Newspapers and financial television channels feature talking heads giving opinions on the latest trends. But who do professional money managers view as truly influential?
We put this question to a random sample of 20 fund managers, senior traders, financial planners and retail stockbrokers. Their answers illustrate whose advice retail investors seeking to follow stock market momentum should make sure they listen to, given their words or actions are likely to move prices.
The following list reflects the feedback of this informal survey, and includes a dollop of editorial judgment. One finding is apparent: those who speak up about unpleasant facts tend to eventually win recognition for credibility and an independent point of view.
David Webb, editor, Webb-site.com
'For the people since 1998', goes the tag line for Webb-site.com, which is edited by David Webb. The free site has a stripped down, non-profit look to it. There are no fancy graphics, the design has largely been fixed since launch and there is no advertising.
This campaigning private investor, who works from a spare bedroom in his Mid-Levels home, is known for spotting questionable goings-on at companies and going public with his findings. Webb, a former investment banker, gets most of his facts from a Talmudic poring over of stock exchange filings and other public data. The information is freely available. But few sell-side analysts pick up what Webb sees.
And, armed with little more than the internet and the help of one assistant, Webb's impact can go far beyond the best brokerage research teams.