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Grab your hobnobs, time for my second “Behind the City Curtain” thread. This time we’ll move on to something more interesting. “Sell Side Research – What It Really Means”.
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Buffett/Munger quotes are cheesy but this one is particularly relevant - "Show me the incentive and I will show you the outcome". Everyone alters their work/view to get themselves the best possible outcome and City analysts are no exception. So, how do they get paid?
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Firstly, analysts are NOT paid for being right / accurate. They'll get a base salary and then bonus (which can be 100%+ of base) will be determined on their yearly ranking in various surveys and the number of interactions they have with fund managers (FM’s)
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