Jay Cohen BofA Merrill Lynch Global Research

Jay Cohen, who won the pole position last year, slips back to second place, the spot he held from 2004 through 2008. The BofA Merrill Lynch Global Research analyst upgraded Willis Group Holdings from neutral to buy in September 2009, dubbing the shares a bargain at $26.16. Cohen forecast the London-based reinsurance broker’s earnings would rise, which they did. When the shares soared 20 percent, reaching $31.39, in March, he reduced them to neutral, on valuation. That was premature: The stock climbed as high as $34.56 in May before slipping to $29.04 at the end of August. “Jay has an investor’s mind-set,” observes one long-time client.