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On Blogging Brawls and Bragging Rights
A couple of days ago Yves Smith of Naked Capitalism posted a comment, Who Is Tyler Durden? The post generated over 187 comments (and still counting), most of which were infantile swipes from morons claiming that one blog is better than the other one.
I got carried away too and used language that I shouldn't have, but after sleeping on it, I want to offer you some of my thoughts on these blogging brawls and bragging rights.
First, while I defended Yves from the vitriolic attacks in the comments, her post was stupid and probably done to stir up shit in the blogosphere. As I stated in the comments, who cares who Tyler Durden is? Whether it is one person or a group of people posting anonymously, is irrelevant. As long as Zero Hedge keeps delivering interesting comments, people will read it and make up their own minds as to accuracy of what they are reporting.
That brings up my second point. Everyone has an agenda, including yours truly, and so does Yves Smith of Naked Capitalism. Everyone has their "schtick" and they want to be heard. The thing that gets me is that some people are a lot more transparent than others in their agenda. I use my real name, you can read all about me on my profile, I tell you my agenda right at the top of my blog. I say this because I just found out yesterday that Yves Smith is Susan Webber of Aurora Advisors.
[Note: Admittedly, I am an idiot because when I first started reading Naked Capitalism, I thought Yves was a guy. She then sent me an outline of her new book and I still couldn't figure out who she is. She even emailed me once or twice as Susan Webber and I never put two and two together because at that time, I thought it was someone else. You have to scroll all the way down to the bottom of her blog to see Aurora Advisors. No problem, I wish she told me right off the bat in clear English or posted it on her blog clearly so I can add her company to my list of advisors on my blog, which I gladly did last night.]
Third, your credibility is only as good as what you post. I can easily castigate Yves Smith, citing that she worked for Goldman Sachs or that Lehman Brothers and Soros Fund Management are part of her firm's client list. I can conjure up a conspiracy theory that tells you Goldman Sachs is behind Naked Capitalism to bombard the market with disinformation. But Yves has posted numerous critical comments, some of which are highly critical of the financial establishment. I do not question her credibility, but I would have liked it if she was more upfront of who she is and where she works. If you are selling your services to clients in the financial world, you should disclose it.
Fourth, posting anonymously does not detract from the message but again, please state your qualifications and your agenda. Everyone has their agenda, so just be upfront and state it. Some of us stick our necks out more than others, however, because quite frankly, we got nothing to lose. As I told one former pension bully who kept threatening to sue me, "I know the truth and will disclose it in a court of law. I got nothing to lose." It cost me a future in the pension industry, but I had my fill of pension parrots and pension politicians and their feeble cover-your-ass board of directors.
Fifth, I find it absurd when I read comments like "this blog is the best or that blog is the best". Why do we blog? Because we are fed up with the bullshit that the investment bankers, banks, insurance companies, private funds, mutual funds, and pension funds are feeding us. I consider blogs as another medium to help me gain an edge in what is really going on.
Importantly, the blogosphere has fast become a key medium in the information arbitrage business. There are many excellent blogs out there and none of them have a monopoly on wisdom. Some think they are more important than others, but they are only fooling themselves.
Sixth, we all have our personal tastes when it comes to blogs. For example, when I want to know about markets, I love reading Tim Knight's Slope of Hope, Ben Bittrolff's Financial Ninja, and David Spurr's Displaced EMA. The Kirk Report recently had an excellent Q&A with Tim Knight which put it succinctly:
In fact, every time you visit his blog you can count on Tim saying or sharing something that is likely to amuse you and/or at least get you thinking about something. His perspectives are always fresh, witty, and clearly different than the typical "we're always in a bull market" garbage found within the mainstream financial press.
