ords research note, page-12

"Before you dismiss, brokers as "non-experts", you should acknowledge to some extent that these analysts have a relevant background and do not present as ignorant for providing differing views to yours. Indeed, they work within the required framework they requires some intellectual rigor."

denial - I deal with all the major houses and read their Analytics across money market, currencies and equities and have done so for more than 20 years.

The effort and knowledge that goes into most of these research pieces is extensive and extremely credible providing excellent information about the companies. The problem is that am yet to meet or read an anyalyst who is remotely good at picking value in share prices. Only good traders and fund mangers seem to be able to do that and they don't publish their thinking.

Seriously - analysts are terrible at predicting share prices. Just terrible. They invented the whole underweight, overweight, buy, hold, sell, strong speculative buy etc system so there is never a true accountability - just a relative one.

They are often frightened traders - ie they lose their conviction on their analysis and watch the SP and often go neutral or sell at the bottom or are a continuous sell through a rally (or vice versa).

Just my opinion of course.