I started my career in the stock market in 2003, when I joined an equity research firm in Mumbai. It was purely an accident that I got into this field, as this was the only decent job that came to my MBA Finance class, among all others that required door-to-door selling of insurance and loan products. We were just coming out of the 2000 dot com crash led economic decline, and thus jobs were far and few in between.
My job, starting day one, was to study companies from the technology space, and write reports around what I understood. Annual reports were available online, but most companies made available only the latest 2-3 years’ reports. Not many companies were conducting investor meets or conference calls, and not many had functional investor relations department.
When I look back at those days, equity research was not such a well-known career and not many people outside finance really knew what investing in stock market was all about. Yes, we had passed through the Harshad Mehta and Ketan Parekh days, but stocks were mostly looked upon as a way to gamble instead of creating serious long-term wealth. Apart from television and newspapers, there were no other media to read about the stock market or investing and related ideas. Yes, Internet was available, but investing resources were not that much available or credible.
Despite this, that period around the start of 2000s was still modern compared to investors who came even earlier, some of whom I have had the privilege of interacting over the past few years.