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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (105452)	7/11/2000 8:05:58 AM
From: GVTucker	Respond to of 186894

John, RE: It's very difficult for most folks to assume that if you have the power to move the sector, that you wouldn't use that power to your own and your clients benefit. For the most part, if you have the power to move a sector, then it means that you have been right a few times in the past. A few wrong calls can kill a reputation that has built up over a number of years. Just look at Mr. Kurlak. He made lots of people lots of money over a span of decades. He's wrong about Intel for a year and he gets blistered by clients. The risk/reward just isn't there for an analyst to be intentionally wrong. When you were an analyst, did you advise some clients before you made a call on an equity? Happens, but very rarely. Think about the large number of smaller institutions out there that still wield power. To benefit these people, an analyst would have to tell only a few select clients. But if an analyst did that, the customers on the next tier, who still generate lots of commission $$ for the firm, get very mad. There are no secrets in this universe, and it is just about impossible for an analysts or buy side firm to keep such an action secret. Once again, the risk/reward isn't there. The place where an institution can leverage a relationship with an analyst (at least it's where I can) is by picking up a few tell tale signs that an analyst is beginning to change his opinion. I have found that a few analysts unwittingly telegraph a change in opinion in advance.