At Work at Goldman Sachs: Lizzie, Vice President, Global Investment Research

Tell us about your journey at the firm.

I have a slightly unusual path – I studied Spanish and Portuguese at university, and it wasn’t until my year abroad in Spain that I became exposed to finance. In my free time, I’d started listening to podcasts on various subjects, one of which was a finance podcast where researchers would pitch different stocks every week. Learning new finance terms was almost like learning a new language – and little did I know I'd stumbled across my dream career, which eventually led me to Goldman Sachs.

I’ve worked in Global Investment Research (GIR) as an Equity Research Analyst for my whole career – starting out in London in the Telecom sector in 2016 before moving to New York six years ago where I mostly helped cover the Telecommunications, Cable and Media sector and was lucky enough to have a fantastic manager who taught me to be obsessive about the details.

That approach was crucial in building out my own coverage in the US Leisure sector – I started with the regional theme park stocks which are relatively small, and I made it my mission to care more about those stocks more than anyone else. That becomes harder as the stocks get bigger but it's a mission I strive to accomplish every day as I’ve moved on to cover Lodging, Cruise, Rental Cars and hopefully more soon.

What are some of your main responsibilities and goals in your current position? 

What we try to do is create models that predict what each company’s earnings results will be, taking into account a variety of factors including the macro environment, industry trends and company-specific idiosyncratic factors. 

The goal is to create differentiated, analytical research that will help our clients to build their portfolios and make investment decisions, and we’re constantly engaging with these clients to share insights. 

What is your favorite part of your role? What are some of the top skills you have been able to develop at the firm

It's hard to pick just one but I think it boils down to the dynamism and relationship aspect of the role. One thing that I think people don't always appreciate is that the best equity researchers aren't just heads down in Excel, but they are also great communicators and have great relationships. 

Of course, having differentiated analysis is imperative – but communicating that message effectively and debating with investors, industry experts, and companies is essential as well (and also fun). It's that continuous dialogue, sharing of ideas and feedback loop that I love the most.

I’ve been developing a variety of skills, such as financial modeling and analysis, as well as writing and communicating effectively with clients – you really have to have a good handle on all of them to be successful in research. 

What makes working at the firm special?

It sounds cliché, but it really is the people. In my eight years of working here, I really haven’t come across anyone who doesn’t come to work every day wanting to do a great job, and that positive energy is contagious. 

I'm surrounded by a lot of smart people, so to be able to work with them and hear their views is incredibly helpful, especially within a sector like Leisure which can't really be viewed in isolation.

Are you involved in any initiatives or programs at the firm?

Absolutely – I’m co-chief operating officer of the GIR Women’s Network. This year, I am also co-sponsoring the Emerging Talent program in GIR, which is designed to provide new analysts with all the tools needed to be great in their roles. I have been lucky enough to have many great mentors, so paying it forward is important to me.

What do you like to do when you're not at work?

The best part of covering a tangible sector is experiencing the product! I love to travel and am no stranger to theme parks and cruises. I'd certainly never base an investment case on anecdotal evidence, but getting to experience the companies in real life is definitely a bonus.