Could you give some examples of the kinds of analyst/research work people
without PhDs do at these places? What kind of "formal background" do you need to get them to even consider you for one of the more thinky analyst/researcher positions?
I've looked before at some of the places you mentioned, but it seemed extremely difficult to get someone to even talk to you about the interesting analyst/research positions if you didn't have a PhD.
My background: For the longest time, I thought I would go to grad school and become a professor in pure math. I love doing research and don't care about money...but I hated the whole bureaucracy and lack of real freedom (until you're a tenured professor) of it all. I really miss having a research environment, though, so like the OP I've been wondering for a while how to get back into this.