My livelihood depends on the protection of intellectual property rights (even if in reference to myself I use the phrase loosely). Anarchy isn an option, and neither is the untoward seizure of property.Analyst's costly luxury discount In the autumn of 2002, Morgan Stanley's luxury goods analyst, Claire Kent, issued a report saying LVMH Moet Hennessy Louis Vuitton's financial results had been surprisingly good and predicting the company's share price would rise 24 per cent within 18 months. The report became a crucial part of the evidence that persuaded a French court this week to order Morgan Stanley to pay LVMH at least million ($48.9 million). How could that be? Ms Kent's valuation models called for a higher price but she reduced it by 10 per cent because "management has destroyed value" in the past. Still, she forecast a big gain. But that essential fact was ignored. Since LVMH's market value was billion, the judges found, "the discount of 10 per cent recommended by Morgan Stanley represents billion". The million judgement is only the beginning.
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