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As you folks know, I don't have much use for Wall Street analysts.
At least, not as a group.
But over the years, there's been some individual analysts whom I've liked and respected a great deal.
One of those analysts was a gent named Michael W. Ellmann, a onetime Shakespearian literature professor who'd become a securities analyst for Wertheim Schroder & Co. in New York. Michael was covering Eastman Kodak Co. (NYSE: KODK) for Schroder when I took over the Kodak beat for Gannett Newspapers, and we became fast friends.
It didn't take me long to realize that Ellmann was one of the smartest analysts on Wall Street. Nobody was better at divining Corporate America's "Deep Game." Nobody taught me more about the way Wall Street really worked. Nobody shared more insightful lessons.
One lesson, in particular, has always stuck with me.
It had to do with earnings.
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