Finally a serious equity analyst internship program!
We wanted to create the best equity research intern program in the world. We decided that it needed a little more structure and self direction plus some levels of achievement and an ultimate end-point that recognizes those who make it through.
So the R2 2012 Internship Program (Spring Edition) has some key features:
- The program will run from January to May/June. Applications begin January 3rd and are received through January 16th. Selections are announced January 20th.
- Interns will go through distinct phases with a combination of instruction, supporting information and related tasks. The rough schedule is:
- January – Candidate selection and on-boarding
- February – Basic information gathering using public sources, populating post, document and model templates
- March – Advanced information gathering and processing non-public sources of information and mining the network
- April – Analysis, valuation, drawing conclusions, packaging content for investor impact
- May/June – Finding, researching, presenting and publishing on a stock idea
We’ll provide some education and information at the start of each phase along with a list of tasks that need to be done. By doing these interns will build their skills and will be “leveled up” as they work through each phase so they can move on to the next level of education and practice.
R2 is a virtual organization so there is no physical location to report to. Interns will work from wherever they want. We plan to host an organizational meeting on January 23rd in NYC depending on what geographies our interns come from. We typically host two-day working sessions periodically in Boston and New York.
Before applying we suggest you go through the information below to learn more about us and the program. Then, if you think there’s a fit submit your application. Our review process begins January 3rd and the window for new applications closes on January 16th at 5pm EST.
FAQ
What types of people are we looking for?
We are trying to find and develop those few individuals who may go on to professional careers in equity analysis and find their great reward in doing the best work, being right, getting famous and/or making millions. Generally these types of people are smart, thoughtful, hardworking and resourceful. Having expertise in how an industry works or a background in math or science helps but it’s by no means a requirement. We do put a high emphasis on written, oral and visual communication skills. It’s hard for your insightful conclusions to change the world if nobody can understand them.
How much time and effort is required?
Of course it will vary based on what you want to put into it but considering our work tempo and the amount of material to cover it will require at least 5 hours per week. But for most people that probably won’t be enough time to reach the proficiency required to complete the final phase of the program. A level of 10-15 hours per week is probably a sweet spot for the program to work. If you are extremely serious about achieving results and finding a full-time job in equity research then 20 hours a week would be worth doing if we can successfully provide enough material for you to work on. We will put an estimated time on each of the tasks which you can use as a guideline. There is a huge difference from one person to the next – that takes one person 2 hours to complete might require 4 or 6 hours for another.
Do I have to be a technology geek for this?
You don’t have to but it will help. Not only do we focus on technology we use lots of it in conducting our business. In addition to typical programs like Microsoft Office we use a variety of online tools like Skype, Yammer, WordPress, Twitter, Smartsheet and social networks. A large component of the information gathering, packaging and distribution associated with research has moved online. If you are not a “digital native” many parts of this process will be harder. That being said the telephones, meetings, relationships, expertise and fieldwork can be extremely effective as well. If you are resourceful you will figure it out.
What if something comes up and I can’t continue?
It’s understandable. First of all our system will allow you to take more tasks on when you have time and not take them when you don’t. So if you can’t be sure to finish a task we ask that you not sign up for it. If you do then see it through. If your situation is permanent just let us know that you won’t be able to stay in the program and wrap up any remaining tasks you have to complete. Then we’ll off board you and wish you well!
How and where do I apply?
The process will be online and be open on January 3rd. Applications must be completed by January 16th. We may ask some applicants for additional information or to complete tasks beyond the basic application to help us get to know you. This will happen during the week of the 16th. There is a special application form to start the process and be added to the candidate email list for further instructions and updates. You can access the form by clicking on this link.
Is there an interview?
Part of the application process will include a video application. We also expect to do a live interview with many candidates by phone, video or in person the week of January 16th.
Can I be located anywhere?
Short answer: yes. However time zones still matter and we work mostly on EST. One partner lives in Paris so if we tend to shift toward the early side of the day and can certainly have interns in Europe. The further away you get from our time zones the more challenging it can be but it just requires a little extra determination and flexibility to be in sync with the whole team.
How many interns will be accepted into the program?
We are shooting for 2 to 3 in the graduating class. We may accept an additional 1 or 2 people in case not everyone makes it through. Since this is the first time we are running this more structured program we want to do everything we can to make it successful.
Is the program based on something?
SoundView Technology Group never had an analyst training program but they produced some great analysts and used research to dominate their niche over competition that included Goldman Sachs and Morgan Stanley. Kris Tuttle served as Director of Research before the company was acquired and managed to document and preserve a large body of material that was used in analyst training and development. This material was refined subsequently in developing some analyst training for Canaccord Genuity and supplemented with other analyst training materials that add more value. In addition there are a number of strong thinkers and books that we have incorporated into our approach that we will share with you as a reading list.
What if I don’t have a financial background or financial analysis skills?
Our research is ultimately for investors. So financial skills and analysis are key aspects of what we do. However they may not be the hardest and they can be learned. Complicated models and analysis can be powerful but often other foundations are used for the best research work and stock conclusions. If you lack financial skills you’ll need to take a crash course and learn the basics fast to keep up. It’s doable though if you are smart.
Will there be a Fall edition?
If the Spring edition goes well we will probably run the program again in 2012. Applications will be done in August for a September to December program.
Can I get fired from the program?
We don’t like to use the term “fired” but it’s possible that despite our best efforts the program may not be a fit for you. In the past it’s often been the case that people have a strong interest in equity research until they actually start doing it and see that it’s lots of hard work. It’s kind of like writing a book. Lots of people want to do it but the number who can pull it off is much smaller because of all the work that’s required. Generally we will notice that you are not keeping up and if necessary will suggest you stop and focus on other things.
Is there any compensation?
Nope. This is all about education and opportunity.
What do I get out of it?
Besides the education described above for those that complete the program they will have 1) a portfolio of published materials that they have worked on and can discuss with prospective employers, 2) a public testimonial and endorsement from us that you have completed the program and 3) if you are a student and your school provides credit for completing a program like this we will provide the necessary documentation. If our graduating class is strong enough we may offer a paid summer internship opportunity that would provide full-time work with compensation. We will decide in May if we will be offering a paid summer internship.
What kind of recognition will I get?
Anything you contribute meaningfully to we will put your name on. Until you are doing work on your own at the end you will be listed in a supporting role. If you complete the program successfully we will list you as a primary resource on that work.
Some Background on Research 2.0 (R2)
R2 was started in April of 2005 as an independent research organization focused mainly on emerging technologies from an investor perspective. The firm is run by two senior partners, Kris Tuttle & Stephen Waite, who each have circa 30 years of experience in research, equity analysis, economics, investment strategy and portfolio management. R2 provide advisory services to emerging technology companies and publishes investment research on a broad array of institutional platforms. Our work is read by all the major institutional investment firms, hundreds of technology company managers and thousands of individuals and retail investors.
Our focus is on new technology, emerging investment themes, fundamental analysis, intrinsic valuation and long-term conclusions. Unlike broker/dealers and investment banks we can distribute our work freely and openly to reach a large audience and avoid all the counter-productive friction and forces that smother good research at these firms.
We also believe in a virtual or “mesh” business model where we leverage platforms and partnerships rather than build redundant and expensive infrastructure. For example we leverage partners like GigaOM to distribute some of our thematic research, SharesPost for research on private companies, and IPO Candy (which we own) for research around the IPO market and the companies there. In 2012 we will be using a platform called Covestor to launch a public investment fund driven by our research process.
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