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J.P. Morgan’s Joseph Greff Joins All-America Hall of Fame
The veteran researcher celebrates his tenth straight appearance at No. 1 in Gaming & Lodging.
Talk about the luck of the draw. Joseph Greff always wanted a career in equity research, but it was pretty much pure chance that led him to cover casinos and companies in the hospitality industry. The J.P. Morgan analyst has beaten the odds to amass more first-place appearances in Gaming & Lodging on亚博赞助欧冠’s All-America Research Team than anyone else who has covered the sector. With this year’s victory, his tenth, Greff earns entry into the All-America Research Team Hall of Fame.
“When I was pursuing research spots in the late 1990s, I was looking for sectors that were out of favor but were durable and sustainable,” the 45-year-old recalls. Few analysts seemed interested in covering leisure companies. “You can imagine that at this time, dot-coms, technology and telecommunications were the hot sectors — and I was lucky enough to have wanted to avoid them” before the Internet bubble burst in the spring of 2000 and tech stocks plummeted.
After graduating from Allentown, Pennsylvania’s Muhlenberg College with a double major in economics and mathematics, Greff spent about five years working as an insurance underwriter before recognizing that what he really wanted to do was publish company research. He enrolled in New York University’s Stern School of Business to pursue an MBA, which he earned in 1999.
“I used the business school route to transition into equity research intentionally,” he says. “I was attracted to the analytical rigor as well as the personal interaction and presentation skills needed for an analyst to successfully interface with buy-side clients and corporate management teams.”
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Greff covered gaming and lodging companies for Prudential Securities, ABN Amro and Fulcrum Global Partners before moving to Bear, Stearns & Co. in 2004. (The latter firm was acquired by JPMorgan Chase & Co. in 2008.) He debuted on the All-America Research Team in 2005 as a runner-up in Gaming & Lodging, vaulted to the top of the roster the following year — and hasn’t budged since.
“Joe is an independent thinker who’s willing to break from the pack,” one survey participant toldIIthe year Greff reached No. 1 for the first time, while in 2007 a buy-side supporter praised the analyst’s “top-notch models and good stock picking.”
Although Greff stumbled into the sector he covers, he acknowledges that things have worked out well. “The industries have experienced profound growth, sizable consolidation, and large up and down swings related to product and /or economic cycles,” the New York native says, “so it has been exciting.”
What advice would he offer someone considering a career in equity analysis? “This is a great field, where running a research franchise is effectively running your own business within a large, resourceful organization,” he responds. “It is demanding and fast-paced, requires travel, lots of writing, modeling and putting together presentations, and having a phone glued to your ear. This is a job that gives you constant feedback — and when you get favorable feedback from a client, it is a great, great feeling.”
个人inducte·Greff是56d into the All-America Research Team Hall of Fame. Fourteen of the honorees appear on this year’s team:
* Meredith Adler of Barclays, Retailing/Food & Drug Chains
* Jeffrey deGraaf of Renaissance Macro Research, Technical Analysis
* Steven Fleishman of Wolfe Research, Electric Utilities
* Joseph Greff of J.P. Morgan, Gaming & Lodging
* Ed Hyman of Evercore ISI, Economics
* Andrew Lazar of Barclays, Food
* David Raso of Evercore ISI, Machinery
* Jessica Reif Cohen of Bank of America Merrill Lynch, Media
* A.M. (Toni) Sacconaghi of Sanford C. Bernstein & Co., IT Hardware & Electronics Manufacturing Services
* Mark Schoenebaum of Evercore ISI, Biotechnology/Large-Cap, Biotechnology/Mid- & Small-Cap, Pharmaceuticals/Major
* George Staphos of Bank of America Merrill Lynch, Paper & Packaging
* Andrew Steinerman of J.P. Morgan, Business, Education & Professional Services
* Michael Weinstein of J.P. Morgan, Medical Supplies & Devices
* Ivy Zelman of Zelman & Associates, Homebuilders & Building Products
Three currently ranked analysts have amassed nine No. 1s each and so could meet Hall of Fame eligibility next year:
* James Covello of Goldman, Sachs & Co., Semiconductor Capital Equipment
* Robin Farley of UBS, Gaming & Lodging and Leisure
* François Trahan of Cornerstone Macro, Portfolio Strategy
在运行:布莱恩•图尼克积累nine straight visits to the winner’s circle in Retailing/Specialty Stores while at J.P. Morgan. He joined RBC Capital Markets in January but didn’t begin publishing until early May, when ballots for this year’s team were being distributed. As a result, Tunick doesn’t make the 2015 team — this is the first time he’s missed since his 2004 debut — but he could return next year.
