过去几十年里，股票研究分析师的角色发生了巨大变化，约瑟夫•贝拉斯(Joseph Bellace)可以证明这一点。“如果你回想一下我刚进入这个行业时，银行信托部门管理着大部分资金，产生了大部分佣金，”他表示。“如今，大部分佣金都是由高频交易员产生的，他们甚至不考虑基本面因素。在由谁来管理资金方面发生了巨大的转变。”贝拉斯对过渡很在行。从巴克内尔大学(Bucknell University)获得经济学和机械工程学士学位后，他接受了RCA Corp.国防通信部门的一份工作，几年后，他决定，他宁愿追求一份能让他在一个更具创造性和挑战性的环境中运用自己经济学背景的职业。他在宾夕法尼亚大学沃顿商学院(Wharton School of the University of Pennsylvania)获得了MBA学位，然后前往华尔街，从一个不同的角度——卖方分析师——报道电信业。Bellace在1983年加入Merrill Lynch, Pierce, Fenner & Smith之前曾在几家较小的公司工作过。两年后，他首次加入全美研究团队，成为电信设备领域的第二名分析师; 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.
在他离开美林之后，Bellace在Jefferies & Co.担任电信设备行业的独立顾问，现在是总部位于加州奥克兰的投资银行互联网证券的股票研究部门的顾问。他每年仍会与一些前美林同事会面几次，以了解情况并讨论股市。
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