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If you want to know how to pitch a stock , it would be great to have a full stock pitch guide in one article… right? Also, interviewers will ask you to pitch a stock, often multiple times, if you want to get a job at a hedge fund. Finally, note that we are only covering stock pitches here — not credit pitches or distressed debt pitches or global macro pitches involving FX, commodities, or sovereign bonds.
You can use the same structure for those, but specific elements of the pitch, such as the valuation, catalysts, and risk factors, will differ. But where am I supposed to get ideas in the first place? And how do I complete the research process and build a valuation in only a few days? The blunt truth is that you need to be following industries or companies already to have a good shot of finishing a stock pitch, even a page one, in only a few days.
So, ideally, you already have in mind companies that are undervalued or overvalued and whose stock prices could change significantly in the next months. For example:. If you can screen by revenue, aim for companies with revenue in the hundreds of millions to low billions USD.
Do not pick a company with 20 different business lines where each segment depends on different assumptions. In our example stock pitches here, I picked Jazz Pharmaceuticals partially because it had a manageable number of products — the main one, two smaller ones, and several even smaller ones that we consolidated:. A company that just announced an acquisition or divestiture, a major product or clinical trial results, or a major strategic pivot is a good bet.
One final note: do not rely on equity research reports to find companies or investment theses. Equity research is useful for gaining background knowledge and finding market data, but you should not use it for building your investment thesis. You will not be able to read thousands of pages if you have only a few days or a week, so we recommend the following steps:. You can understand the research and valuation process in-depth and financial modeling in Excel by completing our courses.
In this section, you present the most convincing arguments for your pick. We recommend the following structure:. It is not a great idea to give specific probabilities here e. In the PowerPoint version of the Jazz stock pitch, we added a price-volume chart because of the extra space available:. In the investment thesis section, you must point out something that everyone else is missing or misunderstanding about the company. Besides arguments about pricing and market size, there are many other ways to build an investment thesis.
Catalysts are most important for Short recommendations because overvalued companies tend to stay overvalued until a specific event, such as an earnings report far below expectations, suddenly makes everyone come to their senses. If a company is high-quality, appropriately valued or undervalued, and has solid growth potential, its share price might increase gradually over time, and specific events are not as essential to your investment thesis.
In this section, you must resist the urge to paste in sensitivity tables and instead summarize the output, with a focus on the implied share price in different cases. Focus on the DCF or DDM, or NAV Model depending on the industry because it demonstrates your differentiated, long-term views of the company more effectively than the other methodologies. In this section, you cross-examine your investment thesis and point out all the flaws and reasons why it might be wrong.
The worst-case scenario is worth mentioning as well, especially in Long pitches: if the company completely crashes, what might its Balance Sheet be worth in a liquidation scenario? How high could it realistically go, based on your valuation, and where would you cap your losses? The investment professionals will dig into your assumptions, question specific numbers, ask about your primary research, and assess how much conviction you have. However, you should make notes about the key numbers, what your different sources said, and the industry stats.
Then, offer to look it up and follow up with them after the interview… and make sure you follow through and do that. Some books, guides, and articles about stock pitches recommend that you include other factors in your pitch as well:. Craig : At the bottom of every page on the site there are links to this legal requirement. It should also be understood that hypothetical performance results may be posted on the website or given to third parties by other methods.
Such hypothetical performance results have inherent limitations in that they have been prepared with the use of past performance and past performance is no guarantee of future results. Performance can and does vary between individuals. Government regulations require disclosure of the fact that while our methods may have worked in the past, past results are not necessarily indicative of future results.
While there is a potential for profits there is also a risk of loss. A loss incurred in connection with trading the forex market can be significant. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition since all speculative trading is inherently risky and should only be undertaken by individuals with adequate risk capital.
There can be no assurance that any prior successes, or past results, as to income earnings, can be used as an indication of your future success or results. I did already reference that one of the brokers we use is used to manage Superannuation funds ASIC approved for pension funds.
