Tag Archives: Forbes
Harry Domash, who writes a business column in the Santa Cruz Sentinel, has found a wonderful Web site that grades market commentators in the business media. It’s called COX Advisory.
Domash wrote, “CXO tabulates the market forecasts of 31 major market commentators and posts them in its Guru Grades report. The report lists the total number of market forecasts, as well as the number that were essentially right and essentially wrong, for each guru.
“Interestingly, 16 of CXO’s 31 gurus got it wrong more often than they got it right. For example, James Cramer, host of CNBC’s ‘Mad Money’ show, predicted the market direction correctly only 26 times out of 56 tries 46 percent.
“Only five gurus got it right at least 60 percent of the time. Of those, Ken Fisher, with a 69 percent accuracy rating, was the top performer.
“CXO’s Guru Grades, as well as everything else on the site are free, and there’s plenty more worth checking out.”
Fisher, by the way, writes a monthly column for Forbes. He correctly predicted the stock market bubble in tech stocks in 2000 was about to burst.
Read more here.
Reuters is reporting that Mexican actress Salma Hayek is criticizing a list from Fortune magazine that shows the richest Latin Americans, but there is no such list published by the glossy.
And, thinking that maybe the Reuters reporter had confused Fortune for Forbes, I checked the recent Forbes list of highest-paid celebrities, but Hayek is not on that list.
The Reuters story stated: “‘It’s a huge lie. It’s very, very far from reality. I don’t have that amount of money,’ Hayek told Reuters, after reading an article in Mexican daily El Universal about a list of ‘Latino millionaires’ in the United States.
“‘Somebody sent me it and I laughed. It’s a bit like a joke. Obviously I have never earned $100 million and I wouldn’t even want to,’ she said in a telephone interview from her Los Angeles home.
“A spokesman for Fortune said he was not aware the magazine had published such a list. ‘It’s certainly not a list we’ve done. It seems somebody got their facts mixed up,’ he said.
Read more here.
Just a question: If the list is non-existent, and even the magazine is questioning where the list came from, then why did Reuters write a story about an actress denying a fictitious report from a business magazine? To show us that they can get in touch with Hayek? I am the biggest critic of these lists, but it appears this criticism is unfounded.
Forbes.com CEO Jim Spanfeller told Beet TV that the web site’s video could overtake business news cable channel CNBC in total viewers.
Spanfeller stated, “Thatâ€™s one of our bulls eyes out there is the fine people at CNBC. The idea is, then again, they have a relatively limited reach. I mean, I think if you look at their numbers they might get about 300,000 viewers in a day, so there will be a lot more than 300,000 streams because presumably people are watching some number of things throughout the day. But nonetheless we think we can get to that kind of a level of reach in a year, year and a half, maybe even sooner depending how fast video gets adopted online.â€?
Forbes.com has developed a sophisticated and successful online video platform which produces a considerable amount of original content. It has a full blown television studio and production staff. Like CNET, it has been a pioneer among Web publishers who have made a strong commitment creating original video â€“ and have delivered.
Read more here.
Statistics posted on the Magazine Publishers of America web site show that among the business glossies, Business 2.0, BusinessWeek, Fast Company and Money all had an incredibly bad month in June, while the other biz magazines showed gains.
And for the year, BusinessWeek has fallen behind Forbes in terms of ad dollars.
Business 2.0 posted the biggest decline in terms of a percentage loss, dropping 28.5 percent to $3.9 million in ads sold in June. BusinessWeek reported a decline of 18.7 percent to $26 million in ads sold last month.
Fast Company’s ad sales declined 27.7 percent to $2.5 million, while Money’s ad sales fell 20.4 percent to $12.4 million.
On the other end of the spectrum, the Economist saw a 33.4 percent gain in advertising to $7.7 million in the month, while Forbes‘ June sales rose 21.2 percent to $31.9 million and Fortune saw a healthy gain of 18.9 percent to $22.4 million.
