All good things come to an end. And so we say goodbye to the FT.
It was only a few years ago when an elite band of cowboys could trade the markets. Only a few people had access to the markets and could afford to pay for market data. The rest of us had the Financial Times (and the Investors Chronicle) to read and it was this paper that got me horned up about trading when as a child I would sneak off to the end of the garden and have my jollies. Like the Wall Street Journal, it was full of stories and predictions and magic. For a few pennies it enabled the penny stock punter to feel like they were big swingers and helped many of my generation into the wild casino west where products were created and fools lost money.
Today market data is everywhere. If you are a budding trader, you need never leave your bed. Analysis, opinion, data series, rampers, pumpers, platforms, the access to tools to make decisions are as common as muck. So where does the FT fit in?
You used to see people on the Tube devouring the FT. I never see anyone reading the FT. I still subscribe to the paper copy and usually read it at breakfast when staying at some bland foreign 5 star hotel where it is handed out for free (and added to the circulation figures). But I get most fun these days from CityAM.
It is the financial news of choice on the tube because its free, bite size and actually pretty informative. The weekend FT is by far a better read but it costs the price of a Sunday Lunch. Of course one can digest the pink stuff via a cancer inducing glare screen (roll on Gorilla Glass) but its nothing special and like most newspapers just pumps out "breaking stories" with "shock horror headlines".
We all like to hang onto our childhood toys but time moves on fast.
We learn the FT is 125 this week(guardian). Happy birthday and welcome to death. You see the FT is a bit like HMV; it has a great brand franchise and hasn't moved on with the times. If I were running the FT I would launch a daily CityAm, provide headline data for free, create some funky apps with access to simple data charts and use twitter a bit more effectively. But it wont and the FT will become Punch.
Today I cancel my FT subscription. A sad day but at least I am saving a few pink trees from being felled.
Carry trade EURO ready to implode again (bloomberg)
The end of structured products? My arse ... (barclays)
Barclays tax avoidance still alive and kicking (barclayswealth)
From dog food to Michelin * restaurants (reuters)
The FT to launch a new page 3.