WSJ Does Microreporting
by Johnny DebacleThis is an actual link in the first half dozen stories on WSJ.com right now. Wachovia Unloads Troubled Loans. You might think, gentle reader, that this will give you some insight into Wachovia and be worth reading. You would be wrong, as the teaser informs us
A venture headed by LandCap is buying $40 million in troubled land and construction loans from Wachovia. 5:01 a.m.
$40 million in loan assets? Really???? Wachovia (NYSE: WB) is a company with hundreds of billions of loan assets. This is de minimis with respect to de minimis. What’s next a piece on a $30,000 legal bill pertaining to whether HR was allowed to use copyrighted clipart in company wide emails about Sexual Harassment training??
Recommendation: Convince the world to be long microreporting like this; then, while everyone’s analysis is suffuse with microdetails, focus on the big picture.
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I think this may be the new business model of the WSJ. Now that all the reporting has been cancelled, and the attacks against liberals have been outsourced to a sweat shop in China, the only items of truth in the WSJ will be the press releases.
I, for one, welcome our new micro-true overlords.
What they are saying is the hundreds of billions of loan assets are actually only worth 40 million.