1. What's Job One for Mary Meeker?

Once upon a time, we thought the prime responsibility for a stock analyst was, well, to be a stock analyst.

How could we have been so stupid?

We were reminded of our naivete once again this week, when the Securities and Exchange Commission announced its global settlement with Wall Street's Ten Most Wanted brokerages.

Actually, it wasn't the settlement itself that we found most enlightening. Rather, it was evidence gathered from one particular participant in the drama: Mary Meeker, Morgan Stanley's ( MWD) famed Internet analyst.

You remember Meeker, of course. The Queen of the Net. The subject of that huge Barron's profile in December 1998. The subject of that laudatory piece in The New Yorker in 1999, back when people wrote laudatory pieces about stock analysts.

She's the highest-profile New Economy analyst not to get sent through the wringer that's wrung Henry Blodget and Jack Grubman right out of the securities business.

But lest you think Ms. Meeker is above reproach, you'd best read two fascinating documents that surfaced this week.

Meek and You Shall Find
'Offering' Analysis

They are Meeker's self-evaluations, written in late 1999 and 2000, as part of Morgan Stanley's annual employee review process. (The material, released by New York Attorney General Eliot Spitzer, is available on the New York AG's Web site . You'll find the good stuff here . Scroll down a bit.)

These "annual reports" -- Meeker's term for her exhaustive reflections on the year -- paint a positive picture of the analyst, for the most part. She's energetic and competitive. She's laser-focused on making money for her employer, Morgan Stanley Dean Witter. She's loyal to her staff and happy to groom people for greater responsibility. She gives credit to others where it's due. And she's brimming with big-picture thoughts about how to allot her and others' resources to maximize Morgan Stanley's profits. She tries to act modest about her mystique -- she calls it "my 'whatever'" -- though it's tough, given all those magazine covers people put her on.

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