Cold Calling w Stock

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Jun 23, 2009 4:24 pm

Just curious how many tickets you think you could drop if you spent the day cold calling with a stock idea.  I got my arse kicked today.  Zero tickets but about 4 good leads. 

Jun 23, 2009 4:39 pm

What is a good lead? 

Jun 23, 2009 7:25 pm
Alice Cooper:

What is a good lead? 



Can they fog a mirror?

Jun 23, 2009 9:45 pm
Kudlowfan:

Just curious how many tickets you think you could drop if you spent the day cold calling with a stock idea.  I got my arse kicked today.  Zero tickets but about 4 good leads. 


Zero.  Seriously.  That is not how you cold call these days.
Jun 23, 2009 10:36 pm

A good lead to me is someone who has the money to invest and tells you that they are interested in investing but not right now.   Or one lead was the guy was going to come down to my office and drop off a check for about 30,000 but had to talk to his wife first.


When will people start investing again.  I looked at some of my stock ideas from 3 months ago and they are three fold what they were.  Peoples fears have kept them from some big gains.  I think I will jump off a tall building,
Jun 24, 2009 9:39 am

You are forgetting that some people just lost 40-50% last year in equities. People are no longer looking to hit a homerun, but just a single to get them to first base.



I would focus more on reviewing(rebalancing their portfolio) or talking about fixed income(TF insured municipals) instead of stocks(eventhough it is a great time to buy) they have no reason to trust you

Jun 24, 2009 10:35 am

Chief, good point.  Even though I was calling with a high yielding utility stock, I think just the word stock scares people.  I may go in with a CD or insured muni.

Jun 24, 2009 12:45 pm

Some history-

 
Back in 1987/88 after the market crashed no one wanted to buy stocks. The large wirehouse office i worked at was like a morgue. You could hear a pin drop in the usually bustling board room. Vets walked around like the walking wounded-shell shocked- their careers in shatters. Among these 42 brokers who worked in this second highest producing office of their national firm were three young trainees. The young trainees went to their BOM and told him that now was the time to build positions in beaten down high quality stocks. The manager wasn't impressed but decided to give them enough rope to hang themselves. They formed a group and started cold calling on stocks. They hired two cold callers to "qualify" prospects. They closed big. They tracked their numbers and just to bust the balls of everyone else in the office who had given up they posted their numbers daily. EACH OF THE THREE OPENED AT LEAST ONE NEW ACCOUNT EVERYDAY. Some days they each opened two or even three new accounts. This in a market where vets were saying they couldn't get anyone to do anything. And, these weren't mom and pop accounts. These were big accounts with opening trades of 50 to 250k and follow on trades over a million dollars. In fact the trainees had a 25k  new account minimum and would bust on each other if one opened on the min. Everyday they did what everyone else said couldn't be done. The mgr was so impressed he told the suits to lay off these three when they came around with their latest product push of the day. Today two of the three are still in the biz. Both are million dollar plus producers. The third is a successful businessman outside this biz making well over a mil a year.
 
Point- No one knows what's going to happen next. If you believe in what you're doing-go for it! These guys did even when everyone told them they had their heads up their butts and that it couldn't be done.
 
Pitch stocks? Why not?
Jun 24, 2009 4:17 pm

Bondguy, your dog is lucky.  That was very inspiring, seriously.  Were you one of the three?

Jun 25, 2009 12:52 am

No he was selling bonds!

Jun 25, 2009 7:26 am

Right now my dog just crapped all over the dining room floor. No joke!

 
I wasn't always bondguy. I started out as bondguy but like everyone else decided to change something that didn't need changing. So, for about 4 years I became Stock position builder guy. I was one of the infamous three. I also did stints as covered call options guy, day trader guy, and dividend roll guy. I was managed account guy as well. I tried a bunch of different things as what looked to be greener grass sides of the street presented themselves. In the end all i really did was stifle my developement.  But it was fun. Finally back to bonds. And to quote an old movie 'They're boring, but they're good!"
 
Mrs. bond guy is bond mopping up the floor, I've got to walk the dog and make sure he's crapped out, so to speak.
Jun 25, 2009 8:45 am
BondGuy:

Right now my dog just crapped all over the dining room floor. No joke!

 
I wasn't always bondguy. I started out as bondguy but like everyone else decided to change something that didn't need changing. So, for about 4 years I became Stock position builder guy. I was one of the infamous three. I also did stints as covered call options guy, day trader guy, and dividend roll guy. I was managed account guy as well. I tried a bunch of different things as what looked to be greener grass sides of the street presented themselves. In the end all i really did was stifle my developement.  But it was fun. Finally back to bonds. And to quote an old movie 'They're boring, but they're good!"
 
Mrs. bond guy is bond mopping up the floor, I've got to walk the dog and make sure he's crapped out, so to speak.



Sounds like it might be time to take Fido to "live with a family on a farm."

Jun 26, 2009 9:50 am

Anyone heard of any compliance issues with cold calling with a stock?

Jun 26, 2009 11:01 am

Are you the compliance guy(aka sales killing dept)? If not don't worry about it. Most firms don't have a problem as long as you scan the DNC

Jun 26, 2009 11:51 am
Fox:

Anyone heard of any compliance issues with cold calling with a stock?


 
Yes.  It's not something that can be done with all B/D's.
Jun 26, 2009 12:02 pm

Most firms will let you work off their recommended list or submit outside research from a known firm. That will work however, it is ass backwards. You want to be buying stocks when no one else wants them. Thus no "buy" research available. You profit as the street comes around and starts buying. That's how you make money with stocks. By the time the reports have been written the major money, in most cases, has already been made.

 One exception would be position building in  large companies. That can work but you still need to be into the stock early.
Jun 29, 2009 2:23 pm

I do a lot of stocks, trying to be one of the "infamous 3", and thanks for your insight  Bondguy, there is a general theme to BG's posts and to what I have seen creates success, just get on the phone and do it...

if you ask compliance enough questions they will say no no matter what... if you do 40$k a month in gross and ask the same question guess what ...?


Jun 29, 2009 2:27 pm

keep your head down and dial... it's normal to question your progress, qualify your leads, use common sense, and don't lie to yourself...  you will succeed

Jun 29, 2009 8:36 pm

Head down and dial!

 
Jack, that's exactly right.