Well, if it is a question of ethics, then analysts rate lower than trial lawyers.
Jack, do yourself a favor. Print out Ibexx response above and post it on the top of your monitor. It's a classic. It's the truth and it's surprising to me that the light hasn't come on for you yet.
A bit of history. I bought IRID at 32 1/2 on an extreme low-ball limit order in '99. It was trading at 38 1/2 at the time. I read the M/L research on the prospects and it was astonishing how much money Iridium was going to make, once the network was stable and there were customers. That's what the analyst's report said. What it didn't say was that there was a dilutive secondary offering at, get this, 32 1/2 that was about to pop, underwritten by who else... M/L. Nope, the analyst didn't know that material fact, because it was behind the "Chinese Wall" between the analysts and the investment bankers within M/L. (As if...) Re-read, post and stamp on your forehead Ibexx post. He says it better than I ever can. Analysts are Promoters to the Investing Moronic Public. In other words, they are PIMPs.
-Ray |
