When it comes to big-name analysts opening up their own shops, we hear a lot about Meredith Whitney. But there are hundreds of others, notes Bloomberg, which calls them "Research Renegades."

The rise of these small independent shops has been nothing short of stunning. The number of independent research firms in the U.S. has soared to 2,667, from 1,012 in 2006, according to Integrity Research Associates. They certainly have a story when it comes to marketing. They offer conflict-free research, which is resonating with the sell-side.

The renegades all have their war stories. Credit Suisse Group analyst Ivy Zelman recounts to Bloomberg how she was faced with enormous pressure to turn bullish on homebuilding stocks, which she refused to do. One sales manager suggested her jobs was at stake. She soon started up her own research firm.

Much of the demand will come from hedge funds, and the industry appears to be in growth mode again, which is a good sign. We'll see how many truly distinctive firms emerge, perhaps more with an integrated pan-market approach. CreditSights may be considered one such firm. Hopefully, there will also be room for the single-industry traditional research types as well.

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