Just amusing that every time I see the title of this thread, I think this must be about “Breaking into the cafeteria after school.”
Pretty much sums up what I thought went on in the industry. Issue one report, and then tell your top clients something different. Solid gold.
I’m pretty sure that’s an ethics violation, but hey, why bother. Fair dealing requires disclosure of material facts to all research clients. Having one report largely with consensus and then telling top clients something else and providing them all these additional material comments and models is definitely BS.
But that’s the industry for ya.