Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse by Joshua M. Brown & Jeff Macke

Author:Joshua M. Brown & Jeff Macke [Brown, Joshua M.]
Language: eng
Format: mobi
Publisher: McGraw-Hill Education
Published: 2014-05-19T23:00:00+00:00

MACKE: When you and I met, I was paying, what, $1,500 a month or something to get Bloomberg. Just to get information, just to get the basic stuff that I can get from 9,000 different places today. You used to have to fight to get an analyst report. It was ridiculous. Now there’s been a 180; information is everywhere. There’s a fire hose of information and people are trying to take a sip out of it. It’s too overwhelming.

GREENBERG: There’s been a commoditization of content. And a lot of content is correlated to itself because, again, there’s so much information. When I was first doing this in the late ’80s, early ’90s when The Street.com started, there was no Seeking Alpha. There was no Twitter. There was no nothing. And so online journalism was this broad, brave new area you went into. And you could disseminate the information. You didn’t have to worry about the space. And you could get it out without a deadline and without waiting for the morning for it to be published. And it was this really brave new world that really made a difference. But since then, in the span from ’98 until here in 2013, the world of information and content has changed dramatically, because there’s so much of it. When you go to Seeking Alpha, there’s some really smart, smart, smart fun writing there. Sometimes, you don’t have a clue who the writer is. But they’re really smart.

And then there are some really dumb people writing there; and you say, how the hell does their stuff get on major sites? Go on Twitter and you find and start following someone, and you say, man, this guy’s smart. What a great insight this guy has in 140 characters; you want to follow that guy. Guys like you, who I would use as a source, are now in media. I don’t even know how somebody figures out where to go to get unique information. So much of it is available online.

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