Gregory Blotnick

for jr/mid-level analysts, or IB/PE going into L/S equity, or "outsiders" trying to get a seat...I pulled together a handful of "live" investment pitches from back when I was interviewing for HF analyst roles...there is a lot in here that may be of use to you, take what you need.

as a disclaimer, these are all 5+ years old, they're probably not actionable, I'm not involved in any of them, do your own due dili -- educational/informational use only. They are most valuable from the standpoint of process, template, formatting, checklist/criteria, and how to

(1/7) CPRT long from 2016 - pretty thorough pitch, 15 pages or so. 

the length itself isn't what matters - the first page has to hit or else the rest is wood. Beyond that, the next 10, 20, even 30 pages of supporting material are all fine, they just need to reinforce the message

2. KSS short from 2014. Lower quality than the CPRT pitch but still has some good in here

the first two pages put front-and-center what needs to be there - ests vs consensus, thesis in 3-4 bullets, event path, bull/bear debate, variant view, probability-weighted target, risks,

3. TPX long from 2016. for some reason I did this one in powerpoint, 27 slides...in hindsight I'd just stick to word (like the CPRT pitch). 

the first few pages here work from a template perspective: thesis in a few bullets, event path, scenarios, variant view, risks/mitigants,

4. COMM long from 2016. seven pages, shorter pitch

as a Consumer analyst I was almost certainly out of my element with this name...I've avoided commenting on two things in each of these pitches: 1. Content 2. Excel. I could spend ten pages obliterating the flaws in each thesis +

5. DE short from 2016. two-pager, similar formatting to the COMM pitch

could've been summed up in 4 letters - NFSD - never fucking short deere

posted here for formatting/template purposes, hits the notes that need to be hit (thesis bullets, variant view, bull/base/bear). but as

a brief aside as we get closer to the end - I would like to propose an update to Roosevelt's "man in the arena," as the "arena" analogy is too commonly misused in non-arena circumstances...like when Blankfein said Goldman does "God's work" and the universe threw up in its mouth

If you see major flaws in these pitches - POST HOG. Assuming that you have good intentions and want to help people improve, pointing out shit I got wrong doesn't really help the next man...Show us how its done. Post your quality pitches. Lay out how YOU do things, and explain why

6. ULTA memo from 2018 + UA trading call

these are from random pod interviews so it's sort of a different format, coverage model - PM says "write up your thoughts on xyz ticker" and leaves it totally open to you. This means it could be a long, a short, or fairly valued slash

7. Last, one and two-pagers from 2019...27 pages of them. These are mostly from when I was in pre-launch, rebuilding all my models from scratch and putting together 1-2 page "pitches" together for all names under coverage...mostly for my own sake, some were expanded on later and

TOTAL: Page with all the pitches and links is here -

NEXT STEPS: almost forgot to include this - go to , Ideas tab, sort by "highest overall rated," show "all years." Read ALL the pitches and ALL the back-and-forth in the comments for each...there's 25 years worth. Will take hundreds of hours and it's worth

END: For anyone jr level, if anything in these pitches is unclear, DM me...no question is too stupid, I promise...back in 2012 I was on here doing the exact same shit, DM'ing people with stupid questions, and they took time out of their day to help...pay it forward fellas. This

One of my favorite stock pitches that I can remember reading...a 2014 short call from VIC on an offshore driller (Paragon). Perfectly written, concise, addressed DCF &amp; NAV valuation, bull case, and risks to thesis in less than four pages of text.

Shit went right to 0 lol

Would also give a nod to Josh Tarasoff's "long AMZN" deck from 2012. Was absolutely non-consensus at the time. Variant view on 3P mix-shift (below) and normalized margins ex-growth opex. 

Simple pitch, well-supported, excellent call. Board man gets paid.