Posts Tagged ‘Journalists’

A Reporter’s Notepad: My Almost Book On The Blame-Shifters

A Reporter’s Notepad: My Almost Book On The Blame-Shifters

Courtesy of Roddy Boyd, THE FINANCIAL INVESTIGATOR

Shadow Of Woman Writing

Editor’s Note: There is perhaps nothing so silly and attention-seeking as the reporter who willingly inserts him- or herself into a story for some narrative purpose or other, but I am going to make a (big) and one-time exception to this rule by posting this.

The backstory: Prior to committing to a book on AIG and its collapse, I had begun to pitch a book called “Shifting The Blame.”

The idea was simplicity itself: I’d take about eight or nine companies–from Overstock to Lehman, from Arthrocare to MBIA–who had hit the skids and who had, at some point, blamed some combination of reporters and short-sellers for their woes. As opposed to, say, embellishing their financials, lying, losing money, hiding losses, incompetence…you take the point. My goal was to fuse investigative reporting and the naturally dramatic arc of their sleazy behavior and comeuppances to make for an eye-opening read. I’d raise a few eyebrows, get some laughs, maybe make a deeper point about free speech, investigative reporting and the real scandals in the market.

My agent, summoning me to a breakfast one Saturday, said she loved the idea but, well, there was another book coming out by a fellow named Rick Sauer and it was going to hit on a few of the same themes. I lamely tried to suggest that Sauer’s book was an “Inside-the-SEC guy-turned-shortseller” type thing, where as my work was a series of inter-connected investigative essays.

No matter. The market is the market and the market didn’t, apparently, want two of these books. So I scrapped it.

This was the preface to the book, telling a story about an earnest PR guy who had the unenviable job of spinning a discredited yarn into gold for his revenge-hungry clients. I found it in a musty corner of the hard-drive and showed it to a few pretty smart former colleagues of mine who said they liked it.

I sort of do too. It’s dated, but like a hiss on an old record album, it gives it some gravity. Maybe.

The origin of this book lies with a series of phone conversations between myself and Jeffrey Lloyd, a partner at the public relations firm of Sitrick and Company, in the early autumn of 2008.

Lloyd, a courteous…
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MAINSTREAM MEDIA ORIENTATION VIDEO

Here’s how mainstream media employees are instructed to use twitter.  It probably doesn’t apply to us. If you’re not already, follow Phil here, and follow me here. – Ilene 

MAINSTREAM MEDIA ORIENTATION VIDEO

Courtesy of Richard Metzger of Dangerous Minds 

As someone who works in the mainstream media myself, believe me when I tell you: This is 1000% on the money. Hilarious, but all too true. No really! 


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No Stock Recommendations here; move along

Whatever you may think about Cramer is secondary. Baruch’s main argument is that being a consistently successful non-professional investor requires enormous effort and is quite challenging. And the odds of finding good advice are far less then guessing the outcome of a coin toss. As an analogy, you need to learn to swim really well before jumping in with the sharks, and then, the even the best swimming skills only go so far. – Ilene 

No Stock Recommendations here; move along

Jim Cramer Interviews NASCAR Drivers

Courtesy of Ultimi Barbarorum

Baruch found himself commenting on Wall Street Cheat Sheet like ten days ago, on a post by Damien Hoffman, who seems to really dislike Jim Cramer. The post was about some investigation of TheStreet.com by the SEC, which Damien thought highly amusing, perhaps because he also runs a competing subscription-based financial edutainment site. Now, Baruch doesn’t pay attention to Jim Cramer on TV, but in fact quite likes him in print. He reads his posts on theStreet.com, and respects his track record as a hedge fund manager and pioneer econo-blogger. So Baruch felt a brief moment of annoyance about seeing someone he liked being unecessarily trashed, but soon his heart was filled with forgiveness and understanding again. We must not be too harsh; snark is Damien’s job, what he gets paid for. He is a financial blogger-journalist, and being cheeky about mainstream media figures is part of that David and Goliath thing blogging used to be all about.

Anyway, this post is only a bit about Jim Cramer and Damien Hoffman. The exchange got Baruch thinking about the differences between journalists/bloggers (or whatever you want to call them) and investors, and what it means to communicate about investments with the public. Baruch finds this terribly interesting, because of course as an amateur econo-blogger and a professional investor, he has a foot in both camps.

Some of Baruch’s best friends are, or have been, financial journalists and commentators, on blogs and print. Baruch in his time also attempted a bit of journalism, before he found his true calling (which isn’t blogging, by the way). Being a financial journalist is a good, interesting job, and very important to the proper functioning of a marketplace. Journalists can do things, find things out, and explain things the public and investors need to know in ways investment professionals can’t, at least without risking jail.

But in the end…
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7 Terms That Should Never Be Used To Describe A Finance Pro

7 Terms That Should Never Be Used To Describe A Finance Pro

A successful career on Wall Street is as much about the failures as it is about the wins.  Anyone who tells you differently is either hiding their past mistakes or is about to experience their own epic collapse, made even worse by the fact that it will be wholly unexpected to them.

