When I speak to live audiences, I always remind them that to some of us in the investing business, the headlines are not on our “to-do” list for making decisions, week in and week out. There was a time when markets responded to whatever was in Saturday’s Barron’s or the daily Wall Street Journal. Big media clearly still has tremendous value and influence. But the market is now run by a different set of bosses.
Namely, algorithmic trading and index funds. The latter makes it so that stocks move with others of similar size, since the index buys and sells them all together. It doesn’t matter what the company does.
