This morning I was reading that CLSA -- since 2013 proudly owned by CITIC -- was shutting down its American equity research department -- 90 people will be affected! Now the value of a lot of research is limited, that is not to say that all research is bad. In fact, I remember that GS's Asia Aerospace research was considered the bible for the sector. Granted, there was little you could do with the research since the "buy" was for Chinese airlines...that were state owned. Still it was a vey valuable tool in understanding the local dynamics. It seems that the US has introduced new legislation that forces brokers to "sell" their research services! Figures of $10,000 an hour have been mentioned... Now, research can be sold many times; if GS has 5000/6000 clients they may sell the same research 300x or 400x (I exaggerate) but this is the key -- Those who buy the research are, I presume, prohibited from giving it away or selling it, at the same time the same r...
Life of a Norfolk farmer