Get to know Michael Shlisky, Managing Director, Senior Research Analyst
Michael shares how the research industry has evolved, but the importance of one-on-one relationships remains.
1. Can you describe your role and key responsibilities?
I am an Equity Research analyst focused on the Industrial Machinery and Clean Tech sectors. This includes covering areas such as Agricultural Equipment, Construction Equipment, Trucks, and Electric Vehicles. I write research based on my discussions with management teams, suppliers, dealers, and other industry players, combined with financial filings and industry data. This research is then presented to our institutional-investor client base to help them choose which stocks are right for their portfolios.
2. What motivated you to pursue a career in finance, and what keeps you passionate about your work?
I was looking to find an industry and role where every day is different from the previous one. Finance—and Equity Research in particular—fit the bill. On Monday, I could be taking a deep dive into the state of global corn and soybean crops by looking at government datasets. Tuesday, I could be writing about the school bus sector and taking calls from hedge funds about fire truck manufacturers. This could be followed by a Wednesday where I am hopping on a plane to visit our clients in Chicago in the morning, with a television appearance in the afternoon to discuss the Construction Equipment sector. There’s never a dull moment!
3. How has the industry evolved since you started, and what significant changes have you observed?
I started in Equities shortly before new regulations greatly curtailed the ability of some institutional investors to pay for research. The pendulum has begun to swing back in a favorable direction, but Equity Research analyst roles have shifted in the meantime. Our client base has (rightfully) set the bar higher and rewards premium research products and differentiated insights and data that they can’t find elsewhere. They also want more access to management teams than ever, which companies like D.A. Davidson can deliver thanks to our relationships. New technology has made it easier than ever to produce and distribute research. This has caused the industry to evolve many times over the last few decades, making these premium insights and one-on-one human interactions increasingly important in generating value for investors and the firms we serve. That’s why I am confident that as AI finds its way into investment selection, Equity Research—when done correctly—will continue to be valued by our counterparts.
4. What skills do you believe are essential for success in your field, and how do you cultivate them?
The most important skill to have, in my view, is cultivating relationships. This ranges from relationships with the management teams of the companies I cover, management teams of adjacent companies, our firm’s investor clients, the many industry players who provide us with their thoughts, and even private companies looking to eventually make the leap to the public markets. The more I can connect the dots between these constituencies, the better it is for all parties involved.
5. What advice would you give to someone just starting out in your field?
Ask lots of questions. Develop relationships with as many people as possible and stay in touch with them. Always try to connect the dots and help people. Even if it doesn’t appear to be beneficial to you at the moment, or even part of your job description, people remember how you treated them and it can’t be bad if those memories are positive ones.
6. Can you share a memorable project or deal you’ve worked on and what made it stand out?
A few years ago, D.A. Davidson held its Technology Conference in Big Sky, Montana. While I am technically not part of the Technology Equity Research team, my coverage of the Clean Tech sector has a natural overlap. We were able to get a handful of electric vehicle companies to each send a vehicle or two to the conference to give investors test drives on Big Sky’s hilly and twisty roads—and even off-road EVs for the rocky terrain. This gave investors more than just a meeting in a drab conference room and helped our firm deliver a premium experience to those in attendance. It was a different way to learn about the companies at the conference—and it was just plain fun!
7. What book is currently on your nightstand?
“Working” by Robert A. Caro. Caro is one of the preeminent biographers in the U.S., having won two Pulitzer Prizes for his books on Lyndon B. Johnson and Robert Moses. In “Working,” he pauses from his research on his fifth and final book about LBJ to tell us about his research and writing process. His motto, “turn every page,” has led him down some very unusual and time-consuming paths to uncovering the truth about his subjects. His methods and results are awe-inspiring, and a reminder to never stop searching for that next tidbit of information that your readers will find valuable.
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