Honesty proves best policy at Nomura

Hats off to Nomura. In February, the firm's researchers warned investors there were bears in the woods.

But by April, Nomura had become one of many Hong Kong houses to find their predictions trampled by bulls.

Confronted by their own inaccuracy, most off-base firms tend to backtrack and waffle.

Along the lines of: 'When our experts said 'The market will go down' what they MEANT was 'If everyone paid more attention to underlying fundamentals, the market would go down'.

'The rising Hang Seng is merely a temporary phenomenon created by foolish investors who don't know what they're doing.' But not so Nomura.

Their pending quarterly report treats its readers to a refreshing blast of humour and honesty.