This Story Might Be Boring (If You Believe All-America Research Legend Ed Hyman)

Unless you want to be bored,don’t read this story.

至少那就是艾德·赫曼 - 占主导地位的人亚博赞助欧冠全美研究团队近四十年 - 被告知时的嫌疑人IIwould be writing about how his and his peers’ methods have changed since they started in the research industry.

“This could be uninteresting because the research industry hasn't changed that much,” muses Hyman, chair of Evercore ISI and leader of the firm’s economic research team, who started his research career in 1969 with Data Resources, an early provider of economic forecasts.

但是等待：没有研究的演变 - 由技术驱动，数据，规则和转向被动投资 - 改变了他的工作几乎所有内容？也许，但据凯曼介绍，虽然技术，机制和传递的研究已经真正发展，业务的核心 - 以及关注长期客户关系 - 已经保持不变。“今天是一个伟大的记者与40年前不同？”他问。“或成为一个伟大的音乐家？它并没有让我变得必然不同，但你必须适应现代。“

This thoughtfulness, as well as a fondness for a contrarian view, is typical of a top analyst, and it also elevates Hyman to his 38th first-team appearance for economic coverage inII’s 47th annualAll-America Research Team.

This consistency is nearly matched in 2018 by J.P. Morgan, which once again leads the rankings with 46 analysts ranked, including 16 first-teamers. Some of those individuals will undoubtedly one day go on to join Hyman in the All-America Research Team Hall of Fame; two — Andrew Steinerman and Joseph Greff — have already.

标记2018年全美研究团队的发布，IIasked some of the Hall of Famers who made first team this year to reflect on the changing nature of sell-side research, how their roles have adapted, and what the keys are to longevity in — as well as breaking into — this field.

---

按下时，即使是寒鸦也必须承认，2018年的一部分工作的工作与1969年的差异很大。

“改变了很多已经改变的是研究的分销和可用的数据量，”Hyman说。新生产业从每周的研究报告转移到每周，然后到日常传真的瞬时性，但“门的门口用电子邮件吹嘘”，特别是因为它是自由的，他说。（传真费用与传统邮件一样多。）

Bernstein’s A.M. (Toni) Sacconaghi — making his 17th first-team appearance in the IT hardware and electronics manufacturing services sector — says, “When I started, salespeople were faxing research notes in the morning, and everyone gathered together in the same room for the morning meeting. Communication is much more email driven today, so there’s a more fluid and seamless distribution of information.”

坏处:这也意味着机构投资者亚博赞助欧冠s are absolutely inundated with information.

“That has arguably made it more difficult for analysts and salespeople because they have to try and find a way to be heard amid that tidal wave of communication and noise,” says Sacconaghi, a senior research analyst.

His colleague at Bernstein, partner and senior analyst Ali Dibadj — who去年加入了名人堂并为饮料，家庭和个人护理产品提供第11首先完成 - 同样的数据比以往任何时候都更多。“前电工工程师说：”你真的必须擅长分离信号中的信号。“

Differentiated, quality research is one way to do this, according to analysts. Recently, Hyman has started sending out two reports a day — one in the morning and one in the afternoon. “The pace is just so fast,” he says.

今年John Glass，今年最新的名人堂衔接队在餐厅的第十次队列，同意：“现在信息流动的速度是令人难以置信的。”

“Quite frankly, I think it’s changed it for the worse,” continues the Morgan Stanley managing director, “because it’s taken away long-term thinking and replaced it with shorter-term.”

With the perishability of ideas very high, Glass says he focuses on three or four pieces of research a year that will, he hopes, have a longer shelf life.

“虽然我试图保持所有我所能的东西 - 因为你需要知道在任何给定时间的股票中的信息 - 我的价值添加不是那个下一个数据点，”他说。“希望有充分的洞察力更加了解将发生的事情。在过去的20年里有很多改变，并了解这些企业如何在周期中做出反应是有助于客户的帮助。“

The buy side has also become more demanding in terms of what it finds helpful to the investment process. “The shelf life of think pieces and near-term data points gets consumed and used in a much shorter time frame as performance is measured in shorter time frames than five or ten years ago,” says Joseph Greff, a managing director at J.P. Morgan and a 13-time first-place finisher in the gaming and lodging sector.

