Paul Enright(@pmje73):You have to match the personality of the analyst with the industry they cover. Let’s say you have a stock earning $1 in 2026 with consensus at $1.20 in 2027 and $1.35 in 2028. Analyst A does work and says I think 2028 can be $2 Analyst B does work and says I think 2028 can be $1.50 As 2027 unfolds, analyst B gets more bullish and raises their 28 estimate to $1.60. Analyst A gets a little more realistic and tightens their number to $1.80. This happens after the stock was already up 50 and it was full size for analyst A and half size for analyst B. Ultimately the stock is up 2.5x between mid 26 and early 28 and ends up printing $1.70. The stock traded at $20 or 20x $1 and now trades at 30x $1.70. Analyst A went from $2 to 1.80 to 1.70. Analyst B went from 1.50 to 1.60 to 1.70. Which one would you rather have covering the stock? In the beginning you want Analyst A and in the end you want Analyst B. It’s the PMs job to possess the skills of both even if only one of them is covering the stock for you.

2026.10.07 11:11

You have to match the personality of the analyst with the industry they cover. Let’s say you have a stock earning $1 in 2026 with consensus at $1.20 in 2027 and $1.35 in 2028. Analyst A does work and says I think 2028 can be $2 Analyst B does work and says I think 2028 can be $1.50 As 2027 unfolds, analyst B gets more bullish and raises their 28 estimate to $1.60. Analyst A gets a little more realistic and tightens their number to $1.80. This happens after the stock was already up 50 and it was full size for analyst A and half size for analyst B. Ultimately the stock is up 2.5x between mid 26 and early 28 and ends up printing $1.70. The stock traded at $20 or 20x $1 and now trades at 30x $1.70. Analyst A went from $2 to 1.80 to 1.70. Analyst B went from 1.50 to 1.60 to 1.70. Which one would you rather have covering the stock? In the beginning you want Analyst A and in the end you want Analyst B. It’s the PMs job to possess the skills of both even if only one of them is covering the stock for you.

Paul Enright@pmje73

2026.10.07 01:00

I think if an analyst “gets it” and can really see the thesis but just models too conservatively you have to teach them how to make them see that if their narrative is right their numbers will be wrong and to size it correctly the numbers have to match the narrative. If their numbers are right and they just don’t want to take risk tell them that’s fine you won’t pay them or penalize them on the money made or less. You will keep it all. If they are timid in another way it might be more of a red flag that they’re not gonna make it.

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