Content Matters: Finance

September 01, 2009

StockTwits Launches Desktop App

The public beta of StockTwits Desktop was released earlier today. In doing so, StockTwits has staked out some pretty interesting territory.

When StockTwits was initially launched last year, it was simply aggregating tweets by ticker symbol. During the past year, StockTwits has developed a robust community of more than 75,000 active traders, and wth the launch of StockTwits desktop, they've cut the umbilical cord to Twitter.

At first glance, the new StockTwits desktop resembles TweetDeck (no surprise, since StockTwits co-founder Howard Lindzon is a TweetDeck investor). But rather than simply a fancy Twitter client, StockTwits Desktop is an extensible desktop application that allows users to pull in Twitter feeds, RSS feeds and custom feeds of news, charts and more. When you post on StockTwits Desktop you can choose to tweet to both Twitter and the StockTwits desktop, or just to the desktop. There's also a channel to access StockTwits TV. StockTwits Desktop has support for Groups, though there are only a handful of groups right now.

StockTwits Desktop uses a tab interface to help you manage all the streams of information. Barry Ritholtz describes it as a “social Bloomberg” meets an iTunes Music Store for finance. There are numerous well-thought-out features, such as the ability to click a link and automatically launch a browser within a new tab of this Adobe Air app.

On initial release, StockTwits Desktop is a robust application, bringing together the best of community and RSS reading, but that's just the start. StockTwits Desktop has been designed to support permissioning for premium content streams. The StockTwits vision is for StockTwits Desktop to become an "unbundled Bloomberg" for active investors. While StockTwits Desktop is not going to push Bloomberg off institutional desktops, with the right content streams, an a-la-carte approach could be compelling for individual traders who are not in position to spend $1,500 per month for a Bloomberg.

In the coming years, I expect a number of providers to carve out vertical market niches around Twitter. StockTwits has taken bold steps with a foothold in the financial information space. And with the new StockTwits Desktop, it has given itself the flexibility to move beyond Twitter.

The StockTwits Desktop is available for download.

Barry Graubart on September 01, 2009 in Content Business, Emerging Content Technologies, Finance, social media | Permalink | TrackBack (0)

Technorati Tags: Finance, StockTwits, Twitter

June 20, 2009

Half of Asset Management Firms Losing Money $$

According to BlackRock vice chair Bob Doll, "as many as half of the world's asset managers are breaking even at best".

This week's Economist take an interesting look at the asset management industry, in light of the BlackRock acquisition of Barclays Global Investors. According to the article, more banks are expected to put their asset management divisions on the block, as revenues shrink and profits get squeezed.

It wasn't supposed to be this way. Unlike market-sensitive businesses like proprietary trading and investment banking, the asset management business was a safe business with a predictable fee-based revenue stream. That led to many acquisitions of asset management firms in the past ten years. But the past year has brought challenges, while some of the anticipated cost savings from scale have failed to materialize.

I would guess that a lot of the margin erosion is simply due to firms' expanding their cost structures during the boom years. With assets under management growing each year from a combination of investment growth and new contributions to 401(k) funds, it's easy to see how many firms became less efficient. At the same time, while marketing directly to institutions is fairly inexpensive, marketing your services to a retail audience can become costly.

The article also points out one of the structural challenges facing the industry that should have been apparent all along: the fund management industry doesn't scale as well as other businesses. The most lucrative side of the business has always been active management, where fees can range from 60 to 150 basis points or more. Indexed management fees are much lower - typically 20-30 basis points. But it's almost impossible for active managers to consistently beat the market as they grow. As funds grow, it's inevitable that their holdings make them more and more like the major indices. They can't possibly take large enough positions in small caps to impact performance as they grow.

Where will the industry go from here? While giant firms like the newly re-Christened BlackRock Global Investors, T. Rowe Price, Fidelity and Vanguard will surely continue to grow, we may see the active management sector again become decentralized with smaller, independent firms handling much of the load. Private equity firms like TA Associates can take a stake in multiple smaller managers without impacting their ability to invest in small caps. But it may be a while before we see strong growth and profitability in this sector.

Barry Graubart on June 20, 2009 in Finance | Permalink | TrackBack (0)

Technorati Tags: buy-side, fund management, investment management

May 28, 2009

Professional Blogs Turn to Research for Added Revenue

In recent years, the line between blogger and industry analyst has been continually narrowing. For technology professionals in particular, much of the product and industry analysis that came from IT analyst shops has largely been replaced by blogs. That's not surprising. Many IT analysts now blog and others who have left the big shops like Gartner or Forrester have started independent blogs.

