broker recommendations, page-19

"Forget broker reports"

I don't take any notice of them, but I would never forget them, for this reason;

They have major influence on institutions and others. You might decide to buy for all the right reasons, but if your purchase coincides with a sell call from say, Goldmans, or UBS, then look out.

And they can be entertaining. Macquarie eg. constantly recommeded against FMG as it rose and rose and rose. The big brokers are often horribly wrong, but I like to know what they are doing.