Out of the mouth of teens

THE planet’s most widely read investment research report this week came from the Morgan Stanley office in London. It’s not a pundit’s prediction of where the global economy is heading. Nor is it an enthusiastic endorsement of a stock that promises to yield fat returns in a matter of months.

Titled How Teenagers Consume Media, the July 10 note is merely four pages long, if you minus the disclosures. The report focuses on the media and Internet industry. Uncharacteristically, it hasn’t a single chart or table. It doesn’t carry any recommendations, and it was written mainly by a schoolboy.