howard, you cannot give a one size fits all answer on the quality of broker research. Sometimes it is garbage, and other times it is extremely deep and insightful. For example, I was researching the Australian outfit Alumina as a proxy for Alcoa, and Credit Suisse's research coverage was fantastic. They gave tremendous insights into the different parts of Alumina's business that were moving the stock up and down simultaneously. They gave very specific scenarios in which the stock would perform well. I would never have had any of this understanding without their reports. I like this kind of research when it can help you understand the business model, particularly when you are new to the stock.

In terms of Moody's, where they excel is in helping you understand the credit hierarchy of a company. If Moody's gives a limited partnership specific coverage, it is a good way to learn the history of who was the general partner and how that evolved. I read that kind of report just to record the history rather than to get insights.