Those of you who read and react to the blogs and Twitter don't realize it but you're on the forefront of a revolution - one of the greatest information disintermediations in modern history. The Street was able to become The Street for one primary reason - the asymmetricality of opaque and proprietary information. Every day on social media networks we are chipping away at their fiefdom and every day that edge of theirs erodes a little faster.
Today's sell-side is a corporate manifestation of the tragic Dickens character Miss Havisham - decrepit and increasingly isolated amidst the fading trappings of a long-ago vitality and opulence that, frankly, is never coming back. Whether or not it grows twisted and vindictive in the absence of relevance it's too soon to tell.
I was quoted extensively in a new story at Institutional Investor Relations as was my pal Howard Lindzon on the topic of buyside institutions using social media to source and discover their own information - away from the traditional sources of Wall Street. The revolution is already underway and its effects will be irreversible.