Report Card: Henry "Chip" Dickson
| Henry "Chip" Dickson Lehman Brothers | |||||||||||||||||||||
|
Best star rating is 3 stars. Click here for our methodology. | ||||||||||||||||||||
| 1st Place Banks | |||||||||||||||||||||
B.S., M.B.A., Babson College. Dickson joined Lehman Brothers in July, though at the time this survey was conducted he covered banks at Salomon Smith Barney. Before joining Salomon in 1993, he followed the industry at Kemper Securities and also at McDonald & Co. Securities. Before moving to Wall Street, Dickson spent 10 years as a commercial lending officer. Industry Outlook and Style
| The Winners |
| By name By category By firm Best stock pickers Best firms |
, or ROE. The ROE reported by most of the companies in his universe averages 18%, but he calculates the median figure at closer to 12%. "An accurate accounting of the capital invested to create the companies gives the real picture," he observes. "It isn't that pretty." Revised downward to 12%, the companies' ROE barely covers the cost of capital, says Dickson. This return is also lower than that in 1997 and 1998, the years of the industry's great consolidation wave. "The burdens created by paying too much have engendered their own pressures, he points out. Favorite stock for next 12 months:
Chase Manhattan; Target price: $73
Comment:
"We think earnings growth will slow next year because of dilution related to its acquisition of J.P. Morgan, but the following year we expect growth to reaccelerate to more than 10% annually. Do I think the new Chase is capable of faster growth than the old Chase? Yes, but I didn't raise my earnings growth target, because I didn't have to justify maintaining a buy on the stock."
Rate Their Stock Picks:

- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,471.58 | 1,108.86 | 2,175.81 | 32.75 |
Oil *
79.69
|
|
UP
126.74
|
UP
13.23
|
UP
31.21
|
UP
0.74
|
10 Yr
3.28%
SPDR Gold
117.38
|
|
+1.23%
|
+1.21%
|
+1.46%
|
+2.31%
|
Data delayed 20 minutes |















