Investment research faces the biggest challenge to its business model since Eliot Spitzer, the pugnacious former attorney-general of New York, jammed a mile-high wedge between analysts and bankers 15 years ago. From January, clients must pay for research directly rather than via commission. A horrible shock is predicted as analysts such as me discover what they are really worth. Many say research is in terminal decline regardless.
自15年前好斗的時任紐約州總檢察長艾略特?斯皮策(Eliot Spitzer)在分析師與銀行家之間豎起一道很高的屏障以來,投資研究的商業模式面臨著最大挑戰。從今年1月起,客戶必須直接為研究付費,而不能支付傭金。有人預計,隨著我這樣的分析師發現它們的真正價值,可能會有一個可怕沖擊。很多人說,無論怎樣,研究已進入末期衰落階段。
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