patersons broker update dated 26/05/09, page-8

Totally agree. You have to understand the psychy of the people making the decisions. In most cases recently the forecasts have been well overshot, so there is a huge reticence to repeat the same mistake because the brokerage houses/fund managers have been stung by their clients for overoptimistic sentiment. Likewise in good times the analysts get pumped for underdoing their numbers. Plus the people making the forecasts (particularly in brokerages) tend to be junior and under the pump for their jobs!!!!