I do not always agree with Tim, Ben or David, especially recently where I feel their bearish tone totally underestimated the effects of performance anxiety following a horrible Q1. But what I appreciate is their free thinking and the fact that they have "skin in the game". They are individual traders trying to make a living, not some investment bank trying to sell ideas to big institutional clients (so they can front run them or take the opposite side of the trade). I will say it again, in the environment we are heading, small is beautiful and you'd better forget what the claptraps on Wall Street are saying and pay close attention to what the top hedge funds are buying.
As far as big picture ideas, I like reading many blogs, but the best ideas often come from other sources like Hoisington Investment Management and Absolute Return Partners. I especially like reading independent thinkers like Michael Hudson (read his latest on the specter of debt revolt haunting Europe) and Henry Liu who has many excellent articles on his website and on Asia Times' Complete Henry CK Liu. There are academics and numerous other commentators that I place ahead of any blog in my "must read" category. That is why I have placed extensive list of links on my blog so you can access these comments.
Finally, every blogger has his or her own style. I like posting links to articles, often posting the full article and adding comments (short or long) at the end. Yves and Mish like interjecting on some passages. That is their style and their right (I find it too "mish-mash" for my taste). As far as copyrights, the minute someone posts and article on the internet for everyone to view, it is open. I give full credit where credit is due, posting the link and stating the authors and source, but I like posting full articles so people avoid going back and forth. That is my style and I make no apologies for this (okay Mr. Mish?!?!).
On that final note, I will let all my readers know that I decided to stop posting on Naked Capitalism. I thank Yves for the opportunity, but I am an independent thinker who does not like to be edited and to be honest, I have overextended my stay there and helped her out enough while she wrote her book. I decided to join the team over at Zero Hedge, using my real name, and will continue posting my material as I see fit.
I invite all of you to keep reading Pension Pulse regularly as I keep discussing trends in the pension industry and financial markets the way I've been diligently doing for a little over a year now. I still do not allow comments on my blog because I do not have the time nor the inclination to police them. Feel free to email me (lkolivakis@gmail.com) if you have any specific comments on my posts.
***UPDATE***
Bill Tufts of Fair Pensions For All was kind enough to send me this interesting article,
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THANK YOU! It looks like now maybe Naked Capitalism might be slightly cleaned up now with Kolivakis leaving we'll see less plagiarism there.
Unfortunately the cost is we destroy the integrity of ZeroHedge.
Plagiarism is not a virtue in this instance. Don't claim it as one.
The future is not shaped by fame and egos. It is shaped by ideas and innovations. Realization that your ideas will have a positive effect on our future, is the ultimate award. Not too many people get it, however you guys do. Thank you for giving a voice to the reason.
Who let the adult comment?
sorry, double post, though it probably bears repeating for all the callow youngsters here (of any age).....
"The future is not shaped by fame and egos. It is shaped by ideas and innovations."
Adult my ass, this statement screams late adolescence......say, 25 ?
Determined naivete has never, and will never change the world.
What da ya mean, infantile?
OK, I'll fess up. So I prosecuted most of Stalin's show trials and, after the war, was a Soviet diplomat, so what. Sew button on your panties, that's what. You looking to spend some time in a penal colony?
So it is alleged that Yves once served the interests of Goldman Sachs, eh? That's par for the course. Most of the Party's American members were FBI agents at one point so that's no surprize. Swine and wreckers of this kind are always found out. The people will know how to address such double dealing.
Yeah they're all left deviating Trotskyites anyway... Or is that right deviating Bukharinists?
Excellent post Leo, thanks for being candid and welcome to ZH!
I admit that I commented on NC defending ZH saying its the best, when really what I wanted to say is that for me its the most informative. I read many of the blogs you mentioned and some others, especially Market Ticker, but I just find myself spending most of my time here because of the quality and volume of the posts. Hey there is only some much time I have to read about all the happenings, so I need to make effective use of it.
I always enjoy reading your posts about the pension crisis which is essentially being ignored by MSM. Keep up the great work!
And I agree with Cheeky don't let those moronic commenters get you down though I'm sure you're not as you had some great zingers in reply.
