Amounts paid by institutions to brokers have been collapsing since 2001

A large number of very strong, experienced equity analysts have left

Analyst ratings are more positive to companies that later give them jobs

Equity analysts never issue negative ratings on company road-shows

To attract issuers, brokers have to issue fancy equity research reports

Equity analyst focus is to maintain best relations with firms they cover

Sell-side equity analysts don’t value stocks, they price them

The biggest problem in equity research is herd mentality

A hold rating means sell, a buy means hold, a strong buy means buy

Because it’s Goldman, their analysts can make the worst mistakes

We only cover European equities

Our research team is global, not sector oriented

We only use proprietary tools to specify entry and exit points

We only hold one-to-one meetings; no group meetings; no seminars

We always conduct meetings with companies at their headquarters

We organise 150 one-to-one visits across 14 European countries each year

Our customers have permanent access to each member of our research team