GS finally changed its rating system, NO UNDER/OUTPERFORMING any more.

It's a good try for quality reports. The previous rating system was too confusing. Outderperform can still lose money if benchmark index plunged significantly. Now, only BUY, SELL and Hold. Analysts have to face the reality and nowhere to hide.

I have been continually pissed off by some ibank's recommendations. Here are irrational recommendations that I used to meet:

1) ...our target price of HK$3.14 is arrived by applying 30% discount to DCF summaintain IN-LINE(Jesus! the price now is HK$2.2, the upside is 43%, are you trying to tell me the mkt ganna shoot up by 43% to 2,200?)

2) ...our target price is HK$6.0we would recommend HK$3.7 is a good entry point (GOD! The price now is at bloody HK$4.0, your target price says itˇs a buy, but you set an entry price at HK$3.7, what am I supposed to do? BUY, SELL? Or what)

Today, my dep head told me "...the more right you was in the past, the more pressure you have to face in the future. investors once build confidence on you, they would follow your every instruction. win or lose will be totally depends on you...try to be moderate...always backtest your assumption..."

 

Its time for me to forget all my recommendations in the past, and rethink the equity market.

埃斯库罗斯:古希腊三大悲剧作家之一,第一个宣布上帝已死之人。一天听一个术士警告他说，他住的房子将要塌倒，而且他会被砸死。于是他立即离开城里的家，把床放在旷野上，远离房屋，露天而睡。一只老鹰抓着一只乌龟，飞过那里时，见到此人光秃秃的头，好象一块大石头，就把那只乌龟丢到埃斯库罗斯的秃头上，想把乌龟壳敲碎，结过导致埃斯库罗斯直接到天堂寻找上帝是否存在。

 

我从来没有想过我会被乌龟砸到。不过一个不小的奖励还是砸在我无知的脑袋上。

 

天哪，一觉醒来，成star analyst了！

 

 

其实有很多bullshit想说，不过还是懒得写。以后我每个月推荐一只股票在这里。