Friday, January 27, 2012

Buy-Side and Sell-Side Analysts - An Analysis

Recently, I had opportunity to attend an SVForum SIG meetup on "Cloud M&A: Buy-side and Sell-side Dynamics in 2012 and Beyond". I had to get clear on the two concepts of Buy-Side and Sell-Side before I went into listen to the panelists. This exercise in learning itself was an eye-opener on how phrases get into usage in natural languages.

To begin with, Buy-Side and Sell-Side are not exactly what they seem. Let us start with some definitions, from Investopedia:
The side of Wall Street comprising the investing institutions such as mutual funds, pension funds and insurance firms that tend to buy large portions of securities for money-management purposes.

Read more: http://www.investopedia.com/terms/b/buyside.asp
The retail brokers and research departments that sell securities and make recommendations for brokerage firms' customers.
Read more: http://www.investopedia.com/terms/s/sellside.asp
Buy-Side analysts seem to be really doing what the phrase seems to suggest: Analyze stocks and other instruments to help in potential, eventual, buying of the equities. The Sell-Side analysts, on the other hand, deal significantly with retail investors, and can enable or, influence, buy or sell decisions by the retail investors.

If both buy and sell decisions are enabled by these Sell-Side analysts, why call them only Sell-Side?

Thursday, January 05, 2012

Google Maps and Bangalore's Namma Metro.

Google has seen it fit to map different parts of the world, and Bangalore, India, is no exception.

Recently, on 20 October 2011, a segment of the Bangalore Metro, between Baiyappanahalli & M G Road, went online for passenger traffic.
Namma Metro Route Map

While the route map of the Namma Metro, shown here and provided by the Bangalore Metro Rail Corporation Limited (BMRCL), offers a logical view that is helpful in a lot of contexts, it is sometimes also valuable to have a view that is superimposed on the geography-based map of Bangalore, of all the stations that currently serve passenger traffic. There is also a list of stations in the rail network, provided on the BMRCL web site.

It is said that the rail system offers free Wi-Fi connection on the train to all of its riders.

This Google map given below is a public map and I expect to update it to match the state of the Namma Metro in the coming months and years.

View Namma Metro (Bengaluru) Google Map in a larger map

Other information Namma Metro on the Internet:
Namma Metro on Wikipedia.
Bangalore Metro Map by MapsofIndia.com.

Wednesday, August 03, 2011

A Review of Outliers: The Story of Success by Malcolm Gladwell

In this book, the author, Malcolm Gladwell, hammers home how and why certain individuals have succeeded enormously, i.e., are outliers, by leading the reader from the obvious observations to the more non-obvious conclusions:
"It is not the brightest who succeed. ... Outliers are those who have been given opportunities -- and who have had the strength and presence of mind to seize them."

"To build a better world we need to replace the patchwork of lucky breaks and arbitrary advantages that today determine success — the unfortunate birth dates and happy accidents of history — with a society that provides opportunities for all."
After chronicling the lives of many successful people, and making some interesting observations along the way, Gladwell concludes that success is not completely inherent to an individual's IQ and other genetic factors, but is influenced rather heavily by circumstantial factors as well.

The book is written in a story-like style, makes for captivating reading, and is full of very insightful comments, some of which are given below.

