They generally call the department 'Research'...
They generally call the people who work in it 'Analysts'...
'Analysts' are generally expected to publish 'Recommendations'...
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But if it is called 'Research', why are they called 'Researcher' and why don't they just publish 'research'?...
...Or if they are 'Analysts' why isn't the department called 'Analysis' and the output 'Analysis'?...
...And should 'Researchers' or 'Analysts' be making 'Recommendations'....isn't that the job of 'Investment Advisors?
And isn't the first rule of 'investment advice' that it is supposed to be that it is tailored to the client? ...
...And does it make sense to 'publish' recommendations, when it they are supposed to be investment advice, which is supposed to be tailored to the individual client?
...So shouldn't 'Recommendations' be handed out to the handed out by 'Investment Advisors' working in, say, a department called 'Investment Advice'?
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In a logical world maybe, but this is the cut and thrust world of investment, of investment banks and stockbrokers, institutional investors and hedge funds......
.....so before you start to try and think how to tie together 'top down' strategy with 'bottom up' stock research you need to sit back and think a bit about how we have got this jumble...and why it is in a jumble...
...For clear thinking we maybe need to straighten things out....
...but for the 'real world' we might need to tangle them back up....
....Either way if you are reconfiguring how 'top down' strategy' and 'bottom up' research work together you'll need to probably do both!
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