Jason,

All in all, it's a very pertinent observation that many research reports just present charts to indicate correlation / causality without going in deeper in the data set and many times slicing and dicing data (e.g. using one particular period data that supports the argument). Appreciate your raising it and all the stimulating discussion around it.

It would be interesting to list out some other commonly found gaps in research report.

One thing that I have found quite misleading is using past data (actuals) to compute trading multiples and comparing it with current prices and estimate of future performance to conclude under/over valued stocks, without acknowledging the risk perception of the past (price at T-t* also factors in risk perception at T-t*, which may or may not have played out). Similar issue while working out required rates of returns basis past returns.

It would be quite interesting to hear about other areas where significant departures from established body of knowledge are frequently observed?

Best regards,