There are several excellent books written on the subject of analyzing
national news. Humphrey Neill, author of the 1931 classic Tape Reading
and Market Tactics, also wrote The Art of Contrary Opinion, which
carefully examines the way identical news stories are reported quite dif-
ferently in the various cities' newspaper headlines, and how that can be
misleading to stock owners.
His contrary opinion investment theory is developed by illustrating how
frequently conventional wisdom or accepted consensus opinion expressed
in the national news media turns out to be ill-conceived or wrong.
Media expert Bruce Herschensohn wrote a short, easy-to-read book
entitled The Gods of Antenna. It specifically tells how our national TV
news can manipulate and bias the news to influence and help form pub-
lic opinion. It was published in 1976 by Arlington House in New
Rochelle, New York. Another book on the subject is The Coming Battle
for the Media, published in 1988 by William Rusher.
The most outstanding study on the subject was published in 1986 by
Adler & Adler, 4550 Montgomery Avenue, Bethesda, Maryland, entitled,
The Media Elite, by authors Rothman and Lichter. In it, they interview 240
journalists and top staffers at The New York Times, The Wall Street Journal,
The Washington Post, and Time, Newsweek, and U.S. News & World
Report magazines, and the news departments of ABC, CBS, NBC, and PBS.
When asked to rate their fellow workers' leanings, they said by a margin of
seven to one their co-workers were mostly on the liberal left versus the
conservative right. Eighty-five percent of the top national journalists were
found to be liberal and voted the Democratic ticket in recent elections.
How the national news is edited and presented does dramatically affect
every investor, our economy, public opinion, and public confidence in the
economy, our government, our President, and the stock market.