This provides a survey of the general economic environment rather than a judgment on the wisdom of a particular investment. For example, the outlook for construction may appear to be dubious to the economist, but the analyst may conclude that the stock of a building materials company has declined to a point where it merits consideration as an investment. It has taken some time for investment company managers and security analysts to realize that economists are not "too theoretical" in their approach. During the early thirties, economists lost favor because so many both in the academic and the financial world had completely failed to recognize the financial abuses of the late twenties or to appreciate the severity of the Great Depression. The ultimate decision on portfolio changes, i.e.

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