Broker Research

On the value of Wall Street broker research, I concur with two famous investors Ron Muhlenkamp and David Dreman

Muhlenkamp: "It certainly can be useful, but I never ask an analyst what stock to buy. I want an analyst to tell me what's going on in the industry and what's going on in the company. Their job is to now their companies. My job is to figure out what the values are and what companies I want to own."
Dreman: "Wall Street analysts know their companies. You should cut a research report into two. The first part, the information about the company and its prospects, is probably pretty good. The second part, the recommendation, should be used as kindling. We use analyst information, but we don't use the recommendations very often."

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