Again welcome to ZH!
I don't think that Yves blog-entry was that stupid.
"Zero Hedge is a costly operation (apparent access to data services, number of staffers working what appears to be close to if not full time) and that does raise questions about its ambitions."
that's a question nobody can answer and therefore I'm still asking me who's behind the big black box (zerohedge) that spreads financial news for 16 hours a day. I don't buy the whole "Project Mayhem story" of some idealists who want to enlighten the general public (or even destroy goldman sachs, that's absurd) But I really like the music :)
http://globalguerrillas.typepad.com/
I think you vastly underestimate the magnitude of revolution inside the complex
Revolution? What revolution?
Open your eyes. It's starting all around you.
ehm, no?! Nothing to see here...
try turning on the lights
doesn't help, no revolution in sight (what exactly do you want to revolutionize?)
apparently, nothing you would hold valuable. nvmd; you are not the demographics we target
haha
Yves blog changed before her book deal, I went their to click on links and particularly liked {like}pension pulse as the topic is near and dear, on a selfish note I wish Leo was more after the american cheating scoundrels than the canadian or uk cheating scoundrels, I appreciate your efforts, and thank you. Frank
http://acrossthecurve.com/
"
In the discussions in the blogosphere several weeks ago regarding an alleged conspiracy between the Federal Reserve and the primary dealer community, several of those who commented on my writing described me as biased and an apologist for the Federal Reserve. Those writers referred to the resume at this blog as well as the resume which appears at the Seeking Alpha site which publishes some of my work and which states openly and honestly that I began my bond market career at the Federal Reserve Bank of New York.
I do not think I am an apologist for the Federal Reserve but I certainly have a bias in favor of that organization. Observant readers drew the not totally unfair conclusion that my work at the Federal Reserve would leave me with a bias in favor of that organization.
Regarding the Zero Hedge blog, one can not engage in a similar exercise."
- This guy doesn't "get it". Move on, nothing to see here.
Sadly, some cannot apply critical thinking skills to widely divergent perspectives. They simply shut down with a personal attack.
Some of them comment on ZH with great frequency.
Great post to original author.
Excellent post to original author.
Wow, fine example of communitas this is becoming. Those who picked up Chuck Palahniuk's theme in Fight Club are brilliant, well done,
http://www.youtube.com/watch?v=lOWI4jr06ZY&feature=related
+5 Thank You...
Welcome aboard, Leo! I liked your stuff over at NC but now will just read it here.
Yves' criticism of Tyler's tone is misguided. This blog is in part activist, and getting people passionate enough to take action requires colorful tone and language.
But I don't care that much, because I don't read NC much any more for a couple reasons.
1. Yves started using the word "nationalization" in arguing for FDIC resolution of troubled banks. There are 2 reasons I can think of for using that word. She has poor sales skills, and didn't understand using that word would hurt people arguing against bank bail outs and for creditor haircuts. She is a left-ish type that wants to rehabilitate the term "nationalization" so that it is easier for the government to seize property. Neither speaks well of her.
2. She has gotten partisan in a democrat way. On the Chrysler and GM bailouts, she started parroting comments by left-ish types on credit slips. Some of the people on credit slips are baby lawyers with a couple years experience, and if you have workd with lawyers, you know baby lawyers are unreliable. Some of the other people on credit slips are partisans, that'll bend over backwards to support democrats. Left and right wing partisans are terrible. They are the reason we get too many people like Pelosi and Palin in office, and not enough people like Bernie Sanders and Ron Paul. ZH seems to support left and right win politicos that are trying to do good, like Alan Grayson (D), Bernie Sanders (I), and Ron Paul (R).
3. Yves' criticism of the PPIP program was half-hearted. People pointed out various schemes, and sometimes she claimed not to understand and sometimes she tried to give the Treasury the benefit of the doubt, as in "they wouldn't do that." I'm not sure what Geithner, Summers, etc ever did to earn the benefit of the doubt. I think Yves understood the banks' schemes, but didn't want to go nuclear on them. ZH isn't afraid to do that.
