This is why I hate CNBC
filed in Odds and Ends on Mar.11, 2009
For anyone that has been reading my blog, you have all figured out that the majority of my news and information comes from all over the world, MINUS CNBC. This in my opinion is a circus show with random quacks and soap opera like information that only eludes towards panic and unnecessary hype on the market.
A few weeks back, on their 5pm show, one of the guys mentioned how (BAC) would be saved and the stock went literally from $3 to $5 during that period, why? It was the built up hype that if you don’t buy a stock now, you will never get rich and out of debt. This really played on the emotions of the average investor who is relying on bigger players to guide the way. Sadly, while these average investors bought at $5, many of the players sold for profit and waited for the stock to come down.
This is just one example of many that I have and why I always tell me readers to not get caught up in the hype. Just because a person with “20 years” of experience is shouting at the screen while yelling “BUY BUY” does not mean you need to. Get your research in order before picking a stock. Its what I always try to mention and hope you understand the reason.
I could be like CNBC and just mention some stocks and watch is pump up but that would be wrong. I share my news sources and sectors as a way to guide you all to find your picks. I might mention some big names and almost all the time I have pulled out a profit. Thank to not listening to CNBC.
I used to advertise CNBC stuff on my site, but felt morally wrong doing so and have taken their products off my site. This video, although its from Comedy Central, shows another point and how a person tried to muscle their authority from that channel to push people towards a stock that went from $69 to $2. Yes, not a typo. See for yourself.
Edit, its been announced that on Thursday, Jim Cramer will be on the Daily Show (on Comedy Central) to battle it out in a “discussion”. Hopefully, with all jokes aside, this can be an opportunity for viewers to realize how incorrect this person can be at times. Sure, we all make mistakes. But pushing stocks down throats of the average traders is wrong.
Cramer is not Nostradamus, but many times he and the other hosts act like the authority of the stock market. Without real guidance, these people seem to influence the market by playing on emotions and fear of investors.
Thursday cannot come soon enough.
Also, Cramer was on The Today Show this morning to defend himself [go to 3:20 for that part]:
Visit msnbc.com for Breaking News, World News, and News about the Economy
You can be the judge on all this.
Happy Investing!
Aman, MBA
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March 13th, 2009 on 12:30 pm
[...] filed in Odds and Ends on Mar.13, 2009 This is a continuation of my post a few days back: see here. [...]
January 20th, 2010 on 5:04 am
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