Investment research faces the biggest challenge to its business model since Eliot Spitzer, the pugnacious former attorney-general of New York, jammed a mile-high wedge between analysts and bankers 15 years ago. From January, clients must pay for research directly rather than via commission. A horrible shock is predicted as analysts such as me discover what they are really worth. Many say research is in terminal decline regardless.
自15年前好斗的时任纽约州总检察长艾略特•斯皮策(Eliot Spitzer)在分析师与银行家之间竖起一道很高的屏障以来，投资研究的商业模式面临着最大挑战。从今年1月起，客户必须直接为研究付费，而不能支付佣金。有人预计，随着我这样的分析师发现它们的真正价值，可能会有一个可怕冲击。很多人说，无论怎样，研究已进入末期衰落阶段。
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