Sunday, May 6, 2012

10 Reasons Why I Read Zero Hedge

Because: 1. I learn a lot.  From CDS's to synthetic CDO's, and forex to Libor, and much more complex stuff that I'm still trying to figure out.  2. ZH often scoops the mainstream media. Try its Twitter feed for breaking market news and commentary - priceless.  3. ZH is well-written and "always brief, never boring" (like Out Here 2), although not always grammatically correct and not always brief (and I thought I was the master of the run-on sentence) but obviously that is because "the Tyler Durden mind" is racing way, way ahead of the word processor - as it often does with genius.  4.  ZH links to some of the best economic and political bloggers on the planet.  I would never have found Bruce Krasting, Testosterone Pit, Jon Hussman, etc. otherwise.  5. I believe Wall Street is in need of reform.  WS got away with murder in the financial crisis of 2008.  To save itself from irrelevancy (public trust and trading volume has vaporized since '08), "The Street" needs to be cleaned up.  6. ZH is not afraid to be self-deprecating.  And the ability to laugh at oneself is always an excellent gauge of character.  7. ZH is irreverent, and edgy.  Yeah, I'm from the 60's.  8. ZH advances freedom of the press.  Mainstream media in the U.S. has become Jerry Springerized; ever more trivial, excited, sensationalized, spin-doctored, and politically polarized.  The real news is online at sites like ZH.  9. ZH makes a cogent argument for anonymous free speech - something I, as "The Balf", appreciate. "It thus exemplifies the purpose behind the Bill of Rights, and of the First Amendment in particular ... "in general, our society accords greater weight to the value of free speech than to the dangers of its misuse." (McIntyre v. Ohio Elections Commission 514U.S.334 (1995), Justice Stevens writing for the majority) ... anonymous speech has a long and storied history in the U.S. Used by the likes of Mark Twain (aka Samuel Langhorne Clemens) to criticize common ignorance, and by Alexander Hamilton, James Madison and John Jay (aka Publius) to write the Federalist Papers, we think ourselves in good company in using one or another nom de plume. Particularly in light of an emerging trend against vocalizing public dissent in the U.S., we believe in the critical importance of anonymity and its role in dissident speech. Like The Economist magazine, we also believe that keeping authorship anonymous moves the focus of discussion to the content of speech and away from the speaker - as it should be. We believe not only that you should be comfortable with anonymous speech in such an environment, but that you should be suspicious of any speech that isn't."  And finally, 10. ZH warns you upfront not to take them seriously (unlike Goldman Sachs, who may be saying one thing and doing another).