The Wall Street Journal recently announced a reorganization intended to narrow its focus back toward politics and business, as well as to shift its orientation from print to online.
As far as the stock market is concerned, the WSJ now seems to be trying to provide less news and more analysis.
But I’m finding the new analysis tack to be quite odd. For example:
–two days ago, an article pointed out that shoppers are frequenting low-price retailers. Yes, that’s true, but there was no acknowledgement that this trend has been going on for ten years
–yesterday’s paper pointed out that companies are preparing for higher short-term interest rates by tightening up their working capital management. Potentially very interesting. Unfortunately, the authors didn’t have much of a grasp of what working capital is, so the article’s usefulness was limited
–a third article, this one also from yesterday, contrasted the performance of value-oriented ETFs and their growth counterparts. It also would have been a lot better if the author had a basic idea of what growth investing is …and had refrained from using the disparaging term “momentum” for growth.
What could be going on?
–maybe it’s just August
–it could be a change in editors or in reporters
–it might also be sources. To the degree that the Journal relies on interviews with professional Wall Street analysts, it could be that cutbacks on the sell side have diminished the available information. Or it might be that the sell side is preparing for the day (coming soon, I think) where it will begin to charge cash instead of soft dollars for their research. So brokers may have already begun to limit the information they will release for free.
If it’s not the first of these, we’ll all have to become a little more creative in how we access basic data.
At least there’s still the FT.