Inc. magazine had a 9.9 percent increase in ad sales to $7.4 million, while SmartMoney showed a 5.6 percent increase to $4.8 million in ad sales for the month.
See the June numbers here, and year-to-date numbers here. The six-month figures show that BusinessWeek is down by 11 percent for the year, and Fortune is down slightly, while Money is down by 5 percent and Fast Company is down 21 percent, but all of the rest of the business magazines have seen an increase in ad sales for the year. As all magazine reporters and editors know, more ad sales mean more pages in the book, which means more space for articles.
My interpretation of these numbers: BusinessWeek editor in chief Stephen Adler, who has been on the job for just more than a year, must be feeling some pressure to turn these numbers around. It’s been a given for quite some time that Fast Company has been struggling, but it’s a surprise to see BusinessWeek perform poorly against Forbes and Fortune.
In terms of ad dollars, Forbes outsold BusinessWeek in the first six months of the year, while Fortune is less than $1 million behind BusinessWeek. Last year, BusinessWeek outsold both of its business magazine competitors in the first six months of the year by more than $10 million.
Bloomberg News has been on a hiring spree, according to an item in the New York Post. In the first six months of the year, it hired 130 new journalists, and the target was 150. No word, however, on whether those hires were replacing people who left or were new positions.
Keith Kelly wrote, “Commodities, energy and emerging markets have been growth markets, but so is arts coverage in New York and political coverage in Washington.
“Chris Nagi, managing editor of The Street.com, is about to join as a stock markets editor.
“Bloomberg also began pushing global arts coverage under Manuela Holterhoff, the ex-Wall Street Journal reporter who heads something called Bloomberg Muse, which delivers news as well as a television program on weekends.
“‘It was nonexistent a few years ago, and now there are at least a dozen staffers and a dozen freelancers who write about the arts,’ said [Editor in chief Matt] Winkler.
“Among the hires on the political and economic front are a number of high-profile refugees from print publications: Roger Simon and Matt Benjamin, who left Mort Zuckerman’s rapidly sinking U.S. News & World Report, and Lee Walczak and Rich Miller, both formerly with BusinessWeek.
“Seth Lubove, former Los Angeles Bureau Chief of Forbes, is now L.A. bureau chief of Bloomberg News and also works on Bloomberg Markets magazine.”
Read more here.
Business magazines such as Forbes and Fortune, still suffering from a loss in advertising pages, are increasingly plotting how to use the Internet to improve revenue and attract more readers, wrote Samantha Melamed of Media Life Magazine.
Melamed wrote, “All this is changing how business news is reported and published. Users typically visit the business sites several times a day, often beginning even before breakfast, and that means sites have to be updated in real time. That in turn has forced the print editions to reassess how they cover news, and the move has been toward more analysis and features.
“That’s very much the case with Forbes, the print title, and its web site, Forbes.com.
“‘Forbes.com is far more of the moment, and we are far more analytical,’ [Forbes president and publisher Jim] Berrien explains, speaking of the print edition. The Forbes site, which drew 6.471 million visitors in June, ranking it at No. 7, now includes financial video reports, wire news tickers and even a personalized section called Forbes.com Attache, which users can program to include local weather, sports statistics and stock reports.
“On the print side, Forbes has launched 12 international editions in the past two years, and Berrien says its Forbes Life has gone from quarterly to bimonthly while tripling ad revenue in the last year and a half.
“But print and the web must work together. ‘The web is an incremental choice for marketers that didn’t exist five years ago, so we all have to be mindful that there are other places where they can spend their money,’ Berrien says. ‘A magazine without a robust web presence is at a disadvantage.’
“Yet at the same time the actual editorial operations of the business magazines and their web sites are being stitched together, working more and more as one, reflecting a trend at newspapers as well.”
Read more here. This is one of the more prescient pieces about how technology is affecting business journalism that I have read in quite a while.
In its June 2006 issue, BtoB Media Business described the 25 publications as having “shaped the business publishing industry.” Publications on the list include BusinessWeek, The Economist, Forbes, Fortune, The New York Times, The Wall Street Journal and USA Today.
