Recent New York Times (NYSE:NYT) articles trumpet how NYSE is getting into the social media tracking business. Everyone wants to know if there are market moving currents in social media. Well Virginia Yes there is a Santa Claus and Yes there are market moving currents in social media.
Up to now most investors read the Wall Street Journal (NYSE:NWS) and other financial media. Some journalist become big names because they uncover very useful information. Usually this information uncovers deceit.
Many journalists have Twitter accounts. Some are managed by their employer which is a professional mistake resulting in servitude. Many are not that big which shows a lack of foresight by the journalist.
So as social media becomes more important will it kill the Wall Street Journal. Maybe not but it will probably kick it right in the balls just for the fun of it.
George Gutowski writes from a Caveat Emptor Perspective.