There’s an awesome new job available at Business Insider!
Our markets & finance team is hiring a markets reporter, someone who wants to cover the back-and-forth stories of stocks like Tesla, Netflix, Facebook, Twitter, and the biotechs.
We’ve been covering all of these companies for a while now, but funny enough, throughout the lifetime of the company we’ve never had a person for whom this was their specific charge.
So why do we want someone to take the lead on this area?
Basically the above chart. Specifically the top part of the chart. Let me explain.
I joined Business Insider in late 2008, in the throes of the economic crisis. After the economic crisis there was a recession. Then there was the European crisis. Also we had the debt ceiling crisis in that time. And a government shutdown. And a bunch of other crazy stuff. As such, the primary interest among markets has been big macro stuff, like the dollar, Treasuries, the S&P, European sovereign debt yields, the price of gold and so forth. When all of this stuff is going on, there’s not a ton of interest in individual stocks, even when the market is rising. (this is not a bullish or bearish thing).
And you can see the lack of interest in individual stocks in the above chart. Internal market correlations among big caps have been very high in recent years. That means they have all moved exactly the same way at the same time, with little market differentiation. And it’s not fun to talk about individual stocks when they all move in the exact same direction. Lately correlations have returned to more normal levels, though they’re still a bit high.
And this move towards less correlation has coincided with a lot more interest in individual stocks (like the ones noted above) plus IPOs and so forth.
So it makes sense to have someone who wants to lead the way in telling these stories for a new medium.