“I am going to initiate coverage on this book: BUY! The title perfectly encompasses the theme of the book. Stephen McClellan, a Wall Street analyst for 32 years, highlights common practices of research analysts and what they mean for individual investors. This is a quick read, filled with anecdotes from Stephen's long career and his sound investment advice. "Full of Bull" does not contain get rich quick schemes or any unique trading strategies, just observations from one of the industries greatest analysts.”

                                                                                                                                  --Wall Street Reporter

"Only Stephen McClellan could have written this book. As a senior statesman of industry analysts, Steve has worked in the inner circles of Wall Street for over thirty years. When Steve talks, everyone in the industry listens. This book is like a college extension course for investors, and it's taught by the Dean." 

–H. Ross Perot, Sr., Founder, Electronic Data Systems, Founder, Former Chairman, Perot Systems

"Steve McClellan has drawn on an insider's lifetime view of how Wall Street really works to produce a practical and entertaining book of advice for investors. Whether you are a new or experienced investor you'll get something valuable out of it, including more than a few chuckles."

–Charles O. Rossotti, Former Commissioner, Internal Revenue Service

"Steve McClellan's Full of Bull provides a long overdue insight into the confusing maze of Wall Street analysis and stock recommendations. This book exposes The Street's "insider code" and provides both a cautionary tale and an indispensable guide into the Byzantine world of investment analysis."

–Thomas M. Siebel, Founder, Siebel Systems, Chairman, First Virtual Group

"Steve McClellan is one of the smartest guys in the investment industry. For years his research helped investors figure out how to get better returns. Now he's collected a career's worth of observations and conclusions about how Wall Street works and how to avoid the mistakes that cost ordinary people millions–no, billions–of dollars everyday. Read this book and have more money for your retirement.''

                                                                                                                                    –Doron Levin, Columnist, Bloomberg News

"Today the typical share is held much less than a year, usually by an institution, speculator, or insider whose gains are at the expense of the under-informed or mis-informed individual investor. Securities analysts are of little help. With his 30+ years of relevant experience, Steve McClellan tells you why and how to better protect yourself if you're an individual investor."

–Josh W. Weston, Former Chairman, Automatic Data Processing

Buy! Outperform! Hold! What are stock analysts really saying? How do you read between the lines, decipher their insider code, put their research in context, and use it to actually make money? Read Stephen McClellan’s Full of Bull and find out. For decades, McClellan was one of the Street’s leading analysts. He knows exactly how the game is played. Now, for the first time, he reveals the Street’s secrets and misleading signals, putting you on a level playing field with the world’s biggest institutional investors.

Discover how to do what Wall Street does, not what it says...uncover analysts’ hidden influences, biases, and blind spots...react appropriately to upgrades, downgrades, and price targets...decide which research to ignore completely...bring a clear eye to company announcements...avoid the disastrous mistakes individual investors make when they use analyst research. Drawing on his immense experience analyzing top companies, McClellan shows how to do your own research, systematically evaluate a company’s prospects, and choose investments based on core principles that work. Forthright and bold, Full of Bull offers objective, focused guidance you should be getting from your broker...but aren’t!

Decode the Street’s hidden signals and misconceptions

Filter out the noise, find the truth, and profit from it

When “hold” really means “sell right now!”

Cautionary tales, powerful lessons

Where to find the Street’s best research...

And how to avoid the worst

The real keys to a quality investment

More than 40 principles, strategies, and practices that work

Amazon.com® Reader Reviews (Ranked by Helpfulness)

Average Amazon.com® Rating:  Based on 24 Ratings

Investing is completely different from the business of investing - 2009-08-14
Reviewer Rating:
Did you know that investing is completely different from the business of investing? You can be the smartest person in the world, but unless you understand how Wall Street works, you are out of luck. This book teaches readers the business of investing. The author says that brokerage firms focus first and foremost on themselves. Next, they care about institutional clients such as mutual funds and hedge funds. Individual investors are not that important to them.

Wall Street analysts, who work for the brokerage firms, analyze and write reports about specific companies. These reports are first sold to institutional clients, and later, to individual investors. Some might think that analysts are great at picking stocks since they know so much about particular companies. But picking stocks is not what they get paid for. They are paid to follow a certain number of stocks regardless of whether they are good companies or not. Out of the companies that they follow, they must recommend something, even if there are better companies outside of the analysts' sectors.

If you do not understand certain conflicts of interest that different players on Wall Street have toward their clients and the general public, you must read this book. You will never view Wall Street the same way again.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

Marginally helpful if you still follow analysts' comment literally - 2009-05-04
Reviewer Rating:
If you are well aware of the fact that a buy recommendation from an i bank analyst does not necessarily mean buy whilst a hold definitely means sell, you can give this book a pass. The author had elaborated much on the need of the i bank to satisfy the institutional clients that gives rise to the aforesaid phenomenon, on top of his "experience" covering the IT industry. Pity that his writing is quite repetitive and self restrained, despite the plenty of figures showing how bad analyst underperform. In short, not recommended. If you want to read something similar, "Wall Street Meat by Andy Kessler" is a better alternative.

Gene Marcial's 7 Commandments of Stock Investing - 2009-01-03
Reviewer Rating:
Not worth reading-period! Suffices to check some of his recommended long term stocks: AIG, GM, Bank of America, Citi bank, Ford, Motorola...The list is long and nearly all of them are BIG losers. He claims that his recommendations have beaten the market but does not give any data. Over all, very disappointing book.

Simply amazing a must read if you want to make money in the market - 2008-10-15
Reviewer Rating:
After losing a fortune in the market and finally admitting to myself that I dont know what im doing I came across this book and its the best possible book on making money in the stock market, I spent a fortune on classes, and books 10 times this size.

He gets right to the point and tells the truth, whenever I followed his way of thinking I made money every single time.

Years ago I would of bashed his books, why? Because id love to believe certain things and he makes it clear that the market dont work like that. But its not about thinking the author is right or wrong its knowing hes right on.

The book is a easy read and anyone can understand it.

Inside the world of a Security Analyst - 2008-07-17
Reviewer Rating:
Buy this book if you would like to take a look inside the world of investment banking and how security analysts really operate. After reading this book you will not take buy and sell recommendations as seriously. This book recommends that when a strong buy is reduced to a buy it is a warning to institutonal holders and it is a good time to sell, and when a buy is changed to a sell it is a good time to buy due to all the bad news being out.
The author tells about his daily experiences as a stock analyst, his schedule, amount of travel, and that only 20% of his time was spent in research, the majority of tim is spent keeping clients of the investment bank happy. You will learn all about the conflicts of interest that exist in ranking stocks and the politics involved. The author gives his opinions on how the industry should be cleaned up by making resarch separate from the bank and the analysts should be held accountible on how their recommendations perform. The author gives solid investment advice through out the book, but it is rather basic. I was a little disappointed in not getting the inside insight that I believed he may have.

Legendary investor Gerald Loeb on stock analysts:
"In a bull market,you don't need them, in bear market, you don't want them."

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