From our studios in new york city, this is charlie rose. Digital journalism is changing the way we consume news. Information and social media has a landscape that has had a far ranging impact on our daily lives, including investment decisions. Here to talk about it is josh ltz asseto of ritho management. Joe weisenthal of bloomberg news. Felix salmon is executive Senior Editor at fusion. Megan murphy is head of fast ft , a service that delivers marketmoving news 24 hours a day. She will become Washington Bureau chief for the Financial Times in january. What is it exactly you do . Give me a sense of your day. I started at bloomberg a week ago. Picture, when i was at it wasss insider, basically reporting on the news in real time, trying to bring financial journalism up to the speed that the internet and also take advantage of the due outlets that we have, social media, getting the Financial News through the proper channels. With Global Markets the way they are, what time would you get up and what would you read . For five years, i got up at 4 00 in the morning. Business,rted in the there was the euro zone and all of the different financial crises going on. There was so much to catch up on. If i got into the office at a normal hour, i would have felt impossibly behind. Basically since i started, my first read in the morning was twitter and following Financial Experts all around the world, waking up and saying, what did i miss . Usually people will tell me what happened while i was sleeping. Would get a snapshot then. That would be my first snapshot of the day. Very similar. I would get up at 4 30 in the morning. A launched two years ago breaking news service at the ft, which was a huge change internally. We have never had anything like it. Trying to do is respond to what we could see, which was that readers of the ft were going elsewhere to get news because we were not breaking news in real time, because there were so money so many other outlets out there doing it. We did not want people getting news that we felt we could deliver fast. But it is definitely a long day. And your first read in the morning . Always twitter. You can see exactly what has happened overnight, whether it is japan, asia, europe as well. One important aspect of twitter for editors is you can see what stories are breaking through and people are continuing to talk about. Lots of events happen, but not everything continues to get talked about throughout the rest of the day. Those are the topics you want to be on top of. About are not concerned velocity as much as they are, are you . I am slow velocity. I like to take a couple of minutes to think about things. I am also concerned about keeping people on the website, whatever website that is. I am very happy to start linking anyone. I have no need to replicate that. Try and just be smart and aggregate and try and tell the stories in a way that can be juststood rather than aiming stuff at very fast traders who want to move quickly and do not care about anything else. Just talking about style, everybody says you have a perfect kind of style for a blog. I really like creating and consuming the bitesize content that is wellsuited to social media. One of the cool things about media these days is there is such a different range of story forms. You can have a long article, a medium article. Short ande is is hopefully that tells the entire story. In financial markets, that is all you need. I really like looking at everything that is going on and saying, here is the story of the moment. Japanese gdp. One sentence, done. Theing and aggregating highspeed, high velocity stuff. What are the hottest subjects today . I would say today, japan. Because they are going into a recession. Probably the worlds most fascinating experiment in Monetary Policy right now. Today was not a great day. What happens going forward, but i think it is a great issue. I think oil is going to be a huge issue. I think u. S. Energy demands it. Josh, what are you looking at that interests you . The most interesting thing that happens always, but now especially, are these dichotomies between what the news is and how the markets interpret it. That is what my specialty is. People are doing this even though the news is that. What is everyone missing . It is not that i always have the answer, but that is the question i find most fascinating. That might be the most profitable question anyone can ask. With japan, the point is welltaken to it is fascinating and yet japanese stocks closed at a sevenyear high on friday. We find out the country is in recession. On the nikkei, down 3 and then down oneead nikkei point 5 . The market is looking through this and that is interesting to me as an investor. What is it doing with respect to the u. S. Economy as well . The markets are way ahead of where the economy is. I think markets should be right. Should beket is, it somewhat ahead. Maybe during this recovery, it has gotten way ahead, but one of the more interesting you talk about dichotomy, the people who move markets by virtue of how much money they have, for them, the recovery has been unbelievable. For people with no financial assets, there has been a huge difference between their perception and that leads to endless columnists or bloggers you see the market makes new highs. What about wages and inflation . There is an angry group of investors, traders who hate the whole thing. They think everything is a bubble blown by the fed. It is because of this dichotomy also, i think successful investing requires putting aside and trying toes figure out what moves the market. Perspective, i really do not care about markets that much. These guys care about markets much more than i do. This is one of the reasons why i do not think markets are that important to the fed can print loads of money and stocks can go up and bonds can go up and rich people can become richer and they become happier, but it does not actually affect the economy or normal people or real people very much. I think that the way that much of the news media keeps on coming back to markets is silly because it is really not. What is happening to the rest of them is really the story. Yes. The perfect barometer