The Canadian newspaper report, boldly headlined ‘Yellow Pages strikes back at analyst’, is framed and prominently displayed in a corner office of the Toronto-based firm Veritas Investment Research. The Financial Post article refers to a July 2006 report from Veritas, titled ‘The Count of Yellow Pages’, that was quite unambiguously bearish on the Yellow Pages Income Fund, even though at the time it was the second largest trust in Canada with a market capitalisation of over $8 billion. That didn’t prevent Veritas analysts Neeraj Monga and Chris Silvestre from arguing that “past performance is no indicator of future results. We believe that ypg is the poster child of this adage”.
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