What's interesting is that now, as the online advertising market has dried up, a number of professional bloggers are now turning to paid research as an additional driver of revenues.

Today GigaOM announced the launch of GigaOM Pro, a subscription-based syndicated research site, that will be available at the modest price of $79 per year. GigaOM Pro will focus on a handful of tech sectors - Green IT, Mobile, Infrastructure and Connected Consumer - and will use both internal resources (newly hired Research Director Michael Wolf, formerly of ABI) and freelance analysts.

Last year, ContentNext, publisher of PaidContent, MocoNews and ContentSutra, hired ex-Merrill Lynch analyst Lauren Rich Fine to head up a proprietary research effort. They've released a few detailed reports, most recently a social media report called Following the Money.

Earlier this month, ReadWriteWeb released their first premium report - ReadWriteWeb's Guide to Online Community Management, a combination of case studies, best practices and an online component which aggregates relevant stories on the topic.

And, it's not just technology companies. Financial blogs are exploring the same paths. Footnoted.org recently launched Footnoted Pro, a subscription-only online newsletter which provides actionable research, augmenting the basic information on the free site.

Meanwhile, StockTwits (while not a blog) has announced StockTwits Premium, an a-la-carte offering of research and tools for its active trader community.

Blogs are morphing into traditional b2b media companies, with three revenue streams: advertising, paid research and conferences. And that's going to raise the bar on the traditional analyst research firms to deliver greater value.

Barry Graubart on May 28, 2009 in Blogonomics, Content Business, Finance, social media, user generated content | Permalink | TrackBack (0)

Technorati Tags: blogging, blogonomics, ContentNext, footnoted.org, GigaOM Pro, ReadWriteWeb

May 22, 2009

Open Table Should Buy Yelp

There was much celebration yesterday at Open Table's (NASD:OPEN) successful IPO. In this market, any IPO, especially a tech IPO is cause for celebration, and Open Table shares jumped 50% to more than $31 during its first day of trading after being priced above the initial $16-18 range.

On its merits, Open Table is not that great a story right now. Restaurants are hurting in the current economy and the company lost $1M on revenues of $56 million in 2008, before things got really bad. More than half their revenue stream comes from the flat fees which they charge restaurants, so that should be somewhat predictable, but will certainly take a hit as restaurants shut their doors. The variable revenues, based on individual bookings will be at even greater risk until the market returns.

While Open Table has strong relationships with restaurants, what would make it a much more interesting company would be to reach out to the consumer side. An Open Table acquisition of Yelp would close the loop, allowing users to search reviews, then book their reservation on one system. It could also create new markets for Open Table. Yelp is well-positioned to become a dominant player in local advertising, and Open Table could potentially serve as the intermediary between buyers and sellers in those local markets. Adding user-generated content and social media to Open Table would position it for future growth as it would be embedded into the daily activities of its core audience. Open Table is a web 1.0 survivor; Yelp brings the newness of the web 2.0 environment and business approach and a nearly obsessive focus on the user.

Of course, Open Table and Yelp have been polar opposites when it comes to their corporate culture.

Open Table has served the restaurant and not focused its efforts on the consumer, while Yelp has shown a willingness to alienate restaurants in order to preserve its customer focus. Could that philosophical divide be bridged? It's worth exploring.

At an estimated valuation of $200 million, Yelp would be worth a third of Open Table, based on its current market cap. But together, the two would be well-positioned to become dominant players in local advertising across a multitude of consumer industries.

Barry Graubart on May 22, 2009 in Content Business, Finance, IPO, M&A, social media, Technology | Permalink | TrackBack (0)

Technorati Tags: Deal Idea, M&A, Open Table, Yelp

April 27, 2009

Conde Nast Portfolio - Sorry to See You Go

There was a tremendous amount of coverage today of the announcement that Conde Nast would soon be shuttering its Portfolio magazine.

In fact, Portfolio had not received this much ink since the news two years ago that Conde Nast planned to make a nine-figure investment in the launch of a new print product, a decision that seemed audacious, even at the time.

