Thread by @StratusYoung

If you're in college and/or want to do fundamental research for HFs/AM firms/whatever else, read this thread.

Before doing anything else, start by reading the classic investment books: Intelligent Investor, Common Stocks and Uncommon Profits, Peter Lynch's books, Margin of Safety, just any books you can get your hands on.

After some time all the reading will be the same.

Books will only teach you so much, but they serve as a crucial foundation.

Next, move on to reading investor letters, covering names yourself, and being a sponge for more knowledge.

Investor letters will provide you with other knowledge such as mental models for investing, pattern recognition, attractive business models, and major industry trends.

Some investor letters will last generations.

Buffett, Munger, Sleep, Lynch, etc.

You want to find what investing style works for your personality.

You'll find your style but be open to different styles in order to be fluid and successful in more than one area.

As you're reading more about investing, open your own personal account (PA) and begin managing a small amount of money. $100 will do, it doesn't matter how much it's more about the practice. Only invest money that you're comfortable losing.

Start doing your own research and looking into different companies. You can start with some bigger names like $AAPL, $FB, $TTD, $SHOP, but eventually, if you want to work in this industry, you'll have to research smaller companies.

In order to get a head start, I recommend checking out whalewisdom.com and search for some of the hedge funds below and check out their holdings.

Use some of their names to get research and start to do your own research.

https://twitter.com/StratusYoung/status/1327453755583893505?s=20

As you research different companies, practice writing up your investment thesis with all the questions you've come across and hopefully answered.

You can model your writing after the investor letters you've read or visit valueinvestorsclub.com/ideas to see how others do it.

Submit your writeups to VIC (@SeekingAlpha is garbage IMO). The better your write-ups the better chance you have of standing out. Your write-ups will serve as some of your initial interview material.

I've had interviews where we've talked about different companies for hours.

I won't be covering financial modeling in this thread, but YouTube will help but it may take some time if you don't have a background in finance.

There are probably online courses that can help get you up to speed. Half the financial modeling you'll do is BS anyway.

Once you've got some practice and had some time to research, write, and invest, it's all about getting in reps.

Start to develop a list of 20+ names that you follow and track their earnings, big news, and other important trends in their respective industries.

Most college students/unprepared interviewees will have maybe 2-3 mediocre pitches. If you can talk about 20+ names in-depth, you have a chance.

Know these names inside and out. Know their recent financial numbers, TAM, tailwinds, or whatever else is critical to your thesis.

The best part of investing is that learning never stops.

There will always be opportunities to be better and continue learning.

If you're insanely curious about business, this is the right field for you.