Also, massive furphy that reports paid for by companies means...

Also, massive furphy that reports paid for by companies means 'pumping'.

Imagine you are a broker. You get paid a fee to produce analysis and publish it. You consistently use over enthusiastic assumptions. Some people rely on your reports to make decisions (even if they shouldnt), other people use your reports to inform decisions.

Over time your over enthusiastic assumptions are consistently wrong because you are pumping. A whiff of BS develops about your company and or yourself - because usually your name is attached. You lose credibility with investors. Your brand is tarnished.

Companies looking to spruik to new investors learn this. They choose other brokers because of that. You don't get to write reports any more. You lose your job and move to a caravan at a Big 4 outside Dubbo.

I'm sure there are some brokerages that get away with rubbish reports but not all.