While practitioners can offer real-world experiences, there’s a lot to be said for traditional financial journalism. Felix Salmon, author of the Market Movers blog on Conde Nast’s Portfolio.com, exemplifies the best in financial writing. Felix reads everything with a skeptics eye and his posts often question the things that others accept at face value.
During the past week, I’ve probably turned to Market Movers as much as any other blog as a means of gaining insights to the rapidly changing market. Yesterday morning, a colleague asked me why I thought the markets were not responding more favorably to the AIG bailout and the positive earnings reports from Goldman and Morgan Stanley. I forwarded Felix’s post Morgan Stanley in the Crosshairs, which proposed the idea that since bondholders have emerged largely unscathed, while equity holders have been punished, that those wishing to take a position in financials are foregoing stocks for debt. Was that the main driver for the drop? I couldn’t tell you, but it certainly is a more well thought out supposition than many others I’d heard.
Perhaps it’s because of his experience working for Nouriel Roubini, but Felix shines when the markets are imploding. Instinctually, he questions the axioms of others, identifying flaws in their platitudes.
But Market Movers commands my attention even when the markets are calm. Felix often writes about blogonomics and was early to recognize the fact that blogs can be viable publishing platforms and targets for M&A events. Of course, the most enjoyable segment for me is his (somwhat) weekly Ben Stein Watch, where he takes on the actor/author/attorney/commentator who currently pens a weekly economics column for the New York Times. As Felix is quick to point out, while Stein may have portrayed an economics teacher in Ferris Bueller, his columns suggest that he did not pay much attention to economics during his own academic years.
Felix Salmon’s Market Movers blog is thoughtful and has a clear and consistent voice with occasional dry wit. He combines strong fundamental journalism skills with a deep understanding of the financial markets. The result is a compelling read that helps users navigate the complex environment we currently face.
The Ten Best Financial Blogs:
10. 24/7 Wall Street
9. The Big Picture
8. Dealbreaker
7. Footnoted.org
6. Nouriel Roubini’s Global EconoMonitor
5. TraderFeed
4. Wallstrip
3. Paul Kedrosky's Infectious Greed
2. Portfolio.com Market Movers
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