Facebook price droops. Hands up if you’re surprised

Huffington Post

See Facebook Stock Collapse Contributes To Mistrust Of Wall Street (Huffington Post) if you care.

… the Facebook IPO had examples of pretty much everything that is wrong with the stock market today. Media and analyst cheerleading? Check. The destructive influence of high-speed trading? Check. A system built for insiders to profit while retail investors pick up scraps? Duh.

“This constantly erodes the confidence of the average investor,” said Joseph Saluzzi, co-head of stock trading at Themis Trading. “It’s why we see money coming out week after week from stock mutual funds. People are tired, frustrated with it.”

Facebook’s stock price was down Tuesday more than 4 percent to less than $33 a share. After months of hype leading up to the social network’s initial public offering, the stock is down 14 percent from its IPO price of $38 and nearly 28 percent from its $45 peak on Friday, its first disastrous day of trading. The company has lost about $15 billion in artificially inflated paper market value in less than three days. Update: Things got a lot uglier after we filed this post: The stock ended trading Tuesday down nearly 9 percent at $31. That’s an 18 percent decline from the IPO price and a 31 percent drop from its peak price on Friday.

– P

See also: Greed? On the sharemarket? Never!

Social media made-up stats (parody)

Hilarious from start to finish* …

via @adders

* In a wry, cynical, self-knowing way.

Greed? On the sharemarket? Never!

Obvious Otis headline of the morning goes to the NZ Herald for this AFP story

Oh noes! Greed blamed? (NZ Herald - click)

The sell-off sparked more finger pointing and anger from those who had expected the price to zoom to massive gains like the immediate doubling of career-oriented social network LinkedIn’s IPO price last year.
“Investors are searching for someone to blame and there are plenty of suspects,” said Paul Ausick at 24/7Wall St.
Analysts blamed especially lead underwriter Morgan Stanley for allowing Facebook last week to increase the price and the offering size to 421 million shares, raising $16 billion.
“The underwriters placed the stocks with people who really were not that committed to owning it, and so a lot of them sold it,” said Pachter.
“They sent us false signals by adding 84 million shares to the offering on Wednesday, so right before they went public,” he said. “They were wrong, they completely blew it.”

I will never forget attending an investment training workshop where I heard the saying professional investors use to describe the ‘mum and dad’ investors whom they refer to as ‘pigs’:

The pigs go to the market to get slaughtered.

That, and Michael Lewis‘s book Liars’ Poker, plus some salutary lessons of my own learned about the manipulation of shares by company directors taught me all I needed to know about gambling on the sharemarket.

Fear and Greed.

– P

Rodney Hide, boy genius.

Boy genius Rodney Hide with his amazing ACT Party Shrink Ray
(pic: dnahelix.com - click)

I knew Rodney Hide back when he was still using a Cassiopeia and I was using Psion Series 3a. (We used to compare features.) While he’s a pleasant man, and I personally like him, he’s never struck me as an intellectual powerhouse

So it was intriguing recently to read in the NBR online his vapid criticisms of New Zealand journalists (all journalists, Rodney?) as having ‘lost their ability to think while still quite young‘ and having an attention span of ‘less than 30 seconds’ and not possessing the ‘intellectual reach and interest’ to perform even rudimentary, basic policy analysis. Viz:

Journalists have arts degrees and lost their ability to think while still quite young. They can’t distinguish good policy from the bad.

In my early days – when too young to know better – I would try to engage journalists in rudimentary policy discussion. I mean really, really rudimentary, like there are tough trade-offs and always opportunity costs.

The eyes would glaze. The attention span was less than 30 seconds. I gave up. I am slow. I don’t give up easily. But even I quickly learned that basic policy analysis is beyond the intellectual reach and interest of New Zealand journalists.

Implicit in Rodney’s comments and his narrative about valiantly trying to help journalists ‘distinguish’ ‘good policy from bad’ (!) is a suggestion he, Rodney, is somehow mentally superior … that HE has retained ‘the ability to think’ beyond childhood.

Oh really?

One could, of course, issue similar empty, sweeping generalizations about politicians.

One could suggest all New Zealand MPs are unprincipled, venal, shallow vote- and donation-chasing narcissistic muppets. But that might be unfair.

Further, one could say the ACT Party, in particular, attracts a special class of duplicitous political actor — the type who deceptively conceals their past, their true ‘agenda’ and their sponsors, (like, say, British American Tobacco, or Kim Dotcom?) and attracts extremists, some much more subtle than the racist Bernard Crimp or beneficiary basher Cathy Odgers.

