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Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street (Wiley Finance), by Paul D. Sonkin Paul Johnson
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Review
Advance praise for Pitch the Perfect Investment"It is rare that you get a book on finance that is fun to read, immensely informative and deeply insightful. Sonkin and Johnson have pulled off the trifecta in this book. Read it if you work in the investing business already, plan to work in it or want to make sense of an investment pitch made to you." â€Â Aswath Damodaran Professor of Finance, New York University Stern School of Business and author of The Dark Side of Valuation, The Little Book of Valuation and Narrative and Numbers."My decades of experience have taught me that pitching is a vital skill one must master to succeed on Wall Street. Sonkin and Johnson's book gives someone new to the industry a significant headâ€start in obtaining this skill." †Regina Pitaro, Head of Institutional Marketing †GAMCO Asset Management, Inc. and author of Deals... Deals... and More Deals.      "On Wall Street, fortune favors the prepared mind. In Pitch the Perfect Investment, Sonkin and Johnson provide a novel framework for this preparation, enabling you to both select investments and convince others of your view. Their explanations of market efficiency, the wisdom of crowds, and security valuation set a benchmark for clarity and practicality. - Scott E Page, Leonid Hurwicz Collegiate Professor Complex Systems, Political Science, and Economics - The University of Michigan"A successful investor has to say 'no' far more often than they say 'yes.'The key is making it count when you find the right investment. The first 30 seconds of your pitch are often the most important chance to win or lose your audience.  Pitch the Perfect Investment provides the toolkit to build conviction in your analysis and effectively articulate how it should be implemented. Sonkin and Johnson follow their own advice with concise and persuasive principles. Their guidance will neutralize the intimidation factor in pitching a portfolio manager,and allow the analyst to shine."  - Bruce Geller, CEO of DGHM & Co., LLC   "To the active portfolio manager, beating the market is essential. Sonkin and Johnson explain how to identify and exploit mispricings to accomplish that goal. It's refreshing to read a book that stresses the importance of fundamental research in stock analysis, especially when active portfolio management is under attack by ETFs and passive investment vehicles." - Nicholas Galluccio, CEO Teton Advisors, Inc. "The job of a venture associate is to bring great investment opportunities to the general partners they support. The models and frameworks in Pitch the Perfect Investment, although aimed at public stock investing, translate easily to venture capital, where young analysts make the same mistakes in pitching their recommendation to senior VCs.The authors present their ideas is a straight-forward, fun manner. Much heartache will be avoided and faster decisions will be reached by any VC organization that adopts these recommendations."- Geoffrey Moore, author Crossing the Chasm and Zone to Win "While Pitch the Perfect Investment might appear to be written for the equity investor, it also provides the credit or distressed debt investor with critical insights to gain an edge - especially through the authors' discussion of risk and uncertainty. In the credit markets, finding mispriced investments with an asymmetrical return is extremely valuable. Sonkin and Johnson provide a rigorous framework to properly identify and vet these situations. In addition to investing, my other passion is teaching. As an educator of analysts and MBA students, I am surprised it has taken so long for someone to write a book like this one. Sonkin and Johnson have finally corrected the problem." - Michael Gatto, Partner Silver Point Capital and Adjunct Professor Columbia Business School."I wish I had this book when I started in the business. Having recently retired from a successful 43 year career on the sell side, I remember my early days being characterized by a lot of hits and misses. Pitch the Perfect Investment provides the newcomer with valuable shortcuts so they can experience more 'hits' and fewer 'misses.' Sonkin and Johnson translate serious financial concepts into an easy to understand, enjoyable read." - Arnie Ursaner, Founder and Former President, CJS Securities. "Pitch a Perfect Investment succeeds at elucidating a set of concepts that are often difficult to wrap your brain around. There are many misconceptions regarding how the investment management industry works, Sonkin and Johnson do a great job of succinctly and judiciously laying out the truth regarding what's really happening in this world." - Leigh Drogen, Founder and CEO, Estimize Inc. "Communicating investment research in a thoughtful manner is both art and science, which Sonkin and Johnson masterfully teach in Pitch the Perfect Investment.  I found their work wonderfully illuminating and I'm sure eager students, of all backgrounds and ages, will as well."