"This blog is in part activist, and getting people passionate enough to take action requires colorful tone and language.
But I don't care that much, because I don't read NC much any more for a couple reasons."
It's your right to read or not read whatever you like, but imo Yves' blog is very good for providing an overview in a detached way. Like any ecosystem, you need a whole bunch of niches to provide an overall balance. I found that reading both NC and ZH have given me a great perspective. I don't understand the "either/or" mentality filling the blogosphere right now. More information is good. More perspective is good. More varying styles is good.
JMO.
I don't understand the "either/or" mentality filling the blogosphere right now. More information is good. More perspective is good. More varying styles is good.
I wish more of the participants on ZH worked like this. It would be a better site. There's plenty of room for all kinds of opinions because MSM is doing such an awful job.
I couldn't believe the petty comments on NC. Junior High School was a long time ago for some of us. But apparently many posters social/critical thinking skills stopped growing about then.
Leo you do fine work. It's a shame you are making this an either-or kind of decision.
I'm pretty sure that any work that's posted here is well-cited by TD et. al.
Anyway, at first I was pretty angry to learn that ZH might have been a service provided by PIMCO. Luckily that turned out not to be true. So I see now the issue is if one of the contributors under the "Tyler Durden" pen name is that guy who got kicked out of the securities industry.
Well, my opinion is, is that, even if he was one of the contributors the fact of the matter is is that ZH is posting content and entries that are really well-done, very analytical, focus on sensitive issues that have I am sure annoyed many companies. As long as ZH never strays from its "the content matters not the author" manifesto, I have no problem giving them my full support. I would totally donate/buy a tshirt but I a a broke college student. So give me a few years :).
You do go work. Even when you complain. There is something that I have tried to understand about blogs but cannot find in my mind a reason for its existance. ZH at times reports the number of people who have read a particular post. Many times it is 2,000 to 3,000. But, when I count the number of people who blog about the post, the number is usually about 90 and, 15 of those blogs are the same individuals responding to each other. There are an estimated 10 million people in this country that watch NASCAR every week. A count of that blog reveals that only about 45 to 75 people blog at the site. These numbers are the same for other sites like PGA or NRA. My question is who are these people who do not blog even a simple response. They take the time to read the post every day. Why do they not blog? We know they have something of value to blog.
They dont really care who you Tyler is. They are all affected by the truth and they will to use the machinery in their arsenal to discredit him!( instead of responding to his arguments in a rational manner!!)
Meanwhile I think TD is an analyst at PIMCO ( hoping to send them on a goose chase :-P )
Nicely said and welcome Leo !
"As far a copyrights, the minute someone posts and article on the internet for everyone to view, it is open. I give full credit where credit is due, posting the link and stating the authors and source, but I like posting full articles so people avoid going back and forth. That is my style and I make no apologies for this (okay Mr. Mish?!?!)."
This statement is bullshit. It's weak. Quote a small bit from an article and add your own ideas. If you don't have any just post the link with an intro. Otherwise why the hell do I care what you have to say?
If ZeroHedge becomes hypocritical and turns into a blog that just steals from the work of others I see no reason to continue reading it.
Obviously wall street/goldman sachs is afraid of zero hedge and is doing anything they can do dig up dirt on these people. Don't fall into the same trap as Elliot Spitzer and fall victim to a sense of invulnerability! Stay anonymous and keep blogging and fighting the good fight! They will do whatever it takes to bring you down!
We need you guys!
