Tuesday, February 3rd, 2009...9:53 am

Unilateral Boycott of CNBC

Jump to Comments

Stocktwits.com is calling for a Boycott of CNBC. That’s simple as pi for me. I stopped watching that junk five years ago. If you aren’t in the anti-media-because-it’s-a-propaganda-machine club, start now and enjoy the peace and prosperity of your own brain-works by putting your TV/PC on ice for a day:

 

Here’s why: News is noise. Always has been, always will be. “If it bleeds, it leads” is what they say - and why? To make the viewers emotional in hopes of that those viewers (the masses) will make the mistake of abandoning reason (aka: suitable investing approach) and capitulate profits into the hands of greedy manipulators.

Financial media operations are owned by large corporations. The motives of said corps are:

1. Stimulate trading (buying or selling). Ever wonder why brokers advertise there? Bonnie and Clyde, those two.

2. Promoting the ticker symbols of themselves and criticising their competitors.

I have yet to meet a seasoned trader that relies on any media stream (tv, radio, newspaper, magazine, e-subscription, twitter, etc) for anything other than entertainment.  Most of us know that price combined with volume over time as represented on a chart is the most honest and accurate depiction of reality.

Comments

Filed under Tick Talk

  • Ren
    <Applause> News truly makes one dumber. It is the drainage pipe to the reserve of precious IQ points that each of us possess. I could probably smoke marijuana every day and hang onto more brain cells than if I maintained a daily regimen of CNBC, CNN, and the Nightly News. It really is astounding how one's perspective changes - and how one's philosophy brightens - when one turns off the news. For good.
  • LOVE IT! I'm thinking that the creation of a "money news is stupid" song is in order. We are all agreeing with each other and that unity of expression must be put to music. :-) Thanks Ren!
  • freelanding
    the most effective way is to boycott CNBC advertisers.Start it with on-line trading companies.
  • EXCELLENT POINT! Thank you for bringing that to the front. Couldn't agree more.
  • DD
    AMEN! While we are at it Lets take Jim Cramer out to the salt flats and bury him alive! after we cut his tongue out and wrap him in gauze. We can even erect a stone monument. Then a bunch of grave robbers and worshipers can fight over his remains. I'm sure that Brendan Frazier would be all over that movie deal... "Revenge of the Curse of the Mummy that made me laugh while I went broke" I'm sure Hollywood would come up with a better name...
  • All kidding aside, from one coach to another, what percentage of self-directed investors did you see actually experience financial harm from watching financial tv; and what percentage of self-directed investors did you see experience benefits?
  • DD
    90% were hurt by it
    10% took some value

    If they trusted the person who taught them how to trade and that mentor was worth a darn; they got away from news commentary as fast as they could.

    Its human nature to get all jacked up on stimulants in the morning and make bad trades while some pretty girl talks fancy about the markets!
  • Yeah, I'm right there with ya.

    95% hurt

    5% were lucky to close it out early
  • There is some silliness and accuracy in this vid: http://www.youtube.com/v/9bSTKx6Vp5g
  • Justin, excellent comments. Thank yoU!

    Because of the validity of your observations, I'm asking myself this: "What is the best indicator of credible financial commentary/data points?"

    My answer to myself? Proof of profitability over time. Print the confirms. Get accounts of all commentators 3rd party verified. That is the financial litmus test. If they walk the talk, the prints will show it.

    Also, it has been my experience that self-directed investors make irrational (SEC would call it unsuitable) decisions based on the news. To put it another way, I have never seen a profitable news-based trading system. To apply this broadly, and in the interest of every citizen with investable assets, the financial news industry should be silenced or abolished (except those like Covestor that track real $ trades).
  • I hear what you're saying and mostly agree. I wonder, however, if there is any utility in following media outlets, for the simple fact that they do exert some influence on the market. Somebody is watching MarketWatch, even if it is dabblers and amateurs. I don't know the affect these people have on a market, but I doubt it is insignificant.

    Look at the media as another data point. Understand the biases and motives. The examples you gave incorporate different audiences and the creators have different incentives. CNBC looks to expand viewership and influence, people on twitter are facebook are probably looking to promote their own reputation. The data is skewed, sure, but not without value. And I would imagine this skewed data has some influence on future behavior.

    Then again, IANAT (I am not a trader). Thoughts?
blog comments powered by Disqus

Prove it? Okay..