Emotional about. And that they are only interested in the store read. They dont care who wins and loses. Im talking about people who cover teams not National Stuff. I write about people. Just remember one thing the people come and together. The cast of characters in professional life and the cast and characters change in collegiate life. But they are bond by one thing, the games, the games have kept me motivated. Rose financial bloggers and the life of a Sports Writer when we continue. Rose additional funding provided by and by bloomberg, a provider of multimedia news and information worldwide. Captioning sponsored by Rose Communications from our studios in new york city, this is charlie rose. Rose digital journalism is changing the way we consume news, information, social media has given life to innocent analysis and punditry. That landscape has an impact in our daily lives including investment divisions. Talking about the new terrain is josh brown. Hes with rithoitz assess management. Joe wes thought at bloomberg news. Felix salmon is the financial writer for reuters and megan murphy is at fast ft. She will become Washington Bureau chief for the Financial Times in january. Im pleased to have all of them here. Let me begin. Tell me what is it exactly you do. Give me a sense of your day. Well literally started at bloomberg a week ago. I have no idea what my day is. W, reporting on the news in real time. Bringing to bring financial journalism both to the speed of the internet and also take advantage of the news out lets we have of social media getting that Financial News through the proper channels. Rose with Global Markets the way they are, what would you get up and read. I would get up at 4 00 in the morning when i first started in thei business, there was the eo zone crises and all the financial crises going on. There was so much to catch up on. If i had gotten to the office at a normal hour i would have fell impossibly behind. Basically since i started my first read in the morning was twitter. And following Financial Experts all around the world, waking up saying what did i miss and usually people would tell me what happened when i was sleeping this market and this and the acb did this. That would be my first snapshot of the day. Rose megan. Well actually very similar. As i said im switching jobs to washington but i would get up at 4 30 in the morning. We launched about two years ago a 24 hour market breaking news service at the f2. Which was a huge change financially. A new way to break news but what were trying to do is respond to what we could seereader welsewhe werent breaking news in real time. Because there were so many other outlets out there that were doing it. What we didnt want to happen is for people to go elsewhere to get newspapers we felt would deliver fast. But its definitely rose yon the more than. Always twitter. No question. Always twitter because you can see exactly whats happened over night, whether its in japan, whether its in asia. Obviously in europe as well. One important thing for twitter for editors you can see what stories are breaking through and people are continuing to talk b lots of events happen but not everything continue to get talked about throughout the rest of the day the those are usually topic that you want to be on top of and twitters great for that. Youre not concerned about velocity as much as they are, are you. No. Im slow velocity. I like to take a couple minutes to think about things before saying something. And im also concerned about keeping people on my website. Im very happy to start linking to megan or anyone if they have the good stuff and i dont have any need to replicate that stuff. And just be smart and aggregate and plan to tell the stories in a way that can be more broadly understood rather than just aiming stuff at various traders who want to be able to move quickly and care about markets and dont care about anything else. Rose just talking about style. Do you, everybody says, have a perfect kind of style for a blog . Well, i really, you know, i really like creating2consuming d content thats very well suited to social media these days. I think one of the, the cool thing about media these days is there are a range of story forms. You can have the long article, the medium article. My favorite thing is a chart and a sentence and hopefully that tells the entire story. I think this Financial Market a lot, thats all you need. I really like looking at everything thats going on. Heres the story at the moment. Japanese gdp, one cepttance and i moved on. Liking and ag gating people pptd different thoughts but i like the high speed high velocity stuff. Rose what are the hottest subjects today. Japan. Rose this particular day its japan. Yes. Absolutely. Whether or not which is probably the worlds most fascinating experiment in Monetary Policy right now takes off. It looks, you know, today was not a great day for economics and well see what happens going forward. Its a great issue. I think oil is obviously going to be a huge issue. I think u. S. Energy. Rose josh, what are you looking at that interests you . And how are you treating it and talking about it. To me the most interesting thing that happens always but now especially are these dichotomies between what the newspapers is and how the markets interpret it. And i think thats kind of what my specialty is, try to figure out. People are doing this even though the news is that and what is everyone missing. Its not that i always have the answer but thats the question that i find the most fascinating and that might be the most profitable question anyonekq wod ask. The example of japan your point is very well taken. It is fascinating and yet japanese stocks printed seven year high on friday we find out the countrys in recession. The reaction is down 3 . The yen is down one andahalf. Rose is thous with that economy as well. Not where its expected to be but the mush is awe heed of where the economy is. I think what a market is, right, its a discounting mechanism. It should be somewhat ahead. And maybe during this recovery its gotten way ahead. But you talk about a dichotomy most of the participants in the market especially the people who move