Others closer to the magazine business have shared their thoughts on why Portfolio failed, so I won't dwell on that part of the story. Here are a few of those comments:

Jon Fine goes back to the basics saying that Portfolio failed to engage either readers or advertisers and had the unfortunate timing to attract neither during a huge advertising contraction.

Jim Ledbetter at the Big Money, who knows a thing or two about launching a financial content product during a down market, suggests that with a smaller budget, a weekly frequency, a better website and a better editor, Portfolio might have been able to survive, had market conditions been better.

But I look at the Portfolio shutdown simply from the standpoint of a reader. I don't read a lot of magazines; in fact, Portfolio is the only consumer magazine to which I currently subscribe. I get most of my news from the web, either on my desktop or iPhone and most printed publications just seem stale by the time I read them (yes, that even applies to the New York Times I read on the subway each morning). So I certainly did not look to Portfolio for breaking news. But sometimes, you want the long form story, the kind you can get from The Economist, the New Yorker, Vanity Fair and, yes, Portfolio.

I viewed Portfolio simply as pleasure reading. During its first summer, I found it to be the perfect poolside reading material. During the summer of 2007, when ad dollars were still plentiful, Portfolio had "plop value" that could compare to the weighty fashion magazines my wife would read. Portfolio hired talented writers and delivered solid investigative reporting. While many skewered Portfolio for putting Sarah Palin on the cover of its April issue, I found the Joe McGinniss article, which described how Palin's dealings with the oil companies would ensure that the $40 Billion natural gas pipeline would never be built, to be top notch.

And, of course, Portfolio hired a terrific team of bloggers, led by Felix Salmon, now at Reuters. While the print product was always more of a guilty pleasure, Felix's Market Movers blog was on my daily "must read" list.

I'm not a magazine reader and if I were to start up a new content business today, it wouldn't be in print and it wouldn't have a $100M launch (or a $10M or probably even a $1M launch). But, this summer, when I'm lounging by the pool, I'm going to miss Conde Nast Portfolio.

Barry Graubart on April 27, 2009 in Content Business, Current Affairs, Finance | Permalink | TrackBack (0)

Technorati Tags: Conde Nast Portfolio, finance, magazines

April 12, 2009

Where Might the Best and Brightest Go to Work?

The New York Times today has an article entitled Crisis Reshaping Wall Street as Big Banks Lose Top Talent, which spotlights the decisions some on Wall Street are making to leave the big investment banks..

This is a discussion I've been having with friends (both online and off) for much of the past year.

For those in the New York technology industry, the financial markets have been both boon and bane. They create a strong market to sell into, but they also make it much harder (and more expensive) for startups to recruit technology talent. In Silicon Valley, the decisions are between startups or the former startups who've grown up a bit. In Silicon Alley, we've had to compete with Goldman, Morgan Stanley and others who offer salaries and benefits with which startups are unable to compete.

Of course, it's not just IT and MBA students who go to Wall Street. For more than 20 years, the top graduates of law schools and various undergrad and graduate school programs have been recruited by the top investment banks.

So, if there is a shift, is that a bad thing? Personally, I think it will be healthy for the Street and certainly for other industries.

If I were starting my career today, finance would not be near the top of my list. There are so many fields undergoing transformational change where young people can make a huge impact, such as health care, energy or technology. For those who love finance, there are great opportunities with smaller firms where entrepreneurial skills can be applied. And, of course, there are public sector roles where the smart young leaders can help reshape our society.

What would be the negative impact of a brain drain on Wall Street? I think the Street can survive without the invention of new financial instruments for a few years. Meanwhile, getting the best and brightest to focus on solving the challenges of energy, healthcare, infrastructure and information technology will have a big positive impact on society.

Barry Graubart on April 12, 2009 in Current Affairs, Finance, General Business | Permalink | TrackBack (0)

Technorati Tags: jobs New York Times, Wall Street

March 25, 2009

AIG Resignation Letter - One Point DeSantis Missed

In reading the Jake DeSantis resignation letter in this morning's Times, it's hard not to feel some sympathy for DeSantis and others in a similar position. Clearly, in this market, there are many people who had little direct responsibility for the credit crisis, but who are not feeling the brunt of the pain.

Yet one part of the letter rubbed me the wrong way. In his letter to AIG CEO Ed Liddy, DeSantis writes:

The profitability of the businesses with which I was associated clearly supported my compensation. I never received any pay resulting from the credit default swaps that are now losing so much money. I did, however, like many others here, lose a significant portion of my life savings in the form of deferred compensation invested in the capital of A.I.G.-F.P. because of those losses. In this way I have personally suffered from this controversial activity — directly as well as indirectly with the rest of the taxpayers.

