Wednesday, January 4, 2017

What the Heck Happened To

Following on the story told a couple posts back, which was sourced to TheStreet via the CFA Institute, "Lessons From A Master Short Seller".

A twofer from/via TalkingBizNews:

The decline of 
Dec. 29, 2016
Samanatha Masunaga of The Los Angeles Times writes about, which could be delisted and closed at 84 cents a share on Wednesday.

Masunaga writes, “By December 2007, TheStreet’s shares were still trading at $15.92. At the time, plenty of businesses were willing to pay to get financial information.

“‘All the financial services did well,’ said Scott Gurvey, former New York bureau chief of PBS’s Nightly Business Report television program. ‘People wanted to know what to do.’

“But soon Internet giants Facebook and Google began sucking up digital advertising dollars, and more competitors entered the business-to-business financial news market.

“Today TheStreet competes with financial news services such as Bloomberg and CNN Money, as well as investor newsletters including the Motley Fool....MORE
If TheStreet gained nothing else from the following story, it should have been given a 10-year reprieve from the economics of the information/media business. Note the date.
Oh wait.

Press declares that housing slump is over 
December 30, 2006
Marek Fuchs of points out that the business media have begun writing about the housing market as if it’s about to turn around when that may not be the case.

Fuchs wrote, “The Business Press Maven is always highly critical of the business media for allowing a pattern of three to qualify as a trend. But apparently now two can do the deed. The National Association of Realtors reported that sales of existing homes blipped up 0.6% in November, following a 0.5% increase in October.

“How did those modest little facts play?

“In its lead, the Associated Press declared that ‘the worst of the downturn for the battered housing market may be over.’ Lower down, it hedges, mentioning those ever-present and always plural ‘analysts’ who say that ‘this year’s slide in housing is starting to bottom out.’ The Business Press Maven seconds that with his first-ever ironclad guarantee. After all, with today being the last business day of the year, the housing market doesn’t have too much longer to slide in 2006.

Reuters also ushers in a new era of stability, at least on paper (or, more accurately, in pixels), with what passes as reason: Wall Street was wrong, so it is right. ‘The National Association of Realtors said the pace of existing home sales rose 0.6 percent in November to a 6.28 million-unit annual rate, defying Wall Street forecasts for sales to ease slightly and providing the latest suggestion that housing activity was stabilizing after a steep drop.’...

Great call. What have you done for me lately?

Or as was supposedly whispered by a public slave to conquering generals in Roman Triumphal Processions (Mary Beard says "didn't happen"):
Sic transit gloria mundi 
"Thus passes the glory of the world."

"Respice post te. Hominem te memento"
"Look after you [to the time after your death] and remember you're [only] a man."
More colloquially, "Life's a bitch and then you die."