This had nothing to do with the strategist being a star, Shea recalls: "It was because he was terrible at predicting markets."Schadenfreude explained a good part of the buy-siders' interest; meetings with the analyst were something like the fixed-income world's answer to the diner de cons. But there was also valuable information to be gleaned from the hapless strategist's views, however misguided they were. "We flipped him," Shea says. "We always took the other side of the trade. His research was terrible, but it was very valuable because we could invert his calls."
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