What DeSantis doesn't say here is that some portion of the value that had been boosting his life savings were the artificial profits from the credit default swaps in prior years. He's now complaining about the losses in his deferred comp plan when the CDS were losing money, but doesn't acknowledge that much of the gains in prior years were based on smoke and mirrors.

This reminds me of a post I read recently on Felix Salmon's Market Movers blog, where he shares the story of Dr. Martin Beitler, who complains that due to tight credit, he lost a nonrefundable deposit on a million dollar Chelsea condo because he couldn't get a no-income-check $1.5 million mortgage. Dr. Beitler is suing for his deposit back, and states that "he had bought and sold property before and had always qualified for no-income-check mortgages."

As Felix notes, Dr. Beitler does not offer to return the funds he earned when he had flipped apartments in the past using those no-income-check mortgages. No, like Jake DeSantis, Dr. Beitler wants someone to bail him out when things go badly, but feels a sense of full entitlement when things go well.

To some extent, all of us were complicit in the use of cheap credit and the rising economy that it funded. But some share more culpability than others. And while DeSantis and Beitler might not be the worst offenders, neither makes for a very sympathetic character, particularly when they fail to recognize that their earlier gains were built on the same smoke and mirrors that are now causing their pain.

Barry Graubart on March 25, 2009 in Current Affairs, Finance | Permalink | TrackBack (0)

Technorati Tags: AIG, Jake DeSantis

March 22, 2009

Mary Meeker on the Economy and Internet Trends 2009

Love her or hate her, it's hard to ignore Morgan Stanley's Mary Meeker.
This week, she posted a massive, 147 slide deck entitled "Economy + Internet Trends".

Despite the massive size of the deck, it's worth taking 30 minutes or so to walk through. She looks at the impact of the current economic environment on Content and Internet companies. Whether you agree with her analysis, there's plenty of data there for you to chew on.

The first 20 or so slides provide some interesting views into how the economy got here; nothing new but some useful charts and perspectives on what's similar and what's different from past recessions. The economy has pushed ecommerce growth to negative (starting Q3, 2008) after consistent 20% annual growth rates from 2001-2007. The technology sector's five flat or down sequential quarters matches 2001, but the outlook this time is worse.

Key spending sectors of the S&P500 have taken a huge hit - financial services, industrials, consumer discretionary, materials, information technology, telecom and energy. Even utilities, health care and consumer staples stocks are down 30-40% from their pre-recession peak.

Then she digs into the slides that are of greatest interest to those of us in the content and technology space. The trends she highlights include:

Online advertising: ad spend is closely tied to GDP growth. On top of that, right now we're in a very difficult period as the disruption caused by social media, video and VOIP is not yet translating into significant revenues Online CPMs are a fraction of offline CPMs. Meanwhile, doing a regression analysis, she shows how a flat GDP in 2009 could lead to a 4% drop in ad spend.

One bright note is that in difficult times, consumers spend more time, rather than less, on the Internet. It's "a cheap/efficient/transparent thrill!" as she describes it. The Internet is becoming a necessity. Broadband Internet was the last thing to be cut in consumer survey (even after personal care, toiletries & cosmetics).

At the same time, undermonetized social media, video and VOIP creates an opportunity for marketers to capitalize on low CPMs.

Looking ahead five years, Meeker projects the online consumption mix will be what she describes as consumer-enhanced professional content: anchored with first class professional content; augmented with first class user-generated content that's ranked/reviewed/'edited', supplemented by all-comers user-generated content that's ranked/reviewed, all presented in a holistic/widgeted way.

Or, as she describes it, a "clean combo of WSJ.com+bbc.co.uk + digg + techmeme + youtube + nytimes.com + allthingsd.com + facebook + twitter"

Meeker drills in to online advertising, noting that Google's share has increased from less than 50% in Q4 2005 to 67% in Q4 of 2008. Search advertising continues to show growth and is taking budget from other forms of advertising, most notably print magazines, direct mail and newspapers.

There is still a huge advertising opportunity - today, online advertising spend is $288 per home vs. $818 per home for newspapers. While CPM's and CPC's may be under near-term price pressure, if targeting/ROI continues to improve (as she believes they should), there should be long-term upside.

