Equity research has gone from market hero to market zero in a decade. Now, however, equity research is seeing a resurgence, but some of the best rest research isn’t happening on Wall Street. It’s happening on blogs.
So, are blogs the future of equity research? Does off-Wall Street research finally have a viable financial model? Does sell-side research even have a future? Find out. We’ll talk to people on all sides of this debate, from current and past equity analysts, like Henry Blodget and Mark Mahaney, to creators—like Nouriel Roubini and Barry Ritholtz—of hot blogs that are supplanting Wall Street analysts.
Henry Blodget is the CEO of Silicon Alley Insider, Inc., an online business media company based in New York. Prior to founding SAI in May, 2007, Henry was CEO of Cherry Hill Research, an Internet research and consulting firm.
From 1994-2001, Henry was an investment banker at Prudential Securities and an equity analyst at Oppenheimer & Co. and Merrill Lynch. As a Managing Director at Merrill, he ran the firm’s global Internet research practice and was the top-ranked Internet analyst on Wall Street.
Blodget’s first book, The Wall Street Self-Defense Manual: A Consumer’s Guide to Intelligent Investing, was published in January 2007.
A frequent commentator on CNBC, Barry L. Ritholtz is a weekly guest on Kudlow & Company. He has guest-hosted Squawk Box on numerous occasions, and also appears regularly on Bloomberg, Fox, and PBS¹. Mr. Ritholtz was profiled in the Wall Street Journal’s Quite Contrary column (August 3, 2004; Page C3). His market perspectives are quoted regularly in the Wall Street Journal, Barron’s, Forbes, Fortunes, and other print media².
He is deeply honored to be the dedicatee of the The 2007 Stock Trader’s Almanac’s 40th Anniversary edition.
Mr. Ritholtz is the author of the popular “Apprenticed Investor” columns at TheStreet.com, a series geared towards educating novice and intermediate investors. Mr. Ritholtz also publishes more formal analyses, often at The Wall Street Journal, Barron’s, or RealMoney.com3.
Recently, Mr. Ritholtz was Chief Market Strategist for Maxim Group a New York Investment bank, managing over $5 Billion in clients assets. Applying his model to the broader investing environment, Mr. Ritholtz wrote weekly Market Commentary for the firm’s brokers and institutional clientele. His research and investment commentary is now available to the investing public at Ritholtz Research & Analytics.
Beyond the weekly commentary and published articles, Mr. Ritholtz also authors The Big Picture—a top-ranked financial weblog. The Big Picture covers Investing & Trading to Macro Economics, and everything else in between. The blog has quickly amassed over 11 million visitors.
Media accolades have poured in for The Big Picture from the NYT (“Trenchant economic commentary”) and the WSJ (“What the In-Crowd Knows). The Journal cited The Big Picture as the Economic “Blog Insiders Read to Stay Current;” Business Week noted its “insightful calls on the direction of the stock market” (Blogging For Dollars). CNBC’s Larry Kudlow described it as “very helpful and addictive—the best stock market blog there is.” Numerous traffic sites rank The Big Picture as the most trafficked Markets/Economic’s blog on the web.
Ritholtz’ longstanding interest in media and technology led him to Burst.com, a publicly traded software firm focusing on faster-than-real-time audio and video streaming over the internet. He has served on the firm’s Board of Directors for the past 4 years. His expertise in digital media has led top tier Newspapers and Magazines to consult with him on the development of their online strategies.
Hailed as a “bright and savvy fellow” by Alan Abelson’s Up and Down Wall Street column (Barron’s), he is one of handful of Strategists who participate in BusinessWeek’s annual market forecast. He teaches a course on The Economy of America for New York University’s School of Continuing & Professional Studies.
Mr. Ritholtz performed his graduate studies at Yeshiva University’s Benjamin N. Cardozo School of Law in New York, where he focused on Economics, Anti-Trust and Corporate Law. He was a member of the Law Review, and graduated Cum Laude with a 3.56 GPA.
His undergraduate work was at Stony Brook University, where on a Regents Scholarship, he focused on Mathematics and Physics, graduating with an Associates degree in Political Science. He was a member of the Stony Brook Equestrian Team, and competed successfully in the National Championships (1981) of the Intercollegiate Horse Show Association. In addition to writing the National Affairs column for the campus weekly (The Stony Brook Press), he was elected Vice-President of the student body.
When not bemoaning the New York Knicks’ all-too-frequent offensive lapses, Mr. Ritholtz is a vintage sports car enthusiast. He and his wife Wendy, an artist and teacher, and their hairy dog Max, live on the North Shore of Long Island, New York.
Nouriel Roubini is Professor of Economics at the Stern School of Business, New York University and Co-Founder and Chairman of RGE Monitor, a web-based economic and geo-strategic information service and economic consultancy. He is a senior academic researcher in the field of international macroeconomics; he has also had broad policy experience in a number of positions in the U.S. government and his views are regularly and widely cited in the press and media. He is a frequent commentator on global economic issues and his global economics Web site (www.rgemonitor.com) has been ranked as the #1 web site in Economics in the world (The Economist magazine, 1999). Professor Roubini received his undergraduate degree at Bocconi University in Milan, Italy and his Ph.D. in Economics at Harvard University in 1988. Before joining Stern, from 1988 to 1995 he was a faculty member of the Economics Department at Yale University. On the policy side, he was the Senior Economist for International Affairs at the White House Council of Economic Advisers in 1998-1999; then, the Senior Advisor to the Under Secretary for International Affairs and the Director of the Office of Policy Development and Review at the U.S. Treasury Department in 1999-2000; in those positions he worked, among other issues, on the resolution of the Asian and global financial crises of 1997-1998 and the reform of the international financial architecture after these crises. He has been a regular visitor and consultant to the International Monetary Fund, World Bank and other public and private institutions. He had had and maintains frequent contacts with policy officials from around the world, senior private financial sector professionals and a wide range of scholars and researchers in academia and non-academic research institutions. He has published over 70 theoretical and empirical and policy papers on international macroeconomic issues, Europe and the Unites States’ economy, the Asian and global financial crisis, emerging markets, the reform of the international financial system and global economic imbalances. He is the co-author (with Alberto Alesina) of the book “Political Cycles: Theory and Evidence” (M.I.T. Press, 1997). His new book (co-authored with Brad Setser) “Bailouts or Bail-ins? Responding to Financial Crises in Emerging Markets” was published by the Institute for International Economics in August 2004. The book – a seminal contribution to the field – studies the currency, financial and sovereign debt crises in emerging markets in the last decade (Mexico, Thailand, Indonesia, Malaysia, Korea, Russia, Brazil, Turkey, Argentina, Uruguay, Ecuador, Pakistan, Ukraine, etc.) and their resolution via policy adjustment, official/IMF “bail-out” packages and private sector involvement (“bail-ins”) in crisis resolution.
Jonathan Glick, Director of Research Operations for Gerson Lehrman Group is responsible for strategic oversight of GLG product offerings and research services. Before joining GLG, Jonathan was CEO of OuterForce, providers of a software platform for the management and compensation of expert networks. Prior to OuterForce, Jonathan was Head of Product Development and Technology for The New York Times Electronic Media Company responsible for the design and development of all products and services, including The New York Times on the Web. Jonathan received an undergraduate degree from McGill University and pursued graduate studies in Cognitive Science and Instructional Technology at Columbia University.
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