A used-car salesman knows things about the vehicle you're eyeing that would make you run from his lot--and he isn't sharing. There are only two ways to beat him: avoid him entirely or bring your own mechanic to look under the hood. The same may be said of Wall Street analysts. Best to ignore them because of what they know and won't tell. Our deepest suspicions were confirmed in recent weeks as New York attorney general Eliot Spitzer went public with private e-mails he had subpoenaed from Merrill Lynch. Those messages told a story very different from the one Merrill was...
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