Q&A with Two Rising Stars in Equity Research

21 MAY 2021

Emily Chieng and Mike Ng, vice presidents in our Global Investment Research Division, were recently named to Business Insider’s Rising Stars of Equity Research list. We caught up with them to discuss their careers with Goldman Sachs as equity research analysts and how the firm’s Asian Professionals Network has enriched their experiences. 

How did you discover your passion for equity research?

Emily:  Well, it was at a coal mine in central Australia! I was a process engineer to start my career, which was a truly fascinating experience that sparked my interest in the natural resources sectors. I joined the Goldman Sachs equity research team in Australia, focusing on analyzing the sector—later moving to New York, where I currently cover the North American Metals and Mining sector. 

Mike:  Equity research aligns with two passions of mine: the pursuit of lifelong learning and telling stories through numbers and analytics. To succeed in equity research, you have to be able to analyze, write, and interact with incredibly smart people—from company executives to our investing clients to our colleagues across the firm. I joined Goldman Sachs as an associate covering Media & Entertainment within the Technology, Media, and Telecom business unit with Global Investment Research. Since then, my focus has transitioned to Select Internet, Video Games, Movie Theatres, and Toys.


What do you enjoy the most in your role?

Emily:  I enjoy the analytical rigor behind building financial and industry models, which involves incorporating views from my interactions with executives at companies, traders, industry experts, and colleagues. Publishing a written report to underpin conversations with clients is incredibly rewarding to me.

Mike:  Working in equity research provides me with an opportunity to develop skills every day. Research analysts are expected to be subject matter experts in their covered industries; accordingly, a big part of the job is pulling together industry and company information in a coherent way to determine the investment rating for a company. Naturally, a lot of time is spent learning and it’s an absolute privilege to have that be a core part of my job.


What part of your job in equity research do you find most satisfying?

Mike: It’s definitely how no two days are alike. There’s always new information to digest—what is pertinent today may not be tomorrow. You must constantly incorporate new information into your thesis. One of the most gratifying parts of the job is recognizing where there is an inflection in a trend before others see it. My research colleagues are invaluable to the research process, so touching base with them each morning to catch up on overnight news is one of my favorite parts of the day.

Emily: I would say it’s the global reach of my role, the constant learning and new challenges, and interacting with clients. While my job is to learn as much as possible about a given company and sector to form investment views and ultimately help our clients make successful investment decisions, the ability to harness the firm’s global network is particularly special. We have an integrated team in all parts of the world which we leverage to help our analytical process. It’s an iterative process to keep filtering new data points and news headlines into my analysis.  It is incredibly gratifying when so many pieces of information can come together into a well-crafted conclusion that clients appreciate.


How has involvement in the Asian Professionals Network (APN) enriched your career? 

Emily: The APN is an incredible community where I have met so many colleagues from around the firm and built relationships. It’s a forum to share our experiences, hear from diverse perspectives, and deepen relationships and interactions within the firm—and with our clients.

Mike: It’s also an opportunity to spend time with individuals that I wouldn’t necessarily connect with in my day to day role, which helps to broaden my network of individuals across many disciplines at the firm. My career at Goldman Sachs has been enriched by experiencing the diverse perspectives at the firm that APN helps foster dialogue around.


What excites you most about the future of the industry that you now cover?

Emily: An exciting change that is happening across the industry is the increasing focus on decarbonization and how ESG is playing a role in investment decisions. Goldman Sachs has a $750 billion sustainable finance commitment by 2030—which will help us and our clients realize a more sustainable future.  In my work—in metals and mining equity research—it’s clear that raw materials like copper and aluminum will become the backbone of green technologies. Environmentally and socially responsible mining practices will see investors gravitate towards them, and it’s exciting to help analyze trends and influence decisions. 

Mike: The future of entertainment is interactive. Video games are becoming the new standard bearer in entertainment because while having best-in-class graphics and storytelling is critical, offering interactivity and a social experience is a key differentiator—something linear entertainment like movies and TV simply cannot provide.

 

See article on BusinessInsider.com [subscription required]