Posted by: Rob | January 4, 2010

The Best Financial Blog I Don’t Read

I don’t exactly recall how I found Max Keiser on the web (and his colleague Stacey Herbert), but that was my initiation into the world of alternative media as it related to the whole investment, banking, investment banking, uh, thing.  Ordeal.  Whatever.

It’s hard to keep up with maxkeiser.com; I generally breeze through the entries on my reader, save the posts with video and download the radio shows (of which I have yet to listen to a single one).

On an episode of Max’s latest TV incarnation on Press TV (called “On the Edge with Max Keiser”) a few months ago, he interviewed “Tyler Durden” of ZeroHedge.comChuck Palahniuk faithful will easily recognize the name of the main character from Palahniuk’s break out novel “Fight Club” (also made into a movie starring Edward Norton and Brad Pitt), but at Zero Hedge Tyler Durden is the pen name/screen name for one or more financial sector insiders who write blog posts telling things how they really are, which is a refreshing change from Jim Cramer and the other pumpers and dumpers at CNBC*.  Especially in the aftermath of the greatest swindle of the 21st century.

Now, I’ve opined in the past about my total lack of capability in the investment game, so it soothes my ego a bit to hear from folks like Max Keiser and Tyler Durden that the markets are rigged and little guy outsiders like me will be nothing more than donors to the Wall Street Fat Cats.

But there are those who are not amused at the revealing of insider secrets.  As the popularity of ZeroHedge.com starting taking off last year, the New York Post figured they had found who was behind the Tyler Durden persona, and outed Daniel Ivandjiinski, who had been barred by FINRA for insider trading.  Tom Lindmark, of the Wall Street Pit, picked up the story where the Post left off and expanded upon the story a bit.  Of course, success of any kind is never uniformly acknowledged, let alone celebrated, and it wasn’t long before this bit of vitriol surfaced.

Naturally, vitriol can flow both ways and Joe Hagan, the guy who outed Daniel Ivandjiinski did not get away unscathed, according to this piece by Felix Salmon at Reuters.

Still, popularity and contraversiality often go hand in hand.  The bloggers are prolific and, quite frankly, much of the technical information from the world of finance that they put up I just plain do not understand.  I skim most articles and bookmark quite a few for later reading**.  I like the fact that there is someone out there beating a different drum from the main stream cheerleader media.  And, if ZeroHedge continues to grow in popularity, their influence will grow too.  I hope that this has a tendency to reduce the arrogance of those on Wall Street and drive them to become more accountable for their behaviour.

* Except for Dylan Ratigan, who periodically provides posts to ZeroHedge.com.

** Someday I’ll have the time.  Either that or the information will be obsolete and I won’t have to read it.

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Responses

  1. I hate to be a Gloomy Gus about all this but I’ve spent my career working amongst those guys and I can assure you that their arrogance will NEVER abate and they will NEVER be held accountable. This is the way Wall Street has always operated. It’s nothing new. There’s a sense of entitlement that you have to see in action in order to really appreciate. It’s just awful.

    The only thing that will ever slow these guys down is regulation and they have enough power in Washington to prevent any meaningful change from becoming law. So sorry for the vomit but that’s the view from inside.

  2. “** Someday I’ll have the time”

    i tell myself this, regarding things such as understanding finance, climate science, food and all that… but when it gets down to studying it? i derail quickly. i can’t decide whether it’s my “sesame street” attention span, or if things like finance have become so DELIBERATELY incomprehensible that there is no hope i’ll ever understand it…

  3. hey, i made all of some $139 last year… okay, yeah, that was on a $10K investment… i suck at this.


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