Two investors want to re-invent news. And it’s the worst journalism idea I’ve heard in a long time.
Nathaniel Brooks Horwitz and Sam Koppelman — both 27 years old — are creating a newsroom that will be monetized by investments based on “scoops” produced by the newsroom, according to exclusive reporting by the Financial Times.
In other words, their investment firm, the $100 million hedge fund Hunterbrook Capital, is using journalists to write stories designed to affect the stock market. They’ll buy or sell stock based on those “market-moving” stories before the market moves — before other investors know about the stories — thereby profiting.
Read it all on Mike's List.