it by virtue of how much money they have, for them the recovery is unbelievable and for people with no financial assets, theres been a hugeas difference between their perception of the recovery and that obviously leads to endless fodder for columnists, for bloggers. Theres just a lot of anger towards this market right now. Market makes new highs. What about wages and inflation. Theres an angry group of investors, traders they hate the whole thing, they think everythings a bubble blown by the fed. Its by this dichotomy and i think successful investing putting aside ones own biases, they hate everything and just actually trying to figure out what moves the market up and down. And also from my perspective, i really dont care about markets that much actually. I think these guys care about markets much more than i do. I think one of the reasons, this is one of the reasons why there are markets that are important. The fed can from time to time loads of money and sthoks can go up and bonds go up and rich people become richer and they become happier but it doesnt affect the economy or normal people or real people very much. And i think the way that much of the news media keeps on coming backs to markets is civilly. Its just a barometer how rich people. Rose is the rest office really the story. Yes. The midterm elections were in a sense the only poll the most accurate out of anyone predicting who would win because they gave Market Segments to certain wins and certain races. Whether its 1 , theres no question the market is a pan leg indicator whats going to happen recently in geo political events whether its ukrainexd or russi. I think there is a real world effect from people on the market. They just dont know it or cant necessarily see it or maybe its a little bit too obtruse the way its manifested. But when you see stocks outperforming the and ones doing the best are the ones where theyre buying back shares as opposed to hiring people. Thats a negative incentive to hire people. And you see that kind of thing propagate itself and it ends up in the real world like the way that thats transmitted is less people get jobs as a result. So i think its there. Its just not necessarily black and white all the time. I also think regarding what felix was saying, specifically the u. S. Stock market is a reflection of rich people but oil markets are markets and that huge geo political ramifications in saudi arabia and the u. S. And russia. If you look at the broader rank of markets besides just u. S. Equities, there are a lot of examples you can point to where whats happening in market have some sort of the news city is obsessed with the one day news cycle. And what happens to the oil price in one day or what happens to the stock market over the course of one day. And that story is 100 noise. Theres absolutely nothing in that story that has any kind of relevance in 99 of the population. Yes, oil prices and other prices match it. But what were looking at levels which ultimately dont change that much whether its up or down a lot then theres a story there. Most market commentary and most market journalism is about what is way too small. Day coverage i see it as more like being the narrator or being the commenter of the sports game. Any given basket in a basketball game doesnt matter too much. But youre narrating that game and putting it into a bigger story. Rose i dont want to make this as big as a revolution but how are financial blogs changing the market. Its absolutely, its changed radically. Then one year too you look at the time is so compressedcbeco immediate and good information and quick information and nuance for people who sat on the market. Just never had this kind of, people say itsm3ipa a golden af journalism. Its ama gold age of content. Just get raw data feed. The access and people being allowed to filter to what they want. And they dont have to go to certain places, they can go everywhere and have a smorgasbord. Rose whats your ambition. To tell whats going on in the economy but try to do it in a more visual way and digital way and more interactive way than simply writing down words. Im trying to come up with ways reinventing storytelling. Rose whats the compensation for that. The compensation for that if you get to communicate much more directly with a generation who frankly doesnt have the Attention Span to read large long text pieces. An excellent example of what im trying to do, i just want to make it a little bit more interactive. Rose you also see a whole range of people have been at this table have left the New York Times, have left the washington post. To lead big institutions. Youre staying at a big institution. Why did you stay rather than go out on your own . What was the choice for you. Did you have a choice . Look, i believe very passionately in the ft as a brand and it means and what it can deliver. And i believe that being part of institutional change at that organization is exciting. We are trying to adapt. Theres many people who say weve done a better job than some people in adapting to a Digital First media strategy, we have a very successful pay wall and keepl6 adding subscriptions. I think there is real appetite for change there and people want to be still the preeminent provider of the world market and Financial News. Now it is a massive challenge. Its a massive challenge every day. Some days it feels like pushing up hill every day in terms of what were trying to do in scale of the change in front of you. You still have legacy newspaper issues you have to do with in terms of advertising decline, in terms of filling space. We cant be as nimble as smaller digital organizations. But we still have jillian and people that people want to come and get their opinion every day. I want to be a part of changing that organization to remaining that way for the next decade. It may be a pipe dream. The organization stays the same. Rose so the mandate at ft is to make it more to present content in a different way, in a more interactive way. To give much wider, much more relevant condensed in some ways, be able to still present the same sort of, you know, thought leading decisionmaking journalism that we have. Rose did you get into a thing