The 2015 All-America Research Team reflects the opinions of a record 3,800 individuals at more than 1,000 firms, including over 90 of the 100 biggest U.S. equity managers. Our respondents manage an estimated $11.3 trillion in U.S. equities.
| Ed Hyman, Evercore ISI |
35 | Dennis Leibowitz, Donaldson, Lufkin & Jenrette Securities Corp. |
25 | Stephen Girsky, Morgan Stanley |
23 | Jerome Gitt, Merrill Lynch |
22 |
| Michael Armellino, Goldman, Sachs & Co. |
21 | Joel Price Donaldson, Lufkin & Jenrette Securities Corp. |
20 | Jack Salzman, Goldman, Sachs & Co. |
20 | Joseph Ellis, Goldman, Sachs & Co. |
19 |
| Richard Sherlund, Goldman, Sachs & Co. |
17 | William Young, Donaldson, Lufkin & Jenrette Securities Corp. |
17 | Robert Farrell, Merrill Lynch, Pierce, Fenner & Smith |
16 | Patricia McConnell, Bear, Stearns & Co. |
16 |
| George Staphos, Bank of America Merrill Lynch |
16 | Kenneth Abramowitz, Sanford C. Bernstein & Co. |
15 | Robert Cornell, Lehman Brothers |
15 | Emanuel Goldman, Paine Webber |
15 |
| David Raso, Evercore ISI |
15 | Mark Schoenebaum, Evercore ISI |
15 | Meredith Adler, Barclays |
14 | Jessica Reif Cohen, Merrill Lynch |
14 |
| Ehud Gelblum Morgan Stanley |
14 | Thomas Hanley, UBS Securities |
14 | Jerry Labowitz, Merrill Lynch |
14 | A.M. (Toni) Sacconaghi, Sanford C. Bernstein & Co. |
14 |
| Lee Seidler, Bear, Stearns & Co. |
14 | Steven Fleishman, Wolfe Research |
13 | Barry Good, Morgan Stanley |
13 | Jeffrey Klein, Kidder, Peabody & Co. |
13 |
| Andrew Lazar, Barclays |
13 | Andrew Steinerman, J.P. Morgan |
13 | David Adelman, Morgan Stanley |
12 | Harvey Heinbach, Merrill Lynch |
12 |
| John Hindelong, Credit Suisse First Boston |
12 | Curt Launer, Credit Suisse First Boston |
12 | Steven Milunovich, Merrill Lynch |
12 | John Tumazos, Prudential Securities |
12 |
| Michael Weinstein, J.P. Morgan |
12 | Gary Yablon, Credit Suisse First Boston |
12 | Ivy Zelman, Zelman & Associates |
12 | Joseph Bellace, Merrill Lynch |
11 |
| Jeffrey deGraaf, Renaissance Macro Research |
11 | Elaine Garzarelli, Lehman Brothers |
11 | Jonathan Goldfarb, Merrill Lynch, Pierce, Fenner & Smith |
11 | B. Alexander Henderson, Citigroup/Salomon Smith Barney |
11 |
| Jay Meltzer, Goldman, Sachs & Co. |
11 | John Rohs, Schroder Wertheim & Co. |
11 | Jeffrey Sprague, Citi |
11 | Cai von Rumohr, Cowen and Co. |
11 |
| Richard Bernstein, Merrill Lynch |
10 | Joseph Greff, J.P. Morgan |
10 | Ernest Liu, Goldman, Sachs & Co. |
10 | John Mackin, Morgan Stanley |
10 |
| J. Kendrick Noble Jr., Paine Webber Mitchell Hutchins |
10 | Katharine Plourde, Donaldson, Lufkin & Jenrette Securities Corp. |
10 | William Siedenburg, Smith Barney, Harris Upham & Co. |
10 | Harold Vogel, Merrill Lynch |
10 |