Citron Research shines some daylight on Emcore’s solar business.


“Business … that’s easily defined: It’s other people’s money”
— Peter Drucker 

It is difficult to write any financial story this week without referring to the complete debacle at Bear Stearns.  While there are many lessons here, the pre-eminent one is the corruption of judgment induced by OPM (Other People’s Money).  With the huge fees and cash bonuses generated by indiscriminate Wall Street dealmaking, the most fundamental principle has gone out the window:  “When you make a loan, lend it out as if you were risking your own money, and when you recommend a stock to the public, act as if your mother was asking for investment advice.”

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