Khalil, Not really. We have a guy who does mostly new deals of stock and converts, which isn't the same thing as a stock jockey. And several folks have a client or two who want them to recommend stocks. But it looks to me like the old time stock picker is a rare breed.
However, the critter is not totally extinct. Smith Barney's office located within 200 yards of my office has a guy who has made a fortune picking stocks and, more importantly, much more importantly, performing money management techniques for his clients. They ran an article about him on the front of the business page in the Houston Chronicle on Tuesday, and it was a huge article. To show the appetite for the old time stuff, this dude controls $700 million in customer assets, more than most mutual funds. And, truth be known, you never hear much about the performance numbers, other than that he kicked butt last year and has only bought one tech stock (SUNW) in his career.
So, I am encouraged that despite all of the ways brokers are now doing business, which are definitely not appealing to me in the least, there is still a place for somebody who thinks he can perform for clients. And it sounds like a very lucrative place. I believe most clients want the old fashioned style, but brokers have moved away from it because they can't deliver the numbers. And, like most bench warmers in the management game, if they can't deliver the numbers, the reason is because numbers can't be delivered, not a lack of talent on their part. <G> |
