Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market
Product Author Bios
Stephen McClellan was a Wall Street investment analyst for 32 years, covering high-tech stocks as a supervisory analyst. He was a First Vice President at Merrill Lynch for 18 years, and ranked on the annual Institutional Investor All-American Research Team 19 consecutive times, the Wall Street Journal Poll for 7 years, and is in the Journal’s Hall of Fame. He was a Vice President at Salomon Brothers for 8 years, before that in a similar position at Spencer Trask, and was the industry analyst with the U.S. Department of Commerce before commencing his Wall Street career. Mr. McClellan is a Chartered Financial Analyst (CFA), a member of the New York Society of Security Analysts and the CFA Institute, was President of the New York Computer Industry Analyst Group, and President and Founder of the Software/Services Analyst Group. He has made television appearances on CBS, CNN MoneyLine, CNBC, and Wall Street Week, and given presentations to numerous organizations, conferences, and to companies such as IBM, Apple, Automatic Data Processing, and Electronic Data Systems. Mr. McClellan has published articles in the London Financial Times, New York Times, Forbes, and others. His MBA in Finance is from George Washington University.
“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
31 of 36 people found the following review helpful
A Little Disappointed,
This review is from: Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market (Hardcover)Having a good bit of investing experience, I went into this book very excited....hoping to gain a lot of good insight from the well-known analyst Stephen McClellan. After finishing the book, I felt a bit cheated! "Full of Bull" is broken down into 7 chapters that briefly touch on the secrets and misleading Wall Street practices, company evaluation, and how Street analysts really operate. To me, the book seems to lack focus as the author dances between themes....none of which are covered sufficiently. The only chapter of the book that I found to be really interesting was chapter 3 which is titled, "Strategies in Quest of the Ideal Investment". In chapter 3, McClellan does highlight a number of areas to focus on when evaluating a company as well as areas that should set off alarms. This section is a breeze to read and is quite interesting but gives very little application. Chapter 5, titled "Executive Traits Are a Revealing Investment Gauge", seems a little superficial to me. There... Read more
8 of 9 people found the following review helpful
This review is from: Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market (Hardcover)I have never read a stock market investment advice book like this one! Other books I've read talk about how to invest, strategies, techniques, and guidelines, but Full of Bull discloses the Wall Street actions that are so damaging to individual investing. I always thought I could take my broker's advice and act on it. Now, after reading Full of Bull, I understand the Wall Street biases and untrustworthy recommendations. Full of Bull helped me understand these Wall Street ways so I will no longer be so naively trusting of the advice I get from Wall Street. This book also showed me some excellent investment strategies that are different from what I have heard before--such as only own a few stocks, and hold stocks that pay dividends. There is an incredible amount of good advice in this short AND easy to read book. I highly recommend it!
2 of 2 people found the following review helpful
Investing is completely different from the business of investing,
This review is from: Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market (Hardcover)Did you know that investing is completely different from the business of investing? You can be the smartest person in the world, but unless you understand how Wall Street works, you are out of luck. This book teaches readers the business of investing. The author says that brokerage firms focus first and foremost on themselves. Next, they care about institutional clients such as mutual funds and hedge funds. Individual investors are not that important to them.
Wall Street analysts, who work for the brokerage firms, analyze and write reports about specific companies. These reports are first sold to institutional clients, and later, to individual investors. Some might think that analysts are great at picking stocks since they know so much about particular companies. But picking stocks is not what they get paid for. They are paid to follow a certain number of stocks regardless of whether they are good companies or not. Out of the companies that they follow, they must recommend... Read more
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Online Sample Chapter
Table of Contents
Chapter 1: Decoding Wall Street’s Well-Kept Secrets 7
Chapter 2: Understand Wall Street’s Misleading Practices 35
Chapter 3: Strategies in Quest of the Ideal Investment 63
Chapter 4: Evaluating Companies as Investment Candidates 91
Chapter 5: Executive Traits Are a Revealing Investment Gauge 113
Chapter 6: How Street Analysts Really Operate 137
Chapter 7: Reform Research to Level the Playing Field 167
Downloadable Sample Chapter
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