I think the mainstream media is making us all into journalists.
Ernest Hemingway famously said, “To be a good reporter you need a built-in shockproof crap detector.”
When I started covering the fast-paced futures markets for Reuters News Service back in the 1960’s that quote resounded in my head on a daily basis. I started my journalistic career on the floor of the Chicago Mercantile Exchange talking to traders about what was happening in the futures markets. In those days, the biggest markets were pork bellies, live cattle, live hogs and shell egg futures. The financial instruments futures hadn’t been created yet.
My qualifications included a degree in finance and several years experience magazine writing and editing.
Reporting markets, you had to remember that everyone you talked to had an agenda (and likely a position in the market). So, I always assumed that the person speaking to me had an axe to grind. When someone told me something bullish on the market, I would search around for a contact likely to tell me the ‘other side.’ That way, my market comments remained balanced and useful to traders. Continue reading