From Library Journal
Books like Mark Dempsey's Tricks of the Trade (LJ 1/98) have exposed the ways of brokers. In this new cautionary work, financial writer Cole focuses his attention on financial analysts, who are supposed to evaluate objectively the investment potential of securities. Cole contends that in the best of times analysts were never very successful in making predictions, but in recent years they have become shills for their investment banking departments. He further points out that the 1975 deregulation and consequential reduction of brokerage fees forced brokerages to make most of their money through investment banking. Analysts, while theoretically giving independent opinions, in reality now exist to help their firms' client companies to sell new stock and support their stock prices. Cole argues that this has led to almost incessant optimism among most analysts. His book is easily read, and his points would be useful for all investors to consider. Recommended for all public libraries and to academic libraries where there is interest. Lawrence R. Maxted, Gannon Univ., Erie, PA
Copyright 2001 Reed Business Information, Inc.
Any investor swept up by the swirling currents of today's financial media should read this book. -- Brad Hill, Author and writer, Raging Bull Trading Center
[A] provocative and lively read, reminding all that the pricing system can emit false signals. -- John Lonski, Credit Market Economist, Moody's Investors Service
an unbiased, honest, objective, fresh view of Wall Street research. -- Marshall B. Front, Chairman, Front, Barnett Associates, LLC