Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market (Hardcover)

~ (Author)
Key Phrases: bubble era, strong buy, investment candidates, Wall Street, New York, Institutional Investor (more...)

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

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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!

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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

Product 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."--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

See all Editorial Reviews

Product Details

• Hardcover: 240 pages
• Publisher: FT Press; 1 edition (October 20, 2007)
• Language: English
• ISBN-10: 013236011X
• ISBN-13: 978-0132360111
• Product Dimensions: 9.2 x 6.2 x 0.9 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (24 customer reviews)
• Amazon.com Sales Rank: #478,814 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

26 of 31 people found the following review helpful:

3.0 out of 5 stars A Little Disappointed, January 2, 2008

By	Long Hitter (Washington, DC USA) - See all my reviews

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.

If you are new to investing, this book definitely is NOT for you. It is rife with acronyms and confusing terms that will most definitely require you to consult the glossary every few pages. I was fortunate enough to begin reading the book with a pretty good amount of experience in investing so it didn't slow me up very much. Despite the criticism I have written above, I have to say that the book was an informative albeit cocky depiction of one analyst's experience of how the market really works. He does tell a lot about how the Street operates and how it is geared more toward big companies than the individual investor. It is ironic that "Full of Bull: Do What Wall Street Does, Not What It Says, To Make Money in the Market" does not deliver what is promised in the title. If this book were renamed, "Full of Bull: What Wall Street Really Does" it would be perfect.

5 of 5 people found the following review helpful:

5.0 out of 5 stars Illuminating..., January 14, 2008

By	Paulina - See all my reviews

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!

29 of 39 people found the following review helpful:

2.0 out of 5 stars Hope he put more work into his research reports, November 8, 2007

By	TCO (USA) - See all my reviews

Despite a great jacket photo and text, this is not a good book.

The content is thin: 200 pages of large size text, plus a glossary of well-known terms like "bubble", plus an index. Points made, are repeated often: analysts travel a lot and it's hard on them, more buys are recommended than sells.

The texts reads like a first draft. Advice is given in stacchato exhortations in paragraphs that lack topic sentences or other organization. There are several grammatical errors.

In addition, the book does not have a clear topic. "Life of an analyst", "don't trust street research", "how to invest guide", and personal history all compete for billing. None are explored to any depth.

The book is missing tables, charts, or just numbers within the text to support author generalizations and to move knowledge forward by doing...ANALSYIS. There are some logical errors or at least failures to make a clear case, expecially around efficient markets theory, where the author even makes the off-hand comment that "you wouldn't be buying this book if you're willing to invest in index funds". Note, he's not saying that you shouldn't invest in indexes, just that he knows what you'll want to hear. It actually sounds like he's repeating something an editor or agent advised him on.

As a kiss and tell, the book is also lacking. For several of the stories he gives, he does not name names. If the information is confidential, he should not share it. If not, he should give the reader the payoff and dish the dirt. One gets the impression that he still wants to keep some job prospects on the street and thus has written a less interesting book than he could have. After all, the fundamental news that there are more buy reccs than sells is NOT NEWS even to the general public.

The author's namedrops made me cringe. We hear about Bloomberg twice (more repitition). The name drops are unrevealing because they are given in the context of "look how a guy who's been an analyst or even been on the Street for a while ends up knowing famous people", rather than to enlighten us about the famous people. As such, it really makes me think less of the author as a man.

Also at times, some of the personal stories are particularly trivial. I really don't CARE if this guy had to do work on vacation. Lot's of people have that problem. I agree with his secretary who called him out as a whiner.

Sadly, I see little in the book that even shows the spark of a top mind. It's not like a great idea, poorly executed. It's as if this author is just a nebish. I wonder if he made VP by just playing the game, hanging in there, and keeping the powers that be at his firms happy.

I sympathized with the person in the book who was amazed that McClellan was still writing analyst reports decades later. However, there's nothing wrong with sticking to a craft that one does well. But this book gives no evidence that this was the case.

The book is so surfacey that it doesn't even mention rule FD, while spending several pages on the dynamics of information sharing between analysts and corporations. Rule FD was supposed to stop preferential sharing of inside information with analysts and is or is supposed to be a major change. As such it is right smack in the topic area of this book. What's more, FD is not some esoteric Wall Street thing but a well publicized (in the press) SEC ruling.

There are a few interesting points related to Bull's view of corporate executives or to the dynamics of conference calls. But you can get that with a skim. Don't buy the book.