In The News
Dutton Research is attracting the national press focusing on our research performance, leadership in the independent research field, as well as leading the acceptance of issuer paid research coverage. The articles also address that issuer paid research firms are leading all firms, including brokerage firms, in research performance for institutional and individual investors. The following is a chronological list of these articles.
November 8, 2005
Dutton Associates and Paulson Investment Company Host Major Small Cap Conference of the Year
Dutton Associates and Paulson Investment Company will host the major small cap conference of the year - The 28th Annual Westergaard SmallCap Conference on November 21 at The Waldorf Astoria Hotel in New York City. 30 top small cap companies will be presenting. Lawrence Kudlow, CNBC commentator will give the luncheon keynote talk.
November 2005
Paul J. Resnik, CFA Appointed Dutton Associates' Director of Research Succeeding John M. Dutton
Effective November 7th, Paul J. Resnik, CFA will become our Director of Research, assuming a title held by John M. Dutton since our beginning. In taking over this key job, the change reflects our successful growth as a firm, the need to grow our management structure, and above all, the quality of professionals we have attracted worldwide in our growth. Mr. Resnik has served us as our Assistant Director of Research for the past 18 months, and will continue as one of our three Supervisory Analysts.
October 9, 2005
Sacramento Bee: NutraCea Nutritional Riches to Feed World, Including Interview With Dutton Analyst Gerald LaKarnafeaux, CFA
Rice bran products such as this nutrition drink are how El Dorado Hills-based NutraCea aims to help feed the world's hungry - and earn millions for its shareholders. Dutton analyst Jerry LaKarnafeaux, CFA who covers NutraCea and is a food analyst, is also interviewed.
July 2005
Integrity Associates - "Internal Consistency [of a firm's research performance] - Simple, yet Complex"
Integrity Associates takes a look at the internal consistency of Wall Street firms' performance for the year ending June 30, 2005. It looks at all investment banks and independent research providers and determined a list of 12 firms with perfect records for the period - including Dutton Associates. In addition to Dutton, the list of 12 includes such firms as JP Morgan Chase, Callard Research, Union Bank of Switzerland, Ford Equity Research, and Deutschebank.
July 2005
Tracking the Independents: Interview with Michael Mayhew, Integrity Research Associates, LLC
At our April Institutional Conference in San Francisco, Mr. Mike Mayhew was the key note speaking on the topic: The Future of Research on Wall Street. Mike's talk sparked a great deal of interest in his bearish outlook for much of research departments on the brokerage platform surviving many more years due to a number of factors. We did an interview after the conference with Mike regarding the future independent research on Wall Street. This interview on independent research follows.
May 2005
Forbes Magazine - "Best analyst picks of 2004"
Paul Resnik was ranked #3 in the country out of 3,300 analysts for his IDWK pick
May 2005
Integrity Associates - "Dutton Tied for 4th Place"
12 months through May 1, 2005 lists Dutton as tied for 4th place out of all US securities firms with research for the performance of our positive and negative ratings returns.
March 2005
Pittsburg Tribune Review - "Health care temps in big demand" Article Including Interview With Dutton Analyst David Riedel
Article describing the success of World Health Alternatives in its two year revenue growth from $4 million to $200 million quoting David's observations that WHAI is in a sweat spot.
March 2005
New Jersey's Largest Newspaper, The Star-Ledger, Interviews Our Jon Ziegler, CFA on Pathmark-C&S Acquisition Possibility
New Jersey's largest newspaper, The Star-Ledger, interviewsJon Ziegler, CFA on rational for a C&S acquisition of Pathmark. Jon is one of our two nationally known retail and consumer analysts - the other being Sally Wallick, CFA.
January 2005
LA Times
The LA Times quotes JM Dutton Analyst Jonathan Zielger in an article regarding Procter & Gamble Co.'s plan to buy Gillette Co.
January 2005
Prosper Magazine
A leading regional business magazine conducts an interview with John Dutton on the growth and acceptance of issuer paid research.
