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Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market [Kindle Edition]

Stephen T. McClellan
4.3 out of 5 stars  See all reviews (23 customer reviews)

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Full of Bull (Updated Version): Unscramble Wall Street Doubletalk to Protect and Build Your Portfolio Full of Bull (Updated Version): Unscramble Wall Street Doubletalk to Protect and Build Your Portfolio 3.8 out of 5 stars (44)
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Book Description

“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.''

                                                                          &...



Editorial Reviews

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

Review

"I am going to initiate coverage on this book: BUY! The title of this book, "Full of Bull; Do What Wall Street Does, Not What it Says, To Make Money in the Market," while rather long, 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

Product Details

  • File Size: 376 KB
  • Print Length: 244 pages
  • Page Numbers Source ISBN: 013236011X
  • Simultaneous Device Usage: Up to 5 simultaneous devices, per publisher limits
  • Publisher: FT Press; 1 edition (October 10, 2007)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B004M18MGM
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #1,410,029 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
34 of 39 people found the following review helpful
3.0 out of 5 stars A Little Disappointed January 2, 2008
Format: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 are some valid points that the author makes (executives who act sleazy, are womanizers, drink too much should be making you wonder whether or not you want to invest your money in that company) but he goes a little too far by implying that executives who have a window in their office, dress in fancy clothes or are coiffed a little too nicely cannot be trusted and you should look out!! I get the point he is making that execs need to focus on what's important to the company....but it's a pretty far reach. The rest of the book seems to throw in little tidbits on the life of Stephen McClellan and his list of accolades in a kind of "McClellan is too cool for school" approach. There is no real discussion of how to make money in the market as the title claims. Read more ›
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9 of 10 people found the following review helpful
5.0 out of 5 stars Illuminating... January 14, 2008
By Paulina
Format: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!
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2 of 2 people found the following review helpful
4.0 out of 5 stars The Inside Scoop! June 28, 2008
Format:Hardcover
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.
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2 of 2 people found the following review helpful
Format: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 something, even if there are better companies outside of the analysts' sectors.

If you do not understand certain conflicts of interest that different players on Wall Street have toward their clients and the general public, you must read this book. You will never view Wall Street the same way again.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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Most Recent Customer Reviews
3.0 out of 5 stars Marginally helpful if you still follow analysts' comment literally
If you are well aware of the fact that a buy recommendation from an i bank analyst does not necessarily mean buy whilst a hold definitely means sell, you can give this book a pass. Read more
Published on May 3, 2009 by ServantofGod
1.0 out of 5 stars Gene Marcial's 7 Commandments of Stock Investing
Not worth reading-period! Suffices to check some of his recommended long term stocks: AIG, GM, Bank of America, Citi bank, Ford, Motorola... Read more
Published on January 3, 2009 by Brian Z
5.0 out of 5 stars Simply amazing a must read if you want to make money in the market
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... Read more
Published on October 15, 2008 by John Lu
4.0 out of 5 stars Inside the world of a Security Analyst
Buy this book if you would like to take a look inside the world of investment banking and how security analysts really operate. Read more
Published on July 17, 2008 by Steve Burns
5.0 out of 5 stars Easy To Read for the Small Investor
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. Read more
Published on July 13, 2008 by Diane DiResta
5.0 out of 5 stars full of bull by Stephen T McClellan
This book is what I needed. It kindof reinforces what I have always thought, and makes me feel more confident as an independant investor. Read more
Published on April 19, 2008 by J L W
5.0 out of 5 stars Finally, an honest voice from Wall Street
I heard about 'Full of Bull' while listening to Money Talk with Bob Brinker. I trust Brinker, so when he recommended the book and did an interview with the author, it got my... Read more
Published on March 25, 2008 by Jason Wall
3.0 out of 5 stars Rated as average
None of this was a total surprise. My father long ago advised me never to accept stock tips because they are poorly researched. This book proves the point very well. Read more
Published on March 14, 2008 by George D. Klein, author, Dissensions
5.0 out of 5 stars A good read and good insider insight
I enjoyed the book. The book also gives a good insider's guide to the way Wall Street really works. Read more
Published on January 27, 2008 by MJP
5.0 out of 5 stars revealing, informative and fun
this book opened my eyes to the way wall street really works. very revealing and telling. it provides invaluable information as to how to decode street information and make... Read more
Published on January 11, 2008 by jellybean
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