ANALYST Academy

A FLEXIBLE ASYNCHRONOUS ACADEMY EQUIPPING YOU WITH THE FRAMEWORKS, TOOLS, & TRAINING TO FAST TRACK YOUR BUY-SIDE CAREER ON YOUR SCHEDULE

NOW ENROLLING JANUARY 27TH, 2025 COHORT

Do ANY OF thESE sound familiar?

  • Anxiety is the first thing that hits you as you wake up.

  • The weight of the world is on your shoulders– or at least the weight of the current thesis you are constructing.

  • Are you focusing on the right elements? Are you missing something?

  • Can you be compelling enough when it comes time to pitch?

  • Can you make them see what you see?

  • You’ve spent your whole life working towards this goal.

  • You’ve finally got your shot, but instead of crushing it, you’re the one being crushed.

  • The first three years are supposed to be a struggle.

  • You have heard this is a sink or swim industry, but will you be the analyst who sinks?

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

  • Every course begins with a live kick-off to set you up for success and concludes with a wrap-up session to consolidate everything you've learned.

  • Access to three Q&A “office hours” sessions for interactivity, student questions, and additional discussion

  • Live sessions are scheduled over a 6-8 week period. The schedule will be made available near the Academy start date.

  • Please note that all times and dates are subject to change, but you will be notified in advance.

  • All live sessions are recorded and available for replay within the course.

THE CURRICULUM

Introductory Tools - Modules 1-4

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) Fundamental Foundations

  • Fundamental analysis importance in market economies

  • Myth of efficient markets and reality

  • Four reasons why markets are not efficient

  • Alpha load and forms of mispricing

  • Recipe: skills, process, sound judgment

  • Idea generation and 10% mindset

  • Role of process and judgment in forming belief

  • Voting machine vs weighing machine

  • Goal: Identify mispricings, harvest alpha

  • Pareto distribution and top performer challenges

2) LIFE ON THE BUY-side

  • Buy-side primer: structure, roles, investment objectives

  • Limited partners (LPs) and their investment goals

  • Hedge funds: single-manager vs. multi-manager structures

  • Long-only funds: business model and challenges

  • Analyst role: idea generation to thesis development

  • Investment process: idea assessment to monitoring

  • Buy-side mindset

  • Leveraging information edge to generate alpha

  • Anatomy of a top-performing buy-side analyst

  • Creating a rigorous, repeatable investment process

3) Thesis Development

  • Thesis-driven investing: a structured approach

  • Analyst's role: developing expertise and ideas

  • Coverage models impact thesis development latency

  • Nine-step thesis development process

  • Model construction: key tool for analysis

  • Structured due diligence: FEV framework

  • Identifying key drivers and differentiated insights

  • Constructing the thesis: key elements, delivery

  • Presenting the thesis: succinct, focused, humble

  • Idea maintenance: monitoring key drivers, catalysts

4) Why Stocks Move Up and Down

  • Stocks move due to supply and demand

  • Market price: capital-weighted consensus of value

  • Drivers: fundamentals, expectations, valuation, non-fundamental factors

  • Stock price differs from business value

  • EPS growth, revisions, re-ratings

  • Focus Five framework: key business value drivers

  • Model linkage helps identify key drivers

  • Exceptionalism, perception shifts, narratives

  • Risk reduction and visibility impact valuations

  • Inflections and themes

Intermediate Tools - Modules 5-11

Intermediate Tools:

