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The Pied Pipers of Wall Street: How Analysts Sell You Down the River

The Pied Pipers of Wall Street: How Analysts Sell You Down the River

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Separating fact from fiction on Wall Street. Today's market watchers have increasingly come to rely on the opinions of brokerage firm analysts. But in this startling and revealing new book, Benjamin Cole explains why relying too heavily on what they say often isn't the best course of action. He demonstrates the economics of the brokerage business and shows why and how securities analysts today frequently put the interests of the firm ahead of the interests of regular investors. Many seasoned investors are already leery of the impersonal giants of the Wall Street brokerage business; they're looking for unbiased guidance and trustworthy sources of information for investment decisions. This book gives the reader solid guidance on separating reliable information from salesmanship. Cole offers a riveting, eye-opening view of the workings of Wall Street, challenges the supposed objectivity of analysts, and concludes by providing balanced, objective information sources the investor can turn to with confidence. To illustrate his points, the author traces the motivation and histories of specific analysts who have harmed or helped investors, with significant moves in the market following key pronouncements. Carefully researched, documented, and constructed,this book is a fascinating exposé of compromise and the unwritten agendas just below the surface of brokerage and underwriting businesses.

• How securities industry analysts have evolved from sleuths to salesmen
• Compromised relationships: the new role of analysts
• Why leading analysts may not be telling you everything they know—and how to figure that out
• The few, the proud, the good guys you can count on
• The role of the SEC—how much of a watchdog can it be?
• How the Internet can be your best ally in tracking down balanced market coverage