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Corrections Corporation of America Message Board

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  • pkn4mom pkn4mom Jul 19, 1999 10:35 AM Flag

    d%&$** unions

    I believe that there is only one thing that
    controls Wall Street and that is money. What I am trying
    to point out is that analyst opinions were changing
    prior to the fee adjustment and it is interesting to
    note that prior to the fee adjustment there were union
    efforts to insure that pension monies (certainly not
    "small change") were invested in the union workers' best
    interest. The true area of disagreement between you and me
    is that you believe the analysts use public
    information only to create fair and unbiased assessments.

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    • No, I don't believe I ever said I think analysts'
      assessments are fair and unbiased. Quite to the contrary.
      Many analysts have conflicts of interest that
      interfere with their ability to make honest assessments,
      and some are just not terribly talented. I also agree
      that analysts' opinions were changing before the fee
      readjustments, but not to the same extent. The problem is that
      investment managers and analysts rely heavily on their own
      very subjective assessments of individual management
      teams in deciding whether a company's prospects are
      good. When they lose faith in those management
      teams--for reasons you or I may or may not agree with--the
      companies become much less attractive, sometimes seemingly
      overnight. Here, analysts like Jonathan Litt were counting
      on management to avoid having the kinds of problems
      they thought the structure was prone to and were
      disappointed.

 
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