The Corner Office

“Often, analysts go right to the financials and forget to think about the company’s business model. If the person avoids answering the basic questions and instead changes the subject to talk about the work they did, that tells me the person is a bit rigid. Instead of trying to respond to what’s being asked, they’re trying to get an A on the test. Also, if they’re a little too worried about pleasing me, that’s not good, either, because it’s not a please-the-boss competition. The point of the exercise is to make sure that we’ve thought about the issues critically, so we are in a position to make a good investment decision. The other quality we look for is whether the person can distill a lot of very complicated information down to its essence. Can you figure out the three or four issues that are most important for understanding this investment? Or do you get distracted by aspects of the company that really have nothing to do with making an investment or determining value?”

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