Equity research firms would be much more successful if their business model looked less like a traditional brokerage and more like Barstool Sports.
Let me explain 
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The lead GS auto analyst probably makes $1MM a year. Your entire day is filled with calls talking to large hedge funds. Why would you instead spend your day arguing with eggs on twitter? There’s a ton of misunderstanding on Twitter what SS actually does.
For the same reason Portnoy streams twice a day to talk stocks w/those eggs. At scale, eyeballs pay. You can still engage w/large hedge funds and build a following - those aren’t mutually exclusive.
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What do you think portnoys ARPU is? Pennies? LTV is a few bucks? sell side clients are paying hundreds of thousands per year...
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In the new MIFID2 world, banks have been trying to enhance monetization of lower tier clients with cheaper research only packages. Lots of theoretical low hanging fruit to capture before having to try selling to individuals/retail etc.
End of conversation
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