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Telling Congress About the Rigged Research Game

Some quotes:
"Individual investors were justifiably angry that the sources they trusted for their investment advice had served them so poorly. If it's any comfort,individuals didn't fare much worse than professionals, who also believed we had entered a new economy where fundamental value didn't matter."

(That last part explains the great run-up, and subsequent crash, in techs.)

"Institutional investors -- analysts and portfolio managers who work for pension funds, mutual funds and sophisticated hedge funds -- long ago stopped relying on equity analysts to help them make buy-sell decisions."

(There are three parts to the article.)
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