Practice investment management pim3 ch12
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CHAPTER TWELVE
GATHERING
INVESTMENT INFORMATION
Practical Investment Management
Robert A. Strong
Outline
Research Philosophy
Know Thyself
Screening
Resources at the Library
Standard & Poor’s Publications
Mergent / Moody’s Publications
Company Information
Annual Reports
SEC Filings
The Prospectus
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Outline
Investment Letters
Advisory Letters
The Popular Press
Computer / Internet Services
Screening Services
Investment Seminars
Brokerage Firms
Bank Trust Departments
Employee Relation Programs
Exchange Seminars
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Research Philosophy
Before conducting any research, decide what
kind of information will be useful.
Know thyself : Knowing their own attitudes
toward various issues can be a big help in
allowing investors to make productive use of
their research time.
E.g. fundamental analysis, technical
analysis, the experts’ approach.
Screening is the process of sorting through
the list of potential investments.
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Categories of Investment Information
Insert Figure 12-1 here.
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Resources at the Library
Standard & Poor’s and Mergent /
Moody’s publish easy-to-use
reference material that can be
found in most public libraries.
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Resources at the Library
Standard & Poor’s Publications
- monthly stock guide
- quarterly company stock report
- bond guide
- weekly Outlook (with highlights,
summary opinions and statistics)
- stock market guide
(S&P 500 stock reports)
- earnings forecaster
(compilation of estimates)
- annual corporation records with
daily updates
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Resources at the Library
Mergent / Moody’s Publications
- detailed manuals
- weekly dividend record
- bond record
- quarterly handbook of common stock
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Company Information
Numerous audited
publications are required for
publicly traded firms.
Annual reports contain corporate
statements about the results of the
previous year as well as the prospects for
the future.
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Company Information
SEC filings
- 10-K report (annual report)
- 10-Q report (quarterly report)
- Schedule 14A (proxy statement)
- Form 144 (insider’s “intent to
sell” document)
The prospectus outlines the terms of the
intended transaction, e.g. issue of new
debt securities
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Investment Letters
Investors often consider publications that make
investment recommendations or forecasts.
Advisory letters offer specific investment
recommendations.
- Value Line Investment Survey
(with timeliness and safety rankings)
- Institutional Brokers Estimate System
(I/B/E/S) and First Call
- Zack’s Investment Research
- research information from brokerage
firms
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Value Line Investment Survey
Insert Figure 12-9 here.
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Investment Letters
The popular press offer more
general information, although
recommended investor behavior
may still be suggested.
- The Wall Street Journal
- Barron’s (weekly)
- Investors Business Daily
- Forbes (twice monthly)
- Smart Money
- other magazines
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Computer / Internet Services
One group of computer services is static
databases with periodic updates, used
primarily for security screening.
Another group is dynamic with continuous
updates, used for augmenting the results
of other security selection activities.
Many databases and the home pages of
many listed companies and investmentrelated firms and organizations can be
found on the Internet.
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Screening Services
Screening services use static
databases with periodic
updates.
- Value Line Investment Survey for Windows
- Compustat
- CRSP tapes
- Academic Search Premier
- Info Trac
- Disclosure
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Investment Seminars
Local brokerage firms often hold educational
seminars for their current and prospective
customers.
Bank trust departments also hold seminars.
Some employee relation programs provide
investment information to boost employee
morale.
The securities exchanges offer educational
sessions too.
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Review
Research Philosophy
Know Thyself
Screening
Resources at the Library
Standard & Poor’s Publications
Mergent / Moody’s Publications
Company Information
Annual Reports
SEC Filings
The Prospectus
South-Western / Thomson Learning © 2004
12 - 17
Review
Investment Letters
Advisory Letters
The Popular Press
Computer / Internet Services
Screening Services
Investment Seminars
Brokerage Firms
Bank Trust Departments
Employee Relation Programs
Exchange Seminars
South-Western / Thomson Learning © 2004
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