An observer with an attention span could make some wry and cynical comment about the fruits of devious political stealth … and how sleazy electoral tactics sometimes deliver their just desserts: The ACT Party’s decline through fratricide to irrelevance and zero percent popular support.

This despite spending ‘rich prick’ donations (take a bow Mr Crimp) of $1.283 million on the 2011 general election campaign (second only to National in spending). With all that money and even with Mr Popular John Key’s symbolic ‘cup of tea’ and awkward, contrived imprimatur, at 1.07% ACT’s  share of the vote was less than the Mana Party.

One could point all that out to Rodney Hide in response to his vacuous comments about journalists.

But I’ve lost interest.

– P

‘A loathsome piece of filth’

Sorry. Trolling, bigotry and spreading nasty abuse online makes you a jerk offline. Even if you're kind to kids and animals. Or religious.

That’s actually something I said about somebody. And I meant it, as harsh as it sounds. I didn’t say it to them, I didn’t say it publicly, nor did I post it online here or elsewhere. It was my personal opinion at the time, provoked by their actions. They stand out in my mind as one of the very few people I’ve met I had absolutely no time for.

Here’s (below) a good article which resonates with me in terms of the ‘I-disagree-with-their-apparent-worldview-but-now-that-I’ve-met-them-I-quite-like-them-as-a-person’ experience that I talk about here from time to time. (The one that some people just don’t seem to ‘get’ — or ‘grok’).

The “Daily Show” guide to my enemies

As a producer, I met people whose political views I detested. The hardest part was admitting they weren’t so bad
by Michael Rubens

For two years I was a field producer for “The Daily Show With Jon Stewart.” The field producer is the person who guides the creation of the pre-taped segments, the ones where the correspondent travels somewhere to interview and heartily agree with some person who holds, uh, fascinating ideas about the world. This meant I spent a lot of time with people whose causes or philosophies I found blecchy — the sort of folks who would fit nicely in the overlap of a Venn diagram whose circles included Bachmann supporters, fans of Rush Limbaugh, and people who wear tricorn hats and exercise their Second Amendment rights at Tea Party rallies. You know – assholes.

Now, I like to loathe people. It just feels so good. I particularly like to loathe the sorts of people described above, and when I see them on TV or read their blogs I sigh contentedly and say, ahhh, it is now morally permissible for me to loathe this person. So imagine how irksome it was to have to deal with persons like that on a constant basis and discover that those persons, in person, generally weren’t loathsome persons after all. In fact, to my great consternation and disappointment, I often liked them.

Read on at Salon.com

People’s actions and tactics CAN BE different to who they are, just as Rubens relates. It’s important to cut each other some slack, I believe, as he and Jon Stewart suggest. I really try to keep the door open to people, although I have been betrayed.

That said, there’s a line, and I’ve learned sympathy for the idea that if you’re an a**hole online, you’re just an a**hole.

It doesn’t matter if you’re kind to animals and try to be a good dad. If you spend your time spewing lies and hateful things online, it doesn’t impress me if you’re ‘good company’ over a mochachino. Continue reading →

Why I use an ad-blocker (You must be kidding me @NZHerald)

I was using my non-ad-blocked Chrome web browser for something tonight and thought I’d just see what news was happening, so popped over the nzherald.co.nz

You have got to be kidding me …

And it was ANIMATED to get to this! Try reading the news. (click to see full size)

Ridiculous over-the-top interruption marketing. Doomed to fail, in my opinion.

– P

Update: It certainly illustrates why I use AdBlock and Glimmerblocker … and Safari as my main browser.

How we got to charter schools

I stumbled across this on the web, looking for something else. Worth reading.

From the Autumn edition of Education Aotearoa:

The influence of the business lobby, particularly the Business Roundtable and ACT, in pushing New Zealand into the hands of the charter school movement is shown in a timeline of developments put together by NZEI’s Stephanie Mills.

This interesting analysis shows how an observer with an attention span can point to a long trail of manoeuvring and influence peddling (PDF) and the recent irregular-to-say-the-very-least appointment of former ACT president, list candidate and pin-up Catherine Judd-Issacs-Kerr to the (Surprise!) National-ACT coalition agreement generated ‘implementation group for charter schools’.

