1. INTRODUCTION TO BOIRE CONSULTING MENTORING PROGRAM:
I have started this mentorship program due to a desire to fill a perceived need in the market
place. New finance professionals are coming out of universities and CFA programs with a great deal of
knowledge and abilities. However they are often tripped up on either interviews or approaches to land
a position within capital markets industry. The possible reason is due to the requirements of the capital
markets are not being clearly communicated to the candidates. It is also possible that the bridge
between theoretical and practical valuation approaches is expected to be crossed too quickly. There are
also very few training programs available for equity research professionals (on the buy side)
The program is suitable for new finance professionals who desire to expand their knowledge in
the North American capital markets. The main target would be those individuals who want to pursue a
career in the buy side (research analyst, investment advisor, or portfolio manager). However, I believe
this program is very much appropriate for those individuals who want to participate in the capital
markets on the sell side (investment banking, research, institutional sales, investor relations, etc.) to
better understand the approach their client is making in order to come to conclusions.
This program is not intended to be a complete training program by any means. There are many
valid approaches to analyzing equities. My approach is therefore just one of these valid paths; however
this program will bring you the adequate tools necessary to transition your theoretical knowledge into
one where you can add concrete value to your analysis. I am highly confident that my approach stands
up as it based on the learning I have made over my successful career in the capital markets. The
mentoring program is also not designed to be a job placement or facilitation service. The improvement
in the equity research process is the stated desire of the program.
The program is intended to increase an individual’s skill at equity research in its entirety. The
program starts with a detailed approach to select an appropriate company to begin. The individual will
then proceed to familiarizing themselves with the company’s products/services, competitive
environment, pricing dynamics, corporate goals and financial trends. Once the individual has a firm
grasp of the company’s competitive environment; we move to discussions with the company and
financial modelling. The program will then move to valuation work and discussion and finally conclude
with the formation of the investment thesis.
The program that you are embarking on is one designed to assist you on your path to a career in
capital markets. These pages will assist you as you go through the research process. The manual is not
to be read right through but rather as a step by step guide as you journey forward. The individual is
encouraged to maintain an active discussion throughout the process in order to move forward in the
appropriate direction. There will be one or two strategically placed information sessions in order to
assess direction and status. The program concludes with a rigorous one hour stock pitch
recommendation. The program will provide an analysis and recommendation going forward.
2. Introduction to my career
The capital markets experience all started for me in 1996 when I inadvertently signed up for an
elective class called Money Matters in Marianopolis College. It was a love affair ever since. I jumped
programs from chemistry (in Cegep) to Finance (in University). I took the maximum number of finance
classes possible during my stay at McGill University. I inundated myself with every single annual report
that I could get my hands on (I wish I had the benefit of the web back then). I joined Fidelity
Investments’ Team Canada in Boston in the winter of 1999-2000. In typical buy side training; I was
pushed into the pool and asked to swim. I did not have the benefit of any program to assist me during
the ramp up phase.
The first year was a wonder; where I learned to navigate through researching, analyzing,
financial modeling, hosting meetings with CEOs, and stock recommendations while experiencing one of
the biggest stock bubble implosions at the same time. The knowledge curve was an amazing one when I
look back on those early days. I had never made a financial model before in my life to that point. The
education I received during those formative years as part of Fidelity’s Team Canada was more than
critical they were a blessing.
I am happy to say that I was able to make it through learning about small cap tech, industrials,
consumer staples and consumer discretionary stocks over the first two years. I was promoted in under
the two to three year typical path to a full analyst. I then moved on as an analyst to complete major
industries such as energy, telecom, software and a broad U.S. assignment (all sectors). I also was an
associate portfolio manager starting six months after my start at Fidelity. Each analyst was responsible
for managing the relevant portion of Fidelity’s Canadian Discipline Equity Fund (a $1-2 Billion fund when
I was with the team).
My responsibilities as an associate portfolio manager grew as I moved through more important
sectors within the Canadian market place culminating to my coverage of the entire Energy industry. I
then co-managed several funds (FICL Global Natural Resources, FIL Industrial Pool and Pyramis Market
Neutral Fund). Each assignment added improved knowledge to me from industry expertise,
international experience, sector weightings, shorting, and overall portfolio management.
In 2007, I was able to start my own fund from scratch at Blumont Capital. I designed,
constructed and implemented a new small-mid cap North American product. The product was an
innovative offering that balanced the strengths of the Canadian small cap market (resources) with the
strengths of the American small cap market (Consumer, industrial, financial and technology). I was
responsible for trading, idea generation, sector weights, cash management and portfolio performance.
After the financial crisis, I have gone back to my roots as an equity researcher due to my passion
and my strengths. I have been able to see many different business cycles over my career as well as two
major stock market catastrophes. My clients choose my services due to my historical track record, my
extensive industry background and my well tested methodologies. I look forward to bringing my
extensive background to bear to assist you on improving your equity researching skills.