We encourage investors not to sell the brokers on the news this quarter, as visibility is good leading into the rest of the year and valuations are reasonable.

They're bad for investors (and) result in higher compensation for brokers.

We're not going to provide any visibility beyond what we provided for the first quarter.

We had fog, visibility about a quarter of a mile. It's foggy, but it's not pea soup.

I think it's good news for investors. Investors already pay a management fee to the advisor to run the fund - it might shock investors to know they are paying, say, another 50 basis points for research.

Goldman's in-line quarter compares unfavorably to their 30% upside surprise in the third quarter and Bear Stearns's and Lehman's 5 to 10% upside surprise this quarter.