Get to know Linda Bolton Weiser, Managing Director, Senior Research Analyst, Health & Beauty / Leisure
Linda shares lessons from her decades of experience on succeeding in equity research and the evolution of the industry.
1. Can you describe your role and the key responsibilities you handle on a daily basis?
I am a Managing Director and Senior Research Analyst, covering more than 20 stocks in the Health & Beauty / Leisure sector. My work involves writing research reports, projecting companies’ earnings, collecting proprietary data, and doing valuation analysis, to help our institutional clients make more informed investment decisions. I meet frequently with the CEOs and CFOs of companies under coverage, and also aim to identify additional companies to add as new coverage. Another important part of the job is overseeing our research associates and helping them develop into senior analysts.
2. What motivated you to pursue a career in institutional equity research, and what keeps you passionate about your work?
I was a science major in college, so I have a long history of being involved in research and “digging in” to find answers. I’m comfortable with numbers and like using them to support arguments. I find it’s easy to stay passionate about equity research because the companies and industries are always changing, and I still learn new things almost every day.
3. How has the industry evolved since you started, and what significant changes have you observed?
I point to three big changes since I started more than 30 years ago. First, the rules and regulations have changed — I remember when a CEO could tell an analyst in a meeting what the earnings for the quarter would look like! Second, pricing has gone down, and productivity has been driven higher — our clients pay us less and analysts are expected to cover >20 stocks vs. 12-15 stocks when I started. Finally, technology’s effect on the flow of information has raised the bar on the quality of research our clients are willing to pay for.
4. What skills do you believe are essential for success in your field, and how do you cultivate them?
Successful sell-side analysts have three important skills, in my view: (1) creativity, (2) a strong work ethic, and (3) an outgoing personality with strong communication skills. The job is essentially a marketing job, and throughout my career, I have made it a point to observe and learn from other analysts.
5. Can you share a memorable project or deal you’ve worked on and what made it stand out?
The Best-of-Breed Bison (BBB) initiative here at D.A. Davidson has refreshed my thinking on how to analyze stocks. Even for companies I have been following for decades, the BBB approach enhanced my understanding of the competitive moat and other concepts. It was also very cool to see the team come up with such a slick marketing presentation of the 12 criteria checklist, followed by a virtual conference and regular monthly events for clients.
6. How do you balance the demands of your job with your personal life, and what strategies do you use to manage stress?
The analyst’s job has round-the-clock aspects, but there are also times with flexibility. When my two boys were young, I was able to leave the office to watch them play baseball or perform in the school play. I was fortunate to have a husband who wanted to help take care of them, and we also had the same full-time babysitter for about 10 years. When away from work, I like to do things that are completely unrelated — like cooking, watching stuff on Netflix, reading novels, seeing live music, traveling.
7. What advice would you give to someone just starting out in institutional equity research?
All careers have their highs and lows, but if you really think you want to do this, then just keep showing up!
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