was the midterm elections in the sense that they were the only poll that was the most accurate because they gauge Market Sentiment for certain races. Whether it is a function of the 1 , there is no western that markets are the best leading indicator of what is going to happen recently, whether it is in ukraine, russia. Is a real that there world from the markets. They just do not know it or cannot necessarily see it. Maybe it is a little bit to up obtuse in the way that it has manifested. When you see stocks performing and buying back shares as opposed to hiring people, that is a negative incentive to hire people and you see that kind of thing propagate itself. In the real world, the way that is transmitted is most people get jobs as a result. I think it is there, it is just not necessarily black and white all the time. Regarding what felix was specifically, the u. S. Stock market is a reflection of rich people. Have hugearkets geopolitical implications in saudi arabia, the u. S. , asia. If you look at the broader markets, not just u. S. Equities, there are a lot of examples you where it has had a real world impact. The news industry is a test with the oneday news cycle. What happens to the stock market over the course of one day . 100 noise. S there is nothing in that story which is of any kind of relevance to 99 of the population. Yes, oil prices and other prices matter. But what we are looking at our levels which do not change as much. And most market journalism is about a timeframe that is way too small. I think the daytoday coverage i see it as being the narrator or a commentator of a sports game. Any given basket in a basketball game does not matter too much, but you are narrating the whole game. If you are good at it, you are putting the context you are putting an event in the context of a bigger story. Blogs our financial changing the market . It has changed radically the time spans are so compressed of access to immediate information. Immediate, really good information and quick information. We have never had this kind of yet people say this is a golden age of journalism. It is a golden age of content. The choice is out there for people to get opinions on both sides of the perspective. Just get a raw data feed and the access. People can filter what they want. They do not have to go to certain places. They can go everywhere and have a smorgasbord. Miami mission is to try to tell the story of what is going on in the economy but try to do it in a more visual way, a more digital way, a more immersive and interactive way than simply writing downwards and trying to come up with ways of reinventing storytelling. The compensation for that . The compensation is that you get to communicate much more directly with a generation who, frankly, does not have the Attention Span to read a large, long text piece. An excellent example of what i am trying to do, i just want to make it more interactive. You haveole range of left the New York Times, the Washington Post, have decided to leave big institutions. You have stayed. Why did you stay rather than go out on your own . Did you have a choice . Look, i believe very as aonately in the ft brand and what it can deliver. Being part of institutional change at that organization is exciting. We are trying to a daft. To adapt. There are many people who have said we have done a better job than sun people. We have a very successful pay wall and keep adding digital subscriptions. Also, there is a real appetite for change. People want to be the preeminent provider of market and Financial News. It is a massive challenge every day. Some days, it feels like pushing uphill every day in terms of what we are trying to do and the scale of change in front of us. Unfortunately, as a newspaper, you still have legacy newspapers you have to deal with in terms of advertising declined. We cannot be as nimble as other, smaller organizations can be. But we still have people that people want to come to to get their opinions every day. I want to be part of changing that organization, remaining that way for the next decade. Maybe it is a pipe dream so your change vision is to stay the same. Is to mandate of the ft make it more to present content in a different way, to present contact content in a more interactive way. Much wider, more relevant, condensed, in some ways. But the same thoughtleading, decisionmaking journalism that we have. What about martin wolf . He wrote a book he is one of the smartest economic commentators in the world. We can all agree on that. And he is good on television. Ou have read his columns they are not always the easiest columns to read. His books are not always the easiest books to read. Martin. My thing with is only valuable insofar as people understand it. I want to express my thoughts as clearly as possible and in as many different ways without making it stupid and without being false. , i felt,artin especially in his book, was making no concessions to making it easier to read or understand. What is your mandate . Bloomberg is this Incredible Organization that has resources that basically overwhelmed everyone else. Traditionally, bloomberg has not focused on the web. More the business is the bloomberg terminal, which is this amazing Information Portal that is only available to financial professionals. There is so much amazing data and amazing reporting that is being done. If even a fraction of that can get to the web in a way that makes sense not that it is not going to the web, but the strategy here has not been focused. It is a range of things. Part of it is having people be webfirst. Part of it is figuring out how to take the reporting and repackaged it in some way that is great for the web. Lots more charts, maybe changing the length of things, pulling allcertain chunks, taking of the data i mean, there is this obsession in journalism right now about datadriven journalism. I think that comes from a desire to see the evidence and show the work physically. Bloomberg has more data than anyone in the terminal. Extracting that data and showing it to people is a huge opportunity. And getting rid of the black background. [laughter] you do not like my background . Just for you, charlie. On