I have heard somewhere that nearly 15,000 analysts were laid off on Wall Street the last few years.
Wall Street is changing at many levels. The ‘guess’ a company’s quarter ‘to the penny’ game is no longer the game of choice offered by the few banks remaining.
To me it makes sense that this game would be picked up by the blogosphere and I am not too surprised that the blogosphere has already begun to trump analysts. No one is happier about this than Wall Street. If main street can go out and identify the 30-50 bloggers that can do it in a consistent way, the banks have crowdsourced the new talent.
The problem though remains….the penny calling game.
The real talent, the talent I would pay for though, is the investor/trader that can make me money from the news. That’s what the hedge funds will pay big money for and those people are on Stocktwits. I watched the stream in action dissect the news as a team on Monday and as a group buy the dip and make 10-30 points off the lows as the market opened Tuesday. I was watching, but did not buy. I did sell a little ‘publicly’ at $350 yesterday morning declaring I was one of the people a little nervous about Steve Jobs affect on the stock so seeing it back higher than the close before his health issue was as good a time as any to sell a little.
The best news of all is our streams will get smarter and deeper around events like this and learn to digest all the news beforehand as well. Don’t tell anybody :) .