Wharton Equity Research Presentation

8/15/2019 Wharton Equity Research Presentation

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Sundeep BajikarWEMBA

[email protected]

http://bajikartechinvestor.com

Equity Researc

for the

Technology

Professional

Copyright © Sundeep Bajikar 2016. All Rights Reserved.

June 3, 2016

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Thank You*

* All logos, brands or trademarks are the properties of their respective owners, and have been used here in an editorial fathe benefit of their owners, with no intention of infringement


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Agenda

1. Introduce Equity Research

2. Discuss How I Can Help


You can click most charts in this presentation for additional information

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State of the Industry – My View

• Large Institutional Asset Managers losing assets

• Smaller independent managers gaining

• Robo Advisors gaining

• Early stages of secular disruption?

• Tech advances = Commoditization of financial analysis

• Natural bias toward Value Investing

• Requires Equity Research


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What is Equity Research?


1. Estimate intrinsic v

2. Assess Margin of S

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Analysis vs. Insight: The Machines are C


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Beating the Market = Being Different


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What is Risk?


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Are Markets Efficient?


MPT & CAPM

Markets are efficient at all times

Market prices always reflectintrinsic value of a stock

The market understandseverything about Tech

Value Investing

Markets tend to be inefover the short-term

Short-term volatility preopportunities to invest

The average investor knanything about Tech



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Time Horizon ~ Look Ahead Distance


Image credit: California DMV Sa

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Why Tech Investing is Difficult


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Your Advantage – Proprietary Insights


Proprietary Insights ≠ Insider Information

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What’s Proprietary Insights?


1. Unique interpredata

2. Intuition

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Example #1: AAPL – Predictable Disappo


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Example #2: AMAT – Focus on Events


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Example #3: IBM – Short-term Focus


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How I Can Help


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Career Changers

• I switched from Tech to Finance during WEMBA

• It was a difficult journey to Senior Analyst on the Sellside

• I am glad I made the change

• Happy to discuss your situation




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Applied Equity Research Course Propos

• Collection of case studies

• Analyze Tech Stocks with real data

• Each case study generates a reasonably complete investmen


Take the Survey (via email):

Would you like to take a short course on Applied Equity Researc



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Equity Research Blog

• http://bajikartechinvestor.com/blog

• Growing resource for Tech Investing

• Weekly updates

• Sign up for email updates at: Equity Research Blog Sign Up


http://bajikartechinvestor.com/bloghttp://bajikartechinvestor.com/bloghttp://eepurl.com/b1Bjvbmailto:[email protected]:[email protected]://eepurl.com/b1Bjvbhttp://bajikartechinvestor.com/blog


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Equity Research Workbook Coming

• Template to follow 4SAFEtTM Process

• Collection of Case Studies based on 4SAFEt Process

• Ideal for leading group projects in a classroom setting

• Sign up for updates at: Equity Research Workbook


http://eepurl.com/b3kJQ1mailto:[email protected]:[email protected]://eepurl.com/b3kJQ1


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More Examples

• CAVM

• IPHI

• QCOM




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CAVM – Anticipated Entry into Wireless


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IPHI – Anticipated 100G Opportunity




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QCOM – Anticipated Share Loss to Sam


h b k ?



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What About Mistakes?

• Of course I made a few

• Primarily due to deviation from process

• Increased conviction in 4SAFEtTM Process


M Bi

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My BioNow

• Author & Consultant

Previously –

18 years

• Jefferies LLC

• Morgan Stanley

• Intel Corporation

Education• MBA in Finance, Wharton – WEMBA 31

• Graduate Engineering Coursework, Stanford University

• M.S.E.E. & M.S.M.E., University of Minnesota

• B.S.M.E., College of Engineering, Pune


Di l & Di l i

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Disclosure & DisclaimerArticles or other materials provided through BAJIKAR TECH INVESTOR (via website, blog, newsletter, email, or othedistribution) are not research reports. They are provided for educational purposes, to illustrate how stock analysis how stock pitches are written. Access to certain case studies will be provided to you after you explicitly opt in to rematerials, by furnishing your name and email address. Such articles or other materials should not be copied or redmy (Sundeep Bajikar’s) prior consent. Such articles or other materials contain my opinions and ideas, which may nevery individual. No warranties or guarantees exist regarding the realization of any particular results, and I specific

responsibility for any loss incurred as a consequence of the application of the contents of such materials.Please note that I am managing an investment portfolio, may have investment positions in stocks mentioned in sucmay trade in and out of those or other stocks or investments at my free will, without providing advance notice. I amconsultant to Vine Street Capital Management, LLC and others, who may hold positions and/or trade in and out of investments mentioned in such materials at their free will, without providing advance notice. Materials provided thTECH INVESTOR should not be considered specific investment advice, and such materials are not substitutes for peinvestment advice received from a qualified and appropriately licensed investment professional, following a thorouyour individual situation, goals, and risk tolerance, among other things.

I, Sundeep Bajikar, am currently not a registered investment advisor. I do not currently hold active securities licensealmost a decade, I held the following securities licenses: Series 7, Series 63, Series 86 and Series 87.

You are solely responsible for your investment decisions.

Data for charts presenting stock market information (stock prices, NTM EPS estimates, NTM P/E, etc.) are providedpertaining to DRAM/NAND pricing are provided by inSpectrum. Mobile device industry data are provided by Count

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Wharton Equity Research Presentation