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Dutton Associates and Paulson Investment Company Host Major Small Cap Conference of the Year
November 8, 2005. 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.
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Paul J. Resnik, CFA Appointed Dutton Associates' Director of Research Succeeding John M. Dutton
November 2005. 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.
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Sacramento Bee: NutraCea Nutritional Riches to Feed World, Including Interview With Dutton Analyst Gerald LaKarnafeaux, CFA
October 9, 2005. 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.
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Integrity Associates - "Internal Consistency [of a firm's research performance] - Simple, yet Complex"
July 2005. 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.
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Tracking the Independents: Interview with Michael Mayhew, Integrity Research Associates, LLC
July 2005. 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.
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Forbes Magazine - "Best analyst picks of 2004"
May 2005. Paul Resnik was ranked #3 in the country out of 3,300 analysts for his IDWK pick
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Integrity Associates - "Dutton Tied for 4th Place"
May 2005. 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.
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Pittsburg Tribune Review - "Health care temps in big demand" Article Including Interview With Dutton Analyst David Riedel
March 2005. 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.
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New Jersey's Largest Newspaper, The Star-Ledger, Interviews Our Jon Ziegler, CFA on Pathmark-C&S Acquisition Possibility
March 2005. 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.
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LA Times
January 2005. The LA Times quotes JM Dutton Analyst Jonathan Zielger in an article regarding Procter & Gamble Co.'s plan to buy Gillette Co.
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Prosper Magazine
January 2005. A leading regional business magazine conducts an interview with John Dutton on the growth and acceptance of issuer paid research.
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Dow Jones and AP Quote Impact of Dutton Sector Piece
December 2004. DJ and AP published articles on Dutton's sector piece on Aging of America, 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.
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CFAI-NIRI Adopted Guidelines (December 2004) For Issuer Paid Research
December 2004. 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.
JM Dutton Participates in the 7th Annual Wharton Investment Management Conference
October 2004. 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.
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JM Dutton Addresses The Security Analysts of Sacramento
October 2004. 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.
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CFA Magazine
September 2004. 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.
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CFO Magazine - The Flight of the Sell-Side Analyst
August 2004. 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.
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Reuters Article On Growing Acceptance of Issuer Paid Research
July 2004. 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.
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Buyside Magazine Update On Top Performing Independent Research Firms
June 2004. 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.
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Fortune Magazine - Wall Street On the Run
June 2004. [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.
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AIMR - NIRI Proposed Standard For Issuer Paid Research and Analyst/Corporate Issuer Relationship
March 2004. Proposed AIMR - NIRI Standards for Analyst/Corporate Issuer Relationship, and Issuer Paid Research.
May 2004. Dutton Research Comments in response to request for comments.
Buyside Magazine's Initial Evaluation & Ranking Of Wall Street's Top Independent Research Firms
January 2004. 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.
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CFA Magazine
November 2003. CFA Magazine, the magazine for CFAs and other members of the CFA Institute (f/k/a AIMR) looks at two major new models on Wall Street that are having significant impact on research. The two models are Dutton Research and Soleil Securities.
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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.
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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."
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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.
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Wall Street Research Magazine Honors JM Dutton & Associates For Its Research Team
July 2002. 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.
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Arthur Levitt, Former SEC Chm, Endorses S&P and Dutton Independent Research Model
May 13, 2002. 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.
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ISS To Provide Ratings On Corporate Governance On 9,500 Public Companies
October 10, 2002. 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.
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10% Of Analyst Covered Companies Dropped Since August 2001 - Updated Study
By Robert Davis
May 18, 2002. 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!
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Second Study of Analyst Small Cap Research Coverage Confirms Decline in Per Cent and Numbers of Public Companies Covered by Analysts
By Robert Davis
January 3, 2002. 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.
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Research Narrows Search for Winners in Already Outperforming Small-Cap Sector
October 1, 2001. 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."
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New York Times, Los Angeles Times, ShareHolder Value Magazine All Confirm the Dutton & Associates Model
September 7, 2001. 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.
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