BtoB Media Business, published by Crain Communications, Inc., picked the “Media Business 100″ to reflect the events, people and publications that have shaped the industry. The “Media Business 100″ is comprised of the top 25 business publications, top 25 people and top 50 publishing milestones.
It commemorates the 100th anniversary of American Business Media (ABM), the industry association for business-to-business information providers. ABM’s more than 300 member companies reach an audience of more than 100 million people and represent nearly 5,000 print and online titles and 1,000 trade shows.
“The Media Business 100″ were compiled based on nominations by the BtoB Media Business editorial staff and freelance contributors.
Two-year-old Trader Monthly magazine is profiled in the Friday New York Times by reporter Michael Schmidt, who calls it a cross between Institutional Investor and CQ.
Schmidt writes, “The money they make was the subject of the magazine’s first issue in the fall of 2004, when it published a list of what it said were the top 100 traders, and their estimated income, an article that won it immediate attention on Wall Street.
“Trader Monthly has since made the list an annual feature in its April-May issue.
“[Editor Randall] Lane recruited Robert LaFranco, who worked with him on the Forbes list of the world’s richest people, to work with Rich Blake, a former institutional investor, to head a group of editors and writers that track traders all year.
“‘Last year, certain energy traders were doing great and Katrina wiped them out or made them big,’ Mr. Blake said.
“The magazine is widely read at Corinthian Partners, a private investment bank and securities broker in Manhattan, said Joe Bruno, a 25-year-old equities and bond trader there. Mr. Bruno says he reads it for entertainment.”
Read more here.
Peter Newcomb, a well-known byline at Forbes magazine, is leaving that publication for a job at Vanity Fair, which is seeking to increase its business coverage, noted the New York Post’s Keith Kelly in Wednesday’s paper.
Kelley wrote, “Newcomb will be a senior articles editor at Vanity Fair and starts July 10.
“Carter said the Forbes list was always targeted toward wealth, while the VF list measured the more intangible ‘influence.’
“‘I want to open it up beyond technology, information and entertainment where it was grounded before,’ said Carter. Newcomb will be working with Heather Halberstadt, who has compiled the list for the past four years.
“No replacement has been named yet at Forbes, but insiders are already said to be fighting over Newcomb’s oddly shaped triangular office on the fourth floor of the Forbes Building in Greenwich Village.”
Read more here.
Conde Nast Portfolio, the new business glossy slated to debut next year, held a lunch on Thursday in New York with Google CEO Eric Schmidt, and FishbowlNY was there to observe and take notes.
Some key points, according to its posting, were:
– Big advertisers like Fed Ex, Johnny Walker and others â€” are interested and snooping.
– Portfolio execs say that despite what looks like a crowded field â€” business mags for top execs â€” only 20 percent of top execs read Fortune, Forbes or Business Week. Meaning, they say, there’s a lot of room.
– There are a lot of execs with a lot of publishing experience over there pushing the product â€” even if they’re not completely sure what it is, yet. They’ve already started to divide up sales categories among them â€” liquor, travel, etc â€” and are still recruiting.
– It was the typical careful CondÃ© job, nice flower arrangements on the tables, a big sign with “Portfolio” behind Schmidt when he spoke with [editor Joanne] Lipman, signs stenciled or painted or something on the stone walls downstairs at the Four Seasons. No tchotchkes, yet, though.
More here. Can’t wait for the tchotchkes. My all-time favorite business journalism tchotchke is the BusinessWeek breath mint container.
Meanwhile, Women’s Wear Daily’s Sara James gave Lipman a positive review: “CondÃ© Nast executives were likely reassured by Joanne Lipman’s first public performance as editor in chief of the company’s forthcoming business magazine, CondÃ© Nast Portfolio. On Thursday, Lipman conducted a lively interview with Google chief executive officer Eric Schmidt before a crowd of several dozen potential advertisers and journalists at the Four Seasons.”