Yahoo Tech Ticker Appearances
I did a few Yahoo Tech Ticker videos with Henry Blodget on Wednesday (9/1/10), Readers have asked to be updated when these appear, so — you can see the vids here:
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One interesting note: You MUST read the comment streams at Yahoo Tech Ticker! They are not only some of the least informed, crowd based, tinfoil-hat wearing, conspiracy-laden/conventional TV knowledge you will ever see — they are money-makers if you fade them.
In the past, what passes for “conventional wisdom” there is truly appaling. Yahoo had to do a major upgrade to screen out the more offensive junk there, but in terms of basic understanding of economy, markets, etc., it was amongst the least informed commenters I have come across — they have been (at least on my appearances) an extremely reliable contrary indicator.
There is one line of comments I find especially amusing: Anything stated that is market positive means 1) You are a perma-bull; and 2) You want higher prices to short into. (Forget that these are inconsistent). Anything bearish means the opposite, with accusations of being perma-bear, and looking for cheaper prices to buy. I discussed this with various Yahoo people, and they were aware of this foolishness.
These two appearances were classic:
• August 2008: Sucker’s Rally Alert: Dow Going Below 10,000 (Aug 12, 2008) Incredibly Bullish comment stream, heading right into the collapse.
• March 9th 2009: “Big Bear Market Rally Coming,” Says Noted Bear Barry Ritholtz (recorded March 9th webcast Mar 10, 2009 08:35am) Unbelievably negative commentary — Dow 3,000, end of days silliness — right into an 82% S&P rally.
Unfortunately, the comments from these two older videos have been lost — but they were astonishingly ignorant, frighteningly wrong.
I used to think the Yahoo message board people were the least clued in amongst the amateur investment community. I stand corrected.
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September 3rd, 2010 at 10:07 am
The only silver lining is that folks that stupid probably couldn’t scrape two nickels together — so they lost nothing.
September 3rd, 2010 at 10:38 am
When the yahoi polloi gather in a chat room, it ends up looking like this:
http://www.youtube.com/watch?v=Bit9YxtTamY
September 3rd, 2010 at 10:41 am
“They are not only some of the least informed, crowd based, tinfoil-hat wearing, conspiracy-laden/conventional TV knowledge you will ever see …” –BR, above
BR,
Where do you think Wool Pants come from?
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yes, I see, you know..”they are money-makers if you fade them.”
September 3rd, 2010 at 10:45 am
Can’t disagree and am starting to form some new opinions on some things.
I had a similar but less popular experience at ZH yesterday. I posted a rather innocuous message that duplicated something I said here. It was ignored here due to it being a bit banal, I suppose. I suggested that a good way to boost the economy a little would be to reinstate the itemized deduction for personal interest for a few years. Then you wouldn’t need a refi and a 2nd mortgage to be able to deduct interest. It wouldn’t save the world, but it wouldn’t hurt and might be pervasive enough to pay for itself. At ZH, a whole slew of pseudo-economists dissed me for encouraging borrowing, spending in general, spending on personal items, taxes, and more. I didn’t read it this morning to see if any more crap was left. I strongly suspect not a single reader there even knows what an itemized deduction for personal interest is or how it might permeate through the economy. What an eye opener. ZH is very smart and has changed the world a little. His entourage is much less so.
BR, I admire your thick skin and was shocked a little at my lack of one in this instance. It gives me better perspective on all who stand up and originate ideas in public. Also, thanks, again, for all the slow pitches you throw in my direction.
I think all I learned is that if you give an idiot a place to express an idea, you end up with unpleasant noise. Unless it comes from me. And then it’s Mozart.
September 3rd, 2010 at 10:47 am
and Barry, isn’t this precisely the problem? that the comments on the Yahoo Tech Ticker, or the Yahoo Message boards are, in my opinion, without a doubt more representative of the financial intelligence (or really, the lack thereof) of the average American citizen than are the comments on The Big Picture?
September 3rd, 2010 at 11:25 am
Barry, Yahoo’s not that bright either. If you go to Yahoo Finance and get a quote for CSCO, you get this message at the bottom of the quote:
People viewing CSCO also viewed:
JNPR NT LU FDRY ORCL PMCS
Well, NT, LU, and FDRY haven’t been listed for ages. Either Yahoo’s traffic has been screeching to a halt, or they have some brain drain issues.
I guess I’m saying don’t rag on just the folks giving the comments. They folks running the site aren’t a whole lot brighter than a bag of rocks either.
September 3rd, 2010 at 11:46 am
“They are not only some of the least informed, crowd based, tinfoil-hat wearing, conspiracy-laden/conventional TV knowledge you will ever see”
You must not read the comments section at Zero Hedge, then.
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BR: Since they went conspiracy theory some time ago, ZH dropped off my regular reading list. If an interesting headline on a subject I am researching catches my eye, I will scan it. Otherwise, I try to avoid reading anything that will infect me with the crazy/stupid virus…
September 3rd, 2010 at 11:53 am
I tried clicking on the latter post about the Bear Market rally on March 9, 2009, but no video came up. I’d like to see that interview. The former link worked though.
~~~
BR: Try this link
September 3rd, 2010 at 12:18 pm
Yes, Yahoo seems to attract the lowest common denominator.
An interesting future topic would be to investigate the demographics of Yahoo and its peer group.
If Yahoo is the peanut gallery, then where do the smart people hang out?
p.s. Why can’t I find out Ben Bernanke’s email address? Where does he hang out?
September 3rd, 2010 at 12:28 pm
Reminds me of this quote
You can find any type of discussion group across the Net that is finite enough to make you a hero. It might just be three people, but in that group, you’re your own David Koresh. And I think that gives people a false sense of wisdom. And I think that’s kind of a hassle right now.
Mark Cuban, What I’ve Learned, Esquire
September 3rd, 2010 at 1:06 pm
Famed flaming of Yahoo posters: http://www.somethingawful.com/flash/shmorky/babby.swf
September 3rd, 2010 at 4:08 pm
This is awesome:
http://www.youtube.com/watch?v=ea7POA68MbY&NR=1
September 3rd, 2010 at 4:33 pm
Why does the trader look like Sarah Palin?
September 3rd, 2010 at 6:33 pm
Blazing Saddles nailed it: “You’ve got to remember that these are just simple farmers. These are people of the land. The common clay of the new West. You know… morons.”
p.s. no offense to farmers
p.p.s. I’m still not convinced there is much upside to fading stupid people with no money, or even paying much attention to them at all. That “dumbass trader” video is a classic example. The script makes the chick look like a beartard, but it just as easily could have made the dude look like a bulltard. It’s entertaining white noise…
September 3rd, 2010 at 7:17 pm
KidDynamite left out the fact(?) that those folks will be voting in November. Well, 25% of them. Maybe.
September 3rd, 2010 at 7:41 pm
I have also noticed the borderline retarded comments on Yahoo finance, and that the stories vary in quality and offer no consistent message. I just found this blog a couple months ago, and I can’t tell you how impressed I am with both BR and the membership. Many thanks to all here for the enlightening discussions.
September 4th, 2010 at 6:01 pm
Moderated comments have become a requirement if only from a time management perspective. I am so glad you guys read that stuff so that i don’t have to.