by Stephen T. McClellan
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Product Description
Buy! Outperform! Hold! What are stock analysts really saying? How do you read between the lines, decipher their insider code, put their research in context, and use it to actually make money? Read Stephen McClellan-s Full of Bull and find out. For decades, McClellan was one of the Street-s leading analysts. He knows exactly how the game is played. Now, for the first time, he reveals the Street-s secrets and misleading signals, putting you on a level playing field with the world-s biggest institutional investors. Discover how to do what Wall Street does, not what it says...uncover analysts- hidden influences, biases, and blind spots...react appropriately to upgrades, downgrades, and price targets...decide which research to ignore completely...bring a clear eye to company announcements...avoid the disastrous mistakes individual investors make when they use analyst research. Drawing on his immense experience analyzing top companies, McClellan shows how to do your own research, systematically evaluate a company-s prospects, and choose investments based on core principles that work. Forthright and bold, Full of Bull offers objective, focused guidance you should be getting from your broker...but aren-t! Decode the Street-s hidden signals and misconceptions Filter out the noise, find the truth, and profit from it
When -hold- really means -sell right now!- Cautionary tales, powerful lessons Where to find the Street-s best research... And how to avoid the worst The real keys to a quality investment More than 40 principles, strategies, and practices that work
Amazon.com Review
"I am going to initiate coverage on this book: BUY! The title perfectly encompasses the theme of the book. Stephen McClellan, a Wall Street analyst for 32 years, highlights common practices of research analysts and what they mean for individual investors. This is a quick read, filled with anecdotes from Stephen's long career and his sound investment advice. Full of Bull does not contain get rich quick schemes or any unique trading strategies, just observations from one of the industries greatest analysts."
--Wall Street Reporter
"Only Stephen McClellan could have written this book. As a senior statesman of industry analysts, Steve has worked in the inner circles of Wall Street for over thirty years. When Steve talks, everyone in the industry listens. This book is like a college extension course for investors, and it's taught by the Dean."
—H. Ross Perot, Sr., Founder, Electronic Data Systems, Founder, Former Chairman, Perot Systems
"Steve McClellan has drawn on an insider's lifetime view of how Wall Street really works to produce a practical and entertaining book of advice for investors. Whether you are a new or experienced investor you'll get something valuable out of it, including more than a few chuckles."
—Charles O. Rossotti, Former Commissioner, Internal Revenue Service
"Steve McClellan's Full of Bull provides a long overdue insight into the confusing maze of Wall Street analysis and stock recommendations. This book exposes The Street's "insider code" and provides both a cautionary tale and an indispensable guide into the Byzantine world of investment analysis."
—Thomas M. Siebel, Founder, Siebel Systems, Chairman, First Virtual Group
"Steve McClellan is one of the smartest guys in the investment industry. For years his research helped investors figure out how to get better returns. Now he's collected a career's worth of observations and conclusions about how Wall Street works and how to avoid the mistakes that cost ordinary people millions—no, billions—of dollars everyday. Read this book and have more money for your retirement.''
—Doron Levin, Columnist, Bloomberg News
"Today the typical share is held much less than a year, usually by an institution, speculator, or insider whose gains are at the expense of the under-informed or mis-informed individual investor. Securities analysts are of little help. With his 30+ years of relevant experience, Steve McClellan tells you why and how to better protect yourself if you're an individual investor."
—Josh W. Weston, Former Chairman, Automatic Data Processing
Buy! Outperform! Hold! What are stock analysts really saying? How do you read between the lines, decipher their insider code, put their research in context, and use it to actually make money? Read Stephen McClellan’s Full of Bull and find out. For decades, McClellan was one of the Street’s leading analysts. He knows exactly how the game is played. Now, for the first time, he reveals the Street’s secrets and misleading signals, putting you on a level playing field with the world’s biggest institutional investors. Discover how to do what Wall Street does, not what it says...uncover analysts’ hidden influences, biases, and blind spots...react appropriately to upgrades, downgrades, and price targets...decide which research to ignore completely...bring a clear eye to company announcements...avoid the disastrous mistakes individual investors make when they use analyst research. Drawing on his immense experience analyzing top companies, McClellan shows how to do your own research, systematically evaluate a company’s prospects, and choose investments based on core principles that work. Forthright and bold, Full of Bull offers objective, focused guidance you should be getting from your broker...but aren’t!
