by James Rickards
One of my persistent critiques about Wall Street research is that analysts don’t get away from their desks enough. They spend all day staring at screens of data, streaming news, websites, blogs, etc., watching the same thing everyone else is watching. This stifles originality and creativity.
It also leads to “groupthink,” which is usually associated with everyone missing obvious dangers and walking off a cliff in lock step.
Even when Wall Street analysts do venture out, it’s to visit clients in skyscraper offices with canned presentations and programmed scripts. The dialogue is stilted. It’s still an echo chamber, just a little further from home.
For real insights into foreign markets, it is necessary not only to travel but also to meet with local experts in informal settings.