Slope, as you might suppose, is my favorite blog on the web. My second favorite, however, is ZeroHedge, and I’ve been an avid and daily reader for its entire existence.
Because ZH has been steadfastly bearish since its creation in January 2009 (which, interestingly, was pretty much the exact almost-to-the-day bottom of equities in general), the standard bromide out there is: “The bear market won’t start until ZeroHedge shuts down.”
Well, look, that’s NEVER going to happen. It’s far too successful a site. I obviously have no clue what their financials are, but they’ve got to be making hundreds of thousands of dollars a year (at least) on ad revenue, so they’re not just going to turn the switch off.
In a way, however, they have shut down. That is not to say I don’t like their site, or I don’t go there anymore – – by no means, I go there every day. But the “old” ZH – – the constantly-clanging-on-pots-and-pans about the bear market that is just around the corner – – that seems to have vanished.
As I glance at their front page, I instead see what appears to be kind of a harder-edged Politico, with stories like this……..
The thread that weaves its way through all of these is…….doesn’t this make you STEAMED? Sure, there are still articles about investment banks, and markets, and individual stocks – – but my general sense is that well over half the posts have to do with politics and/or society at large.
Jumping back to a completely random part of their archive in 2011, the stories are quite different (and you can’t miss the one about the “50% chance” from Bank of America that the S&P is going to 950 – – har har har!)
This is by no means a ding against the Tylers or ZH. They are sensible enough, after all these years, to focus on other stuff since anyone who still thinks a bear market is even a remote possibility is – – how shall I put this?? – – an idiot. And thus, that’s all you’ve got left.