09 octubre 2006

Un record, dos visiones

Ken Shepherd, analista del Business & Media Institute, pone de manifiesto la diferente cobertura realizada por las cadenas NBC y CBS al record histórico del Dow Jones de la pasada semana:

“While CBS’s Anthony Mason offered qualified praise for the market’s recent rally, he sowed seeds of doubt about the market’s strength. Mason highlighted a retiree who ‘doesn’t trust this new rally’ and then warned that ’some Wall Street analysts see another bubble in the economy’ with real estate.

“That wasn’t all. Mason made it clear that some were ’suspicious’ about the market. ‘She’s not alone,’ he said of one retiree who was still worried about the economy. ‘With existing home prices falling for the first time in more than a decade, and a new study showing homeowners spending more and more of their incomes on housing costs, some Wall Street analysts see another bubble in the economy.’

“Yet over on NBC’s ‘Nightly News,’ market watcher Maria Bartiromo told anchor Brian Williams that a rising stock market and falling gasoline prices are boosting confidence in the economy as Americans head into the end-of-year shopping season. ‘People will be able to spend money, they don’t have that pressure of high oil prices, high heating oil costs, and gasoline on their backs. So people are feeling good about the economy now,’ Bartiromo noted.”

Respecto a espectacular cobertura que realizó la CNBC del evento, se han levantado voces criticando de nuevo la euforia desmedida con la que esta cadena cubrió la noticia, más parecida a la de un partido de fútbol que la de un mercado financiero: [vía Talking Biz News]

- “The trick to making good money has been to ignore the talking heads on CNBC and the like — and not chase rapidly rising stock prices.” (Susan Tompor, columnist for the Detroit Free Press, aquí).

- "I’m seeing no evidence that people are excited,’ Keating said. ‘It’s mostly a CNBC event. I think people are more interested in the housing market, interest rates and gas prices than they are in trying to get rich off the Dow.’ (Phil Keating, asesor financiero de Boynton Beach, aquí).

- “Is it just me, or is anyone else not going to be surprised to see the CNBC-TV anchors all wearing DOW 12,000 hats and blowing those New Year’s Eve gadgets in preparation for the second coming of the great equity bull market? For the love of God, please just watch CNBC’s counterpart in Canada, http://www.robtv.com just one day so you can realize exactly how biased and unprofessional most of CNBC-TV really is – (and how classy all of ROB-TV is).” (Peter Grandich, editor de The Grandich Letter, una newsletter sobre inversión, aquí).

Otros, sin embargo, alaban este comportamiento, como James Stewart, de SmartMoney.com:

Yet millions of people are interested. Business network CNBC has been breathlessly counting down the Dow's progress toward a record, and has often been criticized for treating the markets like sporting events. My reaction to that is: So what? Why not have a little fun? I was musing on this the other day as the Dow flirted with a record, wondering why I, too, was rather enjoying the CNBC-induced fixation on the Dow.

I strongly believe that you should enjoy investing. I realized early in my career that people who like (or even love) what they do have a huge competitive advantage. They work harder because it doesn't feel like work. They retain information because they find it interesting. They're better at what they do. To enjoy investing doesn't mean you have to work at it obsessively.

So why not celebrate when the Dow closes at a new all-time high?

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