Financials Beat the Media Business

I spoke this morning at a SABEW event, a society for business journalists. Lots of subjects discussed, including Freddie/Fannie, journalistic bias, Ben Stein’s cluelessness (okay, we didn’t get to that one), etc.

In prepping for the talk, however, I was looking at how crummy the media sector has been doing lately. It was driven home by the following chart, comparing the NY Times stock and that of the S&P financials SPDR over the past twelve months. When a sector in utter collapse doesn’t underperform the largest media company, something interesting is going on.