This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kass: I Don't Know

"I don't know."

-- Jeff Spicoli (Sean Penn), Fast Times at Ridgemont High

Late yesterday I asked, Why aren't there more talking heads like Fast Times' Jeff Spicoli, who is brutally honest (with Mr. Hand) when he says "I don't know" in response to why he is constantly late to Mr. Hand's history class?

I got quite a response from my brief post on the know-it-all people that trot out their self-confident views (bullish and bearish).

"I've been thinking about this, Biz TV Talking Heads. If I am here and you're here, doesn't that make it our time?"

-- Jeff Spicoli watching Biz TV

The fact is that snark (a combination of snide and remark) and opinion far too often envelop the business media instead of facts and figures. Equally infuriating is the confidence of view in the delivery of the snark. Sometimes the reason for this is out of necessity, as the media appearances are typically brief and expected to be on point. Nevertheless, in a world characterized by an absence of certainty and an interrelated and a complicated market mosaic (and complexity of issues) without memory from day to day, too many attach self-confident reasons to randomness.

I would characterize a lot of the pabulum in the business media as instantaneous entertainment and not as rigorous analysis.

Of course, there are exceptions. Consider as an example, the preparation that Jim "El Capitan" Cramer goes through when he interviews a corporate executive on "Mad Money." Another example is CNBC's "Squawk Box" with Joe Kernen, Becky Quick and Andrew Sorkin, which provides a guest host with one to three hours to do a deeper dive in analysis (e.g., just watch Jim Grant's appearance yesterday, which was solid and thoughtful in analysis). Or Bloomberg's "Market Surveillance" in which Tom Keene shares the spotlight with an interviewee for almost a half an hour, digging into the analysis that forms the foundation of view.

Not every move in the markets is explainable, though far too many observers attach a reason for every wiggle and move. (Consider the 5% correction that was recently erased. Why? I have no clue, though many express a strong understanding in the moves.)

To some, the projection of confidence of view is seen as a validation of an intense and rigorous decision-making process. Increasingly, however, many are fooled by the abbreviated, simplistic, staccato- like explanations and conclusions, because, more often than not, the snark is shown to be wrong in short order as the curtain disclosing a mere human (not the Wizard of Oz) is revealed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free

Markets

Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Our Tweets

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs