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Politics : Formerly About Applied Materials

AMAT 268.87

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Jan 2 9:30 AM EST

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From: Gottfried	8/15/2001 4:27:48 PM
	of 70976

Heard on the Street August 15, 2001 Analysts Flunk on Risk Meter, Stock-Performance Study Says By KEN BROWN Staff Reporter of THE WALL STREET JOURNAL Investors have gotten a harsh lesson about risk in the stock market over the past couple of years. But Wall Street analysts -- those professional stock-pickers who should know all about the subject -- appear to have played hooky the day it was taught in business school. A study of analysts' picks over the past three years shows that the stocks they rated "buy" or "strong buy" had far more risk than the average stock in the market and only marginally higher returns. Not only should investors have avoided the stocks that Wall Street was touting, the study said, but also they should have actually bought the stocks on which the analysts were lukewarm. According to the study, conducted by Risk Metrics Group, a firm that specializes in risk measurement and management, the average return on the stocks that the analysts rated as holds was greater than the buys and strong buys. The holds also turned out to be less risky.[snip] subscribers interactive.wsj.com A chart shows that 'hold' stocks outperformed 'strong buys' during the downturn. [not before] Gottfried

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