We've not made it a secret on this site that we don't believe the mainstream financial media helps the average investor. Their focus on the short-term, their tendency to sensationalize/exaggerate (both to the positive and to the negative), their emphasis on their anchors' personalities (over the substance of the information provided), and their focus on the most popular/hot/trendy sectors and companies does a disservice to the investor looking to outperform.
Thanks to the internet, we can tell that we're not alone in taking this view. A pair of writers at Zero Hedge have written an eloquent article on the subject in the form of an open letter to the financial media. The letter serves as a must-read for those who rely on the mainstream media for any sort of investment advice.
Readers of CNBC online will also enjoy Zero Hedge's spoof of CNBC's website, located here.