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To: StockHawk who wrote (27157)	7/1/2000 6:48:59 PM
From: mauser96	Respond to of 54805

Unfortunately, hearing what you want to hear and ignoring the rest is just part of being human. All of us like to see our "judgement" confirmed. Being aware of this tendency probably helps some, but it doesn't make you immune. Ultimately brokers are salespersons, and the analysts have to serve them. The very best of the analysts often get hired away by venture capitalists and others outside the broker field.

To: StockHawk who wrote (27157)	7/2/2000 5:26:01 AM
From: Seeker of Truth	Respond to of 54805

In addition to your very good point that the analyst is basically working for rich people whose main concern is to preserve their situation, here's another aspect. Analysts, fund managers, pension managers etc. all work under a constraint that we don't have. We mostly have day jobs. The stock market is a serious business; we don't consider it a hobby, but in the end we don't have to do better than somebody or some index each quarter. My wife never blames me when the market goes down. That makes investing fun. I enjoy the rewards and her thanks and never get blamed for anything. The guy who does it for a living is sweating all the time. Customers react more strongly to losses than to gains. This is a known psychological point. His job is on the line in the short term. Our part time job as investor is secure. So he is more cautious than we are and therefore we can expect, other things being equal, to do much better in the market than he does.