with martin wolf. I did get into a little thing with martin wolf. Lw i03k4,h[economic commentators ie world. Rose on television. And hes been on television. When he writes his book, youve read his columns. They are not always the columns to read. When he writes a book, his books are not always the easiest books to read and that was basically what my night was with martin was that im a big believer that journalism is only good insofar as people understandhp it and i want to be able to express myself as clearly as possible in as many different ways as possible. Without making it stupid, absolutely, without being false. Whereas martin i felt especially in his book was making no confessions to making it easy to read or easy to understand. Rose what is your mandate at bloomberg . Well bloomberg is this Incredible Organization that has resources that basically just overwhelmed everyone else. But traditionally bloomberg had not focused on the web. Its the core of the business is the bloomberg terminal, which is amazing information mortal. Thats only available basically to Financial Professionals. But theres so much amazing data, theres so much amazing reporting thats being done within the Bloomberg Organization and theres even a fraction of that can get to the web in a way that makes sense. Its not that its not going to theib web but its not, the strategy here hasnt been pan focused towards really making it sing on the internet. Rose how do you do that . I think its a range of thing. Part of it is actually just having people who will be web first. Part of it is figuring out how to take the reporting and repackage it in some way thats great for the web that probably needs to be much more visual than it is. Lotsgr more charts. Maybe changing thef things. Pulling out certain chunks. Taking all the data. I mean theres this big obsession in journalism right now about data driven journalism. I think that comes from you know desire to like see the evidence, show the work basically. Well bloomberg has more data than anyone in the terminal so just extracting that data and showing it people is a huge opportunity. And this show in particular we can say getting rid of the black background. Step number one. Rose you dont like my background. Its a great view charlie. On rose everybody says to me in fact about the web they like almost a clear background is the best possible thing. Is that right . Yes. Rose why is that . Because you want to concentrate attention on the thing that you want to concentrate attention on and you dont want distractions. This is why you have nothing going on behind that. Rose because you focus on who you are and what youre saying. We want a pink background. Rose does it make a difference that you are an investor as well as a pundit as well as a blogger. I think it does. So its funny because most of the people that i read are journalists. And im friendly with a lot of journalists and i think what they do is indispensable but its proven theres room thousand for someone who is not a journalist but who reads all of the journalism and forms a eclly strong opinion which is important and which isnt and almost acts more as a curator. I dont do reporting. I have an Investment Management job but what i do is i consume a lot of this stuff in the market as well. And at the end of the day when i sit down and i think hey it turns out everyone was focused on this but it really didnt matter that much. Or, this should have gotten more attention and i like the point to the journalist who uncovered it or to the journalists who swarmed on something and i want to say to my readers this is something valuable to consume. That said not only do journalists do journalism and one of the biggest scoops in recent sets. Rose and how to you get it. And how do you get it. Rose youre not giving up sources are you. Im in the Investment Business and i have to live in the business and you know. The scoop was that last year, they made 520 million. Rose probably both of them each made 520 would have been my impression. Had we known everything we need to know about why they split . We probably know more than ill tell thats interesting. He has a quote where he says whoever is winning now will look to be invincible. So thats a great example of a firm with the most assets under management on the planet. And even when thing are as good as they can be is youre never invincible in this industry and we learn that every year. Whats wrong there . Too much money, too much, too many big personalities and then too high of an expectation on the part of the investor community. No one ever got fired allocating to pill co it became automatic but nobodys results are automatic if theyre an investor. They move in streaks. Is best performer could be the worst next year. When that realization comes out and then internally an organization is forced to deal with it, thing get ugly. People point to each other which is human, nobodys above that in the whole world. I do think that going back just a little bit, the presence of people like josh and barry and other Financial Professionals is one of the huge aspects of this whole media revolution that deserves to get a lot of attention. On twitter i follow people who are professional traders, professional investors who in the past would never be just freely sharing their insight but are actually doing so all daycos basically to become important sources on stories. And thats phenomenal. I really enjoy it. I love the fact that i can just hear directly from people all day and see their reactions to news but it is a major sort of the job fact interestingly which no one picks up on4dhrt t the time. Has three investment managers, hedge fund managers, to be much more open about their views on the internet and on twitter. And this is fantastic because journalists really dont know anything. All we do is phone people up and try to find out what the people who do know things know. Now we did me ate mediate the journalists. Rose whats the good from the great. Waking up at 4 00 in the morning, 4 30 starts. The amount of tomb to be really good because we said all during this discussion you need to read so much, you need to talk to so many people and theres so much