The Tea Tapes Timeline

aka How We Got To Get Charter Schools

2002?
Education Forum established by Business Round Table and others to lobby for the introduction of competition into public education. BRT Executive Director Roger Kerr was a key member of the Forum, which is very active until 2006-7. (The BRT says Business Roundtable was instrumental in establishing and continues to support the Forum http://www.nzbr.org.nz/Projects/Education+Matters.html)

Kerr was close to the ACT party (see obituary http://www.act.org.nz/posts/roger-kerr-1945-2011) and in 2010 married Catherine Isaacs, former ACT President (2001-2006) and ACT list candidate. Isaacs’s company, Awaroa Partners, has acted as communications consultants to the Business Roundtable throughout 2006-2010 at least. A staff member of Awaroa Partners is currently given as the contact address on the Education Forum website.
Continue reading →

Psst! I don’t think ‘Samantha’ is a real person

File this under ‘Trivial, but entertaining’…

Hey, let me be clear: People are entitled to their privacy. (And this is No.Big.Deal.)

By a quirky coincidence*, I noticed a new Twitter follower of The Paepae, Auckland’s ‘Samantha Seers’ has an image file named ‘woman-spring-cleaning-lg.jpg’ as her profile pic.

Apparently Samantha’s photo is actually a trimmed version of an iStockphoto image of a smiling female model posing with cleaning products (right) which occurs 23 times in TinEye.com’s visual search engine results

… with instances appearing on websites for domestic cleaners, home help and maid services from London to Bulgaria and even (shudder) Russia (see catalogue image below). Continue reading →

The escape of exnzpat, Part 8

The Water

Startled, and surprised by their strength, I began to struggle, but that only made things worse.  They did not have gentle hands.

My captors were human in shape only.  Up close, their eyes were as dead as a cow’s, and that is the best way I can describe them.  Their eyes were bestial – eyes like that of an animal.  Inquisitive, yes, but dull and without feeling.  Behind them, I saw no soul.  They were empty creatures, clothed in near-human form.

The fish-woman had my right arm and the fish-man my left.  They dragged me up-close to their faces to see me better.  They looked at me with their listless sight, wondering what it was they had snared.

I struggled.  The shock of their grabbing me had pummeled the last few breaths of air from my lungs.  I lunged and kicked wildly – I was drowning.  I don’t know what I had expected in death, but it wasn’t this.

The two creatures drew me down.  Both were incredibly strong, and the water was their home.  I saw that their fingers were web-like, joined together by a fine diaphanous piece of skin, otherwise their fingers were boney and hard, they dug deeply into my arms, puncturing my skin.  Blood seeped from my wounds in bucketfuls, and it was from within a red swirl of bubbly-blood that I watched my demise.

Continue reading →

David. Clever, but kinda creepy…

Similar in concept to Kara (right) here’s David …

Clever marketing.

But kinda creepy.

via Christina Warren

Best short article on blogging I’ve read

Nailed it. Jim Dalrymple on blogging vs 'corporate blogging' (click)

There is so much tripe written about blogging, and blogging versus journalism, and blogging as ‘weaponised’ internet, and blogging as barbarians at the gate of ‘big media’ and distorted propaganda or embarrassing ‘over-sharing’ disclosures … blah blah blah.

If you care, read Jim Dalrymple’s post Blogging is not a thing, it’s an attitude.

Yeah. The word ‘authenticity‘ doesn’t appear in his post. but, being one of the themes of this blog, I detect it.

And of course, TRUST. Which is where I was going with I’d double-check if they told me what day it was.

– P

via Adam Tinworth @adders

TV ‘ad hopper’ … um, yes please.

OK, so it’s not a one-sided argument, but still, put me down for one of these … the equivalent of AdBlock in my web browser:

20120518-070252.jpg

Now WHO would click 'No'? Anybody?

The disruptive technology at hand is an ad eraser, embedded in new digital video recorders sold by Charles W. Ergen’s Dish Network, one of the nation’s top distributors of TV programming. Turn it on, and all the ads recorded on most prime-time network shows are automatically skipped, no channel-flipping or fast-forwarding necessary.

Oops.

Ted Harbert, the chairman of NBC Broadcasting, … [called] the Dish feature an insult to the television industry. “Just because technology gives you the ability to do something, does that mean you should? Not always,” he said.

