As noted in the Chronicle, Becker began to prepare and publish "reports" on bond, preferred stock, and common stock securities it concluded it could recommend as early as in 1915-1920.
By today's standards, these reports could not be called "analyses;" securities analysis has made major advances in the last 100 years to the point that it the field is now considered a profession, with those who qualify being awarded a highly valued educational certificate and recognition.
By the late 1930s, as noted especially in Appendix 7, Becker's approach to the broad securities market was increasingly portfolio oriented, versus individual stock picking and recommending.
The firm began to take into account general common stock and bond values and emphasizing portfolio balance, diversification, and protection against concentrations. In addition, the firm now had a reasonable level of experience in dealing with non-US international securities, and those types of investments were part of Becker's repertoire.
As noted in both the Chronicle and Appendix 7, the firm decided in 1928 to retain one of the country's then leading economists, David Friday, to become the firm's "economic consultant." Friday, as noted, helped to guide the development of the "Analytical Department" under Dunne, and the creation of the quarterly Investment Bulletin, including key articles which he authored.
It is interesting that this series of publications, and a sister series of Business Briefs, were published during one of the most hectic periods in the US securities markets - from 1928
through 1932. For this reason, the publications have a special historical value and are very good reading especially for students of US and world financial history
Below, coded by Quarter and Year, are copies of the Investment Bulletin and the Business Briefs. For more background about these publications, and Tables of Content, see Appendix 7