Excerpts from the book.
Characteristic Page Excerpt
Hard work 39 "... once a musician has enough ability to get into a top music school, the thing that distinguishes one performer from another is how hard he or she works. That's it ..."
Practice 40 "The emerging picture from such studies is that ten thousand hours of practice is required to achieve the level of mastery associated with being a world-class expert — in anything", writes the neurologist Daniel Levitin ... And, what is ten years? Well, it's roughly how long it takes to put in ten thousand hours of hard practice."
Practice 42 "Practice isn't the thing you do once you're good. It's the thing you do that makes you good."
Accidental presence 64 "If January 1975 was the dawn of the personal computer age, then who would be in a best position to take advantage of it? ... Ideally, you want to be twenty or twenty-one, which is to say, born in 1954 or 1955."
Intelligence 101 "... general intelligence and practical intelligence are 'orthogonal' ..."
Parenting 104 "[sociologist Annette] Lareau calls the middle-class parenting style 'concerted cultivation'. ... Poor parents tend to follow ... a strategy of 'accomplishment of natural growth'. ... But, in practical terms, concerted cultivation has enormous advantages. ... The heavily scheduled middle-class child is exposed to constantly shifting set of experiences."
Parenting 107 "... Lareau describes a visit to the doctor by Alex Williams, a nine-year-old ... and his mother... Alex is used to being treated with respect. He is seen as special and as a person worthy of adult attention and interest. These are key characteristics of concerted cultivation. Alex is not showing off during his checkup. He is behaving much as he does with his parents — he reasons, negotiates, and jokes with equal ease."
Human memory 229 "... Because as human beings we store digits in a memory loop that runs for about two seconds. ..."
Schooling 252 "The KIPP program represents one of the most promising new educational philosophies in the United States."
Who are the Outliers? 267 "It is not the brightest who succeed. If it were, Chris Langan would be up there with Einstein. Nor is success simply the sum of the decisions and efforts we make on our behalf. Outliers are those who have been given opportunities -- and who have had the strength and presence of mind to seize them."
Book's lesson 268 "The lesson here is very simple. ... We are so caught in the myths of the best and the brightest and the self-made that we think that outliers spring naturally from the earth. We look at Bill Gates and marvel ... But that's the wrong lesson. ... If a million teenagers had been given the same opportunity, how many more Microsofts would we have today? To build a better world we need to replace the patchwork of lucky breaks and arbitrary advantages that today determine success — the unfortunate birth dates and happy accidents of history — with a society that provides opportunities for all."

In summary, the insight in this book is something every parent would do well to keep in mind, as a child is being reared into adulthood.

Thursday, June 30, 2011

Prospect for Biotechnology Graduates, 2011.

Recently, someone asked me what the prospects would be for biotechnology graduates after a bachelor's degree and after a graduate degree. Naturally, answering the request would require some researching, and this blog post is the result. To begin with, we need to distinguish between two terms1 [Click on the hyperlinks to see definition on the dictionary's web page]:
  1. Biotechnology. n. the manipulation (as through genetic engineering) of living organisms or their components to produce useful usually commercial products (as pest resistant crops, new bacterial strains, or novel pharmaceuticals); also : any of various applications of biological science used in such manipulation.
  2. Bioengineering, Biomedical engineering. n. 1: biological or medical application of engineering principles or engineering equipment —called also biomedical engineering 2 : the application of biological techniques (as genetic recombination) to create modified versions of organisms (as crops); especially : genetic engineering
It is not important whether the foregoing definitions are universally accepted, but we will use these definitions in the rest of this blog post.

US Bureau of Labor Statistics (BLS)

The US Bureau of Labor Statistics (BLS) projects the job market for [US] engineers in 2018 at 1,750,300 and, for biomedical engineers, at 27,600.2 This number, to my mind, seems awfully small for a total engineering population of 1,750,300.

BLS' View of Bioengineering and Biotechnology
Bioengineers Biotechnologists
Alternate terminology Biomedical engineers Biological scientists
Employment in 2008 16,000 91,300
Employment in 2018 27,600 110,500

US News and World Report - Best Graduate Schools

When you search for the word 'biotechnology' on the US News and World Report's Best Graduate Schools web site, you are led to Best Biomedical and Bioengineering Programs! In other words, the definitions given earlier are not applied by US News & World Report. The top 10 best engineering schools in biomedical and bioengineering programs support a total of 20,974 graduate students in March 2011.

Google Search for Graduate Assistantships

If you click on the image below, you will be taken to a Google Search browser window with the search words — "(biotechnology OR bioengineering) graduate assistantships" — already filled in.


As an example, the Department of Biology at Northeastern University provides graduate assistantships worth $28,252.50/year, along with remission of tuition for full-time graduate students.

Sample Salaries from a Job Site

The job site Simply Hired compiles average salaries of different types of jobs that it promotes. While this may not be a good measure of absolute salaries, it can give a good sense of relative values of the salaries.

Type of Job Salary/year3
Software engineer $72,000
Bioinformatics engineer $71,000
Biotechnologist $65,000
Medical Doctor $59,000


1from The Merriam-Webster Dictionary.
2The BLS is remarkably silent about software engineers, and projects 'other', presumably including the software types, at 195,400 in 2018.
3As of 1 July 2011.