股票研究业务经历了起起落落，但对科特•劳纳(Curt Launer)来说，它永远是家。这位长期担任Donaldson, Lufkin & Jenrette Securities Corp.石油和天然气分析师重新开始了研究工作，这次是在纽约的德意志银行证券(Deutsche Bank Securities)，此前他曾中断研究工作七年。2004年，他从瑞士信贷退休(该公司收购了DLJ)，此前他曾在全美研究团队(All-America Research Team)供职于不同的天然气行业19次。1977年，当Launer从布法罗的纽约州立大学(State University of New York)毕业并获得会计学位时，他并不知道卖方分析师是什么。他在会计公司Arthur Young & Co.担任能源专家，随后在美孚公司(Mobil Corp.)和小型勘探公司Gruss Petroleum工作。1984年，劳纳遇到了一位华尔街研究主管，这位主管说，以他的会计背景、能源行业经验和监管知识，他会成为一名出色的分析师。那一年，他加入了纽约的L.F. Rothschild, Unterberg, Towbin公司，从事天然气业务。现年56岁的劳纳表示:“如今，许多人以分析师的身份出现，他们的背景不同，然后研究任何行业。”“那不是我的故事。”劳纳在美孚和格鲁斯的工作经历让他比其他天然气分析师更具优势。 He stayed at L.F. Rothschild until 1987, when he joined DLJ. It was in this crucible that he flourished. By 1990 he was No. 1 in Natural Gas, after having been only a runner-up at L.F. Rothschild. He would go on to capture the crown nine of the next ten years. Launer says it was “pretty easy to retire from equity research at the end of 2004,” when he joined Sagent Advisors, a New York boutique mergers and acquisitions advisory firm founded by former DLJ M&A veterans. Regulation Fair Disclosure, which prohibits companies from selectively disclosing information, had made it harder for analysts to get an edge. “I never wanted to be the analyst known for having the highest number of pages,” he says. “I wanted to break down things to the most important points in the shortest number of pages. Reg FD didn’t help that; it requires so much disclosure.” At the same time, Launer believed that the pure advisory boutique model would thrive in the new regulatory world. Sagent’s advisory business indeed flourished from 2005 to 2007, but during the financial crisis the heavily capitalized oil and gas industry needed more than what the boutique model could offer. In May 2010 he joined the corporate coverage group at Deutsche Bank to help build its master limited partnerships and midstream energy investment banking franchise.
今年9月，劳纳加入了研究小组。虽然目前仍有监管规定禁止分析师直接参与交易，但华尔街不能在没有研究的情况下提供投资银行业务。劳纳说，现在的机会甚至比20年前还要多，因为中国的能源需求已经增加。
回到名人堂去