Hi Ray,
A very interesting question with the roots of it one of the reasons MM came into existence!
When Shawn was working as a “prop trader” he got fed up reading a 15-page broker report on BHP with no clear recommendation at the end – he simply wanted to read “we think BHP is Buy because of ABC with the risk being XYZ”, alas this was hard/impossible to find hence the initial germination of MM.
Generally brokers have one analyst who covers a sector/group of stocks and its their job to read and summarise, not always fun we’re sure! We usually find the calls with company, post the AGM’s, results &/or announcements more informative as people can ask the tough questions – we often comment on these. Hopefully we relay some of this information and our respective take in a useful fashion.