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Santelli Slams Analyst And Media "Myside" Bias

Tyler Durden's picture


The overwhelming herding of AAPL's analysts highlighted by James Stewart in today's NY Times sets CNBC's Rick Santelli on a path of truthiness not often seen on business media. Citing the findings, most specifically, "analysts are, in the end, salesmen," Santelli notes that the average investor (listeners and viewers of financial media) have limited time and thus are forced to rely on this herd-like behavior. The audience, of course, hears what it wants to hear as confirmation or 'myside' bias' dominates each and every word uttered. But it's not just the financial analysts, its the political pundits who continue to abjectly ignore an exploding deficit in order to support the 'brand' of independence their media provides. The 'safety in numbers' argument holds up as the analysts group together - all knowing the reality ahead, but terrified to break ranks and admit the emperor is indeed naked.

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Mon, 02/11/2013 - 14:02 | 3233921 Cognitive Dissonance
Cognitive Dissonance's picture

"Citing the findings, most specifically, "analysts are, in the end, salesmen,"

Correct. And all writers are, in the end, propagandists.........even those whom you like and respect. :)

We must always question everything, especially when it tickles our confirmation bias.

Mon, 02/11/2013 - 14:03 | 3233929 redpill
redpill's picture

And sadly, all television hosts, in the end, are whores.  I think Rick does enjoy word fucking us though.

Mon, 02/11/2013 - 14:13 | 3233966 MillionDollarBonus_
MillionDollarBonus_'s picture

I can't wait for the iPhone 5S. I'm going to get mine on pre-order. I believe the iPhone 5S is going to literally revolutionize the smart phone. If you thought the iPhone was awsome, just wait till you see this baby. This is going to be THE phone to have, so if any of you haven't thought of pre-ordering your iphone yet, you need to start thinking about it now. 

Mon, 02/11/2013 - 14:14 | 3233973 francis_sawyer
francis_sawyer's picture

Does it have the app that changes 'douchebag' comments into 'useful' ones?...

Mon, 02/11/2013 - 14:16 | 3233979 redpill
redpill's picture

Ask Siri, she's sooooo helpful

Mon, 02/11/2013 - 14:20 | 3233993 Cognitive Dissonance
Cognitive Dissonance's picture

I did. Not surprisingly she told me to take the Blue Pill. :)

Mon, 02/11/2013 - 14:57 | 3234146 Pladizow
Pladizow's picture

"Be a contrarian or a victim." - Rick Rule

Mon, 02/11/2013 - 20:07 | 3235117 FEDbuster
FEDbuster's picture

Let me know when Siri can give me a decent blow job, then sign me up for one.

Mon, 02/11/2013 - 14:21 | 3233999 Dr. Richard Head
Dr. Richard Head's picture

That twat is about as usefu8l as a fart in an iron lung, screendoor on a submarine, or a central banker in a fiat world.

Mon, 02/11/2013 - 16:31 | 3234552 citrine
citrine's picture


 Excellent post, as always. You did forget to use more adjectives, such as "BRILLIANT retina display", "OUTSTANDING battery life" (quoted Apple website)

Mon, 02/11/2013 - 14:33 | 3233935 hedgeless_horseman
hedgeless_horseman's picture



"analysts are, in the end, salesmen,"


CFA...Con Fucking Artist


Our members stand apart in their dedication to sound investment ethics, demonstrating trust and competence to their clients, employers, and colleagues. And every CFA member commits to adhere to the highest ethical standards in daily practice, ensuring that investors always come first [right after our employer's prop trading desk].




PS:  In a bare-knuckles fight between Liesman and that other dude with a pink shirt, in the CFA photo above, who are you going to pick?

Mon, 02/11/2013 - 14:35 | 3234043 OldTrooper
OldTrooper's picture

Dude looks like a lady - http://www.youtube.com/watch?v=nf0oXY4nDxE

Bare-knuckles, it's a toss up between the two.

Mon, 02/11/2013 - 14:55 | 3234078 hedgeless_horseman
hedgeless_horseman's picture



Tough bet, I agree.  Steve out weighs "him" by 100 lbs+, but skinny guys fight 'till they're burger.  They both look to have strong jaws, pretty equally matched, so it could go on for a while...I'd surely pay big money to see it.

Mon, 02/11/2013 - 14:45 | 3234079 Freddie
Freddie's picture


CFA - Because if you want to beat the indexes - you need a tranny.

Mon, 02/11/2013 - 14:11 | 3233956 forwardho
forwardho's picture

And very well described in your thoughtful expose last week.

Belated thanks for your thoughts.

Best to Mrs Cog

Mon, 02/11/2013 - 14:13 | 3233969 battle axe
battle axe's picture

But but, what about the Chinese Wall? Bwahaa haaaa haaaa


Mon, 02/11/2013 - 14:35 | 3234039 azzhatter
azzhatter's picture

Really rich statement when your paycheck comes from CNBC

Mon, 02/11/2013 - 14:02 | 3233923 philosophers bone
philosophers bone's picture

You are going to see this "safety in numbers" argument come up a lot.  S&P's defence?  We weren't negligent, the Fed Chairman said he didn't see the mortgage crisis coming.  And there were underwriters that performed "due diligence"!! [Leaving aside the little fact that those same firm also bet against what they were selling through CDS and the mortgages were largely purchased from the affiliated banks of the underwriters]  And the closing argument:  Not even Jim Cramer saw it coming!!!