Yeah, good luck with that argument. Meanwhile look at what these ‘desperate times’ have led to …

James L. McQuivey, a vice president and analyst for Forrester Research, said that “with Dish’s aggressive move to please the end customer rather than advertisers, it’s clear that in the fight for TV revenue the gloves have finally come off.” He continued: “The fact that Dish would be willing to anger some of its most important content partners just goes to show how desperate these times we live in really are.”

Shock! Horror! Scandal!

Read Brian Stelter’s article at the NYTimes.

Or buy the box set of DVDs?

-P

PS I saw a figure of EIGHT MINUTES ads quoted in a recent “half hour” episode of prime time TV. That’s what’s driving this technology. Audience abuse.

John Key’s media whack-a-mole ‘tactical’ — Gavin Ellis

'Not moaning. Not bent out of shape.' (image: stuff.co.nz - click)

I said yesterday in Setting a narrative: ‘aggressive’ ‘hostile’ ‘antagonistic’ ‘tabloid’ media that I thought the prime minister’s comments criticizing the media (and especially the NZ Herald) were an oh-so-deliberate attempt to characterise future criticism of the Key administration as an aggressive, sensationalist news media lowering standards to desperately chase sales/readers/viewers.

Defensively denigrating the news media, in other words. That’s just how I saw the comments. Perhaps I’m wrong.

Here’s a brief two minute clip of former NZ Herald editor Gavin Ellis on Kathryn Ryan’s Nine to noon show on Radio NZ today.

I think he sees it the same way, describing Mr Key’s interview comments as ‘tactical‘ and ‘second term stuff‘…

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

mp3 file here for non-Flashies

The full Media with Gavin Ellis discussion (11 min) is available at the Radio NZ website here.

– P

See also: Playing whack-a-mole with ‘da media’

I’d double-check if they told me what day it was

More on the negative credibility of bloggers ‘seeding’ controversy in the mainstream media …

David Farrar and Cameron Slater seem unreliable sources.

Unreliable sources. Some political bloggers' claims are about as 'factual' as a Punch & Judy show. (image: Lonopan - click)

Following my brief mention of bloggers who make sh*t up (Negative credibility sux, eh @whaleoil? eh @dpfdpf?) I was interested last night to read NZ First leader Winston Peters’ speech notes for a Wintec media lunch yesterday where he pinged the very same two ‘artistes’ I mentioned in my post: David Farrar and Cameron Slater.

viz:

A mischievous blogger known as Kiwiblog [David Farrar] made up a story the Thursday before the election that New Zealand First was an incorporated society and that Winston Peters was an illegal candidate.
That story running as it did immediately before the Election Day is a corrupt practice under our election law.
By sheer coincidence, this blogger is the paid pollster of the National Party.
The foreign owned newspaper Dominion Post felt compelled to also publish this garbage and the story appeared to be taking off until some spoilsport presented the true facts.
That story could have been the difference between eight and nine MPs for New Zealand First.
With one more we could have stopped the sale of state assets – and the National Party knew it.
My point is that media outlets – whether radio, newspapers, television or the Internet – are full of opinions masquerading as facts.

Here’s how it looked at the time. Note the faux journalistic language: ‘EXCLUSIVE’, and ‘An investigation … has found’ and stated in conclusive terms:candidacy is illegal‘. What a piece of work.

David Farrar posing as a reporter, November 25th, 2011 — an 'exclusive' 'story' resulting from an 'investigation'. Is it just me? This looks like an untrustworthy inadequately researched political hit job/smear campaign by a partisan virtually on the eve of the election. Is there another explanation? Note that a journalistic code of conduct would have required a right of reply be offered to Peters prior to publication. Do you think that happened? Pfft. Silly question.

In response to his misinformation being exposed as, let’s be kind, nebulous BS (the facts speak for themselves: Peters is still an MP, isn’t he?), David Farrar is now fudging the issue and playfully suggests the National Party owes him a knighthood(!) for his pre-election ‘hit’ on Peters. Continue reading →

Deliberately cryptic

What about a blogger’s?

What defines the public interest? … It’s an important principle that can be used to defend journalistic activities that go beyond what is normally considered acceptable behaviour – such as the use of subterfuge – to obtain a story, where complex moral and legal arguments are at stake. However, it is also often stretched to cover activities that many find thoroughly objectionable, not even of interest to the public.

— from The Guardian

OBJECTS IN MIRROR ARE CLOSER THAN THEY APPEAR
(image: 2008 Ducati 1098 S - Mirror by Basem Wasef via motorcycles.about.com))

– P