prior Module Recap
74. Elements of a Thesis and Risk-Reward
75. Communicate Your Idea (The Pitch)
76. Developing a Risk Case
77. WGO Example – Modeling Recap
78. WGO Example – Five Key Questions Recap
79. WGO Example – Forecasting
80. WGO Example – Price Target
81. WGO Example – Thesis Construction
82. WGO Example – FEV and MIC Frameworks
83. WGO Example – Reverse DCF
84. WGO Example – Normalized Earnings
85. WGO Example – Risk Checklist and Base-Bull-Bear Cases
86. WGO Example – Conclusion and Model Walk-Thru
87. Course Wrap Up
88. Buy-Side Thesis Development Review

Course Highlights

Taught by a Top Hedge Fund Manager
Brett Caughran (Maverick, DE Shaw and Citadel) will walk you through modeling techniques typically developed over years on the job.

Used by Leading Buy-Side Investment Firms
Go through the same training program that our hedge fund, family office and pension fund clients use to train their analysts.
 
Real Case Studies and Excel Models
This course uses real financial filings and Excel models to show you how buy-side valuation is done in the real world.

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