All through the past couple of years as financials have ground down to one new low after another, the broker dealers of the world kept urging us to buy the dips. Now that these stocks have evaporated enormous amounts of investor capital, the broker dealers are now starting to issue "underweight" recommendations in their typical after the horse has left the barn style.

Today Goldman Sachs & Co strategists urged U.S. stock investors to "underweight" [that’s code for sell] the nation's financial and consumer discretionary sectors, admitting that it was mistaken when it upgraded both sectors just seven weeks earlier. See: Goldman cuts U.S. financials, admits goofed on upgrade

This is something I try to warn investors about every day, but unfortunately most have to experience the pain of it first hand. Broker-dealers are there to sell us things; they are not there to help us manage our risk. To this day most investors are taking their investment advice from stockbrokers and mutual fund sales people.
My heart goes out to the average investor. It should be illegal but instead Wall and Bay street types enjoy significant socio-economic status in our society.

If my children ever tell me that they want to become investment bankers some day I will know that I have failed in their moral instruction.