Mark your calendar. Beginning May 4 and ending May 13, the Supreme Court of the United States will make history. It took the coronavirus pandemic to do it, but over six dates the Court will hear oral arguments on ten cases, and the people of the United States will be able for the first time to hear those arguments as they happen.
This is happening because the Court, like most of us, is practicing Covid-19 social distancing protocols, with the justices and staff working mostly from their homes. The Court first delayed these arguments, then decided to hold the hearings via teleconference.
Jim Lehrer, co-founder and for 36 years the anchor of the PBS NewsHour, died Thursday at the age of 85. He was also the executive editor of the broadcast, moderated 12 presidential debates, and wrote books of fiction and non-fiction, often on topics informed by his interest in journalism, politics and history. The NewsHour remembered and eulogized him on the program that night.
I cannot come close to the heartfelt feelings expressed by his NewsHour colleagues and I highly recommend the program to you. Although I worked for nearly three decades for the public television program Nightly Business Report, public television is about as siloed a group as you will find and I had the pleasure of meeting Lehrer only once. I do remember being tongue tied at meeting the man who is now being mourned as a “giant in journalism.” He of course was friendly and unassuming with me.
As you know I don’t usually report on other reporters. Nor do I link to material behind paywalls, although I support the use of paywalls to enable reporters to make a living. But there is a story justifiably blazing through the cloud that touches on many of the topics I hold dear and deserves a shout-out.
My tip of the hat goes to Joe Heim of the Washington Post and his story, “National Archives exhibit blurs images critical of President Trump.” Heim, in a Twitter post after the story went viral, said his story was in part due to “chance.” I’ll respectfully disagree. Heim was visiting the National Archive when he noticed something that had nothing to do with his reporting assignment. That’s not chance. That’s good reporting. I’ve often told journalism students the best story ideas come from their own observations. A good reporter always keeps eyes open.
In my recent post on mutual funds, I noted that John Bogle disrupted that industry with Vanguard, a mutual fund company that specialized in low cost index funds designed to mimic rather than outperform major market indexes. The other mutual fund companies responded with their own index funds, and there is intense competition between them
Mutual fund shares vs. ETFs
Exchange Traded Funds, ETFs, are another refinement of the fund category. They will certainly figure into your reporting on the fund asset class because they are by some measures the most popular of all exchange traded securities.
For my primer on ETFs, see businessjournalism.org.
Numbers are funny things. Even though they appear to be absolute, a clever manipulator can twist them to make pretty much any point he wants to make. Take President Trump’s statement from February: “Ninety-four million Americans are out of the labor force.” It might seem preposterous but it is correct, as the great sage Obi-Wan-Kenobi once said, “from a certain point of view.”
It is the number you get if you take the total U.S. population 16-years of age and older and subtract the people the BLS says are in the labor force. That number includes everyone who is retired, and most high-school, college, graduate or vocational school student. It also includes the disabled, homemakers, some self-employed and those living off their investments.
My guide to reporting the employment report continues at businessjournalism.org….
The Bureau of Labor Statistics released its Employment Situation Report for February on March 10, showing a healthy 235,000 gain in payroll employment. Asked what President Trump thought about the numbers, White House press secretary Sean Spicer said, “I talked to the president prior to this, and he said to quote him very clearly,” Spicer said. “They may have been phony in the past, but it’s very real now.”
Many of the reporters present laughed. I cringed.
Over the years on public television’s Nightly Business Report, I filed countless “numbers” pieces. The monthly employment reports were most closely watched. For better or worse these reports often had an immediate financial market moving impact, making them lead stories for a market driven broadcast.
I cringed because I believe attempts to undermine the credibility of these reports do a great disservice.
Continues at businessjournalism.org….
Chicago Board Options Exchange
My series at the Reynold’s Center continues with thoughts on reporting the derivative markets. These are investment vehicles that are derived from others, appropriately called derivatives. Investors do not own the underlying asset, but bet on how that asset will perform.
Options are a common type of derivative. In 1973 the Chicago Board of Trade created the Chicago Board Options Exchange, which at first operated out of an old cloak room off the CBOT trading floor. The CBOE traded listed stock options. Unlike futures, options were not a commitment but gave the buyer an option to buy a stock for a certain period of time.* The option is based on the stock, called “the underlying.”
Continue at businessjournalism.org….