Dick Bove: Crazy-Smart, or Just Crazy?

Ladenburg Thalmann acquired Punk Ziegel in May as part of its effort to build up its middle-market investment banking business in the health care, utilities and financial institutions sectors. Ladenburg is known for its dealings in private investments in public equity, or PIPEs and specified purpose acquisition companies, or SPACs, but Punk Ziegel gives it a presence in the health care niche and the financial sector through Bove, the firm's high-profile analyst.

"Dick is one of the most respected, visible, credible analysts on the Street, and in one fell swoop with him, we've gotten immediate credibility in the financial services industry," CEO Richard Lampen says. "Dick has been in this business for over 40 years. He is a seasoned executive. He's such a visible person out there with strong views. I'm not surprised that he is very much in demand by the media."

Bove was born in Boston but spent most of his life in New York, working at various specialty research firms and a few Wall Street brokerages over the years. At first, he covered the building business and then financial institutions. He moved to Florida in 1994 and says he prefers working for a boutique firm.

"These little firms today that I have worked for in the last six or seven years have allowed me complete freedom," he says. "I don't have to kiss the butt of any CEO. ... I can just go back to being what I was when I was when I started the business -- which was picking stocks."