Financial new networks: a waste of time.

[Jim Nickerson]

Paul Kasriel suggests that any advice from financial news television is a waste of one's time, something I personally have subscribed to for four or five years now, the exceptions being to get some glipse of financial data or for pure entertainment, which seems to be big on many American's agendas.

http://www.safehaven.com/article-9428.htm

February 08, 2008
Is There Ever A Bad Time To Buy Stocks?
by Paul Kasriel

If touts are always telling you now is a good time to buy common stocks, they must be referring to relatively long holding-period investment time horizons. If you are investor with a relatively long holding-period investment time horizon, you don't need the advice of these touts. Your time would be better spent watching Seinfeld reruns rather than watching the financial news networks. If you are a short-term investor, and touts are always telling you that now is a good time to buy stocks, the advice of these touts is incorrect. Your time would be better spent doing your own research on market timing or subscribing to a service that has a track record of accurate market timing (if you can recommend any to me, I would appreciate it) rather than watching the financial news networks. In sum, other than for receiving financial market data and/or for entertainment value, tuning in to the financial news networks is almost always a waste of your time.

[Mega]

Re: Financial new networks: a waste of time.

Apart from Peter S, Jim Rogers,Marc...Jim P...and of course EJ........The rest are tossers!

Worst than that, they are tossers whom pretend to know......just this week BT (British Telecom) had a mighty fall. Many resons were offered up:-

Hole in their Persion plans
Fall in growth

But the Truth was simple, a number of Banks/Hedge funds had to dump their holding to get into cash!

Worse ever one must be Cramer!!!!
Mike

[Mega]

Re: Financial new networks: a waste of time.

I forgot Zappta George............He ROCKS!........and as he SEZ "It isn't rocket secience folks".

No, for years i watched these "Bloomberg Bell ends" Fart on about nonsense. I can remember one say that Oil would fall from (then) $50 a barrel back to $30 ish............I, YES.... ME ....Knew that India/China demend would make that pro-dick-sion....Tottal nonsense.

After Watching Peter S Totally "Bitch Slap" everyone else. I went to his web site (Euro Pacific) and watched him night after night. I watched his appears in 2005....2006.....2007..........He WAS R I G H T while the others were totally wrong 100% of the time.

Even now 50% yes 50% of Wall Street types are saying we are NOT in Recession..........Because these morons believe Goverment figs!

Mike

[Jim Nickerson]

Re: Financial new networks: a waste of time.

I should have thought about this a bit more before I opened the thread. It would be interesting to know how many individuals buy or sell based on things they see on financial TV which to my knowledge is CNBC and Bloomberg. I should have added a poll, but my polls don't generally elicit many responses.

As a fact, when I was addicted to watching financial TV, on 12/6/1999 I bought 265 shares of Enron at 37.6875 and of my own accord sold them on 3/3/2000 at 68.375. At same times I bought Dynegy at 11.1875 and sold it 29.09375. Both those buys were based on what some dude, of whom I had never heard, said on CNBC. I expect I looked at the charts and in some manner agreed it would worth the speculation. Turned out well.

I think most of the other buys I ever made came from guests or panelists on Louis Rukeyser's Wall Street Week, and none of them stick in my mind as having turned out to be much in the way of winners.

I still say for myself, in agreement with Kasriel, financial TV is mostly a waste of time. I thought I would get some disagreement here, but perhaps everyone here agrees.

[zoog]

Re: Financial new networks: a waste of time.

I should have thought about this a bit more before I opened the thread. It would be interesting to know how many individuals buy or sell based on things they see on financial TV which to my knowledge is CNBC and Bloomberg. I should have added a poll, but my polls don't generally elicit many responses.

As a fact, when I was addicted to watching financial TV, on 12/6/1999 I bought 265 shares of Enron at 37.6875 and of my own accord sold them on 3/3/2000 at 68.375. At same times I bought Dynegy at 11.1875 and sold it 29.09375. Both those buys were based on what some dude, of whom I had never heard, said on CNBC. I expect I looked at the charts and in some manner agreed it would worth the speculation. Turned out well.

I think most of the other buys I ever made came from guests or panelists on Louis Rukeyser's Wall Street Week, and none of them stick in my mind as having turned out to be much in the way of winners.

I still say for myself, in agreement with Kasriel, financial TV is mostly a waste of time. I thought I would get some disagreement here, but perhaps everyone here agrees.

More than the population at large, at any rate. I don't watch financial TV at all. I learned about Jim Cramer from iTulip!:eek: However, not to put myself on a pedestal about avoiding financial TV, I do read the financial news online, which is nearly as bad in aggregate. Occasionally someone writes something intelligent, but it's rare. As iTulip has noted before, there's no consistency and record-of-accuracy in the financial media. One day they say such-and-such company, sector, etc. is going up-up-up. Then a couple days or weeks later they say it's going down-down-down, but make no mention of the fact that previously they told you it was going up.

[Jim Nickerson]

Re: Financial new networks: a waste of time.

More than the population at large, at any rate. I don't watch financial TV at all. I learned about Jim Cramer from iTulip!:eek: However, not to put myself on a pedestal about avoiding financial TV, I do read the financial news online, which is nearly as bad in aggregate. Occasionally someone writes something intelligent, but it's rare. As iTulip has noted before, there's no consistency and record-of-accuracy in the financial media. One day they say such-and-such company, sector, etc. is going up-up-up. Then a couple days or weeks later they say it's going down-down-down, but make no mention of the fact that previously they told you it was going up.

I may have said this somewhere here before, but Richard Russell says look at what the markets are doing, and then the problem becomes making sense of what the markets are doing, but if one buys Russell's advice, then I cannot believe anyone is actually comprehending what the markets are doing by watching people talk on TV. To me looking at the markets means looking at price actions and breadth data.

The thing I get, besides whatever opinions people put forth, from reading stuff on the web, or even newsletters like Russell's, is that I see people looking at things (actions, activities, price behaviors) that I might not be trying to watch. Some things others put forth call my attention to look at them more critically, or to try to do that.