- John Mihaljevic Managing Editor, The Manual of Ideas "Sonkin and Johnson have written a superb book for investors. Their insights are timely but also timeless. As I discuss in my book, A Dozen Lessons for Entrepreneurs,a venture capitalist tries to buy long-dated, deeply-out-of-the-money call options at prices that are a bargain. However, a successful venture investment also requires a profitable exit. Pitch the Perfect Investment provides valuable tools to evaluate a company's long-term competitive advantage, calculate the value of growth, and understand how investors in public companies think about value. In other words, their framework explains the critical elements that maximize exit valuations." - Tren Griffin, Senior Director, Microsoft, 25iq.com, and author of Charlie Munger: The Complete Investor and A Dozen Lessons for Entrepreneur "I always get asked the question - 'If I want work for a money manager or a hedge fund, what should I do?' While I have a condensed answer, it still takes hours just to get to explain basics. Now I can simply tell people you MUST read The Perfect Investment. The book does a great job at its mission - preparing analysts (or potential ones) for the job." - Jacob Wolinsky, founder,ValueWalk.com"Pitch the Perfect Investment is a must read for anyone who, having formulated an investment idea, must "sell" the idea to a harried portfolio manager who is beseeched with ideas from numerous sources. The authors, highly regarded Wall Street veterans, share with the reader invaluable insights regarding not only the development of an investment theme,but, more importantly, how to market the idea in the most efficient manner. I'm highly confident that every young Wall Street analyst will reap immeasurable benefits from this highly readable book whose conversational style makes the information in the book readily accessible." â€Â Robert Willens, President Robert Willens, LLC "Pitch the Perfect Investment is a game changer. Whether you are an experienced investor or new to the industry this book serves as both a reminder and primer for what you need to know to stand-out in the crowd and apart from the competition. The book systematically challenges prevailing beliefs regarding market efficiency and outlines key rules for valuing stocks and presenting your ideas. More importantly, from the perspective of job search and career management, Sonkin and Johnson tell you how to create a differential advantage so that your ideas get the attention they deserve and you are viewed as a rockstar. The authors provide powerful insights in an industry where first impressions either resonate immediately with your audience or eliminate you and your ideas from the outset. And, these insights apply to virtually everyone in the food chain - from experienced professionals to undergrads seeking their first Wall Street internship." - Roy Cohen, Career Coach and best-selling author of The Wall Street Professional's Survival Guide"Farnam Street's mission is to help investors add to their mental toolbox, expand their knowledge and improve their thinking. Through its clear prose and interesting examples, Pitch the Perfect Investment offers thought-provoking views on many investing-related topics. Specifically, Sonkin and Johnson's discussion of risk and uncertainty expanded my thinking on these concepts." - Shane Parrish, Editor and Blogger, Farnam Street Media, Inc.
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From the Inside Flap
Investors who succeed on Wall Street spend their careers analyzing companies, and honing and refining their investment strategies. But they had to start somewhere. Training for research analysts is basically nonexistent on Wall Street resulting in a "baptism by fire" that forces the new analyst to develop expertise on their own through an agonizing process of trial and error. To overcome this deficiency, Sonkin and Johnson have written the ultimate "survival" guide for someone embarking on a career as an investment professional. Arnie Ursaner, a sell side veteran, who retired after 43-years on Wall Street said, "I wish I had this book when I started in the business. I remember my early days being characterized by a lot of hits and misses. This book provides valuable shortcuts to experience more hits and fewer misses." The single most important element in survival is having knowledge, as knowledge dispels fear, and on Wall Street, fortune favors the prepared mind. Pitch the Perfect Investment accelerates the learning process, giving the college or MBA student the edge they need to succeed, whether they are pitching a stock idea in a job interview, in a stock pitch competition, or for a student-run investment fund. Echoing this sentiment, Aswath Damodaran, a prolific author of over 20 books on valuation and award-winning professor at New York University, said, "...this is a book that most of my students would have loved to have had before their first interview and job." Sonkin and Johnson also seek to push the open-minded, seasoned investment professional out of their comfort zone and challenge them to think about familiar concepts differently. In an industry where even the most successful veterans must worry about younger managers snapping at their heels, Pitch the Perfect Investment equips the Chief Investment Officer or Director of Research with new tools, enabling them to tighten their analytical process and significantly improve communication and efficiency throughout their organization. As noted by Geoffrey Moore, author of several highly-acclaimed strategy books in the technology industry, "Much heartache will be avoided and faster decisions will be reached by any organization that adopts Sonkin and Johnson's recommendations." Nicholas Galluccio, CEO of Teton Advisors, added, "In this era of hyper-competition on Wall Street, active portfolio management is under attack by ETFs and passive investment vehicles. In this new environment, beating the market is even more essential to the active portfolio manager and even the smallest edge can make the difference between success and failure. Pitch the Perfect Investment will give the professional investor that edge." No other single resource will provide students, money managers, analysts, bankers, executives, salespeople, and individual investors with a faster way to improve their performance. Pitch the Perfect Investment is the essential guide to winning on Wall Street.
