NEW YORK ( TheStreet) -- On Wednesday, Spotify announced it will launch service in Canada. I waited for the obligatory "cautious mention" of Pandora (P - Get Report) from BTIG Media's Richard Greenfield, but, as far as I know, it never came. Maybe Greenfield just decided to stop embarrassing himself.Even though I disagree, I have no problem with Greenfield sharing his bearish takes on Pandora. I do, however, take exception to what seems like a vendetta against the company and the asinine notes, which my Briefing.com feed refers to as cautious mentions, Greenfield releases to support his position.
Boys Who Cry Wolf
Bieber Beliebes in SongzaI received an email with a Greenfield note from Aug. 8. He actually had the nerve to refer to "the blog we wrote" earlier in the year on "new Pandora competitor" Songza, as if it still contains even a shred of credibility. He then directed his audience -- and dear God, I hope they're not paying clients -- to the Twitter account of Justin Bieber:
so @alfredoflores just showed me @songza for workout playlists. Why didn't any of my 26million best friends show me this? #whichplaylistI'm as much of a Belieber as his other 26 million followers, but, please, for Greenfield to direct people who are, presumably, investors to that tweet and then the subsequent positive reaction from Bieber's fans represents a new low in the industry. To top it off, he even presents unscientific research poorly. Maybe Bieber's 26 million friends didn't show him that because they don't use Songza? In any event, Greenfield lacks a comprehensive understanding of Pandora's business model and its strategic-competitive position in the new media space. Because of this, he resorts to simplistic, surface-scratch tactics to build what amounts to a non-case. And, from time to time, when Briefing gives him the time of day or CNBC puts him on TV, he moves Pandora's stock. That's bad for Wall Street and it's bad for investors. At the time of publication, the author was long P and ZNGA.