By Mitch Zacks
Wall road spends over $1 billion a 12 months interpreting shares. Too undesirable a lot of that evaluation is rubbish, says writer Zacks. He may still comprehend: he is v-p of the revered enterprise Zacks funding examine, and he is witnessed how the comfortable dating among businesses and their funding bankers have corrupted making an investment through the years. Now he is pop out with not just a denunciation of sketchy analysts, yet a guide for person traders for recognizing profitable shares all alone. (A trace: it is all in regards to the gains estimates; organisations whose projected profits are being revised upwards are those to guess on.) Zacks's prose is crisp and rapid, and he tackles tough matters with dispatch. occasionally the booklet veers into an commercial for the enterprise and its site, however the trove of clear-headed industry knowledge is easily well worth the occasional self-promotion.Copyright 2003 Reed company info, Inc.
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Extra info for Ahead of the Market: The Zacks Method for Spotting Stocks Early - In Any Economy
Think of it this way: Chances are that analysts who generate more revenue for the brokerage firms where they work will be paid more money. This is why it will always be important to discount the recommendations issued by analysts. Why Does an Analyst’s Prestige Generate Investment Banking Revenue? As the CEO, you don’t need help negotiating the deal; what you How the Analyst Got His Bias 29 really need more than anything else is for your company’s stock price not to tank after you make the acquisition.
In order to use analyst research effectively, it is necessary to combine the research from multiple analysts and focus on how this combined data changes over time. By doing this, you can anticipate analyst activity and determine which analyst actions will result in a price response that lasts over a period of time. • The piece of combined data that is the most important to focus on is revisions to analysts’ earnings estimates. Thus you want to buy stocks for which the consensus earnings estimate is increasing and sell stocks for which the consensus earnings estimate is decreasing.
But before we do that, we need to spend some time on the entire issue of an analyst’s credibility. Even the casual reader of the business press knows that Wall Street firms paid hundreds of millions of dollars in fines in 2003 as a result of providing investors with biased research. But not everyone is clear on exactly on how that bias became institutionalized and why the bias is built into the system. When I say analysts are biased, I am likely not going to get much of a disagreement. But we really need to be more specific.
Ahead of the Market: The Zacks Method for Spotting Stocks Early - In Any Economy by Mitch Zacks