December 2004
Dow Jones and AP Quote Impact of Dutton Sector Piece
DJ and AP published articles on , along with an interview of Dutton analyst David Riedel. The articles note the sector piece's dramatic impact on the share price and volume of IntegraMed America (NasdaqNM: INMD), which rose from $7.23 to closed today (12/23/04) at $12.55 on two day volume of 7.6 million shares. The sector piece also highlighted Arcadia Resources (OTCBB; ACDI) and World Health Alternatives (OTCBB: WHAI) as being attractive investments to participate in the aging trend.
December 2004
CFAI-NIRI Adopted Guidelines (December 2004) For Issuer Paid Research
The CFAI and NIRI have adopted standards in December 2004 for several aspects of analyst activity including for "issuer paid" research. These adopted standards are significantly stronger than those proposed in the June 2004 draft issued for comments (see below June 2004). We are gratified that the Committee appeared to consider and adopt most of our recommendations made in June letter comments to their draft (see below June 2004) necessary to place "issuer paid" and brokerage provided research on a par. All of the new adopted standards adopted, including those noted in our comments, have long been practiced by us. Click here to download CFAI-NIRI Guidelines.
October 2004
JM Dutton Participates in the 7th Annual Wharton Investment Management Conference
John M Dutton, President of JM Dutton & Associates, LLC was a panelist during the conference discussion on the "Evolution of Research" on October 29th. The theme for this year's conference was "Investing in Turbulent Times. .
October 2004
JM Dutton Addresses The Security Analysts of Sacramento
John M Dutton, President of JM Dutton & Associates, LLC discusses the major changes affecting Wall Street sell side equity research Thursday, Oct 21, 2004 in a presentation to The Security Analysts of Sacramento.
September 2004
CFA Magazine
Highlights JM Dutton as one of the top performing independent research firms, and discusses the different strategies of other institutional commission driven firms in the independent space.
August 2004
CFO Magazine - The Flight of the Sell-Side Analyst
CFO Magazine discusses that small-cap and mid-cap companies -- and some large companies, too -- are suffering through a drought of sell-side analyst coverage. The dearth is moving some executives to think about bypassing analysts altogether. This decline in traditional coverage is something we have discussed many times. CFO Magazine discusses whether the solution is to put the CFO on the road to see institutions - an expensive and time consuming solution. To create the ability for company managements to directly reach investors, we added our electronic NetRoadshow program - a 30 minute institutional conference presentation situated on our company page with our research. Investors can hear managements directly present their story. The July 2004 Reuters article below discusses the growing acceptance of our top performing issuer paid independent research to fill this growing lack of traditional coverage.
July 2004
Reuters Article On Growing Acceptance of Issuer Paid Research
Reuters reviews the performance success of issuer paid research, and the growing use and acceptance of research from the top two issuer paid firms. The article notes that both issuer paid firms, Dutton Research and Taglich Brothers, are among the top 5 performing research firms in 2003 of all Wall Street firms.
June 2004
Buyside Magazine Update On Top Performing Independent Research Firms
The top 19 independent research firms are again update for performance rankings. Dutton Research becomes the only firm ranked with a perfect 5 for overall ranking.
June 2004
Fortune Magazine - Wall Street On the Run
[Brokerage] Stock analysts are facing a far graver threat than New York attorney general Spitzer: Their business model is under attack. And they need to find a new one fast.
March 2004
AIMR - NIRI Proposed Standard For Issuer Paid Research and Analyst/Corporate Issuer Relationship
Proposed AIMR - NIRI Standards for Analyst/Corporate Issuer Relationship, and Issuer Paid Research. May 2004. Dutton Research Comments in response to request for comments.
January 2004
Buyside Magazine's Initial Evaluation & Ranking Of Wall Street's Top Independent Research Firms
There is a shift by institutional investors to the use of independent research ahead of research from the investment banks. This move has been precipitated by the major conflicts of interest with investment banks' research in recent years and also led by the most important criteria for institutions - research from the independent providers continues to outperform research from the investment banks. The article from the institutional magazine Buyside points out that hedge funds and institutional investors will continue to turn to the independent providers. The article lists and ranks the independents based on third party performance data.