Why on Earth did join multiple shady business opportunities in the first place? What is the ratio of Silver and Gold affiliate memberships in terms of membership revenue entering the company each month? Furthermore with none of this registered with the SEC, within the context of MLM and investments this is a huge compliance red flag that should not be ignored. Continued offtopic derail attempts will be marked as spam. Nobody cares what you and your forex buddies think on some random forex site.
Stop making stuff up mate. If we begin to talk about the real business model and the post is made accurate I can then address your other points. Like I said, neither you nor 5 Star Signals can guarantee third-party brokers are not running a Ponzi scheme backend while they post a trade log on yet another third-party website.
Remember, this is all unregulated by design. That is all I have pointed out. You insist this is not possible, which I assert is an extremely naive position to take. It was simply raised here as a possibility. Which I maintain is perfect reasonable, given the level of third-party reliance 5 Star Signals have and that neither 5 Star Signals nor the third-party brokers involved appear to be registered with the SEC.
Oz : Like I said, neither you nor 5 Star Signals can guarantee third-party brokers are not running a Ponzi scheme backend while they post a trade log on yet another third-party website. Otherwise you are just here spouting about something you are showing everyone know understands what we are doing you have no idea what you are talking about. I could not and do not give a stuff about what it means in the world of shady unregistered forex brokers. And on that note, your first reaction to this MLM review was to run off to a forex site and solicit opinion from forex investors.
So my question was relevant enough. Are the current broker-dealers registered with or licensed by relevant authorities, e. Unfortunately Oz is stubbornly sticking to what amounts to a wild conspiracy theory that would involve at 5SS and at least 3 other brokers colluding to present fake results and also duping Myfxbook into presenting these fake results.
One point of clarification though, my comment referring to ASIC in the near future did not mean we use unregulated brokers now. On that new broker we will be launching another trader that makes this one we have now look average. I will be sure to post the verifiable results going forward when we launch it — as we always do. Ditto the actual flow of money on the backend. Failing to acknowledge that is irresponsible due-diligence.
Mariska van de Langenberg : 61 I will not repeat what has already been extensively pointed out, that a PAMM model through licensed brokers is impossible for anyone to manipulate. The Federal Trade Commission and the Federal Communications Commission each have laws that restrict telemarketing practices. Many countries have these regulations as well. The names are irrelevant, only that the brokers 5 Star Signals are affiliated with are not registered with the SEC is of significance.
We have 3 brokers, all from different parts of the world, all under different regulations and all displaying the exact same results. Not until you transition from vague marketing statements to actual regulatory registration details, see above. Ozedit: Right. Anything further from you that does not disclose the requested regulatory registration details will be marked as spam. Craig is wasting my time dancing around the fact that neither 5 Star Signals or their brokers are registered with the SEC or any other securities regulator for that matter.
This is an issue because both 5 Star Signals and the brokers they use are offering securities to 5 Star Signals affiliates. It also opens the door for fraud Ponzi or otherwise , because shady brokers operating in unregulated environments is a recipe for disaster. Craig : We have 3 brokers, all from different parts of the world, all under different regulations and all displaying the exact same results.
Just forget it. Mariska can probably try to answer it. Craig : Care to explain how this would be remotely possible under your theory of Ponzi play? But I have also added some sources to look at. I am into forex for about 6 years now.
Forex is a difficult market to earn money unless you have the education to do this in a proper way. I am making money in forex and I can live from that money but to earn my money it takes a lot of my time. I was always looking for a way to make it easier for me and stumbled upon Pamm accounts. Myfxbook is a fully respected and independent, company where people who manage forex accounts can attach their accounts to and then show the real results to the world.
This is what 5StarSIgnals did and to be honest, I am really impressed. If people want to built a business and get access to the pamms they can look for other interested people. People that want to learn more about how to trade for themselves can join a higher level silver or gold. Are any of them registered with the SEC or at the very least a securities regulator in any jurisdiction?
Best of luck. We provide information and what you do with it is up to you. Nothing more, nothing less. Myfxbook is independant and is highly respected in the forex world, ghis is more relevant than people sitting behind a desk thinking they know what they are talking about.
Oz: Are any of them registered with the SEC or at the very least a securities regulator in any jurisdiction? But they have regulations like SEC from many countries. Again you are a bad reader. Oz: Best of luck. Why is obtaining this information from 5 Star Signals and their affiliates akin to drawing blood from a stone?