Meeker remains bullish on the ecommerce space. While some items, such as computer equipment, event tickets, books, music and videos have seen huge adoption rates on the Web, overall US online ecommerce penetration remains only around 4-6%, though it continues to rise.

Amazon should continue to show growth as it has become the web's most effective commerce search engine and continues to provide new technologies for its users, such as the Kindle and mobile apps for research and purchasing.

Another strong trend for Meeker is the positive growth in mobile. New mobile products, from iPhones to the Kindle to Netbooks are driving incredible growth. The enablers for this growth are:
1. broadband and wireless infrastructure; the cloud
2. Hardware: small, fast and cheap storage, touch screens, GPS and more
3. Software - browser-based tools, widgets
4. Communications tools - messaging, social media, cameras, VOIP
5. Digital content - music, video, news, search, shopping, weather, maps and more

She notes that Google Voice provides Unified Communication for consumers - one phone # + VOIP + Voicemail Transcription + SMS. That's a pretty big game changer.

We are undergoing the greatest media transformation in history and Meeker asks "Where is the great creative" to drive it?

In closing, she reiterates her believe that companies with cogent business models that provide consumer value (Amazon, iTunes, etc) should survive and even thrive in this economy, noting "consumers need value more than they've needed it in a long time".

The full presentation is posted at http://www.docstoc.com/docs/5045631/Meeker-Tech-09.

Thanks, Paul Kedrosky, for the heads up on this.

Barry Graubart on March 22, 2009 in Content Business, Finance, Search, social media, Technology | Permalink | TrackBack (0)

Technorati Tags: Internet, Mary Meeker Internet Trends, online advertising

March 04, 2009

Spreading rumors at 140 characters $$

Buy the rumor, sell the fact

It's one of Wall Street's oldest maxims.

For traders, the idea that you can thoroughly investigate each rumor and determine which are important and which are factual, all before the price moves, is folly.So, traders trade the rumor. In bull markets, that means they buy the rumor, then sell when the news come out. In bear markets, they short the rumor, then close the position on the news.

Yesterday, this blog got into a bit of a kerfuffle when it reported on how web news outlets and Twitter were covering the rumor that Blockbuster (NYSE: BBI) might be preparing to file for Chapter 11 bankruptcy. That post noted that the story, which originated on Bloomberg News, was quickly picked up via Twitter, while traditional web news outlets such as Google and Yahoo trailed.

While my blog post was focused on how the news spread through the web, it was picked up by FT.com's Alphaville as part of a story noting how the rumor was incorrect. So, that got me thinking about rumors and Twitter, and whether the 140 character limit might cause rumors to be spread with less background information.

140 characters is not a large canvas. Even for the artful editor, communicating a topic in 140 characters can be a challenge. Yet one of the great things about Twitter is its ability to include links, usually in about 20 characters thank to Bit.ly or TinyURL. So, the user is typically left with 120 characters in which to communicate their message, leaving room for a link.

In this case, a better tweet might have been something like:

Blockbuster ($BBI) hires law firm Kirkland Ellis, explores various strategic alternatives for capital http://bit.ly/PBk4s

But traders are not editors; they pick up on rumors, act on them and sometimes, share them.

Now, let's look at the impact of this. We can start with the timeline of events. This is based only upon what I can see from the Internet. I'm not looking at the underlying news pipes or tick streams.

2:01pm Initial story posted to bloomberg.com, BBI trading at $0.79

2:06pm BBI trading at $0.37

2:07pm First tweet seen on StockTwits

2:10pm BBI trading at $0.18

2:13pm Briefing.com headline reads " following Bloomberg headline saying co hired Kirkland & Ellis for bankruptcy advice"

In looking at the timeline, it seems that the Twitter element was not a big factor in the sell-off. In essence, the story is that Bloomberg posted a story indicating potential adverse news for Blockbuster and the markets quickly responded, tanking the stock. From that standpoint, this is no different than thousands of other market events in the past. There's a sign of possible trouble with the stock, traders trade on that rumor, then the final news comes out.

I'd also question whether the final news really dispelled the rumor. Blockbuster quickly came out with a response, saying they were not filing for Chapter 11. But the reality is that they've hired a law firm to help them deal with impending capital challenges. The ultimate outcome of that may or may not be a bankruptcy filing, but it's clear that the already distressed company is liquidity-challenged in a very difficult credit environment and that they've hired Kirkland & Ellis, a bankruptcy counsel.