Decode the Street’s hidden signals and misconceptions
Filter out the noise, find the truth, and profit from it When "hold" really means "sell right now!"
Cautionary tales, powerful lessons Where to find the Street’s best research...
And how to avoid the worst The real keys to a quality investment
More than 40 principles, strategies, and practices that work
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Average Customer Review:
0 of 0 people found the following review helpful:
 Simply amazing a must read if you want to make money in the market, 2008-10-15
After losing a fortune in the market and finally admitting to myself that I dont know what im doing I came across this book and its the best possible book on making money in the stock market, I spent a fortune on classes, and books 10 times this size.
He gets right to the point and tells the truth, whenever I followed his way of thinking I made money every single time.
Years ago I would of bashed his books, why? Because id love to believe certain things and he makes it clear that the market dont work like that. But its not about thinking the author is right or wrong its knowing hes right on.
The book is a easy read and anyone can understand it.
0 of 0 people found the following review helpful:
 Inside the world of a Security Analyst, 2008-07-17
Buy this book if you would like to take a look inside the world of investment banking and how security analysts really operate. After reading this book you will not take buy and sell recommendations as seriously. This book recommends that when a strong buy is reduced to a buy it is a warning to institutonal holders and it is a good time to sell, and when a buy is changed to a sell it is a good time to buy due to all the bad news being out.
The author tells about his daily experiences as a stock analyst, his schedule, amount of travel, and that only 20% of his time was spent in research, the majority of tim is spent keeping clients of the investment bank happy. You will learn all about the conflicts of interest that exist in ranking stocks and the politics involved. The author gives his opinions on how the industry should be cleaned up by making resarch separate from the bank and the analysts should be held accountible on how their recommendations perform. The author gives solid investment advice through out the book, but it is rather basic. I was a little disappointed in not getting the inside insight that I believed he may have.
Legendary investor Gerald Loeb on stock analysts:
"In a bull market,you don't need them, in bear market, you don't want them."
0 of 0 people found the following review helpful:
Easy To Read for the Small Investor, 2008-07-13
Stephen McClellan's keynote speech and book are both informative, easy to understand, and entertaining. Finally, somebody is addressing the needs of the small investor. In the book he explains how Wall Street really works. Definitely worth reading.
Author of Knockout Presentations
1 of 1 people found the following review helpful:
The Inside Scoop!, 2008-06-28
Brokerages did not even track the accuracy of their analysts' opinions until recently. A 2007 survey found stock-picking 10th (out of 12) in priority of analyst attributes - ranked by their employers. Not surprisingly, their track-record for accuracy is often atrocious.
Problems begin with the fact that rating definitions differ between firms, and are usually overstated (in code) to pacify affected executives (eg. "Hold" = negative). Upgrades are usually late, rarely value-oriented, and usually momentum-driven. Unclear, but suspected issues (eg. lack of confidence in management's estimates, concern about untrustworthy management) are not put into writing, and may only show up in an analyst's body language or tone of voice.
Analyst coverage overemphasizes large firms (obviously greater interest in them), is biased towards the short-term (6 months, or less), misses Titan shifts (eg. moving from film to digital), reaches individual investors late (vs. media, and institutions).
Analysts generally ignore economists' projections - they're changed too often (and wrong). Analysts are reticent to downgrade a stock, fearing institutional holder retaliation via commission allocations.
Since 2000, the number of analysts has declined about 40%, and is en route to falling another 30% by 2008.
Best investments are those that are safe (low multiples, healthy balance sheet, not falling), small-cap, innovators, viewed for the long-term, and in a rising industry. Avoid IPOs (only dogs are offered to the little people), limit the number of holdings, firms with executives that blame external factors for their firm's problems, and those with flashy personal style.
"Full of Bull" does not address the question of the relative importance of timing vs. stock selection. In today's obvious down market (and prior boom markets), timing seems much more important.
0 of 1 people found the following review helpful:
full of bull by Stephen T McClellan, 2008-04-19
This book is what I needed. It kindof reinforces what I have always thought, and makes me feel more confident as an independant investor. I like the straight forward style and the candid insight of wallstreet by a guy who knows what really goes on. A must read for todays market, or any market.
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