Danny: You misunderstand my point. There is nothing wrong with an analyst doing research and selling his opinions to a customer. What is very wrong is to set it up so that the customer makes a gargantuan profit the next day when the opinion is announced publicly with the spoken or unspoken expectation that the stock will be driven in the direction of the opinion. Then the brokerage firm can justify its high commisions by the profit the customer makes in the trade. This makes the fee a kind of a kickback for the heads up rather than for the analysis itself.
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