John, but "everything is permitted".
Why should an analyst support their assumptions with actual numbers when they have a servile, co-opted financial media that vomits back what they say?
$100 price target, $200 price target...
20% market share, 23% market share, 25% market share...
Why shouldn't an analyst fail to update errors in the historical financial performance of a company he covers in his research weeks after these errors are clearly laid out in an SEC filing?
Why shouldn't certain large telecomm companies release material information during market hours conference-calls barring the press and the public or certain large hardware vendors release material information during company visits by selected Wall Street insiders?
If there is no accountability, then "everything is permitted".
There is no accountability.
Arthur Levitt's moving in the right direction, but until he does more than pick off easy targets like "the mob" and stock-tout schnooks, does more than make well-intentioned speeches, does what needs to be done to let people know that the game-playing is over, IMHO, there is no accountability, and these people will continue to act as if "everything is permitted".
Good trading,
Tom |
