Talking Heads

My wife and I had a relatively quiet Christmas Day affording me the opportunity to relax, read and... yes, dear readers, nap. (A skill that I perfected during slow trading afternoons on the desk at Aurion Capital).

While binge reading Tom Wilson's 'Beautiful Scars', I surfaced a couple of times to surf the biz headlines and came face to face with the blaring headline: "A Bitcoin implosion could spill over to the stock market". My immediate thought was 'it must really be slow on the news desk'.

The author of this insight was no less than the chief equity strategist at Wells Fargo, someone who should have known better. In his video interview (I think it is still on the CNBC site today), he offered no plausible link other than "I'm worried". Talk about filling a vaccuum.

What an embarrassing theory. Especially when confronted by this morning's Bitcoin rally. He should be more worried about things that can actually make a difference to the key fundamentals of the market, oh, like, say....interest rates, earnings and risk premia.

No wonder the talking head world of business media has lost so much credibility. When the red light goes on above the camera lens you gotta talk!

There is such a surge in media demand, and with the supply limited, this was bound to happen. Ignore this 'filler' content and go back to your holiday reading.

I did and was glad - Tom Wilson is way more insightful and entertaining.