“你将在30年前做的工作在电视上在30秒内消耗，所以你必须尝试做别的东西来为客户增加价值，”Hyman回声。

Barclays managing director Andrew Lazar believes the key role of the sell-side analyst — to cull usable insights that will assist institutional investors in making better investment decisions — has changed very little over the years.

“这是首先将我进入这个行业的东西之一：能够提出真正独特，差异化和专有的研究。他说，总是将成为投资世界的地方。““那些能够利用那种信息与自己的进程相结合的那些购买私人，我认为，总是有机会随着时间的推移优于更广泛的指标。”

Since debuting in the survey in 2001, Lazar this year captured his 16th first-team position in food producers coverage.

---

Sector coverage,regions, and the client base have grown exponentially, according to Bank of America Merrill Lynch’s George Staphos.

“It was always a bit of a game of whack-a-mole to some degree, but it’s just that the board has gone from being the size of your desk to the size of a football field — and your hammer hasn’t necessarily grown,” the managing director and co-sector head in equity research says.

“At the end of the day, what we still do is forecast value, try to identify catalysts, and put that all together in a rating,” the 19-time first-team winner for the paper and packaging sector says. “That’s the core of what we do. It’s the same job; it’s just more of it.”

被动投资的兴起对积极管理人员产生了大量影响 - 更不用说他们的研究提供者。“如果你是一个活跃的经理，你必须更加复杂，”伯恩斯坦的Dibadj说。“你的工作是如此艰难，因为你必须与先进的被动机器竞争。”

“它曾经是好的，这是一张盈利报告或公共申请的阅读就是我们可以帮助让我们的客户的生活更容易，”他继续。“但现在你真的需要在你覆盖的行业的生态系统的中心。我认为有一个更大的影响力人应该带来改善你覆盖的行业，与之前的相比之下。“

The passage of Regulation Fair Disclosure, or Reg FD, in 2000 also reshaped the industry by eliminating selective disclosure — thus ending the sell side’s privileged access to company information. “Obviously now [post-Reg FD] you’re in a much different environment, and I would argue a much better environment, because research now matters in a way that it didn’t matter before,” Glass says. “So there’s a lot more integrity in it, and there’s a lot more primary research that goes on.”

More recently, the EU’s revised Markets in Financial Instruments Directive, or MiFID II, has forced companies globally to meter their research consumption because they are either paying or preparing to pay directly for it.

“Maybe that’s a good thing because it raises the bar for analysts in what they need to deliver,” Bernstein’s Sacconaghi says. “Ultimately, people are more tolerant of mediocrity when it’s sort of free. When it’s coming out of their own pocket — or they have a deliberate research budget and are forced to make trade-offs — then it’s really important that analysts provide services to the buy side that are more distinctive.”

---

Despite a squeeze for resources,most Hall of Famers remain bullish on the career prospects of those joining the industry on the bottom floor.

However, these legends warn, they should remain clear-eyed about what it takes to ascend to the top of their field.

“I don't think there is any better job to learn finance in the world,” Dibadj says. “This is a fantastic learning job. Agnostic of the industry, this is the best way to really get a very well-rounded skill set around communication, influencing for change, and data analysis.”

Succeed and running a research franchise is like having your own business within a larger firm, says J.P. Morgan’s Greff. “It is demanding and fast-paced, requires travel, lots of writing, modeling and putting together presentations, and having a phone glued to your ear,” he says. “This is a job that gives you constant feedback — and when you get favorable feedback from a client, it is a good feeling.”

他的同事安德鲁斯坦曼斯坦曼纳，董事总经理和16次的商业，教育和专业服务部门的胜利者，同意：“我总是有机会吸引下一代卖方股权研究分析师。我会说，关注关键谈话中的工作质量和维持相关性，是一个成功的职业作为卖方股权研究分析师的关键支柱。“

巴克莱的拉扎尔认为，进入卖方的原因与20年前的原因非常相似。

“它仍然是一个令人难以置信的令人兴奋，动态和创造性的角色，为我们所关注的公司的购买方面和管理团队的智慧，完成的人提供了良好的机会，”他说。“作为一个高级分析师的道路可以随着时间的变化而发展，但我认为这是一个挑战性和有益的工作的事实将保持不变。”