Why investors need to be aware the separation at banks or brokerages between investment banking and analyst research may not exist and that there are often “enormous conflicts of interest”. John O’Connell’s work for nearly 25 years at a big bank and now as an independent money manager makes him keenly aware there’s a difference between what some analysts say one-on-one and what they actually publish. That’s because of pressures they’re under to not offend an underwriting client.

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