After a week or two of earnings dependent on your coverage universe once the buy-side calls have been answered things typically start to slow down which can create the best possible day to be in research. A typical great day is outlined below; you can definitely expect these to occur when things get light in the office.
8:00am: Arrive at work, no significant news beyond minor data points from third parties and a few insignificant product releases. Begin working on initiation piece.
9:30am: Market is ripping and all buy rated names are up, neutrals are flat, and sells are down… Fielding calls consists of “good work” comments and “it looks like the economy is getting better”. No stock is up or down significantly enough to draw severe attention so focus is placed on Initiation piece
11:00am: Receive phone call from significant client who is agreeing to an investor meeting with a set of CEO’s we have in NYC that day. This is great news, client explains that recent research done is becoming more valuable to the firm
12:00pm: Receive phone call from Large Cap Investor Relations department. They would like to have the CEO attend the meetings in NYC. This is a home run, important CEO that was unlikely to attend is now attending and previously mentioned buy-side client will now have an opportunity to ask questions as well.
1:00pm: Calls are slowing, able to catch up on multiple to do’s for initiations and primers going out in the next few months
4:00pm: Significant progress is made on the initiation; primer is in great shape and was able to write an industry note for AM distribution tomorrow.
5:00pm: Downtime allows me to review PA account and catch up on stocks outside coverage universe that we can purchase this week.
6:00pm: Casually look around… some people are still here but work is done and there is a Knicks game… Its time to leave. Instead of announcing the exit walk up to office door light set to not turn off, place glasses on keyboard and leave jacket that was worn earlier in the day on the chair. Set internal messaging system to “busy”, lock computer screen and get out of there. Note, leaving rituals change from time to time so people don’t get too suspicious if there is a dead week, better safe than sorry.
Disclaimer: Some sectors do have multiple companies report on the exact same day (6-7 companies) in these rare instances you’ll likely be there all night, but at least you will be done with the majority of your coverage universe in a single day.
