Start with a top-down, macroeconomic, or sector-specific idea. Formulate a clear, testable hypothesis. Example: 'The US industrial sector will receive a major boost from increased government infrastructure spending.'

Use Bloomberg Terminal EQS (Equity Screener) to build a universe. Apply filters: 1) Liquidity/Listing: Active stocks, primary listings, specific exchanges (e.g., US Exchanges). 2) Sector: Select relevant sector (e.g., Industrials), exclude irrelevant sub-sectors. 3) Financial Metrics: Market cap >$500M, EV/EBITDA < 12x, positive cash flow, Debt/EBITDA limits. Sort final list by key metrics (performance, valuation, volatility) to prioritize research.

Alternative method: Use Bloomberg General Search to find relevant sector index/ETF (e.g., 'US Industrials ETF'). Identify large, liquid fund (e.g., XLI US Equity). Use DES (Description) for overview, then PORT (Portfolio Analysis) to view holdings - provides pre-vetted list of significant companies in the sector.

Use Microsoft Excel with Bloomberg API Add-in. Build dashboard using Bloomberg API formulas (BDP, BDH, BQL) to pull: key financial data from statements, valuation multiples, technical price indicators (e.g., Z-score), business segment breakdown, analyst recommendations (from ANR screen).

Use Bloomberg Government (BGOV) to validate thesis alignment. Search Contract Intel Tool for past/existing government contracts - filter by agency, vendor, industry. Search lobbying activity filings to understand spending on relevant legislation/policy influence.

Use Bloomberg Terminal FA (Financial Analysis) function. Analyze: historical financial statements (Income Statement, Balance Sheet, Cash Flow), calculated ratios and valuation multiples, consensus estimates for future quarters/years, segment-specific data.

Search public domain (YouTube, news sites) and Bloomberg Terminal for: interviews, presentations, public appearances by senior management (CEO) to assess strategy, communication style, vision. Use Bloomberg DSCO (Document Search) to analyze: earnings call transcripts (tone, operational updates, future plans like capex, debt refinancing, analyst questions), SEC filings, press releases, broker research.

Use Bloomberg Terminal for debt analysis: DDIS (Debt Distribution) to view debt maturity profile and outstanding issues. Click specific bond, use DES for characteristics (coupon, rating, maturity). Use GP (Graph Price) to chart historical bond price. Use YAS (Yield and Spread Analysis) for what-if analysis: calculate current YTM, YTW, spread over government bonds, duration.

Use Expert Networks (e.g., Gerson Lehrman Group - GLG) to schedule calls with vetted industry specialists (former employees, competitors, suppliers). Discuss: industry trends, company reputation, management quality, nuanced topics not in public documents.

Use Bloomberg Terminal BRC (Broker Research) and ANR (Analyst Recommendations), or direct bank relationships. Read reports from covering analysts to understand: consensus view, key risks, potential catalysts. Leverage sell-side relationships for direct analyst discussions for deeper insights.

Synthesize all quantitative (financials, valuation) and qualitative (management, industry position, expert views) findings.

Formulate final investment recommendation (Buy/Sell/Hold for stock, or opinion on debt). Prepare presentation of thesis, research, and recommendation for Portfolio Manager or Investment Committee for final decision.