Everyone reading this knows my feelings regarding the entirety of the mainstream business/financial news media. However, just to make clear to those of you that may have been recent subscribers: It’s been a cesspool of vapid dogmatic tripe for at least the last decade.
To prove my point I offer up the following, which also encapsulates my arguments as to why I’m both changing my offerings, but more importantly, why I must. e.g., I can no longer stomach having to parse through what I iterated above any longer. It’s all gone completely off the rails and is imploding upon itself – and it’s the purveyors of it all that are the most clueless about their current position. Either that, or, they are the purposely driven charlatans and committed snake-oil purveyors I’ve argued before. The latter is being cemented into de facto proof every day these “markets” are open. It’s all now beyond absurd.
Case in point…
Remember Tom Lee, the once “everywhere” cryto-sooth-sayer of everything Bitcoin™?” I use the term “remember” because it would appear, lately, no one has been seeking his thoughts on it. Hmmmmmm, I wonder why. Let’s see a take he did to the breathless pundits for CNBC™ and others just this past February. To wit:
Let’s see how that’s working out as of last night (Monday) again, to wit:
Last night Bitcoin broke below the $30K level to the mid $29K where it has bounced since, but appears from a technical perspective, to be nothing more than a short term bounce at a critical, obvious support level that must hold.
As always, we shall see. But that’s not what I’m really speaking to. More on that in a subsequent note later. Rather, it is this…
The above is the same Tom Lee, however, now he’s speaking about why FAANG (Facebook™, Amazon™, Apple™, Netflix™, Google™) are now at “attractive levels.”
Great…Is Bitcoin at an attractive level also since it’s now fallen to the point it was within only a few hundred dollars from completely wiping out all of 2022 gains as well as 2021? You know, like I’ve been arguing it would. Hint: Nope, both mums-the-word from both the guest as well as the network. This is an exemplar of what I continue to see across all the media, it’s just idiotic lunacy on full display packaged as “insight.” It’s revolting to say the least.
But it doesn’t stop there…
If you were to click on the link in the “Image Source” you would land on the page presenting the above but as you scrolled down further you would also be greeted with the following follow-up for “insight.” To wit:
Just like the above, the analysis and questions are completely vapid if not moronic. There is never an “insightful” question to be asked, nor is one ever given, just “We like Big Tech…right now” Great, but how do your clients (my postulation) like the massive double digit draw-downs in their accounts over the past few weeks with the possibility for even more pain? (Insert cricket chirps here.)
it’s all just a pathetic cesspool of charlatans, in my humble opinion. But then again, if you want a bit more “proof” for your own interpretation, rather than mine? Here’s this morning’s “Pro” edition for informative insight seekers. Again, to wit:
Sounds great, looks good, fantastic. However, why is no one at CNBC asking her about this investment prowess of hers on display. To wit:
Yes, the above is Ms. Wood’s flagship ETF , on the same day the above story is released. There’s only one conclusion…
They don’t ask because: It’s bad for the snake-oil business.
© 2022 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.