To All, very mini Barron's review. The only thing in the magazine worth reading is Abelson's column, and you can probably scan it at the newsstand without paying up for it like I did. But the Abelson piece is great. He dumps on analysts pretty good for being co-opted by the IB divisions. But then he dumps on investors for pretending they didn't already know that. And he dumps on cos. for scamming the poor, greedy analysts.
He has it mostly right, though even the insightful and inciteful Mr. Abelson misses what I consider a very important point: the great majority of these guys and gals may be lackeys for the IB bums, but, in all fairness, they wouldn't be able to pick stocks even if they weren't. That requires talent. Many people think IQ equals talent. It doesn't. Nor do initials after one's name. And, sad to say, neither does hard work. As Americans, we don't like to believe this, but not everyone who works hard can attain talent. No matter how hard I work, I will not beat Pete Sampras on the tennis court. Even if he goofs off. No matter how much weight I lose or how much I improve my second serve and my wimpy backhand. It just ain't gonna happen.
So much for today's sermon. Hallelujah brothers and sisters, pass the danged plate. Stop taking money out of the plate, Paper Chase. <g> |
