Methodology of Investment Portfolio Based on the Analysis of the Recommendations of Investment Banks on the Example of the Russian Stock Market

The opinions of experts are one of the components of the structure of financial markets, which also directly affect its changes. By publishing their recommendations, analysts are also a driver in relation to expectations and behavior of the investor, who in drawing up their portfolio rely mainly on expert opinion. This fact, both from a financial point of view, and from a mathematical point of view, is of great interest. Many scholars have devoted more than one article to this issue, but they have not been able to find out whether the analytical recommendations are really valuable for the financial market. In this paper, an attempt has been made to determine how much in the modern world such recommendations are relevant and whether small investors, with the help of these recommendations, can make such an investment portfolio that would not be so risky with high returns. As data for this study, financial and macro-indicators from various Internet resources were taken: publications of analytical recommendations of investment banks, data from the Moscow Stock Exchange (MICEX) on quotations of analyzed assets, as well as quarterly statements of companies that will be analyzed in this paper. At once it is necessary to tell about a choice of the companies: for the analysis actions and accordingly recommendations on them for three Russian organizations - "Sberbank", "Lukoil" and "Gazprom" were taken. This choice was made on the basis of several prerequisites, the most important of which is the inclusion of these organizations in the "blue chips" and the interest from the point of view of investors.