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To: Mohan Marette who wrote (91033)	1/24/1999 2:19:00 PM
From: Chuzzlewit	Respond to of 176387

Mohan, basically Barber (asst prof at UC Davis) studied consensus analysts recs. over an 11 year period (1986-1996) and constructed many thousands of randomly generated portfolios from them, and then ranked those portfolios in five quintiles with portfolio 1 having the highest analysts' recs and portfolio 5 having the lowest. Turns out that during the period under study the five portfolios' returns were in order of analysts' rec. Portfolio 1 (the highest ranked by analysts) returned 18.8% p.a., while Portfolio 5 (the worst) returned only 5.8% p.a. The benchmark comparison was the Wilshire 500, which gained 14.8% p.a. during the period. Unfortunately these numbers do not reflect the affects of taxes and transaction costs. A quick reading of the paper seemed to indicate that these results entailed considerable churning. It would have been interesting to put taxes and transaction costs in the model. TTFN, CTC

To: Mohan Marette who wrote (91033)	1/24/1999 6:38:00 PM
From: Mick Mørmøny	Read Replies (2) \| Respond to of 176387

Re: Analysts are not dumb though I like to call them schmucks. Since you can cook well and can defend your place in the kitchen, here are some more Yiddish spices for you to use. Schmuck as you already know lost its original taboo sense to now mean jerk. A schlemazel is a loser. A schnook rhymes with a crook, but I don't know the actual meaning. According to William Safire, the shooshing sound at the beginning of a word has come to suggest derogation. There's one that I think is an exception. Schmekel -- comparable to cojones in Espanol. Shabbat shalom, Beni Mick Mormony