October 10, 2002
ISS To Provide Ratings On Corporate Governance On 9,500 Public Companies
Institutional Shareholder Services has launched its CGQ(tm) product that will provide to its 750 institutional customers two rating levels evaluating a company's corporate governance for 9,500 public companies. One will rate the Company relative to its peers while the other will rate the company relative to an appropriate index. S&P also offers The Corporate Governance Score that rates companies' governance structures on a zero-to-10 scale. The discussion paper provides information on the service and how companies can interface with the rating process.
July 2002
Wall Street Research Magazine Honors JM Dutton & Associates For Its Research Team
In its July issue, WSR magazine profiles our firm in its series on the leading research boutiques in the US. The industry magazine is distributed to over 28,000 analysts, money managers, and traders. Standing out as the only non brokerage firm among the leading research boutiques, Dutton & Associates has built a recognized team of analysts and a unique widespread research distribution model. Just click below to read article.
May 18, 2002
10% Of Analyst Covered Companies Dropped Since August 2001 - Updated Study
By Robert Davis
One out of every ten stocks that had sell-side analyst coverage last August has since lost this market support! More than three quarters of these stocks have market caps of under $100 million!
May 13, 2002
Arthur Levitt, Former SEC Chm, Endorses S&P and Dutton Independent Research Model
Former SEC Chairman Arthur Levitt gave his endorsement of the independent research model used by Dutton & Associates in an interview with the Bloomberg news service, published May 8.
January 3, 2002
Second Study of Analyst Small Cap Research Coverage Confirms Decline in Per Cent and Numbers of Public Companies Covered by Analysts
By Robert Davis
The number of $50 - $75 million market cap companies having analyst coverage declined 10% during the period August to December 2001. For all 9,376 public companies, analysts dropped coverage of 262 companies from August to December 2001. Of these stocks that lost all research coverage, two thirds of them, or 174, have market caps below $100 million. Independent research firms, such as JM Dutton & Associates and Sidoti & Company with their different business model, are expanding to fill this void with experienced analyst staffs. The independent firms are replacing the traditional brokerage research model, with its reliance on share brokerage and investment banking fees. For small cap institutional and individual investors, we believe this shift is resulting in improved research quality, and the elimination of investment banking conflicts. Raw data provided by MultexNet.
October 1, 2001
Research Narrows Search for Winners in Already Outperforming Small-Cap Sector
Article Continues...(click here)
A look at smaller company stocks - the kind that Dutton most frequently covers - indicates that they have been outperformers in this bear market and have a strong chance of continuing to outperform. In this week's Barron (10/1/01), Rhonda Brammer notes in her column "Sizing Up Small Caps" that "small caps have weathered this year's sell-off better than their larger brethren."
September 7, 2001
New York Times, Los Angeles Times, ShareHolder Value Magazine All Confirm the Dutton & Associates Model
Article Continues...(click here)
Only about half of the U.S. public companies have analyst coverage, and many of those that have coverage haven't gotten it without strings attached. That's the conclusion of a number of industry observers who have grown weary of the influence that investment banking relationships and ownership of shares can have on sell-side analysts. Moreover, many good smaller companies that can't generate enough investment banking business to warrant sell-side coverage are left behind.
Wall Street Journal Highlights JM Dutton & Associates
3/27/2003. The WSJ highlighted JM Dutton & Associates in its March 26, 2003 article on independent research as part of its series on "Analyzing the Analysts." The article entitled Companies Buy Research Coverage, and is paired with an article on CSFB considering the relaunch of DLJ Research.
Buyside Magazine Profiles JM Dutton & Associates
3/27/2003. "The Right Stuff - J.M. Dutton Brings the Best of the Bulge Brackets to Small-Cap Research" is the theme of the article in the March 2003 edition. "While Dutton has kept the best features of a bulge-bracket firm widely experienced analysts, high quality research products and promising companies under coverage, he has discarded their inefficient revenue model."
USA Today Discusses Decreasing Street Research
3/27/2003. "Street cuts mean less stock research" is the theme of the USA Today article. It is an excellent article discussing the devastating impact on small cap companies from the Wall Street analyst layoffs and scandals.