Ann: Dividend/Distribution - RIO, page-12

Consensus ... blah ... Analysts, are something an Investment Master cares little for ....
RIO will drop at open on ASX but watch the weight of money claw it back pre ex dividend
Was a cracking result and with Commodities still late cycle have a long way to rip higher - one only needs to study the past to understand the future.
Enjoy these quotes

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"The out-of-touch expert is part of a growing crowd on Wall Street. Analysts spend more and more time selling and defending ideas to their superiors and/or clients, and less and less researching ideas. It's unusual to find an analyst who calls several companies each day, and even rarer to find one who gets out and visits them" Peter Lynch

"Analysts are competent gatherers of facts and figures, but few can be relied on for much more" Ralph Wanger

"I'd prefer not to know what the analysts think .. it clouds one's judgement - I'd rather be dispassionate" Peter Cundill

“Analysts permit ‘earnings guidance’, which is controlled by the corporations to influence their decisions, and they don’t take the long view” Leon Levy

"There’s been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities." Warren Buffett

"A lot of research I wouldn't call research.  It's sort of like guys at the track following the horses reporting which horse has come in on this race. Which horse won race 1, race 2 etc.  Research is trying to figure out where the world is going to be in three years time"  Glenn Greenberg

“When an analyst first makes a forecast for a company’s earnings two years prior to the actual event, they are on average wrong by a staggering 94%.  Even at a 12 month time horizon, they are wrong by around 45%!.  To put it mildly, analysts don’t have a clue about future earnings.” James Montier

“Specialist analysts operate in a cocoon, in which they are overexposed to company management and peer analysts and underexposed to what is going on in the rest of the world.  Herding instincts may tend to reinforce similar opinions among peer analysts”  Marathon Asset Management

“Rarely does one find a brokerage-house study that points out, with a convincing array of facts, that a popular industry is heading for a fall or that an unpopular one is due to prosper.  Wall Street's view of the longer future is notoriously fallible, and this necessarily applies to that important part of its investigations which is directed toward the forecasting of the course of profits in various industries.” Benjamin Graham

... and the best of all

“I don’t read analyst reports.  All in all, I prefer to read “raw” financial reports and talk to industry representatives.”  Warren Buffett