“Tuesday was not a good day for professional analysts as a class — and Merrill Lynch’s in particular,” Philip Elmer-DeWitt reports for Fortune.
“Not only were most caught off guard by the strength of Apple’s (AAPL) record third-quarter results, but the men and women who track the company for banks and brokerage houses were bested once again by a bunch of bloggers, day traders and amateurs analysts,” Elmer-DeWitt reports.
“The prize this year goes to Financial Alchemist’s Turley Muller, a former mortgage trading analyst who is currently unemployed and has plenty of time on his hands to create complex spreadsheets that model company performances,” Elmer-DeWitt reports. “Over the previous three quarters, Muller missed Apple’s earnings per share number by 4 cents, 2 cents and then a penny.”
Full article, with an excellent chart that tracks how the analysts did, here.
[Thanks to MacDailyNews Reader “JES42” for the heads up.]
