Actually I think this applies to both sell side research and independent research.
It is hard to come across an analyst (whether a stock analyst or an economist or a strategist) who operates with a coherent underlying conviction. My sense is that they tend to blow with the wind. And I think the reason is so that they don't ever get too far from the latest data point (or consensus), and so can never be too wrong at any particular point in time.
The problem with this, of course, is that they often miss the forest for the trees.
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