Behind the Balance Sheet

#4 The Not Quite Trillion Dollar Man - Quintin Price on Leadership at BlackRock, Active Management & the Importance of Hard Work

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Nov 17, 2021
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ANECDOTE

How A Chance Vacancy Shifted His Career

  • Quintin moved from derivatives research into fundamental equity analysis after an advertising analyst left and he asked for the role.
  • His curiosity about companies he once considered for advertising drove the career pivot into equities.
ADVICE

Do The Hard Work To Find Hidden Risks

  • Do the hard work: detailed analysis of accounts yields investment edge even without inside information.
  • Price emphasizes homework — reading notes to the accounts revealed the key issues in Maxwell's filings.
INSIGHT

Why Sell Side Research Vanished

  • The economics of sell-side research changed when fixed commissions ended and investment banking fees started underwriting research.
  • That shift created conflicts of interest and led institutions to build in-house research, shrinking independent broker research teams.
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