Not everything on Wall Street is motivated by money.
The Wall Street Journal Online recently published an article on Minyanville.com, a financial commentary community to which I contribute. With all the time that your reporter spent at our company, it is amazing the size of his whiff in understanding what we do. Actually, I have a strong suspicion the editorial team had a large influence in the final product, for mainstream financial journalism is all about sales, just like daddy Wall Street.
I know all the people at Minyanville intimately. We are trying to build something that is based on truth, experience, and fellowship. But a few of your comments out of context here, a few assumptions there, and poof, we have a typical "for-profit-at-the-expense-of-the-truth financial web-site". Minyanville is not a financial web-site, it is a community, regardless of any other inference by your writer. Quite simply, you failed to touch on what motivates 25 financial professionals to contribute to the Minyanville platform.
A successful community educates its citizens. It does not hide facts or opinions; it lets it all out there for public discourse.
Your depiction portrays the professors as mercenaries waiting for Minyanville to explode in order to cash in on all that work for which they were underpaid for all those years. It simply can't be true that the writers actually write to help people; that the motivation is to "undo" the harm created by the world's greatest sales machine. Your implication is that we write to get people to sell what we want to buy. I am offended but not surprised.
And Todd Harrison, a man who gave up the pinnacle of power and money to help right the wrong being done, is reduced to a comment like, "Do something you love and the money will come." A comment taken out of context does the harm it is intended and is extremely hard to undo. But let me try. Todd, through his skills and experience, recognizes an economic and political situation that has been building over the years. His decisions and sacrifice are not based on the hope of personal gain, but on true caring. I see this everyday. This caring is consistent from Kevin Wassong to all the other people at Minyanville.
But I waste my breath.
I have had personal experience with your publication and others like it. I am often asked to comment and opine. Being open but wary, I always insist that any direct statements I make must be approved before they are printed. It does not surprise me that I am rarely quoted.
And if we sound too bearish it is only because everything else from Larry to Mary is so bullish. We are just trying to balance a pound of pooh with an ounce of insight. Speaking for myself, I would love to be bullish but Wall Street just won't let me. The enemy is all around us and the weapon is apathy. We fight that apathy with knowledge and perspective and that is all we are trying to build.
Thank you for your time,
Co-Founder, Vicis Capital
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