
Behind the Balance Sheet #4 The Not Quite Trillion Dollar Man - Quintin Price on Leadership at BlackRock, Active Management & the Importance of Hard Work
9 snips
Nov 17, 2021 AI Snips
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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.
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.
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.
