Stacey Rasgon has been on Twitter since 2011, but she recently found out that her tweets were a bit boring.
“It’s pictures of kids and airline-seat,” he thought, noting that his employer, the global asset-management firm Bernstein, did not allow him to tweet about semiconductor companies nor to work with the industry the most. Things he did to the managing director and senior analyst there
Then, one of his followers asked him what an income night is like. He responded with a thread stating that Wall Street cell-side analysts have known an earnings afternoon, which usually extends into the night or early in the morning, sometimes late – or until 4 in the morning.
“I thought maybe there is a way for me to be a little more interesting without any trouble [Bernstein] Social-media policy, ”he said.
That first Twitter thread received positive feedback from customers and their firm’s input, where they recently led a session for junior analysts to “how to succeed on the cell side”, based on one of their sources. He will also host a session at Bernstein’s “Summer School”.
Since last month, when he answered that initial question, Rasgon has written threads on other topics of interest to investors – and financial reporters – discussing everything from earnings conference calls to how to interact with customers (buy side / Fund managers), how to deal with media reports, to the art of writing titles for research reports, how he got his job on Wall Street.
Rasgon’s route to Wall Street was not a standard route. He said most analysts start at a firm, eventually become junior or associate analysts, and move on to senior analyst jobs. However, Ragnon joined Bernstein Research from McKinsey & Company, where he was a consultant focusing on semiconductor companies, his first job after doing his PhD. From Massachusetts Institute of Technology in Chemical Engineering.
During two graduate-school summers, Rasgon worked at IBM Corp’s IBM,
Watson Research Center, where he was a co-op engineer working on advanced lithography and processes used in the manufacture of semiconductors. Rasagan joined Bernstein in April 2008, during the financial crisis and just after Bear Sterns failed.
“When I started, I had no experience on Wall Street, I didn’t know the difference between the buy side and the sell side,” he said. “I knew what made the operations a good semiconductor company, but I didn’t know how to talk to the customers or the sales force. Nobody seemed to understand me.”
Mistakes happen all along the way. An entertaining thread that journalists like you find really fascinating featured a story about so-called callbacks that companies give to individual selling analysts after their public income calls. The callback gives companies the opportunity to emphasize certain points to analysts, as well as “engage in damage control” if “they put their mouth on the call,” which Rasagan originally noted, “it happens.”
In this particular case, Rasgon stated that some companies try to give analysts information about their financial model or their projections, so they can guide them in the right direction in the right way.
“Suffice it to say, on my first earning season I was unfamiliar with the concept of ‘callbacks,” Doug wrote. “I knew I had some kind of phone call with IR later, but didn’t really understand what it was for.”
Rasgon said that the investor-relations executive was called from a company, and, after going over a trove of data, asked him bluntly, “What’s your number?” Rasgon’s financial models are rather complex, and when he said he still hadn’t started working on his model, the IR person still fell silent, thanks and hungry – Rasgon later assumed that the company had changed its model Was trying to run.
“This particular company was on the aggressive side,” Rasgon added in his Twitter thread. “That level of ‘help’ is not specific in my experience.” He said some companies would say nothing further than their public conference call or earnings script. “Should be a happy medium,” he said.
Everything Rasgon does is similar to financial journalism: trying to write a title that catches attention, and then telling a story that investors – who don’t understand the minutiae of all semiconductor industry – can understand. He said that he is trying to think up a title for his company’s report, and of course, on the content within him.
“One of my five titles [gets] Rejected, ”he said. He also notes that any title with no indication of a gambling reference is immediately rejected by Bernstein’s compliance department.
Some catchy rasgullas came into the limelight including “All Nivel Lives?” A forecast for 2019 is described by Advanced Micro Devices Inc. AMD,
Which is called the “back-half ramp” [in revenue] This will make the all-round nervous. “AMD actually went to report a big quarter, but data-center sales were below expectations.
An entertainer during Qualcomm Inc.’s QCOM,
Apple Inc., legal saga with AAPL
Comparing the ambiguous situation in their communications chips with the Jibberish-speaking and Adams family fame of Cousins, fame, in a note, “Qualcomm FQ1 2020 Recap – Cousin It?
He wrote, “There is enough hair to keep us apart. ”
NVDA, after Nvidia Corp
At the COVID-19-era product launch via video, CEO Jensen Huang opened the oven to unveil a range of new products in her home kitchen, with Rasagan titled, “Cooking with Jensen.”
Rasagan’s enthusiasm for his work and his enthusiasm for the victorious world of semiconductors is contagious, even in our brief conversations. And now he has found a way to melt that passion with a facility to write to attract customers – and the press – through his two TTRTs in his complex research,
It seems to be working.
“It’s a fun job,” he said. “I can write about my interests.” But the most important element of the work is the customer, and he has learned to put them first, he said. “If you don’t like people and can’t be successful in building relationships, then you’re good at your stock pick no matter what.”