One for flat earth simple believers, page-16

Very well said, djaw.

Analysts are, indeed, a potential source of information.

And your point about "any real information bought to the table is interesting at the very least" is a very well made one, I think.

The most salient phrase you use, I believe, is: "real information", because not all information is "real"; a lot of it is flawed and riddled with biases and subjectivities.

The trick is being able to discern "real" from "flawed" information and the problem, I fear, is that most investors (both individual and institutional) take opinion presented by analysts (and management) at face value, without subjecting it to scrutiny or applying tests of reasonableness to it.

For history and precedent have shown that a very great deal about what analysts say or foretell is quite the opposite of good information; very often it is outright mis-information.

So if I may make the liberty of extending your mantra:

"Information is power.
Mis-Information is Fatal."

Good investors always test information presented to them, irrespective of source.

In fact, some of the most successful investors I've come across have the habit of actively seeking out viewpoints that directly oppose their own

In other words, they seldom sought reinforcement about why their opinions were right; instead, they actively sought opposing views to challenge them and highlight where, in fact, they might be wrong.