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7/21/17

More sell side airbrushing bullshit, Cormark edition

After yesterday's post on the way Canaccord bullshits its own clients about its pisspoor calls and stealth downgrades of Asanko Gold (AKG), I received an excellent mail from A. Reader (requires anonymity) who points the finger at Cormark, with (utter surprise) one of the offending socks also Asanko. This exhibition of how sell side lies to its audience comes in three acts:

Act One: This morning, Cormark released its 2q17 review (plus Q3 preview) note, in which one of the charts (below) shows the performance of the producers in its coverage universe:



Act Two: But wait! In the shocking development, it turns out the above chart isn't ALL the names on the Cormark list...somehow they managed to forget three of the stocks. If you do a search and find the full list (then add some red ink) this is what you get:


Act Three: Well riddle me ree, it turns out that Cormark "forgot" to put the three worst performing stocks on that review table. If they had done, it would have looked more like this:



As A. Reader put it to me, "I wonder what their selection criteria is for name exclusions from the graph?

Tough one, eh.....