Michael Goldstein
Independent Research Group
Michael Goldstein slips from first place to second; the Empirical Research Partners strategist is also No. 2 in Quantitative Research. “He combines rigorous and innovative analysis of data with a thoughtful and knowledgeable analysis of industry developments,” hails one investor. “He understands both the quantitative and the fundamental — a rare combination.” Goldstein is upbeat about corporate earnings and believes that margins are “going to prove more sustainable than people think, even though they’re at the highest level ever.” The strategist adds, “The way we see it, the level of a margin has everything to do with globalization forces that have been in place for a dozen years.” He favors the capital goods, consumer cyclical and technology sectors, all of which have high exposure to foreign markets. However, Goldstein is less optimistic than many observers about the housing market, noting that even though home prices and building activity have risen this year, “there’s been almost no pickup in mortgage borrowing and, to the extent that there’s been one, it’s been fully offset by the continuing write-down of troubled loans.”