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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)
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
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.
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
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
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
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
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
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
