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    Analysts vs. Newsletters: Whose Recommendations Are Best?

    by Mark Hulbert

    These are tough days for Wall Street analysts, with polls showing the public’s respect dropping to levels previously reserved for politicians and lawyers.

    But how bad of a record do analysts really have? How do they compare to investment newsletter editors, who as a general rule do not receive any pressure from investment banking departments?

    At an anecdotal level, the case for investment newsletters would appear strong. For example, consider how Wall Street analysts and investment newsletters rated Enron in the months prior to its bankruptcy:

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