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Mainstream Financial Media & Wrestling: Hip Tied

Great connections from Ben Hunt:

My point is not that mass-mediated financial advice is kinda like professional wrestling. My point is that mass-mediated financial advice is EXACTLY like professional wrestling. And I know that it must seem like I’m slamming Cramer and CNBC and the rest of the mass media financial guru-sphere by equating their efforts with professional wrestling, but I’m really not. I just want to call things by their proper names. I LOVE professional wrestling. Second only to professional politics, professional wrestling demonstrates Narrative creation and execution at an extremely high level of artistry, with hundreds of millions of dollars at stake. And it’s NOT a fake representation of wrestling in the way that an episode of “Marcus Welby, M.D.” is a fake representation of medical practice. Professional wrestling is scripted and choreographed, like a TV medical drama, but there are actual athletic feats executed here. It is “real wrestling” in that sense, where there is no “real medicine” being practiced in the filming of “House”. But no one in his right mind believes that professional wrestling is the same thing as Olympic wrestling or collegiate wrestling. Professional wrestling is its own thing – a marvelous and entertaining thing – and it deserves to be understood in that light. Well … mass-mediated financial advice is its own thing, too, where Narrative creation and execution is the only thing that matters, and everything you see or read is driven by the economic diktat of driving the Narrative du jour forward. No one in his right mind should believe that mass-mediated financial advice is the same thing as professional, individuated financial advice. And yet here we are, in a world where the notion of trust has become so warped that every day, thousands of investors question the trustworthiness of their flesh-and-blood financial advisors and tens of thousands more act on their own because they trusted a piece of Narrative-driven advice they heard on the TV or read in the newspaper. Why is it so important to distinguish between real people and mass media representations of people when it comes to matters of trust? Because in the wise words of J.K. Rowling, never trust anything that thinks for itself if you can’t see where it keeps its brain.

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