Clearly, an analyst cannot rely exclusively on the president's letter to forecast a company's stock price performance. However, automatic dismissal of the president's letter may result in the loss of important signals. Presidents of high-performing companies tend to expect gains, and their...

This study examines stated return preferences of individual investors. First, evidence suggests investors sort themselves into groups by return preferences. Identifiable, systematic, and statistically significant differences exist across investor groups.There appear to be at least two investor...