Modules 5-11

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) IDEA Generation

  • Efficiency: avoiding deep dives prematurely

  • Seeking mispriced stocks likely to have alpha

  • Compounders, exceptionalism, and change/confusion

  • Thematic investing: themes drive revenue and value

  • Pattern recognition from experience guides idea generation

  • FEV framework: fundamentals, expectations, valuation

  • Cyclical vs secular trends often misunderstood

  • Idea screening using multiple lenses and criteria

  • Ingredients of compelling ideas: mispricing and catalysts

  • Efficient idea vetting process with PM check-ins

6) Buyside 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

7) Analyze a Business

  • Read 10-K, earnings calls, sell-side research

  • Build simple model, identify key drivers

  • Assess business quality, viability, momentum

  • Analyze unit economics and cash economics

  • Understand market expectations priced in

  • Develop bull, base, bear cases

  • Focus research on 3 key drivers

  • Evaluate management and capital allocation

  • Compare to peers on key metrics

  • Analyze catalysts and risk/reward setup

8) Analyze an Industry

  • Learn industry through primers, experts, conferences

  • Develop universe tracker and comp sheets

  • Understand sector economics with industry P&L

  • Maintain coverage through regular blocking & tackling

  • Use model to identify inflections, catalysts

  • Connect dots between competitors and industry

  • Pursue both quick dives and deep dives

  • Long compounders with durable growth algorithms

  • Short melting ice cubes with structural headwinds

  • Pair trades can provide persistent alpha

9) Management & CapitaL Allocation

  • 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

10) Assessing Expectations

  • Stocks move based on expectations vs reality

  • Management guidance, sell-side estimates influence expectations

  • Price-implied expectations uncover market assumptions

  • Buy-side whisper reflects true market expectations

  • Assess positioning via ownership data, trading signals

  • Contrarian positioning can yield alpha but risks

  • Expectations gap: market view vs internal view

  • Differentiated, variant view key to generating alpha

  • Core debate, key drivers guide expectations work

  • Critical questions: situation overview, differentiation, monetization path

11) Applied Valuation

  • Stock valuation based on discounted cash flows

  • Key approaches: DCF, multiples, normalized earnings

  • Multiples are shorthand for a DCF

  • P/E roll-forward approach

  • Choosing an appropriate multiple

  • Earnings power approach

  • Develop risk/reward framework

  • Disaggregate stock returns

  • Create scenario trees with weighted outcomes

  • Be aware of terminal value perception

Advanced Tools - Modules 12-15

Advanced Tools:

Modules 12-15

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.

12) SHORT SELLING

  • Short selling basics and mechanics

  • Challenges and risks of shorting stocks

  • Shorting approaches: alpha, structural, event-driven, hedging

  • Identifying short ideas: fundamentals, expectations, valuation

  • Short alpha buckets and types of shorts

  • Importance of timing and risk management

  • Earnings season tactics for shorts

  • De-grossing: reducing exposure in tough markets

  • Quantitative short selection framework

  • Applying short selling mindset to long-investing

13) EARNINGS SEASON

  • Earnings season drives outsized stock volatility

  • Expectations gap and catalyst framework explained

  • Preparing for earnings: previews, positioning, catalysts

  • Updating models and assessing results efficiently

  • Evaluating surprise factor and algorithmic shifts

  • Estimating upside/downside moves and risk/reward

  • Tactics for earnings day and beyond

  • Analyzing read-throughs and adapting expectations bar

  • Identifying spring-loaded and peak-on-peak setups

  • Reacting to prints and fading overreactions

14) PITCH LIKE A PRO

  • Turn a promising idea into compelling thesis

  • Construct thesis using firm's preferred format

  • Key elements: summary, thesis points, risks, valuation

  • Tell a story with strong supporting data

  • Anticipate questions and prepare concise responses

  • Deliver pitch succinctly balancing confidence and humility

  • Follow up promptly on any open questions

  • Avoid thesis creep using a trading plan

  • Conduct pre-mortem and post-mortem using thesis document

  • When evaluating pitches, prepare to poke holes

15) WRAPPING UP

  • Rank stocks using reward/risk and qualitative scores

  • Idea stack: long and short book rankings

  • Three-year double: EPS growth and P/E expansion

  • Risk management: VaR, quant models, event frameworks

  • MIC: market view, internal view, convergence

  • FEV: fundamentals, expectations, valuation for idea generation

  • Achieving ETIK, focusing on key drivers (KDs)

  • Communicate idea with structured pitch script

  • Portfolio construction balancing risk/reward

  • across ideas

  • Analyst progression: junior to "full stack" partner

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