I'm perplexed as to how long it takes for an average analyst to understand changes in P&L dynamics of companies they cover. Investment "alpha" is generated by identifying information that is yet to be priced into the thinking of the majority. However, being early in such identification brings no gains as the tide is predominantly anchored to "old" information. It only starts to pay when the "majority" is starting to embrace the "new" information, thus pushing the price in your direction. Read more