You're right. We would normally charge $35,000 - $55,000 for this report or a report of this length and depth. I believe those are in line with industry standards for institutional-quality work.
Given that our institutional client base trades hundreds of thousands of shares (or millions - depends on the market cap and trading of the company recommended), the IR work is chump change, as you put it. Given what we were discovering as we conducted the research, we simply made the decision along the way to move NNRF into our traditional stock universe and to not continue a paying relationship with the company.
The shorts want to consider this "paid" research and discount it on that basis alone. The research speaks for itself.
The shorts can take their short-term gains (if they get lucky). We do use the recommendation "short sell" at times on stocks, when the fundamentals are seriously deteriorating. The problem with short-selling - though I guess "sexy" to small retail traders - is that the economics work against you. The most you can ever make is 100%, and that's if you are really right. We've had one bankruptcy on a short-sell in 14 years of publishing. On the other hand, we've had numerous stocks up in excess of 1,000%, two up in excess of 2,000%, and one stock up in excess of 3,000% on our long term recommendations.
Take care,
Laurie
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