Each October for the past 35 years, we at Institutional Investor have published our ranking of the best research analysts on Wall Street. Winning first-place honors has never been easy in a business as complicated and as competitive as this one, but the past five years have proved particularly difficult, from the terror attacks of September 11, which caused the economy and markets to slump badly, to the financial scandals that culminated in the $1.5 billion that major Wall Street firms paid to settle conflict-of-interest allegations. Many firms cut back on their spending, and many researchers left the business, frequently for hedge funds.

Under the circumstances, staying ahead of the pack is harder than ever. Yet a number of analysts have not only survived but thrived in these trying times. Beginning on page 39 of this issue, we’ve highlighted in a photo essay those superb researchers who have finished first for the past five years. Some have even longer track records — notably Ed Hyman, whose victory this year in the Economics category marks his 27th consecutive appearance on top. Senior Editor Justin Schack and Articles Editor Lila MacLellan interviewed these exceptional talents to find out what makes them tick: whether they still get nervous before they make big stock calls and what they like to read — and listen to on their iPods.

In “The New Old-Fashioned Research,” which opens our coverage of the 2006 All-America Research Team, Schack explains how the best researchers today bring to their work the hard-hitting, detail-rich fundamental analysis that Wall Street too often failed to produce during the bubble years.

“Many of the analysts who have remained atop the rankings for several years say they’re thankful for the changes that have occurred since 2001,” Schack says. “It’s been a bumpy ride, but they’re glad that fundamental research is being valued more highly by the Street.”

For analysts, much of the fame of the ’90s is gone, but the intellectual rigor and excitement are coming back. Embracing that is the way to keep on top.