By Mitch Zacks
Wall highway spends over $1 billion a 12 months reading shares. Too undesirable a lot of that evaluation is rubbish, says writer Zacks. He should still comprehend: he is v-p of the revered enterprise Zacks funding learn, and he is witnessed how the comfy 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 instruction manual for person traders for recognizing profitable shares on their lonesome. (A trace: it is all concerning the gains estimates; corporations whose projected profits are being revised upwards are those to guess on.) Zacks's prose is crisp and speedy, and he tackles tough matters with dispatch. occasionally the e-book veers into an commercial for the company and its site, however the trove of clear-headed industry knowledge is definitely definitely worth the occasional self-promotion.Copyright 2003 Reed company info, Inc.
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Additional info for Ahead of the Market: The Zacks Method for Spotting Stocks Early - In Any Economy
Is It Useful? As I explained in the last chapter, the advice contained in the recommendation is almost always biased. So taking the recommendation at face value is akin to believing that your neighbor really did catch a two-foot long whitefish on Lake Okanawa during his vacation. The upshot? Despite the attention they receive in the media— “John Q. Smith of MegaBrokerageCo reiterated a buy on ExxonMobil” you 46 Ahead of the Market hear reported breathlessly on CNBC’s Squawkbox—the recommendation is one of the least useful parts of an analyst’s research report.
The reason for this apparent contradiction is fairly clear: It is easier for a brokerage firm to sell stock if the analysts are always optimistic and telling clients that on the whole stocks are worth more than their current prices. However, when multiple analysts are suddenly saying that a stock is worth $30–$40, when just a while ago the same analysts were saying the stock was worth only $16, it means that the stock is likely going to be rising in price immediately and likely over the next month.
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. Companies engaging in acquisitions see their stock price fall for a variety of reasons, the most common being that the acquirer almost always overpays.
Ahead of the Market: The Zacks Method for Spotting Stocks Early - In Any Economy by Mitch Zacks