"The takeaway [on the Allied Capital debacle] for retail investors is that they should be appropriately skeptical of the various gatekeepers that are supposed to be there to protect them. The gatekeepers such as the SEC and sell-side analysts might not be acting on their behalf. Retail investors shouldn't just assume a seal of approval from the SEC because it hasn't brought any action against a company, for example. And sell-side analysts often have huge biases that aren't aligned with ordinary investors."
David Einhorn
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