Martin Fridson



For most people, the word ‘independent’ carries a positive connotation. A noteworthy exception was US president Harry Truman, who reportedly said: “I don’t trust a man who calls himself an independent because I know it means the son of a bitch is a Republican.” But for those who value the concept of independence, there’s more to like about the investment business than there used to be. Increasingly, securities analysts are setting up shop outside the brokerage houses and selling their research

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