Maximizing Value from Expert Interviews: A Framework

Expert interviews are among the most valuable—and expensive—inputs to investment research. A single hour with the right expert can reshape an investment thesis. Yet many interviews fail to deliver their potential value.

The difference between a transformative expert conversation and a forgettable one often comes down to process. Here's a framework for maximizing value at every stage.

The Preparation Phase

Define Your Objectives

Before scheduling any expert call, clarify what you're trying to learn. This sounds obvious, but many analysts approach calls with vague goals like "understand the industry better."

Effective objectives are specific and actionable:

• Weak: "Learn about the cloud computing market"
• Strong: "Understand why enterprise cloud migration timelines have extended in the past two quarters and whether this is temporary or structural"

Write down 2-3 specific questions you need answered. If you can't articulate these clearly, you're not ready for the call.

Research the Expert

Experts bring value through their specific experiences and perspectives. Understanding their background helps you:

• Tailor questions to their actual expertise
• Avoid basics they'll find tedious
• Identify unique angles only they can address
• Build rapport through informed conversation

Review their LinkedIn, any public writings or presentations, and previous consultation summaries if available.

Prepare Your Questions

The best expert interviews feel like conversations, not interrogations. But that doesn't mean you shouldn't prepare questions carefully.

Organize questions in priority order. You may not get to everything, so lead with the most important topics.

Prepare follow-up questions for likely answers. If you ask about market growth and they say it's slowing, what do you ask next?

Include some open-ended questions that let experts share unexpected insights. "What's the most important thing happening in your industry that investors are missing?" often yields gold.

Brief Yourself on Context

Before the call, review:

• Your current thesis and key assumptions
• Recent news or developments in the space
• What you've learned from previous expert calls
• Specific data points you want to verify or challenge

This context helps you ask sharper questions and recognize significant information when you hear it.

During the Interview

Start Strong

The first few minutes set the tone for the entire conversation. Establish:

• Your context: Briefly explain your role and what you're researching
• Their context: Confirm their current role and relevant experience
• Expectations: How long you'll talk, what topics you'll cover
• Permission: Confirm they're comfortable with recording if applicable

Listen More Than You Talk

The most common mistake in expert interviews is talking too much. You're paying for their insights, not to hear yourself speak.

Aim for a ratio where the expert talks 70-80% of the time. Your job is to guide the conversation, not dominate it.

Follow the Interesting Threads

While preparation is essential, don't be so rigid that you miss unexpected insights. When an expert mentions something surprising, explore it.

The best insights often come from topics you didn't know to ask about. An expert might casually mention a competitor's new strategy or an emerging technology that reshapes your entire thesis.

Ask "Why" and "How"

Surface-level information is rarely actionable. Push for the mechanisms behind observations:

• "You mentioned pricing pressure. What's driving that specifically?"
• "How do customers typically make that decision?"
• "Why do you think competitors haven't responded?"

These questions reveal the expert's mental models and generate insights you can't get from public sources.

Quantify When Possible

Qualitative insights are valuable, but quantified observations are more actionable:

• "You said the market is growing quickly. What growth rate are you seeing?"
• "When you mention 'most' customers prefer X, is that 60% or 90%?"
• "How long does that process typically take?"

Experts often have more precise views than their initial statements suggest. Asking for specifics surfaces this precision.

Test Your Hypotheses

Expert calls are opportunities to validate or invalidate your investment thesis. Don't just collect information—actively test your assumptions:

• "My understanding is X. Does that match your experience?"
• "I've assumed Y. What am I missing?"
• "Some investors believe Z. What's your reaction to that?"

Be open to having your views challenged. That's often where the most valuable learning happens.

Note Key Moments

Even with transcription, flag moments that feel important:

• Surprising statements
• Strong conviction
• Areas of uncertainty
• Topics worth deeper exploration

These flags help you prioritize post-call analysis.

Post-Interview Analysis

Review While Fresh

The hours immediately after a call are critical. While your memory is fresh:

• Review your notes or transcript
• Identify 3-5 key takeaways
• Note questions that remain unanswered
• Flag follow-up actions

Waiting too long allows context and nuance to fade.

Synthesize, Don't Just Summarize

A summary captures what was said. Synthesis captures what it means. Ask yourself:

• How does this change my view?
• What assumptions were validated or challenged?
• What new questions emerged?
• How does this connect to other research?

The goal is to transform conversation content into investment insight.

Update Your Models

Expert insights should flow into your analytical frameworks:

• Adjust financial model assumptions
• Update your thesis document
• Revise your question list for future experts
• Note areas requiring additional research

If nothing changes after an expert call, either the call wasn't valuable or you're not extracting the value properly.

Share Relevant Insights

If you work on a team, share valuable insights promptly. The expert's observations might be relevant to colleagues covering adjacent areas.

Structured sharing also helps build institutional knowledge. Insights captured in personal notes often leave when analysts do.

Track Outcomes

Over time, track which experts provide the most valuable insights. Consider:

• Which experts changed your view?
• Which predictions proved accurate?
• Which relationships yielded repeat value?

This data helps you allocate future expert consultation time more effectively.

Common Pitfalls to Avoid

Confirmation Bias

It's natural to seek experts who'll validate your thesis. But the most valuable calls often challenge your views. Actively seek diverse perspectives.

Over-Reliance on Single Experts

No single expert has complete information. Triangulate insights across multiple sources before making significant decisions.

Failing to Adapt

If an expert conversation reveals you're asking the wrong questions, adapt. Don't rigidly follow your prepared list when better questions emerge.

Neglecting Relationships

Expert relationships have compound value. Following up, sharing relevant articles, and maintaining connections creates access for future research needs.

Poor Documentation

Without proper documentation, expert insights evaporate. Invest in capturing and organizing what you learn.

Technology's Role

Modern tools can amplify every phase of expert interviews:

Preparation: AI can surface relevant context from previous calls and external sources.

During calls: Real-time transcription ensures nothing is missed.

Post-call: AI-powered analysis can identify key themes and suggest follow-ups.

Over time: Knowledge management tools preserve and connect insights.

The analysts who master both the human skills of expert interviewing and the technological tools for capturing value will have significant advantages.

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