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Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse Kindle Edition
HOW TO SEPARATE THE NEWS FROM THE NOISE: WHAT EVERY INVESTOR NEEDS TO KNOW
There is no shortage of financial advice these days. From cocky cable pundits to nattering news columnists to off-grid online bloggers, there are more so-called experts than ever before--and the noise can be downright deafening.
This no-bull, bottom-line guide from "The Reformed Broker" Josh Brown and Yahoo Finance's Jeff Macke will help you cut through the cacophony and make the most of today's media news. It's an eye-opening crash course in separating financial facts from fiction—featuring interviews with some of the world’s most influential investors, including:
JIM CRAMER (Mad Money) takes you behind the scenes of his polarizing TV program--and talks about his clash with Jon Stewart on The Daily Show.
HENRY BLODGET (Business Insider) shares anecdotes about tangling with Eliot Spitzer, covering the Martha Stewart trial, and launching his Business Insider site as a "marked man."
BEN STEIN (Win Ben Stein's Money) reveals how he really feels about Bernanke, Bogle, Buffett, and bailouts.
KAREN FINERMAN (CNBC's Fast Money) exposes the hype behind the headlines—and the "show biz" demands on television news pundits.
HERB GREENBERG (TheStreet.com) explains why investors need to follow social media, where the "real" news is disseminated.
BARRY RITHOLTZ (Bailout Nation) reveals his secret for "watching" financial TV.
You'll also find invaluable insights from the original father of financial TV, Jim Rogers, and from James Altucher, the most shockingly honest commentator in the history of the medium. And you'll get a front-row seat for the processing and packaging of the news and learn everything you need to know about the talking heads who shape each day's narrative.
Up-close. In-depth. All-true. Clash of the Financial Pundits is the one guide that will change the way you look at markets and investing forever.
PRAISE FOR JOSH BROWN'S BACKSTAGE WALL STREET
"Much like Michael Lewis's Liar's Poker captured the essence of 1980s institutional Wall Street, Brown's Backstage Wall Street re-creates the boiler room retail brokerage culture of the 1990s and early 2000s in vivid color." -- FORBES
"Joshua Brown may be the funniest writer on finance today, but Backstage Wall Street could make you cry more than laugh. The buffoons, manipulators, and incompetents Brown parades before us are the stewards of our retirement accounts." -- BARRON'S
"Run don't walk to read Brown's chronicles of deception [perpetrated by] those wonderful folks on Wall Street, who nearly bankrupted the world's financial system a few short years ago." -- DOUGLAS A. KASS, Seabreeze Partners Management, Inc.
From the Back Cover
Charles Lewis Sizemore, "Forbes" --This text refers to the hardcover edition.
From the Publisher
JOSHUA M. BROWN is the CEO and co-founder of Ritholtz Wealth Management, a national registered investment advisory firm. He is the author of Backstage Wall Street, the creator of The Reformed Broker blog, and an on-air contributor to CNBC.
JEFF MACKE is the host of Breakout on Yahoo Finance. Prior to that he was an original cast member of CNBC's Fast Money, founder of Macke Asset Management, and a hedge fund manager.--This text refers to the hardcover edition.
- ASIN : B00K1EK2DK
- Publisher : McGraw Hill; 1st edition (May 23 2014)
- Language : English
- File size : 4397 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 257 pages
- Best Sellers Rank: #917,536 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
About the authors
Top reviews from Canada
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I feel like I got fooled into buying this one (I didn't buy it, I was SOLD it). Despite my views on Joshua, I will be very hesitant in buying another book with his name on it. I think this book should be priced at $3.99 based on the volume of transcript content (cough...transcript is NOT writing).
I am among those who are not actively engaged in investments. However, I was keenly interested in the information, insights, and counsel provided by Brown and Macke and the nine pundits whom they had extended conversations. More specifically, I wanted to gain -- and did gain -- a better understanding of the mindset used by "media influencers" to obtain, organize, and evaluate a veritable tsunami of financial information. The quotations inserted as head notes add seasoning to the "stew" that Brown and Macke prepare for their reader's consumption. For example: "Markets are never wrong, opinions are." (Jesse Livermore), "Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world." (Charlie Munger), and "There are clear lines separating those who swear by [Joe Granville] and those who swear at him." (Louis Rukeyser).
