Analyst Mary Meeker is back with a typically breathless report, this time on Chinese Internet stocks. NakedShorts has the most penetrating assessment:
Internet Queen returns to the pump
Henry Blodget and Jack Grubman are banned from the securities industry for life. Frank Quattrone is looking at – or not, I forget where the appeals are – at a prison term. And the fact that Mary Meeker, the unindicted co-conspirator, still stalks the stock market is a travesty of several things, starting with justice.
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Unlike Blodget and Grubman, who touted stocks they knew to be dogs, Mary Meeker was a true believer.
Ah, good point. Mary, unlike Henry and Jack, was a True Believer. It is worth keeping that mind, but it doesn’t make her stock recommendations any less lethal.
One might argue that her “true believer” status only exists because of the lack of full disclosure of her emails etc. Andy Kessler, who worked with her at Morgan before he went on to fame and fortune is withering – to say the least – about her analytical skills.
Ouch, and probably right on, given her sins in the 90′s. But we also need to be careful of a witchhunt environment towards analysts who focus on early stage/chasm crossings. The fact is that fewer and fewer companies want to cover new, small, growth companies. Their market caps are too small, legal risks are too high for companies to cover. Despite the obvious risks, companies need a supportive overall environment to grow.