Matt Levine, Columnist

Wall Street Analysts Give Investors What They Want

It's just not what regulators think they should want.

January 20, 2017 at 7:00 AM EST

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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A while back I wrote this:

Today's Wall Street Journal has a terrific article demonstrating, beyond any real doubt, that Model 2 is right and Model 1 is wrong. If you believe that the job of a sell-side analyst is to tell people which stocks to buy and which ones to sell, you need to stop believing that right now, because it is not true. You shouldn't be embarrassed about getting this wrong; lots of people did. For instance, this guy thought that, and he actually was a sell-side analyst:

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