I single out CNBC because it often gets ripped for blowing stories out of proportion.
Don't shoot the messenger.
News breaks, CNBC covers it.It's not the network's fault that some of its guests spew inane opinions. That's where the trouble starts, with people's opinions. Some of the stuff I heard on CNBC yesterday made me laugh out loud. Two opinions dominated. First, the relatively sane one, offered by Jim Cramer as well as several guests. This is another thing that spooks individual investors; however the real story here is the earnings report. Second, the completely insane one, offered by people whose names I cannot (or choose not to) recall. Wait. Former SEC Chairman Harvey Pitt comes to mind as one. He's the guy who was at the helm at the commission when Enron blew up. But, I digress. The insane opinion: The early release of Google's earnings was a debacle, a disaster, a damn shame that requires a swift response so people can trust markets again, so we can feel safe in our homes at night knowing that the tens and hundreds of shares of GOOG all us small investors own are under safe keeping, guarded by the watchful eyes of the brokerages and transfer agents who keep track of such matters. Whenever something happens, this sense kicks in that it's everybody's job but our own to save ourselves -- the small investor -- from the likes of Enron, Facebook (FB) and Knight Capital Group (KCG). I just can't get with that. I fall more on the side of don't be bitter, don't blame external forces and learn from both your mistakes and history. When Enron fell apart, we learned a lesson. Don't keep your 401(k) in one stock, even if it's the company you work for. Of course, this was a tough lesson for many Enron employees. While I do sympathize, that's life. Live and learn, right?
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