Matt Levine, Columnist

It’s Tough to Be a Research Analyst

Also Elon Musk cleared the 150th tier of Diablo IV, ChatGPT will get you tenure in academic finance, and the Bitcoin in a dump guy can’t dig up the dump.

January 9, 2025 at 7:03 PM UTC

Corrected

January 9, 2025 at 10:09 PM UTC

By Matt Levine

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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A crude model for sell-side equity research might go something like this:

So sell-side research is a way for many buy-side investment managers to share the cost of detailed in-depth understanding of every company they might invest in.