Below is an excerpt from a recent Forbes article.
Imagine then how nerve-wracking it must have been to start a new financial company in 2008, the very depths of the financial crisis.
That was a time when waking from even a few hours sleep might bring news of yet another company's demise. It was a period when even the storied firms of Wall Street, such as Lehman Brothers and Bear Stearns, were not immune from financial disaster. Corporate America shed jobs with speed not seen in decades. New claims for unemployment insurance peaked at more than 600,000 a week in the crisis compared to just above 200,000 currently, according to government data.
Among the smoldering ruins
It may sound crazy, but among the smoldering ruins of the financial world of 2008, a new financial firm emerged: Hedgeye, founded by veteran executive Keith McCullough. His goal was to provide uncompromised and unflinching research. A decade later the firm is still going strong. Earlier this month I spoke with him about his experiences.
The problem as McCullough saw it was that much of Wall Street's research is compromised. "The top 10% of analysts were highly credible," he says, but access to their research was fast disappearing.