At first, equity analysis was marketing. The job of a bank analyst was to encourage brokerage trading while helping to grease wheels in corporate advisory. The conventional way to work it was to recommend buying stocks. Then came the regulatory interventions — May Day, Spitzer, Volcker, Mifid II — and a crisis of purpose from which the industry never recovered.
最初，股票分析本质上是营销。银行分析师的工作，是在推动经纪业务交易量的同时，也帮助企业顾问业务顺利运转。传统做法就是建议买入股票。后来，“五一节改革”、斯皮策和解、沃尔克规则和《金融工具市场指令II》(MiFID II)等一系列监管干预相继出台，引发了一场目标危机，而这个行业从未真正从中恢复。
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