The Super Analysts

by Andrew Leeming

The Super Analysts Conversations with the World's Leading Stock Market Investors and Analysts The Super Analysts covers the full spectrum of the world's equities markets and includes interviews with fund managers and analysts from around the globe. This is a book dedicated to understanding how some of the world's top professionals approach the challenge of making money out of stocks, their methods and philosophies. "In Buddhism, sitting at the feet of the master is well understood as the most effective way to learn. Investment professionals have no such mantra and it is unusual for the "stars" to share their experiences and approaches. In this book, Andrew Leeming has interviewed the world's leading investors and analysts to understand how they managed to achieve great success. With the spread of publicly available information-in particular via the Internet-adding value, interpreting and utilising this information is critical in the investment process. These interviews allow the reader to benefit from the experiences of experts and will act as a guide which is as effective as sitting at their feet. This book is insightful and an essential read for all interested in investing." - David Robins Chairman & CEO ING Barings "Andrew Leeming has put together a series of great in-depth interviews with a wide gamut of investors that pose intelligent questions and get intelligent answers. It's a great and easy read for anyone seriously interested in how stock market professionals work day in and day out." - Rob Ferguson Chairman BT Funds Management "In this day of all-star research teams, when short-term performance is sometimes carried to irrational extremes, it's refreshing to hear that some of the best stock-pickers think success boils down to such fundamental issues as discipline, a healthy dose of skepticism.and humility! If you're thinking of a career in financial services, a manager trying to deal with the market's insatiable appetite for information, or, just an average investor, there's a gold mine of common sense in these insightful interviews." - John T. Olds Vice-Chairman and CEO DBS Group Holdings Ltd

Genres: Finance

228 pages, Hardcover

First published June 16, 2000

Reviews

[Matthew · Rating 4 out of 5]

Leeming's answer to the Market Wizards is a thoughtful read for anyone involved in fundamental analysis and stock-picking (as opposed to Schwager's classic which is more preoccupied with macro directional traders). I was going to give this a 3 stars -- on the basis that while it is not terribly relevant to the general reader -- but am upping it to a 4 on the basis of a few excellent interviews herein.

There are a lot of interesting little anecdotes and case studies you invariably get from books like these, but the 3 main, generalizable points I take away from here:

1). It takes a long time to get truly familiar with individual companies. Understand them through the cycle. Don't rush; don't think you know that much. Enjoy the process. Same thing for the career analyst -- there aren't that many options you have in this line of work, so don't worry about rising too quickly. (It's like BJJ -- the longer time you spend as a blue belt, the better a black belt you will be...)

2). There is a lot of interesting discussion of the use of valuation metrics, and what is appropriate for what industry, and why. Rather too technical to go into detail here, but thought provoking.

3). But really what is most thought-provoking is something tangential -- there is a lot of self-reflection about the role of the sell side analyst, his counterpart the buy side analyst, and finally what the fund manager him/herself does with all that analysis-paralysis.

[Joel Gray · Rating 4 out of 5]

THE MINDSET HAS TO BE OF GETTING RICH SLOWLY.

Mining companies are generally price takers, have high ongoing capex and exploration costs. Not generally LT investments.

Diversified mining companies are better because small companies drill the next prospect and open another mine even if its marginal, because they have nothing else.

What separates a good FM from a bad one is their diligence, their curiosity, and their willingness to work had and pursue every last detail.

In the early 90's WBC went from being a property lender to a property investor as 30% of its BS was in commercial property.

Unseasoned companies in new fields of activity provide no sound basis for the determination of intrinsic value.

Ask questions of management in a negative context and let management then present the positive view rather than vice versa.