1/8

Took on two interns this summer.

They just finished 15 weeks of work so I thought I'd share the experience.

There's some good stuff in here!

Phase 1 - Training (2 weeks)
Phase 2 - Context Building (5 weeks)
Phase 3 - Breakdowns (4 weeks)
Phase 4 - Deep Dives (4 weeks)

2/8

Phase 1 - Training

Just a few resources they went through:
https://www.investingcity.org/the-journey 

https://investingcity-course.teachable.com/p/financial-analysis/?preview=logged_out

https://www.investingcity.org/post/boring-ole-checklists

https://www.investingcity.org/post/discontinuous-disruption

https://www.investingcity.org/podcast/episode/f93f7425/ep-22-bluegrass-capital-securities-analysis

https://www.investingcity.org/podcast/episode/ec2a3293/ep-51-fred-liu-recognizing-quality

3/8

Phase 2 - Context Building

This was the longest phase. The goal was to go through as many companies as possible to build a mental (and physical) database.

Without context, how do you know if 20x EBIT is good or bad for 10% growth? You can't -- it's all about context.

4/8

More on context building...

In 5 weeks we went through 60 companies.

For each company the deliverable was:

- record the last decade of financials
- read the 10-k & make notes
- listen to the latest earnings call
- assess the moat
- some thoughts on the business' future

5/8

Last bit on context building...

We wanted to share the financial database we created!

There are roughly 60 companies in here.

Most of these were outside my circle of competence so it was fun.

[Feel free to add to this and use it] https://docs.google.com/spreadsheets/d/1EVGApnFR8r4RK0wi8xUP647G9Sz62Uqvgrj40Xg9bik/edit?usp=sharing

6/8

Phase 3 - Breakdowns

To practice writing and researching, each intern did 4 Business Breakdowns.

We will be releasing these over time.

For other examples, you can check them out here: http://businessbreakdowns.substack.com 

7/8

Phase 4 - DEEP DIVES

Each intern, picked a business to go really deep on.

Here are the write-ups (roughly 3.5k words each)

@poling_luke on AT&T
https://www.investingcity.org/post/_at-t 

@bvp858 on PoolCorp
https://www.investingcity.org/post/poolcorp 

DM me if you're interested in contacting Ben or Luke

8/8

Just summarizing this thread:

1. Training
- check out all of those resource links!

2. Context
- feel free to use the financial database we shared!

3. Breakdowns
- keep an eye out for the breakdowns

4. Deep Dives
- read the write-ups on AT&T and PoolCorp!

DMs open