And in doing so demonstrate a lack of regard for proper regulatory registrations. Like I said, you make money this way and are defending it. The FSA enforces strict business practices equal to or exceeding requirements of financial services regulators in other countries.
The Authority does not approve or sanction the business activities of IBCs upon their incorporation. Oz : Craig is wasting my time dancing around the fact that neither 5 Star Signals or their brokers are registered with the SEC or any other securities regulator for that matter. The account had subscribers. Two videos out of 85 were in Dutch Netherland , as far as I could see. I only had a quick look at the video titles. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment.
SEC Consumer warning — binary options including forex. It is illegal for entities to solicit, accept offers, offer to or enter into commodity options transactions for example, foreign currencies , metals such as gold and silver, and agricultural products such as wheat or corn with U. To see the most recent list of exchanges that are designated as contract markets, check the CFTC website.
There currently are only three designated contract markets offering binary options in the U. All other entities offering binary options that are commodity options transactions are doing so illegally. SteveT : I see this conversation has rumbled on and on creating tons of fresh content for your website. I tried first to get some answers from Craig about broker-dealer licenses countries , but I only got vague answers.
In the U. Some of the videos targeted specific groups of people, e. The website seems to be promotional, but it does offer some relevant information about how investors can be tricked. Recently we were made aware of an article that had appeared on a website which discussed 5 Star Signals. The 5SS team is very used to dealing with such misconceptions and upon hearing about the post, Craig, who oversees the trading department of 5SS went over to clear things up.
Nor that of the third-party brokers they use. After a hundred or so comments of him dodging the issue and providing strawman arguments about some forex website, enough was enough. Mariska van de Langenberg joined various scams. Who is paying hundreds of dollars a month to access to a forum populated with third-party information, without the attached passive investment business opportunity?
With a mixture of it being hard to explain and also not wanting to disclose too much we will not give any details about what goes on in the gold forum. Thus the majority of funds entering 5 Star Signals are affiliate-sourced, making it a pyramid scheme that pays on affiliate recruitment. You can go on and on and start repeating it while you can easily make a call, talk about it, get some more behind the screen information and hopefully get some real facts on table.
Either cough up the SEC registration documents or stop posting spam. Who is Craig Walters, anyway? I see no evidence of him existing on the internet aside from Facebook and a pinch of forex forums, and his trading background is sketchy at best. I want to see a background check on this supposed forex expert next and maybe even a real name for a change. It also might be worth looking into what kind of money the company is making off being a middle man between actual traders. Andreas : may I suggest to have a call with her on Skype and have a look behind the screens.
A voice does not make a person who he claims to be. It is important to understand anything you do off of the 5starsignals. Definition of Investment Adviser Section a 11 of the Act defines an investment adviser as any person or firm that:. This is very important since it is the difference between us making money if we mislead people or not.
Advice about Securities. A person clearly meets the third element of the statutory test if he provides advice to others about specific securities, such as stocks, bonds, mutual funds, limited partnerships, and commodity pools. The more difficult questions arise with less specific advice, or advice that is only indirectly about securities. SEC: Section a 11 of the Act defines an investment adviser as any person or firm that:. Generally, the receipt of any economic benefit, whether in the form of an advisory fee, some other fee relating to the total services rendered, a commission, or some combination, satisfies this element.
Walters refused to provide regulatory registration information for 5 Star Signals or their third-party brokers. Rather than concede a lack of regulatory registration, he kept publishing offtopic information about third-party forex websites. This I marked as spam, along with any other derail attempt comments he left.
She published the one comment and did a runner. Andreas : why cannot mariska langenberg and craig walters provide clarifications right here? Therefore, it is with great regret to inform you that HotForex will no longer be offering its services to new or existing U. Any positions left open will be closed at the prevailing market price at that time and all pending orders will be deleted. Please note that the deadline may change if it is necessitated by our regulators, the Financial Services Commission in Mauritius.
