Institutional Investor All American Research Team

I OPENING CAPITAL THE 2012 ALL-AMERICA RESEARCH TEAM INVESTING RESEARCH & RANKINGS ECONOMICS & STRATEGY TELECOM SERVICES Philip Cusick J.P. Morgan The buy side says: “Phil has good insights into trends and how they are likely to shape the telecom industry.” I t’s been a while, but Philip Cusick is back on top, rising one rung to make his first appearance in the winner’s circle since 2006; he’s also No. 3 in Cable & Satellite. The J.P. organ anaM lyst upgraded AT&T from neutral to overweight in April, at $30.08, telling clients that consensus expectations were too low. In July the Dallas- ased provider b reported that second- uarter q earnings per share had risen 10 percent, to $0.66, year-overyear; the Street had expected EPS of $0.63. By the end of August, AT&T’s stock had climbed 21.8 percent, to $36.64, and bested the sector by 5.2 percentage points. Cusick, 38, upgraded Sprint Nextel Corp. from neutral to overweight in June, at $2.51, largely on the Overland Park, Kansas–based outfit’s improvements to its network. The stock price zipped to $4.85 in late August — advancing a stunning 93.2 percent and trumping the sector by 85.6 percentage points. “He is an excellent stock picker,” cheers one investor. Looking ahead, “we remain positive on the wireless space given a combination of continued slow subscriber growth and revenue- er- ser p u growth owing to a shift to smartphones as well as price increases,” Cusick says. — P .B. ACCOUNTING & TAX POLICY Christopher Senyek Wolfe Trahan & Co. individual rate, from 35 percent to 39.6 percent. “While the outcome of the November elections will likely influence the path of tax policy, we don’t believe either party in Congress wants tax rates to increase in such a way as to stifle economic growth in 2013,” Senyek says. He predicts the lameduck congressional session will come up with a compromise that extends current rates for at least a few months — and possibly for two years. — P .S. improve in the fall, in lagged response to both lower oil prices and easing moves around the world over the past year,” he says. Experience makes Hyman’s opinions invaluable, money managers say. “He has seen so much over the years that he’s able to synthesize a mountain of information and relate it to historical parallels in interesting ways,” observes one buy-side upporter. s — P .S. The buy side says: “Chris understands the issues better than many analysts.” A lthough he moved from ISI Group to Wolfe Trahan & Co. in September 2011, C hristopher Senyek doesn’t budge from the top spot, which he holds for a fourth consecutive year.The 37-year-old produces “amazingly in-depth reports on often- idden and h overlooked — but important — rules,” says one supporter. U.S. taxes are a top concern, Senyek says. “We expect the expiration of the Bush tax cuts and other stimulus measures — the fiscal cliff — to be foremost on investors’ minds,” he reports, noting that the maximum dividend rate is poised to jump from 15 percent to 39.6 percent; the highest capital gains rate, from 15 percent to 20 percent; and the top ADAM HOLT “HAS THE BEST SENSE OF WHERE SENTIMENT IS TILTING.” I N S T I T U T I O N A L I N V E S T O R . C O M • O C T O B E R 2 012 EQUITY-LINKED STRATEGIES ECONOMICS Ed Hyman ISI Group Marko Kolanovic & team J.P. Morgan The buy side says: “He’s really passionate about what he does.” The buy side says: “They provide concise, clear ideas that we don’t see from anyone else.” E J d Hyman, a member of the All- merica Research Team A Hall of Fame, captures a recordsmashing 33rd straight year at No. 1. The ISI Group economist was one of the first to warn clients that the U.S. housing boom was about to go bust — that was back in 2005, long before the term “subprime mortgage” entered the vernacular — and now he is among the first to declare that the bust is about to go boom. “We think housing has turned the corner and expect both housing starts and house prices to surprise on the upside, and to keep the U.S. economy — and the world economy — from sliding into ecession,” r says Hyman, 67. He sees other reasons for optimism as well. “The U.S. economy is likely to .P. Morgan’s 15-strong squad captained by Marko Kolanovic rises one rung to finish on top for the first time. Despite low market volatility of late, the strategists believe that next month’s U.S. presidential election, further turmoil stemming from the European debt crisis or some other factor “could potentially trigger a sell-off in the market,” Kolanovic says, and an increase in the hicago Board C Options Exchange market volatility index. “We foresee slightly more risk on the downside for the market and hence upside for volatility,” the team leader adds. “We are advising clients to add to their hedges, to be biased long volatility.” olanovic, 37, K earned a Ph.D. in theoretical high- nergy hysics at New e p York University before joining

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