Reading the news seems much more complicated these days. Our friend and old colleague, Rob Martorana, has lived and worked in New York all his life. An excellent portfolio manager and great thinker about investments, Rob has written a series of articles for the Chartered Financial Analyst group1 about how to digest news in a way that takes account of its underlying biases. The easy way to do this is to pick a sample from media sources with known biases to judge the central case and the range of interpretations.
The difficulty occurs when those media biases change. This has happened in recent years and particularly recent weeks, with opinions generally becoming more pronounced and polarised. But when events are momentous, those biases can fluctuate and be difficult to judge.
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