There has been a lot of adverse comments here about 5 Star Signals, so to set the record straight I shall share some of my results. However the trades that have been placed have overall made a profit for my account — 1. Yes some trades lose while others win. The trick is ensuring your winnings are greater than the losses. If you want to attack something that is an all-out scam, then go for the binary option robot sellers.
For a matter of balance I shall post my results here week in, week out and let the readers judge for themselves whether this is a scam or not. However the trades that have been placed have overall made a profit for my account.
Both were otherwise posting multiple times a week before the 5 Star Signals fraud was made public. SteveT seems like an honest type of guy. He even posts his real name and thus identifies himself for all to see.
An IBC incorporated in SVG is authorised to engage in any business activity without additional approval from the FSA, except where its proposed business activity amounts to banking, insurance or mutual fund business, as these activities are licensed activities. I am an honest type of guy… the T stands for Thomas by the way. End of story.
Vincent and the Grenadines FSA. Please be advised that an IBC is authorised to engage in any business activity without additional approval from the FSA, except where its proposed business activity amounts to banking, insurance or mutual fund business, as these activities are licensed FSA activities. Until such time that appropriate legislation is put in place to address forex activities, there is no prohibition against an IBC carrying out that activity or from so stating in its Articles of Incorporation.
It is however advised that IBCs which do carry on this activity take the necessary steps to ensure that they obtain the required authorization from the jurisdictions wherein they actually conduct the forex activity. Please be advised further that Tallinex Ltd which engaged in forex trading activities has been doing so at its own risk, or at the risk of the jurisdiction where it obtained authorization to conduct such business as it is not regulated by the FSA.
If there are any investors experiencing difficulties that you are aware please advise them to forward their complaint to the FSA with all the details of the nature of the problem so assistance can be given on this end. They are also advised to contact the relevant Authority overseas which licensed Tallinex Ltd to conduct forex business and report your complaint. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email. Notify me of new posts by email. Leave this field empty. As per the 5 Star Signals Terms and Conditions: Jurisdiction and venue of any matter not subject to arbitration shall reside in The Republic of Ireland. Going by their Alexa statistics, Bonofa appears to have collapsed late last year.
The 5 Star Signals Product Line 5 Star Signals has no retailable products or services, with affiliates only able to market 5 Star Signals affiliate membership itself. The 5 Star Signals Compensation Plan The 5 Star Signals compensation plan sees affiliates pay a fee and then get paid to recruit others who do the same.
Given this is more than the population of Earth, 5 Star Signals readily disclose Make yourself no illusions, you will never be able to fill that matrix. That would require 10 billion people on your 10th level and that will never happen. Broker Commissions If 5 Star Signals trade, the company charges them a broker commission.
Automated Trading Commissions Using the same unilevel compensation structure as used in broker commissions, 5 Star Signals affiliates can also earn third level commissions on automated trading earnings. Conclusion Trading Forex, actively or passively, now available for the masses!
You sign up, pay a fee and then get paid to recruit others who do the same. As per a Facebook post by van de Langenberg dated September 30th, I have promoted opportunities that turned to scam in the past and have been even a topleader in a product based pyramid scheme that still goes around. It is so easy to point a finger and play the blame game to a leader, to an upline.
With 5 Star Signals the culture of victim-blaming fraud will likely continue. Approach with extreme caution. Oct 14th, at am Terrence B Q. Well yes it looks good on paper to see 10 levels you can earn from. The idea is you have room and a place for everyone they bring and their downlines too. How nice of them. Oct 14th, at pm M Norway Q. Amsterdam is in Netherland, the largest city in North Holland region of Netherland. Oct 14th, at pm Oz Q.
Thanks for catching that. Someone else emailed me about that too. Oct 14th, at pm SteveT Q. Not when it comes to compensation plans. Oct 14th, at pm Craig Q. These are third party published results from real trading. Please note, these links can be bookmarked so you can check up on the results every few months — they will always be published publicly : myfxbook. They account for every dollar of investment.
Hi there Craig. Do you accept funds from US investors? Are you thus registered with the SEC? What about the pyramid scheme chain-recruitment component of the business? Oz : Hi there Craig. See comment 8. As I understand a pyramid scheme What you understand a pyramid scheme to be is irrelevant. Within that specific context, PAMM is neither here nor there.
