War brings out the best and worst in the soldiers who fight it. That is also the case for the investment analysts who find themselves pressed into service as ad hoc military experts. The September 11 attacks created a huge need for carefully thought-out projections of how the war on terror would unfold to give investors a guideline for when it might be safe to come out of their bomb shelters and get back into the markets. Even lowly brokers in Hong Kong, who normally find themselves doing nothing more warlike than marking down Pacific Century CyberWorks' earnings numbers, got in on the war pundit act. Some served with valour, others sniped down blind alleys from way behind the front lines. Among those deserving medals or a mention in despatches was Indosuez WI Carr Securities. It was virtually the only house in the region to issue a report on the Pakistani market. It recommended investors buy and issued short reports of its top picks. Pakistan rose 32.56 per cent from its post September 11 low to beat the 19.84 per cent rise in the United States benchmark S&P 500 Index. WI Carr's lone observation was possible because it was one of the only houses to keep a team (albeit a small one) in Karachi. That team, as well as the rest of the region's researchers, have since been taken out by friendly fire - their French parent shut them down on November 21. Morgan Stanley's Ajay Kapur, BNP Prime Peregrine's Adrian Ngan and Enzio von Pfiel of independent research house Commercial Economics Asia, can be thanked for advising investors to 'stay calm' while others were urging evacuation from stock markets. Indeed, that may have been the greatest failing on the part of the analysis community. Economists from all the leading houses, including Morgan Stanley and Goldman Sachs, began to cut their projections after the attacks. Many said that investing amid such gloom and uncertainty was high risk. But Marc Faber, of the eponymous investment advisory house, is the only broker whose analysis on the attack begs for a court-martial. Besides advising clients to sell ahead of what proved to be a big bull run, Mr Faber was among those who used the terrorist attacks as an opportunity to cause collateral damage on investors - inflicting on them broader views about the meaning of the universe. Mr Faber's investment newsletter contemplated whether 'the rich industrialised nations of the West might just have done something wrong amidst our history of stunning progress since the Middle Ages, which might have provoked such an outburst of hate and such a devastating aggression'. Mr Faber then addressed the 'one man's terrorist is another man's freedom fighter' argument with examples to illustrate this including such worthies as Nelson Mandela. His central argument is that all of us in rich nations are to blame for the September 11 attacks. The rise of the West has been fuelled by destruction and bloodshed, wrote Mr Faber, and such is the extent of the West's dominance that the downtrodden masses can only challenge this superiority through 'terrorist attacks and guerilla warfare'. While views equally sophomoric have been echoed repeatedly since September 11, few have packaged up a plea for the rectifying of destructive global imbalances while dishing out portfolio weighting advice. Sell off the banks, Mr Faber concluded. A new definition for chutzpah could be the well-heeled investment adviser who decries the rise of capitalist indifference to the poor nations - before going bearish on certain equity classes.