Biz media is misleading investors, says critic
Investor Doug Kass, who is a contributor to CNBC, tells the New York Post that the business media is in danger of misleading many investors.
Claire Atkinson of The Post writes, “He was particularly irked about the reporting surrounding Icahn’s Apple position, which helped push up the stock, and he was disappointed by outsize coverage of Omega Advisors’ 31,000-share Apple buy this quarter.
“‘My criticism is of the entire media business. The reason I point this out is because the small investor piles in when Apple is up 10 percent. It’s caveat emptor, but the poor lemmings pay top dollar.’
“Kass went so far as to email CNBC’s ‘Halftime Report’ host, Scott Wapner, who’s been in the thick of things, to complain about the coverage.
“Omega boss Leon Cooperman was on the air last week discussing his view that Apple stock was cheap.
“Kass blasted Wapner with an email headlined: ‘Lee purchased only 31,000 shares of APPLE!’ He wrote: ‘I think your emphasis on Apple/Omega is hyperbolic and in the interests of good reporting you should quantify the importance of his Apple buy.’
“Kass says he’d like to see reporters show how significant — or insignificant — such positions really are when viewed against the backdrop of total funds under management.”
Read more here.