What's a Stock Worth Today?

Focused on the future, WorldCom's pet analyst went astray. A past master tells us how to avoid that trap

Worldcom investors are in a world of hurt. They should have listened to a dead analyst, not a live one. In fact, the WorldCom bankruptcy has a lot to teach us about analyzing companies, and now, as the markets are searching for a bottom, is a great time to put those lessons to use.

Not long ago, Jack Benjamin Grubman was on top of the world. The Salomon Smith Barney telecommunications analyst was pulling down $20 million a year, and every big investor knew Grubman was the "ax," the one man who could make or break any stock in his industry...

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