Saturday, August 31, 2013

Maybe this is why no one is watching financial news (video).

The NY Post reported this week that CNBC viewership is the lowest it has been since 1993:
The business news cable network posted some of its worst ratings in 20 years this month — attracting an average of just 37,000 viewers aged 25 to 54 over a 24-hour period, according to just-released ratings data. 
That’s down 35 percent from a year ago, according to Nielsen, and the Comcast-owned network’s worst performance in the key advertiser demo since April 1993.
A few reasons for the low numbers:

There is no financial crisis to keep viewers on the edge of their seat.
Retail investors are still not trading.
The biggest market stories right now are:
  1. Which wonk is going to takeover as Fed Chairman for Ben Bernanke?  
  2. Can Congress raise the debt ceiling without shutting down the government?
  3. When will  the Fed taper their asset purchases?

OK, so maybe the stock market isn't a compelling drama right now.

Listen, there are a lot of good guys and smart people that go on tv and tell it like it is.  They admit when they're wrong and realize that predicting the market can be a guessing game.  They give good insight and color without making bold predictions.
But there are a few talking heads that love to take credit for being right and pound their chests and take victory laps on predictions that really come down to a coin flip a lot of times.

But you know what really pisses off the CNBC viewer at home and makes them tune out?

Spinning a losing call into a winning call and using hindsight to make fictitious trading predictions.

Ralph Acampora was on CNBC yesterday saying how bearish he's been (timely since the market has been getting smoked recently).

"I've seen this coming for 3 or 4 months due to the divergence of the market, etc. etc.".

Oh, Yeah?  This was Ralph July 12, 2013.  6 weeks ago and 800 points higher on the Dow:

This is just one example of the bullshit.  I could go to CNBC's website where all interviews are time-stamped and spend the rest of my Labor Day weekend embedding videos, but you get the point.

Financial journalism serves a great purpose, but until they get rid of these types of segments, no one will watch because no one takes them seriously.  Money is a serious business.

It doesn't have to be boring, but it can't be this form of "info-tainment" that lacks credibility.

Let the guys talk their books and scream at each other in  the Yahoo chatrooms.   Give viewers scoops, market moving news, and unbiased analysis and they'll come back.

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