A UBS report on Schnitzer Steel Industries dated 4/3/09 issues a sell recommendation with the company selling at $35.58 per share.

On 5/29/09, less than two months later Schnitzer was selling at $54.54 per share – a gain of 53%.

I had recommeded Schnitzer to be a buy back then because it is a first rate scrap company then selling for 80% of book.

I think the investment research from the major brokerage houses is a waste.

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