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Product details
Series: Wiley Finance
Hardcover: 496 pages
Publisher: Wiley; 1 edition (September 12, 2017)
Language: English
ISBN-10: 1119051789
ISBN-13: 978-1119051787
Product Dimensions:
6.2 x 1.4 x 9.1 inches
Shipping Weight: 2.4 pounds (View shipping rates and policies)
Average Customer Review:
4.9 out of 5 stars
26 customer reviews
Amazon Best Sellers Rank:
#213,065 in Books (See Top 100 in Books)
It's said that if you want to fully understand a topic, you must be able to teach it to someone else. PPI's framework will help you fully think through investment hypotheses by focusing your effort on the issues that really drive returns and add value, by organizing your research and decision making around best practices for presenting and persuading other of the merit of your work.PPI is a unique and badly needed guide to both picking stocks and concisely presenting the thesis to others. It should be read by anyone interested in becoming a better equity investor and should be mandatory for new analysts on both the buy and sell side. Even after 15 years experience, I learned a few new tricks, and gained depth and perspective on the tried and true. Well done!
If you're a young professional who's read several investment books and is struggling to move from theory to working in the investment business, make Pitch the Perfect Investment #1 on your reading stack. This practical guide was missing when I graduated university 7 years ago. While I had read numerous investment classics and valuation textbooks, I found these readings didn't translate well into the field. It's one thing to quote Buffett and Klarman. It's another to pitch an idea to an aggressive portfolio manager and secure a job.Pitch the Perfect Investment provides the missing bridge. The book accomplishes two goals: (i) synthesizing investment theory to create practical analytical tools and (ii) teaching readers to select a security appropriate for the fund s/he is pitching to and to deliver a well-organized and effective pitch.The first section covers familiar investment topics, including asset valuation, market efficiency, competitive advantage, and behavioral finance. However, this section adds to the existing literature by neatly synthesizing the ideas and turning them into practical analytical tools. Chapters 5-8, for example, synthesize market efficiency, behavioral finance, and the research process. Chapter 5 covers the requirements for market efficiency (information must be disseminated, properly processed, and incorporated into the share price through trading) and then turns theory into a tool by training analysts to hunt for stocks where the requirements for market efficiency don’t hold. Chapters 6-7 then review the research on behavioral finance and crowd psychology to help the analyst identify these breakdowns and Chapter 8 concludes by showing how the research process can exploit them. The authors also provide a case study to put everything into context.Ambitious young professionals (myself included) often fall into traps in the real world. Common mistakes include pitching deep value stocks to funds looking for high-quality companies, spending 10 minutes describing a company’s business and industry rather than showing how an idea will generate alpha, and failing to deliver a pitch in only a few minutes. Section 2 is the missing key for young professionals and provides practical advice on selecting a security that will interest the portfolio manager, structuring a pitch, and concisely delivering a pitch. This section could have saved me years in a career.The book is also a very pleasant read. Paul & Paul have decades of teaching experience and it shows. They concise, entertaining, witty, and avoid verbiage.
If you are young and want to work in securities field, you must buy this one. For others, the book is notable both for being an entertaining if biased read on the 'proper way of picking securities' - and that's mostly a good thing.Some observations:*the tone is light and entertaining. The book is obviously directed at a younger (white) urban hip audience, with cute illustrations and step by step instructions which border on the sublime (hair care gets addressed multiple times) with the Beatles, Gordon Gekko, and SNL references galore. This is a pretty big departure both in form and substance from most books of this type and make it even more valuable for that reason. After all, to the uninitiated these topics get dry at times but the authors skillfully skirt the boredom.*the book is essentially a series of introductory sections in all manner of investment topics, including valuation, competitive advantage, crowd behavior and behavioral finance, and lot of other things besides. As such, it is handy - no more running to this book or that one, but it stands out more as a single source volume which will encourage the reader to move beyond which is a good thing.*if this matters, the book favors academic valuation over practical ones and thus fosters the typical snob appeal that many value investors hold over other methods of picking stocks. There is, for example, no mention of Peter Lynch or Jim Cramer or Value Line, and if the deep-thinking but excruciating to apply books from Damodoran or Mauboussin appeal to you then you will love this one. The book reaches a height of this absurdity when it claims that practically all valuation methods equate to discounted cash flow models which even if true becomes absolutely irrelevant (just make money). There is a danger in assuming sophistication and science in what is a field where art is a vital component in success, but given the tone in this book many young analysts may adhere to a rigid dogma instead of a more practical process of making sure picks go up. Yet, this is just a personal quibble and obvious enough to anyone with any experience (short hair does not make a successful stock pick, and some of the managers described are idiots), but it might explain why some oddball profiles on a site like VIC get bad ratings (doesn't fit the religion) but make tons of money.All in all, I'd highly recommend this one for the Intended audience, and it should be paired with "Best Practices for Equity Research Analysts" for a very strong foundation before reality sets in and the only thing that matters is beating an index - and attending to your own personal grooming.P.S. These days, it is hard to take any book seriously in this field without knowing the author's investment track record (not job title), but this one skirts that issue because a co-author also helped write 'Gorilla Game', one of the most important and influential investment books of the past 20 years.
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