Felix Salmon

Why privately-financed public parks are a bad idea

November 22, 2013

If you want to find the most valuable land in the world, you have to look for two things. Firstly, find a rich, densely-populated city. Secondly, take a map of the middle of that city, and look for open space: parks, rivers, lakes. Look at the land bordering that open space, where offices and apartments can avail themselves of spectacular views — that’s where land is going to be the most expensive. Indeed, ultra-luxury condo developer Arthur Zeckendorf recently told the NYT that once he finishes the building he’s working on right now, he doesn’t have anything else in particular that he’d like to build: “We have looked at every single site in Manhattan, but we haven’t found one that meets our criteria to be on a park.”

Why guru ETFs beat human gurus

November 21, 2013

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.

The evolution of Bloomberg News

November 19, 2013

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.)

When airlines don’t compete

November 18, 2013

James Stewart is not happy about the settlement which allows American Airlines and US Airways to merge.

The financial-media rollup strategy

November 15, 2013

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.

How the NYT neglects business journalism

November 15, 2013

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.

Cat bonds wouldn’t have helped the Philippines

November 13, 2013

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.

Content economics, part 4: scale

November 11, 2013

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.

The GIGO jobs report

November 8, 2013

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.