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To: Pruguy who wrote (6193)	3/6/1999 6:37:00 PM
From: Vendit™	Read Replies (1) \| Respond to of 41369

I'm sorry for the oversight........is this the part I forgot to post? For the most part, style (that is, the impression of expertise) is far more important in brokerage house research than substance (or, simply put, actually knowing what you're talking about). Look at it this way: The most successful retail stockbrokers aren't usually those intelligent few who actually understand finance and the workings of the market, and who try to help their clients make money through it; rather, it's those who can spin a pretty story, and create the impression of expertise. There isn't always an overlapping of brokerage analysts who sound like they know what they're talking about, and analysts who actually do know what they're talking about. So, what about research? Often, analysts are too busy building a cottage industry of their own expertise to keep up with what they're supposed to be experts on. Instead, they market, network, and take credit for the work done by their junior analysts. The staff, meanwhile, is crunching the numbers, running down leads, following up with companies, making earnings projections, and doing the dirty work to really understand an industry, its component companies, and where it's all headed. For better or for worse, though, research analysts are here to stay. Naturally, many of them -- probably most of them -- aren't quite as single-mindedly substance-free as painted above. Some are, though, including many of those most highly regarded in the industry. Please accept my apology. Vendit Ps: That is what the link I previously posted was for. ragingbull.com