Wall Street Research: Past, Present, and Future

Books · Source

Overview

Very dated (platforms like Tegus and Canalyst make many of the books observations less relevant), but a great read if you’re looking to understand the history of sell side research. My biggest takeaways were:

• buy side researchers are increasingly making trade offs between paying for raw data va paying for sell side research
• the cost/distribution of sell side research product is making that research less economically viable (much like the news industry). Original research is really expensive to produce, but really cheap to copy
• large buy side teams have resources to conduct their own research, but sell-side research really shines for small and medium sized clients
• information tools that provide a global perspective (instead of just a local perspective) remain an untapped opportunity
• quants typically have no use for sell side research, they prefer raw data
• sell side research remains (to this day) an untapped opportunity for the Indian and Chinese markets