Some notes from June 8’s Investorside Independent Research Provider Conference. Integrity Research also blogged about this event. 8:45am-9:00am Welcoming Remarks from Investorside =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=–=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= John Eade: Retiring as Chairman of Investorside, and turning over Chairmanship to Stanton Green of Vista Research. Investorside founded with 2 firms (Argus and Precursor), and now has 73 members. He thanks...
[Continue Reading]In Search of Alpha: Innovation in Securities Research (2/9/06 Harvard Business School Club of CT Panel)
I recently was fortunate to participate in a panel discussion on “In Search of Alpha: Innovation in Securities Research”, sponsored by The Harvard Business School Club of Connecticut, Thursday, Feb. 9, 2006, in Greenwich, CT. Tom Hutchinson and Michael Mayhew of Integrity Research already blogged about the program here. Biographies of Panelists: Michael Mayhew, CEO,...
[Continue Reading]Securities research becoming steadily more unbundled
Fidelity just announced that it has started a "pilot program" with Lehman Brothers in which it will unbundle execution from research services. This has ‘lit a bombshell’ under the industry, and is an omen for a trend towards greater unbundling in the securities research industry. Details at Integrity Research Associates. There is pressure to unbundle...
[Continue Reading]BusinessWeek covers expert matching industry, Nitron Advisors
BusinessWeek has a good piece about the expert-matching industry (page 52 of the current issue): "We cut out the analysis that clients are perfectly capable of doing themselves," says David Teten, chief executive of New York’s Nitron Advisors LLC, which set up shop in late 2003. More...
[Continue Reading]Brokerage firms' research is more optimistic than that of the major investment banks
Counterintuitively, I just read a Harvard study which found: We find that analysts at firms with underwriting and trading businesses are actually less optimistic than those at pure brokerage houses, who perform no underwriting. The relatively less optimistic forecasts for underwriting firms are not fully explained by bank reputation. Nor is the relative optimism of...
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