FT Press, June 2009
The Truth About Wall Street Stock Research--Now 100% Updated for Today’s Markets!
They mislead. They confuse. You can't afford to listen to one word stock analysts say--especially not right now. Wall
Street won't tell you how to protect your capital or steer you toward gains. The Street is good at selling, not analyzing; it wants you to
trade, not invest. In Full of Bull,Updated Edition, one of the Street's leading insiders reveals the hidden code behind Wall Street's Byzantine practices.
For decades, Stephen McClellan was one of the Street's top analysts -- he knows exactly how the game is played. Now, in this revised guide for the individual investor, he describes how Wall Street came to cost investors billions by denying the realities of a market collapse in progress. He explains how a congenitally favorable bias led brokerages to keep recommending stocks, such as AIG and Fannie Mae, up until the moment of their ultimate demise.
In Full of Bull, you'll learn how to look for analysts' favoritism and blind spots; how to react appropriately to upgrades, downgrades, and price targets; and to recognize what company announcements really mean. Drawing on his immense body of experience analyzing top companies, McClellan shows you how to systematically evaluate a company's prospects yourself and choose investments based on principles that work. This is exactly the kind of objective, focused guidance you won't be getting from your broker!
- When "buy" is a lie, and "hold" means "sell it all!"
Powerful, unforgettable lessons from the market collapse
- Which research you must ignore, no matter what
And where to find research that's worth using
- Decode the Street's hidden signals and misconceptions
Filter out the noise, find the truth, and profit from it
- The real keys to a quality investment
40+ principles, strategies, and practices that work–even now
paperback | ISBN: 9780137023127 | Publication Date: June 2009
"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
--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