Wall Street is no place for shrinking violets, but even by New York standards, Jason Ader has some serious chutzpah: he said today that “the proliferation of index funds and exchange traded funds” helps activist investors like himself make money.
Yesterday was a big day for layoffs over at Bloomberg, and Kara Bloomgarden-Smoke has the official memo from editor-in-chief Matt Winkler. In typical Bloomberg style, the defenestrations seem to be taking place in much the same way as they would on Wall Street, with reporters being escorted from the building, never to return. (Bloomberg has a formal policy that once you’ve left, even if your departure was not of your own choosing, you can’t come back.)
Financial news is a classic ripe-for-disruption industry. It generally makes its money by selling expensive subscriptions to the price-insensitive, but that model won’t last forever: it’s never been harder to find anybody under the age of 40 who pays for such things. The trick, for anybody looking to navigate the industry, is to create products which will have a much greater chance of gaining broad traction in a mobile-native world — and which can generate profits through as many revenue streams as possible.
Brian Abelson has a fantastic post about the performance of NYT articles. The main gist is that it’s possible to predict with surprising accuracy how many pageviews any given NYT article is going to receive, given just a few variables like the amount of time that article spent on the home page, and whether or not it was tweeted by the main @nytimes Twitter account.
Super Typhoon Haiyan might well have been the biggest and strongest storm in recorded history, with wind speeds exceeding 200mph and hurricane-force winds extending more than 50 miles from the storm’s eye. Moody’s estimates that half of the Philippines’ sugar cane crop has been destroyed, along with a third of its rice-growing fields. Most devastatingly, thousands of people were killed by the storm. In other words, Haiyan is the very model of a modern environmental catastrophe.
The big blog news of the day is that Vox Media has acquired Curbed Network. Why is the news so big? Because, until now, if a major blog property was sold, it was always sold to some media giant — more often than not, AOL — which wanted to add another bloggy arrow or three to its massive content quiver.
This is undoubtedly the most distorted jobs report in living memory. Scroll down a bit, and you get to a whole box entitled “Partial Federal Government Shutdown”, which explains that for a multitude of reasons, the amount of “nonsampling error” in this report is going to be much bigger than it normally is — and yet, the BLS also made the correct decision that for the sake of “data integrity”, it was not going to try to correct for any of those nonsampling errors.
Twitter is about to raise more than $2 billion, on a valuation of more than $18 billion, in its IPO. At some point on Thursday morning, an opening price for the stock will be set — a price which will almost certainly be north of the official IPO price of $26 per share — and after that, it’s off to the races. Will Twitter stock go up? Will it go down? Is it a buy? Is it a sell? Is the company worth what the market says it’s worth? It’s a pretty silly game to play, at heart, since no one has a clue what the answers are, not even Twitter’s underwriters, who had to raise the valuation of the company twice.