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To: jackrabbit who wrote (139035)	7/11/2001 12:38:40 AM
From: Paul Engel	Respond to of 186894

JackRabbit - Re: "I think Merrill should go totally in the opposite direction. Brokerage firms should require all their analysts to buy or sell stock in accordance with their recommendations. Each month they have a "buy" or "accumulate" on a stock they should be required to buy or accumulate some shares. A "strong buy" means they have to buy twice as much. A "hold" or "market perform" means that they would not be required to buy or allowed to sell. They could not sell unless they issued a sell rating. And they could not front run their ratings -- they would have to wait 3 trading days after their rating change to do their transactions" I like your idea - it's the best I've heard on this subject. Paul

To: jackrabbit who wrote (139035)	7/11/2001 7:16:17 AM
From: willcousa	Respond to of 186894

The ML ruling is just a ruse - the problem's only partly what the brokers own - it lies mainly with the positions the firms own.

To: jackrabbit who wrote (139035)	7/11/2001 8:00:54 AM
From: GVTucker	Read Replies (1) \| Respond to of 186894

jackrabbit, RE: Make them eat their own cooking. I guarantee you that the quality of buy/sell ratings would improve. I would disagree. One of the primary traits of a good portfolio manager is a lack of emotion in regards to the buy/sell decision. And that's why, for a portfolio manager, your solution is a good one. Just about every successful hedge fund manager is an investor in his/her own fund. A good analyst is not necessarily a good portfolio manager. And a very many good analysts that I've known can get emotional about their portfolio. It's not conducive to objectivity. A lot of analysts over the years have made a personal decision not to buy or sell the stocks that they cover. Invariably, those analysts are very high quality.