QOTD: Birinyi on Wall Street research

Interesting quote from Laszlo Birinyi on Wall Street research:

“One of the dark secrets of the market is we don’t really do much research on Wall Street. I started off on the trading desk. I worked at my job. There were a lot of people who really hadn’t done the work, and what they were saying was very compelling and saleable, but it wasn’t right.”
Laszlo Birinyi

Things have improved, but not all that much.

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