Tend to agree with you about the up ramping being a bigger problem. Look at some of the stocks that have lost shareholders vast sums and the analysts who gave them glowing "research notes" and lofty targets prior to their collapse. Aandahl made these comments about those Australian analysts in a recent interview..........
Glaucus’s breed of short-selling is a novelty in the Australian market. Unlike others in the game, Glaucus posts most of its research online, for free. Aandahl says that fills a vacuum: There’s a “need for independent voices to hold people accountable. All of the voices in the market here are pushing stocks to go higher.” He’s scornful of equity analysts, whose research he calls “skewed” and “sycophantic.” Indeed, Australia’s analysts are an optimistic bunch: More than 80% of all calls on stocks are either buy or hold. Investment banks make their big bucks underwriting deals and through M&A, and they need a foot in the door with management for that. “You don’t get that if your analyst on the other side of the building is saying ‘I think this stock should be a sell because there’s accounting red flags and the CFO just quit,’” Aandahl says.
