They’re holding out the possibility that regulators may yet find fraud in the Valeant case because of the persistent conflicts inherent in the investment industry structure.

“Advisors,” says Gordon, “should consider the data and the analysis of data that analysts provide, but they should come to their own conclusions before they recommend action on a stock.” He had harsh words for those who don’t. “If advisors do no more than pass along analyst recommendations, they add no value and they aren't advisors. They are recommendation delivery boys and girls.”
  
 

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