The lack of sell recommendations from sell-side analysts has long been an issue. Many use the paltry number of such recommendations as an example of the sorry state of sell-side research. But the dynamics involved with issuing such bold calls are under-appreciated.

The fact is that the personal stakes are very high for analysts who will incur the wrath of the company at issue and sometimes their employer. Just ask David Maris, described by DealBook as "a one-time star pharmaceutical analyst for Bank of America" who became embroiled in "one of the most notorious bull/bear battles of the last decade," one that almost destroyed his career.

Maris put out a reasonable (in hindsight) sell recommendation on Biovail, which prompted the company to sue. As the battle wore on, Maris lost the support of Bank of America (NYSE:BAC) and was eventually let go---two weeks before the end of 2006, meaning he did not get his bonus. Maris is now seeking $21 million in back pay.

He told the reporter: "For the first few days, there were high-fives and a lot of media attention," Mr. Maris said. "People said this is what research should be. But then reality strikes the bank." He felt shunned by the industry, especially the big name investment banks and even buy-side firms. He now works at CLSA, which values his type of research. But for his willingness to ask tough questions, he still faces of scorn from the companies he covers. Some companies do not allow him to ask questions at events.

His advice for would-be stock analysts: "I wouldn't tell them to follow the path I went. Everyone knows you play ball or live with the consequences."

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