I finally turned off my TV. I could not keep up with all the reading and made the decision to turn off the beast. Oddly, I thought TV detox would be a bitch, but I think I am actually happier and getting more accomplished.
did the same thing 2 yrs ago; never watch a thing unless its an F1 race.
do you know i aspired to be a F1 driver.
well my husband, i was a powder puff driver after his events.
love live Enzo Ferrari
the man of my dreams†
the only thing faster than cubic inches is rectangular dollars.
might have to change that currency to ..............?
plus i know janet guthrie, know she is not F1 but paved the way for
H O T danika patrick, bless her for that.
anyway, guthrie moved to aspen a while back, and hooked up with aspen racing and sports car club. using Woody Creek Raceway (later known as Aspen International Raceway), practically in my backyard, back then†
she bought my pottery at the aspen saturday farmers market, liked it a lot. we bonded. g g g o n e†
http://www.na-motorsports.com/Tracks/CO/AspenSportsCarClub.html
http://www.aspenmotorsportspark.com/
my late husband and his dad (alive†) still hold the records from the 50's 60's 70's.
Aspen was “the cradle of sports car racing in the Rocky Mountains,” as Steering Wheel magazine wrote. like Gstaad Switzerland, hot ass cars in that town. i did a mt. bike world championship there about 11 years ago on the ski area down valley from that small airport.
held bicycle criteriums on the WC track in 90's, i shined.
yesterday is just a memory.
+10 trillion, Cheeky.
F1's the only thing that makes owning a TV worthwhile. Have given up on everything else for years.
Leo has found religion.
Well I'll be damned. Look forward to reading your posts wherever they are...
Leo; excellent post; i have read your comments over at NC and found them balanced and objective; oh and in a side not; forget about those morons who insulted you with their ad hominem arguments; welcome to ZH Leo ( although I'm not a contributor to ZH i feel like a part of the family :D ). And i did not know you have a blog of your own, but now that i do i will surely read it. Welcome and enjoy your stay.
Dear Leo, This is fight club. The purpose of fight club is to destroy capitalism. Right now capitalism is doing a good job of it all by itself. We're just cheering on the Rome's burning. Capitalism's last hurrah is bombing the moon: the M-Day bombing will be October 8, 2009. It'll be a bang not a whimper, but like everything american it will be premature, er immature. Love, Tawal
Cheeky- thats the difference I think, ZH does feel a bit like family and generally in a good way.
Welcome to Fight Club, Leo.
Ps- Don't worry, IMO, I doubt anyone plans on reading Yves' book anyway. Especially after her tasteless attack on ZH ( a group that might have been actually interested in it), and the latest BS treatment that got thrown your way on NC, well frak them. I have no plans on buying that stupid book or anything else they try to hock.
Pss-good work Yves! Way to totally alienate potential readers of your book. I am sure others will join me in saying "no thanks" to your book.
I second Cheeky (or is it Bastard's?) comments. I thought your posts on NC were great, and I hope to continue reading your posts on ZH as well. All the best
yep; shit is start unraveling; its weird that blogs attack ZH, but mind you; this all started after ZH won that award for the best financial blog on the net. and i don't think they would have a hard time to find locate me; find me, pick me up; and throw me somewhere where only lizards and snakes live. Yes, many posts here stepped on to many toes; and you know whats REALLY odd; yesterday i was threatened here on ZH that my comments were printed ?!?!?!?!?!?! by an anon on the Dark Pool post Marla put up; well fuck it; i have my H and K and some other neat stuff to " play with " if they come
"throw me somewhere where only lizards and snakes live"
Hey, I resemble that remark (hat tip Curly).
Cheeky, don't fear that world if you get thrown there. It ain't so bad. In comparison to the 'developed' world, i.e., the world where taxpayers find the lifestyles of the pompous and bloated, it's going to look awfully pretty here in the next few years.
http://www.examiner.com/x-13426-CIA-Examiner~y2009m8d10-UK-surveillance-touches-one-in-78-Britons-shows-propensity-for-abuse
Your are probably on file already. On the plus side, you are creating an employment opportunity for the government.
fuck the british government; im not a brit, and dont go to london that often ..
I've slept with my H&K p7m8 for 5 years. Come get me.