股权研究分析师的作用在过去的几十年里发生了巨大的变化，因为Joseph Bellace可以证明。“如果你在商业开始时回到该业务时，银行信托部门就管理了大部分资金并产生了大多数委员会，”他说。“今天，大多数佣金是由高频交易员产生的，他们甚至不会看基本面。谁在谁有巨大的过渡是管理这笔钱。“Bellace知道关于过渡的一两件事。After graduating from Bucknell University with bachelor’s degrees in economics and mechanical engineering, he accepted a position in RCA Corp.’s defense communications division, then in data communications marketing at AT&T Corp. Several years later he decided that he would rather pursue a career that allowed him to use his background in economics in a more creative and challenging environment. He enrolled in the Wharton School of the University of Pennsylvania to earn an MBA, then set out for Wall Street to cover the telecommunications industry from a different vantage point — that of the sell-side analyst. Bellace worked at several smaller firms before joining Merrill Lynch, Pierce, Fenner & Smith in 1983. Two years later he debuted on the All-America Research Team as the second-place analyst in Telecommunications Equipment; from 1985 through 1998, the year before he left the firm (whose name by then had changed to Merrill Lynch), he appeared in the rankings 19 times, including 11 first-place finishes. Telecommunications, like equity research, was undergoing its own transformation in those years, and the changes were reflected in the survey structure. “When I started there was one sector and one analyst — me,” he recalls. “When I finished there were three: Telecommunications Equipment, Wireless Equipment and Data Networking.” (Bellace ranked in all three, plus Wireline Equipment — where he was No. 1 in 1996 and 1997; that sector was subsequently merged with Data Networking.) By that time he was covering 27 companies and overseeing a staff of five — with whom he readily shares the credit for his success: “One person alone never could have accomplished this. It was, as my wife puts it, a terrific team,” he says.
在他离开Merrill后，Bellace曾担任独立顾问，涵盖Jefferies＆Co.的电信设备部门，现在为加利福尼亚州的奥克兰的股权研究部门提供顾问。他继续与他的一些前美林同事相遇，每年几次赶上并讨论股票市场。
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