Returning to the premise of this post, though, is 140 characters appropriate for sharing information? While it has its limitations, they're no more so than those of the traditional media for spreading rumors - the telephone or the trading floor. And, while I'd encourage tweets to include a link to supporting data, the goal of the tweet is not to provide a detailed analysis of the situation but rather to give a quick alert that something is happening. Could Twitter be a tool that people could use to knowingly spread false rumors? Certainly. And that creates opportunities for sites like StockTwits and others, to define ways in which participants earn trust from the community.

Barry Graubart on March 04, 2009 in blogs, Finance, General Business, social media, Web 2.0 | Permalink | TrackBack (0)

Technorati Tags: BBI, Blockbuster, trading, Twitter

Five Questions for Lauren Rich Fine

Lauren Rich Fine has a fairly unique perspective on two industries which are in the midst of transformational change: news and financial services. For nearly twenty years, she followed the newspaper industry as a sell-side analyst at Merrill Lynch. When she stepped down from that role two years ago, the subprime crisis was still considered an isolated problem and private equity firms were paying a premium for newspaper companies. What a difference twenty four months makes.

More recently, Lauren has moved to the alternative media space, serving as Research Director for Content Next Media, publisher of PaidContent and related news blogs. Her latest report for Content Next is Playing a New Tune: The Music Industry's D-I-Y Era. Fine also serves as Practitioner in Residence at Kent State University's College of Communication and Information.

Content Matters: The world of investment research has changed dramatically since the Spitzer settlement. This has contributed to the emergence of the independent analyst and the professional blogger. What do you see ahead for investment research?

Lauren Rich Fine: I think you will see more well known analysts hanging up their own shingle, lilke Ivy Zelman and Meredith Whitney. I have chosen to do the part of the job I really loved, which was forward looking industry research; I was less interested in picking stocks so the position as Research Director for ContentNext was perfect.

CM: In an interview shortly after you left Merrill, you were asked what you might want to do next. You suggested that you’d love to help Sam Zell with his then just-acquired Tribune business. A lot has changed since then, particularly the end of cheap credit. But, credit aside, what might you have done to make Tribune a sustainable business?

LRF: I would have made changes a lot faster. I would have communicated more directly with my readers and explained the changing landscape for newspapers. Online, I would have had the editors use quality Internet content for nonlocal content, and even use it in print, and focus my dwindling resources on local news, particularly investigative reporting. I would have really tried to energize my sales force, both for print and online. There are many other things, but overall, experimenting and moving more rapidly could have helped.

CM: Gordon Crovitz recently suggested users should pay for news with micropayments. Newsday has announced plans to make their news available only to paying subscribers, while US News is publishing a paid PDF magazine. But the genie has been out of the bottle for ten years. Can publishers (other than perhaps the FT and WSJ) really get consumers to pay for news?

I don't think so. The WSJ is providing information that is required to do a job, v. the average metropolitan papers which is read to be an informed citizen. One produces a return on investment, and by the way, is frequently paid for by an employer. The comparison to iTunes is flawed as a purchase of a song can be heard over and over again v. news which becomes stale very quickly.

CM: We’ve seen a handful of blog acquisitions by traditional media in the past year (including ContentNext, Ars Technical, etc), but not as many as some of us anticipated. Why do you think that is and do you see that changing as the ad market comes back?

LRF: It is hard to maintain a site that is proprietary and dominant market share. The barriers to entry are so low that when one does the build v. buy, frequently, build wins out. It is getting harder to break through the clutter and have a site with enough traffic to really attract advertisers.

CM: While there’s a lot of gloom and doom about, there are always bright spots. Weak economies bring transformation and change. What are you optimistic about in 2009 (professionally or personally)?

LRF: Well, I for one am happy to say goodbye to the era of excess and lack of accountability. While I am deeply concerned about the rising unemployment rate, I don't mind that my 5 teenagers will really learn to work hard to get what they want. Personally, I have an amazing family that I enjoy watching mature and a few jobs (I am also a practitioner in residence at Kent State University) that keep me fulfilled and bring me into contact with smart, innovative people.

Barry Graubart on March 04, 2009 in Blogonomics, Content Business, Finance, Five Questions, General Business | Permalink | TrackBack (0)

Technorati Tags: content, Five Questions, Lauren Rich Fine, newspapers, sell-side research

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