A buy side analyst reviews prospective and existing investments for investment funds, such as a mutual fund, pension fund, or hedge fund. Fund managers depend on these reviews when making their investment decisions. The analysis is kept secret, to give the analyst’s employer an investment advantage. The analyst may spend time evaluating the recommendations put forward by various sell-side analysts, as well as conducting her own analysis. The recommendations made by a buy side analyst tend to be slanted in favor of avoiding risk, since the employer of this analyst does not want to run the risk of losing an excessive amount of investor funds. Thus, the buy side analyst is more concerned with avoiding losses than a sell side analyst.