Dick Bove's "Unique Research Product" No Longer To Be Used As Bathroom Reading Following Crack Down On Illicit Distribution
Apparently someone in the world cares about Dick Bove's prophetic effluvium. Either that, or the worst contraindicator in the stock market (buy Lehman, 'nuf said) believes that nowadays, (following in the footsteps of other financial pundits), it is much better to be famous for being famous, than for being right, or in Dick Bove's case, wrong. Either way, for those who actually seem to derive stock trading advice out of intellectual titans like Bove et al, your lives are above to get much more difficult, as Bove is about to go RIAA on your ass. Whatever happened to Bove's threat that he would be providing instanalysis much less (and many hoped, not at all) after his disastrous read of Wells results earlier got him in hot water following a CNBC appearance. For an even playing field, it only makes sense that Dick Bove no longer publishes or "analyzes" anything anymore, period.
Dow Jones reports "Research by prolific banking analyst Dick Bove won't be as widely available for at least the rest of the year and possibly longer, as his employer aims to preserve its value. " More on this loss of "value" to mankind:
Selected reports will be available to the media on a case-by-case basis. But the full research reports will no longer be readily available to reporters and other non-clients, Bove said Monday.
"The information is getting to [people] who are not paying," Bove, of Rochdale Securities, told Dow Jones Newswires by phone Monday. "It's weakening our whole approach to how we want to price the product."
Broad distribution is being ended for at least the rest of 2009 and is under review for afterward, so that "paying customers will recognize they are getting a unique product," Bove said.
Very unique indeed. Which is why the man seems to send out a constant stream of tweets on an almost daily basis.
We fell sad for not only CNBC viewers who no longer see Mr. Bove's bullish expression on TV (we obviously meant that he tends to be bullish, not that he looks like a bull), but for Mr. Bove's throng of almost 330 followers on Tweeter who will likely also be denied any pearls of financial wisdom going forward. Presumably these are the same people who needed today's downgrade by Bernstein of AIG to sell their shares in the bankrupt company. By the way, we do not find it too surprising that Mr. Bove seems to himself derive intellectual capital out of such content providers as Research Recap and StockTwits.