I was wondering if Jon L. Johnson and his team watch or listen to any financial stations throughout the day? If so, which are the better ones to listen to for reasonably unbiased information (if there is such a thing in financial reporting)? (January 28, 2002)
Yes we listen to the financial stations to get an idea of what is being said to the rest of the world about the day's action. That is the primary function: we want to know what the analysts are saying, what the fund managers and CEO's are saying. Are they bullish or bearish? What are they telling their clients? We also watch them for facts such as volume, A/D line, earnings, etc. (anything that is fact and not opinion). We can get this information from our live feeds, but most of us keep the stations running in the background as well. We do not listen with respect to what is a good potential play and what is not, what is a good stock and what is not. There are agendas behind all of the statements besides the disclaimers. As far as unbiased, you have to realize that most guests have a reason they like or dislike a stock, and most of the reporters tend to inject their own biases despite their continued claims that they 'just report the facts.' For example, when one elected official was asked if he had received a campaign donation from ENE and replied he had not, the anchor said 'good for you!' With comments such as that, the stations are best 'watched' w/mute on and not listened to.
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