To be linked with the traders we have made available you need a membership with us. Opening a PAMM is easy though, 1,s of people will do it every day. Affiliate participation requires investing through links provided by 5 Star Signals. Buying a membership is not an investment. The returns are not paid on memberships. No, you open your own brokerage account, created through you. It is your account and held under your name.
At no point in time do 5SS ever have access to clients funds or take investment from them. On the side you also have a chain-recruitment pyramid scheme. Thankyou for your time. I will leave someone else to discuss this since we are just going to go around in circles. Since you never alluded to risks in trading I should add that. On our current strategy we offer multipliers that have the following statistics; Normal.
That certainly sounds like Silver and Gold affiliates earn commissions to me. I believe I raised legitimate concerns. And so what, you were lying about Silver and Gold affiliates not earning commissions? I agree your concerns are completely legitimate and something I discuss with people often. Whether or not this is a ponzi is nonobjective. Third parties though that have nothing to do with the MLM opportunity?
Not a chance. So all I am asking is that you update the review to be accurate. Are any of these third-party brokers registered with the SEC? Oz, please look up Myfxbook and see what it is mate. See here — myfxbook. And I take it nobody is registered with the SEC. Bloody hell within the context of an MLM opportunity, what a compliance nightmare this all is. Nothing suss! Oct 14th, at pm anjali Q. I am starting to wonder if you are looking to do a factual and objective review here.
The segregation of funds makes this impossible. It is a geometric average. Did I miss anything? Yeah, everybody is a fan of BehindMLM until we review your opportunity. Some results from the low risk strategy, for illustration.
The average here is 2. Real trades. Real win and losses. It is something that is common. This PAMM thing started off because you mentioned it, and continue to use it to divert attention away from 5 Star Signals unregistered securities and pyramid scheme compliance issues. Craig : Real trades. Anjali, thank you. We are now talking about relative points.
You are also absolutely correct. The average given is geometric so it accounts for the losses as well. Oct 14th, at pm Poppy Q. Technical terms used for this is calculating risk of ruin. Poppy If you choose to refer it then you you get paid on the people you bring in who buy the memberships too. I disagree with you here. Which one of these is the case determines if the tone used in this article is correct. Very fundamental thing to clear up to make sure at the very least, the review is factual.
Oct 14th, at pm Dutchie Q. Thank you. Please visit 5starsignals. Oct 15th, at am anjali Q. Oct 15th, at am Craig Q. There may be profits, there may be losses but there is never misrepresentation of such. Oct 15th, at am M Norway Q. Craig I have the same question Oz asked you in post In any event segregated accounts protect clients funds.
The only reason will be if the information is meaningless without some other information. You have indirectly brought up that question yourself in post 6. Oct 15th, at am Mariska van de Langenberg Q. Thank you for paying attention to 5 Star Signals Oz, it is appreciated. The biggest revenue stream is paid to us by the broker, not by the members. Stating it all is third party and thus cannot be trusted is a little uneducated statement Oz.
They have full access to their funds, their money is not stuck. Ozedit: attempt to take discussion offsite removed A final word: it might be good to understand the difference between binary broker platforms and solid forex brokers. Oct 15th, at am Char Q. Oct 15th, at am Oz Q. Hi Anjali Thank you for again making a terrific point. This is a retail product with no additional benefits at this membership level for affiliates.
Hope that clears that up. These seem to be points you should address to maintain the credibility of your claims here. Or, just admit it is real trading results and correct the post. Craig : At the bottom of every page on the site there are links to this legal requirement It should also be understood that hypothetical performance results may be posted on the website or given to third parties by other methods.
See full: 5starsignals.
These two theories analyse single pitch frequencies / pure tone sine waves. But what happens when we consider complex tones with multiple frequencies? Complex. Pitch Perception of Sine waves: Place theory (place coding) when the fundamental frequency component is removed; Place theory cannot account for this. The dopamine theory is based upon the observations that psychostimulants such as amphetamine induce clinical symptoms closely resembling those of schizophrenia.