L - o - fucking - L.

Mon, 02/11/2013 - 14:02 | 3233926 redpill
redpill's picture

So what are you going to do about it, Rick?

Mon, 02/11/2013 - 14:18 | 3233987 Harbanger
Harbanger's picture

What's he supposed to do, he's lucky they don't take his microphone away.

Mon, 02/11/2013 - 14:23 | 3234003 Mike in GA
Mike in GA's picture

Rick calls 'em like he sees 'em with his CNBS megaphone more than ANYONE else on his network.  What else can he do, quit in protest?  He ain't stupid.


Mon, 02/11/2013 - 14:27 | 3234016 redpill
redpill's picture

I used to feel that way too until I started to realize he always pulls back right at the precipice of declaring the entire system a fraud.  It's a tease job designed to keep pissed off retail investors watching the channel.

Mon, 02/11/2013 - 14:30 | 3234023 Harbanger
Harbanger's picture

"he always pulls back right at the precipice of declaring the entire system a fraud. "

He's on CNBC for Gods sake.  They won't fire him because he would take the few viewers they have left.

Mon, 02/11/2013 - 14:33 | 3234033 redpill
redpill's picture

I don't hold it against him personally as I'm sure the paycheck is decent, but I can guarantee his commentary is always thoroughly vetted by the higher ups.  Got to make sure the Colosseum gets a good show.  The peoples' champion has an important, but always inherently limited and defined, role.

Mon, 02/11/2013 - 14:45 | 3234084 jcaz
jcaz's picture

Dude, he doesn't need the CNBC paycheck- do a little research on his firm before you tell us how well you know him.....

Mon, 02/11/2013 - 14:52 | 3234125 redpill
redpill's picture

He's worth about $3 mill, and smart enough to know he's gonna need more than that with what's coming.

Mon, 02/11/2013 - 16:55 | 3234641 jcaz
jcaz's picture

LOL- that's a lot of money to you, I'm sure-  keep guessing.....

Mon, 02/11/2013 - 17:19 | 3234708 redpill
redpill's picture

$3 million as a net worth figure isn't that outrageous, I'd suggest not assuming things about people you don't know.  But that's been the widely reported estimate of his net worth, I'm not guessing anything, and frankly I don't care as the exact number is not material to the conversation.  If he were really filthy rich he wouldn't be getting up ass early and doing the TV charade every day, I guarantee it.

Mon, 02/11/2013 - 14:39 | 3234059 ToNYC
ToNYC's picture

He won't be able to be a baseline so the mediamasters can see how high their BS flies. Very useful cat.

Mon, 02/11/2013 - 16:56 | 3234640 devo
devo's picture

It's a tease job designed to keep pissed off retail investors watching the channel.


Mon, 02/11/2013 - 14:02 | 3233927 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

oh no, truthiness !

What's for lunch ?

What day is it today anyway?

Mon, 02/11/2013 - 14:04 | 3233934 redpill
redpill's picture

I do liquid lunch on days ending in "y"


Mon, 02/11/2013 - 14:06 | 3233940 Dr Paul Krugman
Dr Paul Krugman's picture

"analysts are, in the end, salesmen,"

How true indeed, but in this respective case, are the salesmen not also analysts?  It would do the man some good to understand that those of us with the correct expertise should be listened to, instead of having those in disagreement make a parady of the situation like a good amount of the cnbc crew do.

As I have been a student of the blogosphere for sometime (having expertise in the field myself) I was informed that a man by the name of Webster Tarpley took a liking to my idea of a tax on banks.  I am glad that someone on the fringe agrees with me.  I would also like to note that the disrespect that I have seen from one Tyler Durden on this blog is upsetting.  Maybe if Tyler wins a Nobel then he can act like he knows better than I.  Until then, people with PhDs should be shown as much respect as anyone.  For are we not all selling something?  And great ideas are too for sale.

Mon, 02/11/2013 - 15:22 | 3234217 sbenard
sbenard's picture

Respect? From a committee so self-absorbed in self-congratulation that they award a Peace Prize to someone new on the world stage who has done NOTHING to deserve it? A "committee" that pins itself with awards to establish a mask of credibility so the rest of the world will bow in abeyance before their elitist godfulness? I can't notice helping that you parade around with your self-affixed "Dr" label in a demand that the entire world bow down and worship your Unholy Educated Imbecility, while you demean others with terms like "Doomers" and "bunker babies", as if only your insolent opinion has any value. If you want respect, then stop flagellating yourself with your own self-righteous self-importance. As far as I'm concerned, that badge of "Dr" you brandish with such hubris stands for "Dumber" rather than something to be "respected". You are just another educated imbecile, too puffed up with self-importance to be of any real or "respectable" value to civilization, but concurrently too blinded by your own ego to recognize your own weakness!

