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Market Propaganda Is a Daily Truth

Michael Covel

Michael Covel

Consider an excerpt from Trend Commandments:

During production, my documentary film arranged for an interview with CNBC’s Maria Bartiromo. The interview was approved for months. Other interviews for the film included two Nobel Prize winners, and several legendary hedge fund managers. Bartiromo canceled minutes before her interview. She left a voicemail message:

“I probably should not have said yes to it without having this stuff go through my, uhhh, PR people. I’m sorry about that, but, ah, given what’s gone on and all the criticism of analysts and the, you know, the Dot-com boom and bust I…I can’t, um, I…I don’t want to really do this open ended without really knowing more details.”

Bartiromo is a media professional who has interviewed world leaders and top financial experts for more than a decade. However, almost eight years after the Dot-com bubble, Bartiromo was using it as a reason to not go on the record about the role media plays on Wall Street. That voicemail confirmed my experiences at CNBC earlier in the year. When they walk off the set, it is just that—a set.

One reader was not happy with my revelations: “You make accusations without any proof or examples. You are media and just as guilty as those you accuse. This is a hatchet piece without merit. You apparently have an audience that hates America, CNBC, and Maria. Glad I don’t have to live in your [—-]hole.”

It all comes down to propaganda and the battle against it. Anyone familiar with the inner workings of a Tupperware party knows all about the power of influence, and how very well it works.

Most info-Web-media-newspaper types don’t believe that great trend trading knowledge and wisdom are found by removing junk from people’s heads.12 Removing junk is just as much a part of my calling as explaining the concepts and rules of systematic trend following trading.

Now consider some feedback on CNBC, ESPN and the media as a whole:

Mike,

Hope you get a chance to watch some of this Republican Debate on CNBC. The candidates are ripping the CNBC moderators for their biased and ugly questions. Goes right in line with what you talk about on your podcasts about CNBC and how they create conflict and hype for ratings purposes. Over the years, I’ve never felt right when I watched CNBC. After hearing some of your podcasts, it now makes sense to me why I felt that way.

Same analogy for me with ESPN in my industry. As a professional sports handicapper for the past 20 years, it has always amazed me how recreational amateurs rely so heavily on ESPN, while I get very little useful info from that network. I rely on stats and numbers and proven systems and methods to handicap. Not public information on ESPN that is already priced into the betting lines. Amazing how similar financial markets and sports betting markets (and industries) are to each other. Keep up the great work. I’m enjoying your Flagship course and the weekly podcasts.

Thanks,
[Name]

Thanks.

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Posted in Holy Grails, Multimedia, Trading 101, Trend Following
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