Telis Demos
speaker
656 appearances
10 recordings
1 series
first heard Jun 2018
last heard Dec 2024
Telis Demos’s voice in public audio — every appearance, attributed to the second.
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Appearances
We're just going to give aggregate statistics.
But I think for a variety of reasons, people don't necessarily trust the protection of aggregated statistics.
That's right.
So what Capital wanted to kind of work with the banks, right, because again, you know, it's a two-way relationship.
And so what, you know, based on people familiar with the discussion said is that what Capital asked for is that
the banks at least embargo the information for 90 days.
That is, they don't really use it in any internal analysis, and they certainly don't share it with clients, and not really even in aggregated forms.
Because some banks do make lists available of, oh, these are the most read notes for the quarter.
Well, Capital wants to make sure that by the time that they do that, that they're looking at readership information that's old enough that it's not live anymore.
That's right.
That's right.
So research is, of course, one of the oldest businesses on Wall Street that is, you know, selling notes saying, oh, we think that Apple is overpriced or Amazon is underpriced, or here's how we analyze the company's earnings for the quarter.
That's an ancient business on Wall Street.
But
Again, like other content businesses, like with newspapers and media.
Increasingly, people don't want to pay for that sort of thing.
They're paring down the number of relationships they want to have, and that's driven by the fact that active managers are under a lot of pressure.
So much money is now flowing into passive vehicles.
The people who really sit and read research reports are just not the people getting paid on Wall Street right now.
Couple that with a few regulatory things, the main one being in Europe, they've got this new rule that essentially says that the way that it usually has worked in the past, the way that it's worked for years, is that research isn't something you really directly pay for.
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