---
title: How Are Seeking Alpha’s “Top Analysts” Picked?
description: A Seeking Alpha analyst qualifies to be called a Top Analyst if he or she meets all the criteria listed in this article. Read more here.
---

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# How Are Seeking Alpha’s “Top Analysts” Picked?

**Top Analysts:**

An analyst qualifies as a "Top Analyst" if they meet all the criteria listed below.

- Only analysts/Investing Group leaders with at least 5 unique actionable recommendations on qualified securities in the trailing 12 months are included in the analysis.  
    - Actionable recommendations include Strong Buy/Buy/Sell/Strong Sell ratings.
    - Qualified securities include common/ordinary shares, ADRs, and ETFs with a market capitalization greater than $20 million USD.
    - Performance is calculated during the holding period, which is defined as the time period in which an actionable recommendation is active.

**Recommendation Methodology:**

- **Strong Buy:** Highest buy conviction an analyst can have. When an analyst gives this rating to a security, it is added to their “pick list,” and their holding period begins. The return for a Strong Buy rating is measured by the change in price of the qualified security after the Strong Buy rating is made. For purposes of conviction-based active return, the return is multiplied by +1.5.
- **Buy:** When an analyst assigns this rating to a security, it is added to their “pick list,” and their holding period begins. The return for a Buy rating is measured by the change in price of the qualified security after the Buy rating is made. For purposes of conviction-based active return, the return is multiplied by +1.
- **Hold:** When an analyst initiates coverage on a security with a Hold rating, it is not considered. However, when an analyst has made an actionable recommendation on a security and then gives a Hold recommendation, the holding period ends.
- **Sell:** When an analyst assigns this rating to a security, it is added to their “pick list,” and their holding period begins. The return for a Sell rating is measured by the change in price of the qualified security after the Sell rating is made. For purposes of conviction-based return, the return is multiplied by -1.
- **Strong Sell:** The highest level of sell conviction an analyst can assign. When an analyst gives this rating to a security, it is added to their “pick list,” and their holding period begins. The return for a Strong Sell rating is measured by the change in price of the qualified security after the Strong Sell rating is made. For purposes of conviction-based return, the return is multiplied by -1.5.

**Ranking Methodology**

- - Analysts are ranked using a combination of the “Fundamental Law of Active Management” and their conviction-based active return. 
          - Fundamental Law of Active Management = Information Coefficient \* √ Breadth  
                ** Information Coefficient** = (2 x Proportion of predictions made correctly by the analyst) - 1  
                **Breadth** = Number of actionable recommendations made by an analyst.
    - Conviction-based active return = The average return of all actionable recommendations with Strong Buy returns multiplied by 1.5 and Strong Sell returns multiplied by -1.5.
    - Therefore, the ranking of an analyst depends on: 
          - Security selection skill.
          - Conviction in security selection.
          - How often an analyst successfully applies their skill.
   Only the Top 15 analysts will be displayed on the page. The “**Top Analyst Ideas**” feature highlights Seeking Alpha's Top 50 analysts.

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