the web, it does not work. They say a clear background is the best possible thing to have. Why is that . Because you want to concentrate attention on the thing you want to concentrate attention on and you do not want distractions. This is why you have nothing going on behind us. I am ready for a pink background. [laughter] differencemake a that you are an investor as well as a blogger . I think it does. It is funny because most of the people that i read are journalists and i am friendly with a lot of journalists. I think what they do is indispensable, but i think there is room now i mean, it is proven that there is room or someone who is not a journalist but who reads all the journalism and forms a strong opinion about which event is important and which event is not. I do not do reporting. I do not call sources. I have an Investment Management job. But i consume a lot of this stuff, i am in the markets as well, and at the end of the day, when i sit down and say, turns out everyone was focused on this but it really did not matter that much or this should have gotten more attention, i like to point to the journalist who uncovered it more because the journalist was on something before it was the cool thing to talk about. I like to say to my waiters, this was something that was valuable for me to consume. Journalists do journalism. Your colleague had one of the biggest scoops in recent weeks. You are not going to get it. Giving up sources here. I am in the investment business. Year, erarian and bill gross made 500 million. Probably each of them. Have we known everything we need to know about why they split . I think everyone at this table would agree. I will tell you something that is interesting. Whoever is winning now will look to be invincible. That is a great example of a firm with the most assets under management on the planet. Even when things are as good as they can be, you are never invincible in this industry. We learn that every year pick every year. What is wrong . Money, too many big personalities, too High Expectations on the part of the investor community. Ibm, nobody ever got fired for allocating to pimco. It became automatic. People move in streaks. The best performer one year could be the worst the next year. ,hen that realization comes out an organization is forced to deal with it. Andle point at each other nobody is above that in the whole world. , theing back a little bit presence of people like josh, barry, other financial professionals, is one of the huge aspects of this media revolution that deserves to get a lot of attention. On twitter, i follow people who are professional trailed traders, professional investors, who, in the past, would not be sharing their insights, but they are doing so all day, competing with journalists to become sources on stories. That is phenomenal. I really enjoy it. I love the fact that i can hear from people all day and see their reactions to news. But it sort of interestingly, no one picked up on that it has freed Investment Managers and hand fund and Hedge Fund Managers to be much more open on the on their views on the internet and twitter. This is fantastic. Journalists really do not know anything. We are just trying to find out what people who do know things know. What separates the good from the great . Hard work, always. In this job, waking up at 4 00 in the morning, 4 30, it has become the amount of time to you need to read so much and talk to so many people. There is so much information out there. You need to whittle it down. I say that two people every day. It is absolutely hard work. Think be able to Say Something smart in content that is expressed well. I think that is a corollary to hard work. I agree with that. Just about filing your peace and being done for the day, but being really excited about the stuff you care about. I have done really well by picking obscure topics and things that people would not pay much attention to and enthusiastically making the case to the public that these are stories that merit your attention. No one explains liquidity traps with more enthusiasm than josh. I have even more enthusiasms. A few months ago, there was a clause in the contract that was read in a certain way by a judge in new york. As a result of that one reading of that one clause, the entire country went into default. It was a big story for people. Battle . They won that he is winning the battle, but losing the war still. I know what you mean. Enthusiasm, certainly. Wanting to take on these obscure topics and break them down for readers and flag trends which no one else see. If your job is to create content that is interesting, the obscurity part is key. You already have 500 people report. About the jobs it has been done to death. ,hen there is another category probably something more akin to what i am doing, where you say, maybe there is room for a really strong opinion but i do not have the perch or the oped page at the Financial Times. I really want people to read what i have to say. A lot of it is personalitydriven. How can you get people to care about what you are saying if you do not have the New York Times, the Washington Post . Some of us have been more successful doing that than others, but that is the challenge. What separates the good from the great is getting people to care what you have to say when you start at zero. It is a big challenge, but that is a big part of where that separation happens. Is if youedged sword go over the top or you are too promotional or your stuff does not have the chops to live up to there is no notification to there is just the heartbroken realization there is a line between how promotional you are. If you are tweeting the heck out of your own links and people land on a page and say, i did not get anything out of that, you can find yourself becoming irrelevant quickly. Not like following selfpromoters. I want someone else to point to it. If someone else points to it, then it is something worth reading. Wants to josh, i have no idea if it is worth reading or not. Have drifted lower over time we built our newsroom. When i started, there were five people in the newsroom. Five people in the newsroom and the world was collapsing eve