These are among the dozens of passages of greatest interest and value to me, also listed to suggest the scope of Brown and Macke's coverage:
o Jim Rogers (Pages 11-27)
o South Sea Bubble (30-34)
o Ben Stein 35-46)
o Using financial information (23-24, 99-100, 133-135, and 236-237)
o Karen Finerman (51-68)
o Joe Granville (69-79)
o Henry Blodget (81-100)
o Predictions (101-109)
o Icahn-Ackman fight (111-120)
o Herb Greenberg (121-138)
o James Altucher (139-154)
o Confidence (155-157)
o Barry Ritholz on investment advisors (166-168 and 178-179)
o Nikola Tesla (172-173)
o Jim Cramer (191-219)
o Accuracy of expert predictions (235-236)
Here in Dallas near the downtown area, there is a Farmer’s Market at which merchants offer slices of fresh fruit as samples. In that spirit, I now present these brief excerpts from some of the clashing pundits:
"The only way survive a recession in the investment world is to see what's going on. Somebody once said, "Don't fight the Fed.' Or there are people who've said, 'Don't fight the tape.' You cannot fight reality, because the market is going to go straight ahead and bowl you over if you just stick with your views and fight what's happening in the world, the changes of the world. One cannot do that. I mean, if I gain 10 pounds, I can't fight. I can't try to make my suit smaller to fit me. I've got to somehow accept the reality that I've gained 10 pounds." Jim Rogers (Page 17)
"I've lots of these [powerful personalities] on Wall Street. The only I thought was particularly smart was not on Wall Street but on Farnham Street in Omaha; that was Mr. Buffett. They are not stupid, not like they're juvenile delinquents, stupid. They are great geniuses like Warren Buffett. As far as I can tell, there's only one real genius I've ever met in the world of investing, and that's Buffett, and I've met very smart people but they're not on Wall Street. People on Wall Street don't impress me as being particularly smart." Ben Stein(38-39)
"Markets are, as Michael Mauboussin notes in his boo The Success Equation, 'a complex adaptive system, being acted upon by millions of individuals who do not behave according to any predetermined set of rationales or rules. This plain and simple fact is what condemns all market timers to inevitable failure, regardless of the depth of their experience or the calibration of their indicators. And when elaborate stage shows and a rock star mentality begin to enter into the equation, you can pretty much hang up your spurs right then and there. Because that's when the ride is over." Brown and Macke (79)
"The truth is in the market. If you and I talk about the market today, you might have a strong opinion, but you don't know what the market is going to do. Neither do I, and neither does anyone on TV. People are just giving their opinions, and then something will happen; and some of the people will have expressed opinions that were right, some of them will have expressed opinions that were wrong, and it will look like some people knew what was going to happen. Nobody did." Henry Blodget (88)
"In May 2013, a research paper -- written by a pair of grad students from the Washington State University economics program -- proved what many of us already knew: he who comes off as the most sure in his opinions will attract the most attention...Knowing is not the thing -- it's acting like you know. Good enough, this is exactly what the public wants anyway. But don't be fooled. Do your research and know the good pundits from the bad. Be alert enough to the fact that the amount of confidence with which a forecast is delivered does not add to its probability of coming true, even though your brain has evolved to see it that way." Brown and Macke (155 and 157).
"I'll never forget reading in The New York Times, Ben Stein saying subprime is such a tiny percentage of the overall economy that it was meaningless. And I just wanted to say, 'Imagine if your oncologist said, `Well, we found a tumor, and it's malignant, but really, you're a 200-pond guy, It's a couple of grams, said -- I wouldn't worry about it.'" Barry Ritholz (167)
Again, I wish to express my deep appreciation of the wealth of information, insights, and counsel that is provided in this volume. I highly recommend this book to those whom Joshua Brown and Jeff Macke probably had in mind for a primary audience but also for countless others such as I who are eager to fill substantial gaps in their financial education. We are advised: "The media will call upon the voices and faces of the pundit firmament, doing its best to select the most knowledgeable experts it can, even if that means settling for the most available ones." It has been ever thus and always be so we are urged to remember one basic truth: "Pundits are people, too."
Armand has returned home to help with the settling of his recently deceased grandfather's estate. To say there are skeletons in this closet would be an understatement. It's a virtual cemetary of skeletons. Interwoven into the mystery is Armand's first love and his family. No one, except perhaps one character is all black or white. Law enforcement, organized crime, sexual slavery, murders and mayhem are swirl around the story.
By the final quarter of the book, it was hard to put it down. It had a very exciting finish and a fitting denouement. I would recommend this book and happily would read other stories about these characters.
Top reviews from other countries
Whether one restaurant is better than another? Whether to see a movie? Which phone to buy?
I know I have relied on random internet noise for which place to eat countless times, it's likely you have done it a few times yourself (especially considering you are reading reviews about a book on amazon).
But what about when it comes time to decide on something with serious impact on your life, like how to invest your savings? Where do you look? There are plenty of people competing for your attention - and that is nothing new. Josh Brown and Jeff Macke have put together a great read on some of these characters that have appeared throughout history (long before anyone ever even heard of the internet).
Here is the bottom line - If you ever caught yourself taking advice from a public financial figure on a major decision in your life - read this book. You will very likely be amazed at what these guys have put together.
For those of us that learned to limit our news intake years ago, this book provides a deeper look at what is going on behind the scenes of punditry. While this book is completely different than Back Stage Wall Street, the common thread it does share with Josh Brown's prior book is that it gives us a look behind the scenes; in this case, we get to look behind the curtain of financial television. I thought the Finerman interview was particularly interesting to see her discuss how she learned to become a pundit and get comfortable in the role considering she had no experience with punditry before being selected for the Fast Money cast.
I enjoyed the stories of Jeff Macke and Henry Blodget and how they blew themselves up and subsequently made their comebacks. In the case of Macke, I didn't see his "Car People" episode and I wondered what had happened to him. In the case of Blodget, I read Business Insider from time to time and I knew a little bit of his story of redemption but the book filled in the details of how he rose to fame in the late 1990s, what happened after his career crashed how he made his comeback.
This book is really two books weaved together. Macke conducts most of the interviews with the various pundits while Brown illustrates for us how silly punditry can often be. For example, humans love simplifying complex subjects into rules (which is why half the articles on the internet start with 10 rules for ...) and Chapter 15 points out how many of these rules conflict. For example, "take your losses quickly" but "don't get scared of out a good position."
My suggestion for this book is that the publisher needs to put an audiobook together. If I wasn't familiar with Josh Brown through his blog and tweets, I probably would have passed on this book due to it not being available on Audible. I think this book would be perfect for the audio format.