Recommendations provided by brokerage houses are often classified as to investment term (near,…) and objective (growth,…). An extensive set of recommendations made during the years 1964-1970 was examined. Issues addressed included availability of descriptors and stocks categorized by descriptors: differences in risk; the presence and pattern of risk-adjusted returns for a 19-month period surrounding the recommendation; the differential impact on trading activity; the reaction of the market to the recommendations; and parallels between the results and previous research efforts by other authors.