Wall Street Meat

All American Research Analyst poll

Most big firms on the Street hired analysts covering all the major industries—oil, chemicals, transportation, computers, beverages, etc.

Biggs paid them astronomical salaries rumored to be in the six figures! But even then, the pace on Wall Street was slow.

so that today, even though it may be important to an investor, picking stocks is one of the least important tasks for analysts.

that are going to go up and avoid stocks that might drop.

Research departments at brokerage firms were initially set up to help clients pick stocks

First, there are absolutely no qualifications whatsoever for an analyst job.

Most analysts today got their job because they: 1) told an interviewer they were really smart and could prove it with a top flight B-school MBA diploma on the wall, 2) were an assistant to an existing analyst, or, in the rare case, 3) actually know something about the industry they cover, because they have industry experience.

So what is it that makes an analyst?

There may be only 100 people in the room but thousands hang on your word in various brokerage offices from Sheboygan, Wisconsin, to Stockholm. You get this morning meeting right and you get the job right.