I couldn't help thinking of this while reading your washed-out cockamamie Koolaid:

"...and the wise, and the learned, and they that are rich, who are puffed up because of their learning, and their wisdom, and their riches--yea, they are they whom /God/ despiseth; and save they shall cast these things away, and consider themselves fools before God, and come down in the depths of humility, he will not open unto them."

"O the vainness, and the frailties, and the foolishness of men! When they are learned they think they are wise, and they hearken not unto the counsel of God, for they set it aside, supposing they know of themselves, wherefore, their wisdom is foolishness and it profiteth them not. And they shall perish."

The Book of Mormon

Mon, 02/11/2013 - 14:06 | 3233941 fourchan
fourchan's picture

so far zerohedgians have been the herd in the wrong. i will admit it.

Mon, 02/11/2013 - 14:14 | 3233972 insanelysane
insanelysane's picture

ZH-ers are long math.

Mon, 02/11/2013 - 14:16 | 3233978 Dr Paul Krugman
Dr Paul Krugman's picture

It is true that bunker babies have been wrong.  Doomers are scared creatures who have no hope for a better tomorrow.  Bring up hard economic science solutions like creating debt today to pay off tomorrow and they think people are coming for their guns and gold.  

Mon, 02/11/2013 - 14:21 | 3233998 francis_sawyer
francis_sawyer's picture

So I guess it's true after all that the jew paper money & derivative pushing 'experts' have had it right all along... What a relief!

Mon, 02/11/2013 - 14:45 | 3234086 Dr Paul Krugman
Dr Paul Krugman's picture

Lehman and Bear were the banks that were thrown under the bus in '08 by JP Morgan, Bank of America, and the rest.  Bear and Lehman were the "Jew Banks".  So how is it that jews run Wall Street when the Prodistant banks come out on top?

Mon, 02/11/2013 - 15:40 | 3234308 Hippocratic Oaf
Hippocratic Oaf's picture

I junk you for 'prodistant'

Mon, 02/11/2013 - 20:14 | 3235130 FEDbuster
FEDbuster's picture

"they think people are coming for their guns and gold"

So far, they are just coming for the guns.

When suppressing gold prices doesn't work anymore by flooding the market with more worthless paper, they will come for the physical gold.  China and Russia aren't buying futures contracts.

Mon, 02/11/2013 - 14:57 | 3234141 sbenard
sbenard's picture

Excuse me, but WHICH debt is going to be "paid off tomorrow"? Your statement is a flawless example of how deceitful the LEFT, and specifically YOU, are! There is NO debt that we are "paying off". Instead, we're ADDING to the debt hour by hour, day in and day out, in an endless drip of economic water torture that becomes a fiscal ball and chain! The only way you and your kind intend to "pay off" any debt is by relentless inflation that impoverishes everyone but the elites and their cadres of collectivists, while slowly leaving their legions of leeching lemmings  in their wake of devastation. Your demogoguery may work on those lemmings who read the NYT, but most of us here know better and are NOT deceived!

I've been wondering for a long time. Is your middle name CRAZY? Crazy Krugman!

Mon, 02/11/2013 - 15:32 | 3234280 sbenard
sbenard's picture

You're projective assessment of those you demean is not only derogatory, but WRONG! I know many people who see "hope for a better tomorrow" in sound economic principles, rather than your eternal PRINTED prosperity that is temporary in duration, and destructive in ultimacy. We can not defy the laws of SOUND economics forever, try as you might to delude yourself. A Day of Reckoning is coming, and those you deride will have the last laugh. May it be a good and heaarty one!

"Economic science solutions"? Another self-appointed label for a branch of "science" that is often more wrong, than right? If economics wasn't still in its early and imperfect infancy, it could only still be considered to be in its pre-brith stage. Now that's an abortion I could stomach!

Mon, 02/11/2013 - 14:08 | 3233948 tempo
tempo's picture

robots replacing humans mega trend accelerating with 48 million now on food stamps/disability payments

Mon, 02/11/2013 - 14:45 | 3234089 ParkAveFlasher
ParkAveFlasher's picture

Yeah, but you can't eat robots.

Mon, 02/11/2013 - 14:11 | 3233954 Meat Hammer
Meat Hammer's picture

I like to ask my liberal friends who slam the Tea Party if they know who Rick Santelli is, then watch their eyes glaze over as they try to remember italian kids from our high school.

Mon, 02/11/2013 - 14:14 | 3233975 Shizzmoney
Shizzmoney's picture

"The 50 stocks in the S&P 500 with the lowest analyst ratings at the end of 2011 posted an average return of 23 percent in 2012" - Bloomberg

So I basically take stock analysts picks', use "the Constanza Theory" to bet the opposite, and proceed to make mad dough.


Mon, 02/11/2013 - 14:26 | 3234010 eclectic syncretist
eclectic syncretist's picture

Tis' true. 

Mon, 02/11/2013 - 14:38 | 3234053 tarsubil
tarsubil's picture

You've got it all wrong. You're supposed to buy the stocks they tell you to buy not the stocks that they buy.

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