Miranda Cockburn,
Equity Research Analyst, Real Estate

Miranda is a highly-rated Real Estate analyst having covered the sector for 20 years. She joined Panmure Gordon from Stifel (formerly Oriel), where she led a team covering more than 30 companies. Previously she worked for Cazenove and CSFB. She originally trained as a Chartered Surveyor at Savills before moving into property finance at United Bank of Kuwait.

Why did you join Panmure Gordon?

I thought it would be exciting to join what’s in effect a start-up during its early stages of development. I like Panmure Gordon’s small and nimble structure.  My role here is here broader than it was previously, and I’m able to be more involved in activities across the firm.  I was also excited about the enthusiasm of the senior management team, our long-term backers and to have the ability to build a real estate franchise from a blank sheet of paper.

What does it take to be a research analyst?

There are different career paths to becoming an analyst. Some come through the accounting route while I came from industry as an expert on the sector I cover. There are certain skill sets that help in this business. A key skill is having an opinion and being able to voice that opinion in writing and when talking to clients. It may not matter if your view is wrong as long as you can justify it. Being inquisitive and asking questions is how you learn and discover new information. I see a set of accounts like a puzzle – what is interesting about it, what can I see differently than most people. Being able to present to people, selling your ideas is also important. At times you need to sit and do the numbers, and you also have to be able to talk to people and be comfortable in that setting.

What’s the most fulfilling part of your job?

It’s great when you have spotted an anomaly, write about it and shares react to your research. Getting it right is fulfilling. I like coming up with an idea that’s useful for the clients that enables them to invest and make their decisions. It’s gratifying when you add value to a client’s work. I enjoy coming up with an idea, working through the data to see if it holds up and finding that I was going down the right path.