Dear Analysts at Piper Jaffray,
Normally, I mock sell-side analysts by pointing out all the times they get it wrong. Which is a relatively easy thing to do given their propensity to be a rather excellent contrarian indicator.
In fact, before Mr. Diamond stepped down at Barclay’s the other day over that little LIBOR mess I was thinking of pitching him my idea to create an ETF that would simply take the opposite side of sell-side analysts calls. The ticker symbol I had in mind was DUM.
However, instead of derision, today I would would like to offer you praise.
Initially when I saw that you had downgraded LDK Solar I thought to myself that this was another typical Johnny-come-lately analyst call on a stock that has already lost nearly 75% of its value over the past year.
But alas, I was wrong. After reviewing your calls over the years I must admit that you guys have been consistently right on LDK Solar. So congratulations on a job well done!
No More Naked Roofs Blogger
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