Disenchanted with the Financial Press
How’s it going folks? I trust you are all well…
The hysteria around HK listed Chinese stocks appears to have taken a temporary breather. Thank goodness to be honest. That was an intense few weeks of hysteric chaos, and main thing that stood out for me was the behavior of the financial press.
I used to be a big proponent of reading as much financial news daily from the FT and other publications. These days I’m not so sure about them and their so-called objectivity. Think back to the four plus years of the Chinese bear market and the anti-Chinese diatribes visible in the western media. Not just from main daily go to read, the FT, but also, and especially from the American news outlets like CNBC, the NY Times and more. What interested me was the moment the Chinese markets started to pump; the narrative changed from how ‘un-investable’ Chinese companies are to quite the opposite. Pundits on Yahoo Finance and others were talking about the potential for ‘generational wealth’ and other similar platitudinal nonsense. It just goes to show you that the financial media do little more than follow the price. Consequently, I’ve decided to reduce my consumption of financial news to about thirty minutes per day. Of course, this will increase when I am researching a stock, but otherwise, I’d rather read classic literature.
IB