[RT] ML: where all IB clients are above average

["Gary Funck" <gary@xxxxxxxxxxxx>]

At the end of Merrill Lynch's Global Strategy research report,
http://askmerrill.ml.com/example/display/1,,589,00.pdf
there is a tabulation of the percentage break down of each
sector by rating (strong buy, buy, neutral, reduce/sell).
As part of their disclosure, ML indicates the number of stocks
with which they have an investment banking interest, and they
list the percentage break down for just the IB-related stocks.

Attached is a table tabulating the strong buy, and sell recs. from
ML, with the IB-related calls listed separately. The strong buy
breakdown is also shown in a chart. Apart from the obviously excessive
number of strong buys overall in the current economic environment (19%),
the ML Investment Banking clients all seem to be about 50% better
with 30% of the IB stocks listed as strong buys (on average). A similar
skew exists in the strong sell category, 4.6% of the general category
are listed as sells (a rather meager number), where only 2.5% of the
IB clients are listed as sells.  Coincidence?
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