, Columnist
Death of an Equity Analyst
Willy Loman thoughts are spreading in the new era of squeezed fees and transparency.
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In one of his many imaginary conversations, Willy Loman returns home from a tiring road trip to share a secret dream with his boys, Biff and Happy. "Don’t breathe it to a soul," says the 63-year-old protagonist of Arthur Miller's Death of a Salesman. "Someday I’ll have my own business, and I’ll never have to leave home any more."
These days, many equity analysts are thinking similar private thoughts, wondering if they have enough cachet with investors to become their own bosses and sell their work without leaving home. As with Willy, the confidence in one's ability to strike out as a lone wolf can be just deep-seated pessimism: They know that the brokers they work for won't be able to afford them for long.