Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Chapter 4 Sources of Information.

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Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Chapter 4 Sources of Information

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Information Investors need information but information itself can not produce investment decisions Being informed will not necessarily lead to superior investment results

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Corporate Sources Annual reports to stockholders 10K and 10Q reports Insider transactions: 13-D report News releases

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Public Relationship Material Much information released is public relationship material To conform to full disclosure laws, firms may release –too much information –information that is of little use to investors

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. The Importance of Financial statements Reports of insider transactions

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Brokerage Firms' Research Reports Recommendation tend to follow a general pattern: –buy –hold –sell Possible variations such as strong buy

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Brokerage Firms’ Research Reports Reports may be –self-serving –biased towards encouraging security purchases

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Business Publications The Wall Street Journal Barron's Media General Financial Weekly Business Week Forbes Fortune

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. More Specialized Investment Publications Financial Planning Journal of Financial Planning AAII Journal (American Association of Individual Investors)

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. General Investment Advisory Services Mergent's Manuals Standard & Poor's Corporation Records Standard & Poor's Stock Guide Value Line Investment Survey

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Specialized Investment Advisory Services A plethora of advisory services are available Following an advisory service does not necessarily lead to consistently higher investment returns The Hulbert Financial Digest rates performance of over 150 investment advisory services

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Socially Responsible Investing Requires defining socially responsible investment Following one's conscience need not lead to inferior results

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Other Sources of Investment Information Federal government publications Federal Reserve publications Investment clubs Adult education courses

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Information in an Efficient Markets Context Importance of financial planning Need to determine investment goals Need to develop an investment strategy But not necessarily superior or inferior performance

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