By Stephen T. McClellan
“I am going to begin assurance in this publication: purchase! The identify completely encompasses the topic of the publication. Stephen McClellan, a Wall highway analyst for 32 years, highlights universal practices of study analysts and what they suggest for person traders. it is a speedy learn, jam-packed with anecdotes from Stephen's lengthy profession and his sound funding suggestion. "Full of Bull" doesn't comprise get wealthy speedy schemes or any particular buying and selling techniques, simply observations from one of many industries maximum analysts.” --Wall highway Reporter "Only Stephen McClellan may have written this publication. As a senior statesman of analysts, Steve has labored within the internal circles of Wall highway for over thirty years. while Steve talks, every person within the listens. This publication is sort of a university extension path for traders, and it is taught via the Dean." –H. Ross Perot, Sr., Founder, digital info structures, Founder, Former Chairman, Perot structures "Steve McClellan has drawn on an insider's lifetime view of ways Wall highway rather works to supply a realistic and unique booklet of recommendation for traders. even if you're a new or skilled investor you will get anything helpful out of it, together with quite a lot of chuckles." –Charles O. Rossotti, Former Commissioner, inner profit carrier "Steve McClellan's packed with Bull presents a protracted past due perception into the complicated maze of Wall road research and inventory ideas. This publication exposes The Street's "insider code" and offers either a cautionary story and an vital advisor into the Byzantine international of funding analysis." –Thomas M. Siebel, Founder, Siebel structures, Chairman, First digital staff "Steve McClellan is likely one of the smartest men within the funding undefined. For years his examine helped traders work out tips on how to recover returns. Now he is gathered a career's worthy of observations and conclusions approximately how Wall road works and the way to prevent the error that rate traditional humans millions–no, billions–of money daily. learn this publication and feature extra money on your retirement." –Doron Levin, Columnist, Bloomberg information "Today the common percentage is held less than a yr, often through an establishment, speculator, or insider whose profits are on the rate of the under-informed or mis-informed person investor. Securities analysts are of little aid. together with his 30+ years of suitable adventure, Steve McClellan tells you why and the way to higher guard yourself if you are anyone investor." –Josh W. Weston, Former Chairman, computerized information Processing purchase! Outperform! carry! What are inventory analysts particularly asserting? How do you learn among the strains, decipher their insider code, positioned their study in context, and use it to truly earn a living? learn Stephen McClellan’s packed with Bull and discover. for many years, McClellan used to be one of many Street’s major analysts. He understands precisely how the sport is performed. Now, for the 1st time, he finds the Street’s secrets and techniques and deceptive indications, placing you on a degree enjoying box with the world’s largest institutional traders. notice the right way to do what Wall road does, no longer what it says...uncover analysts’ hidden affects, biases, and blind spots...react accurately to improvements, downgrades, and value targets...decide which learn to disregard completely...bring a transparent eye to corporation announcements...avoid the disastrous error person traders make once they use analyst research. Drawing on his gigantic adventure studying best businesses, McClellan exhibits how you can do your individual study, systematically review a company’s customers, and select investments according to center ideas that paintings. Forthright and impressive, filled with Bull bargains goal, concentrated assistance you have to be getting out of your broker...but aren’t! Decode the Street’s hidden indications and misconceptions clear out the noise, locate the reality, and benefit from itWhen “hold” fairly skill “sell correct now!” Cautionary stories, strong classes the place to discover the Street’s top research... and the way to prevent the worst the true keys to a top quality funding greater than forty ideas, techniques, and practices that paintings
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Additional info for Full of bull: do what Wall Street does, not what it says, to make money in the market
The analyst first jumps on the squawk box and makes comments to the sales force. Traders get a call about the same time. ) After returning phone calls from institutional sales, the next priority is the press. We love to see our remarks running across the Dow Jones newswire—and Bloomberg, Reuters, and the next day’s New York Times, too. Then we might start chatting with the key institutional clients like Fidelity. By the time most investors hear of or read our research views, it is way late. Its tardiness renders it worthless for near-term trading.
Analysts rarely talk to the office managers or the biggest retail brokers at their firm, and almost never do they have From the Library of Melissa Wong CHAPTER 2 • UNDERSTAND WALL STREET’S MISLEADING PRACTICES 43 contact with registered reps in branch offices. Most analysts totally avoid these financial consultants’ calls. Given the low position retail has in the long chain (traders, institutional sales, press, institutional investors, corporate contacts—all precede individual clients in analyst priority), most investment ideas are shopworn by the time a report is read by an individual investor.
But the climax was dinner later at Perot’s house for the management team. I was invited along and got to know his children, ogle his Monets, and schmooze with all the other executives and their wives. One year, the NFL Monday Night Football game featured the Cowboys at home at the same time as the annual meeting, a scheduling crisis for most of the EDS executives that were season ticket holders. That pushed the gathering to a Thursday night slot the next year. My firm merged with a mid-sized wire house, Hornblower & Weeks, a brokerage that catered mainly to retail individuals with essentially no interest in research.