Justin Sharon has a monster of a post up at Minyanville on the history of Wall Street research…
In the Beginning
The origins of modern Wall Street research are often traced to the 1959 founding of now-defunct investment bank Donaldson, Lufkin & Jenrette. For most of its history the field was seen as a sleepy librarian-like backwater, far removed from the glitterati of investment banking.
The role of an analyst was to investigate a company or industry in relative obscurity, forensic accounting and all. They would examine and number crunch with all the intensity of a Talmudic scholar, issuing a report only once it had been carefully vetted for potential conflicts by internal compliance and legal departments.
Seeds of Change
This geeky anonymity began to evaporate on May 1, 1975 when the SEC abolished fixed commissions. The ruling ushered in a sea change on Wall Street…
OK, before I send you over for the whole thing, be sure to turn down the volume so the fucking bears and mooses don’t start talking to you.
All set? OK, here ya go: