It’s not “good research” when they are wrong >50% of the time. If you invested money in every IPO they told their subscribers to avoid you’d be very rich today.
I define good or bad research, based on my time horizon and the time-value-of-money. For example its irrelevant for me how much money Tesla makes, since I judge there only two possible outcomes for the company: bankruptcy or assimilation.
So would you consider putting money into the Tesla IPO a bad investment?
Would you consider putting money into Tulips in Amsterdam on Feb 1636 ?
How can you eat any food to stay alive? Don't you know that in time it rots?