Premiere of Paramount's "The Love Guru" - Arrivals

This is good to remember the next time you hear any of the following terms assigned to a Wall Street professional…

Guru – As in “Options Guru” or “Trading Guru”.  These days, robes and a beard are optional as investors are more than willing to lavish the appellation Guru on virtually anyone who can get themselves on television.  This term typically precedes the name of someone who would like to sell you a set of instructional videos.
example:  Lenny Dykstra (TheStreet.com’s ex-options expert)

Rock Star – Anytime someone involved in finance is called a Rock Star, you can turn on the bull$#*t meter and pretty much just leave it running.  “Rock Star” is what they called Erin Callan, Lehman’s CFO just before the end, whose main role at the company was the application of lipstick to herself when the cameras were rolling and to their pig of a balance sheet when the Korean sovereign wealth funds were in town.
example:  Erin Callan (former Chief Obfuscation Officer, Lehman Brothers)

Michael Jackson Concert - Day 2

Wiz – Similar to Guru, although with the added implication of supernatural talent or skills.  Those on The Street who are referred to as “a Wiz” will likely end up in handcuffs before long.
example:  Bernie Madoff (the most consistent generator of returns in the history of investing…until someone needed money back)

Wunderkind – Typically reserved for someone who runs a hedge fund and puts up incredible numbers within the first year or two out of nowhere.  Much like your average American Idol winner, the “Wunderkind” rides this initial wave of success until his many new investors find out how rarely any one strategy works consistently in back-to-back years.
example:  Thomas Hudson Jr. (Pirate Capital)

Prodigy – Similar to wunderkind, those in finance who are called “prodigy”…
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Zero Hedge

US Suffers Record 52k New COVID-19 Cases As Holiday Weekend Begins: Live Updates

Courtesy of ZeroHedge View original post here.

Coronavirus cases in the US hit another daily record on Thursday as Americans prepared for a distinctly joyless Fourth of July weekend that bears none of the sense of joy and revival that the country enjoyed on Memorial Day Weekend. According to JHU, the US reported 52,291 new cases, bringing its nationwide total to 2,739,879.

Source: JHU ...



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Phil's Favorites

Presidents' panel: How COVID-19 will change higher education

 

Presidents' panel: How COVID-19 will change higher education

COVID-19 has altered nearly every aspect of higher education. Gerald Herbert/AP

Courtesy of Walter M. Kimbrough, Dillard University; Ana Mari Cauce, University of Washington, and Samuel L. Stanley, ...



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Biotech/COVID-19

Presidents' panel: How COVID-19 will change higher education

 

Presidents' panel: How COVID-19 will change higher education

COVID-19 has altered nearly every aspect of higher education. Gerald Herbert/AP

Courtesy of Walter M. Kimbrough, Dillard University; Ana Mari Cauce, University of Washington, and Samuel L. Stanley, ...



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The Technical Traders

Wild Volatility Continues As US Markets Attempt To Establish New Trend

Courtesy of Technical Traders

We’ve continued to attempt to warn investors of the risks ahead for the US and global markets by generating these research posts and by providing very clear data supporting our conclusions.  Throughout the entire months of May and June, we’ve seen various economic data points report very mixed results – and in some cases, surprise numbers as a result of the deep economic collapse related to the COVID-19 virus event.  This research post should help to clear things up going forward for most traders/investors.

As technical traders, we attempt to digest these economic data factors into technical and price analysis while determining where and what ...



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ValueWalk

Top 10 most valuable cities in the United States

By Vikas Shukla. Originally published at ValueWalk.

People have been flocking to big cities for decades, driving the prices of residential real estate up in big cities. The COVID-19 pandemic has accelerated the work-from-home trend, which would give people the freedom to live and work from anywhere. It could hurt the real estate prices in big cities such as New York, Los Angeles and San Francisco in the coming years. But for now, these three are the most valuable cities in the United States.

Q1 2020 hedge fund letters, conferences and more

How do you attach monetary value to a city? ...



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Kimble Charting Solutions

Nasdaq 100 Relative Strength Testing 2000 Highs

Courtesy of Chris Kimble

The tech bubble didn’t end well. BUT it did tell us that the world was shifting into the technology age…

Since the Nasdaq 100 bottomed in 2002, the broader markets have turned over leadership to the technology sector.

This can be seen in today’s chart, highlighting the ratio of Nasdaq 100 to S&P 500 performance (on a “monthly” basis).

As you can see, the bars are in a rising bullish channel and have turned sharply higher since the 2018 stock market lows. This highlights the strength of the Nasdaq 100 and large-cap tech stocks.

...

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Chart School

US Dollar with Ney and Gann Angles

Courtesy of Read the Ticker

Where is price going, is there strength or weakness in the chart?


Previous Post on the US Dollar : Where is the US Dollar trend headed ?


The question is always what will the future price action look like ?


This post will highlight the use of lines generated by angles. Not trend lines, as trend lines require two known points on a chart, where as angles require only one known point and a angle degree to draw a line. The question then becomes how is the angle degree determined.



There are two theories: ...

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Lee's Free Thinking

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

 

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

Courtesy of  

The COVID 19 pandemic is, predictably, worsening again in much of the US. Only the Northeast, and to a lesser extent some Midwestern states, have been consistently improving. And that trend could also reverse as those states fully reopen.

The problem in the US seems to be widespread public resistance to recommended practices of social distancing and mask wearing. In countries where these practices have been practi...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.