Masters in Business: At The Money

Episode Title: Filtering Noisy News
Host: Barry Ritholtz (Bloomberg)
Guest: Michael Hiltzik (Pulitzer Prize-winning business reporter, LA Times)
Date: September 17, 2025

Brief Overview

In this episode, Barry Ritholtz discusses with veteran journalist Michael Hiltzik the overwhelming amount of noisy, often unreliable information investors face daily—and how to filter through it. They tackle topics like identifying credible sources, recognizing bias, the pitfalls of anecdotes versus data, social media noise, and the growing challenge of AI-generated “news.” The conversation is a masterclass for anyone seeking to make smarter, more informed investment decisions in a world awash with dubious narratives.

Key Discussion Points & Insights

1. The Sea of Noisy Information

• The Modern Challenge:
  Investors now face relentless streams of information from TV, radio, print, and, increasingly, social media—much of it driven by algorithms and designed for outrage, not accuracy.
  • Barry Ritholtz [01:45]: “None of it is tailored to you in particular and much of it appears to be outrageous, algo driven clickbait.”
• Hiltzik’s Perspective:
  Readers and investors need to proactively evaluate the sources and motives behind the news.
  • Michael Hiltzik [02:31]: “You always have to assess the source…if we're talking about a trade organization. Well, a trade organization is basically a PR organization and it's going to put its own spin on whatever numbers it cooks up.”

2. Assessing News Sources: Integrity, History and Funding

• Due Diligence:
  • Check who is behind reports—whether studies were commissioned by third parties or are genuine independent research.
  • Look at the long-term reliability record of sources.
    • Michael Hiltzik [05:16]: "There are organizations that have shown…through the test of time to have integrity… And then there were some where you just want to factor in what you know about their ideology, their funders, their history…"
• Time Pressure:
  Both investors and journalists are pressed for time, making shortcuts tempting—but dangerous.
  • Barry Ritholtz [06:01]: “Reporters are pressed for time, so are investors.”
• Building a Trust List:
  Maintain your own “all-star list” of trustworthy sources.

3. The Dangers of Anecdotes and “n=1” Narratives

• Anecdotal Evidence:
  The temptation to rely on compelling individual stories should be recognized as a weakness.
  • Barry Ritholtz [07:42]: “Anecdotes and one off stories…just seem to be increasingly popular. How do you navigate through what is a compelling story?”
  • Michael Hiltzik [08:09]: “A man on the street or a woman on the street…that is an n equals 1… We saw a lot of interviews with families… and got it totally wrong.”
• Testing Stories:
  Good reporting means talking to sources who actually know the topic, not just grabbing “people on the street” or random anecdotes, especially when they don’t align with data or broader reality.

4. Social Media: Curating the Chaos

• Algorithmic Hype:
  Social media platforms amplify extreme or misleading stories, which often bleed into mainstream news.
  • Barry Ritholtz [10:35]: “How do we avoid the worst aspects of algorithmic hype that seems to work its way into mainstream media?”
  • Michael Hiltzik [10:47]: “Mainstream media stories that rely on social media sourcing, very suspect… I always liked X because I could curate my…timeline and rely on sources…that I had come to know.”
• Curation Strategies:
  Developing Twitter/X lists or topic-focused feeds can help, but it remains far from foolproof.
  • Barry Ritholtz [12:23]: “Curating your own lists on different topics… there are experts out there… at least there’s some filtering process…”

5. The AI Content Explosion

• AI Skepticism:
  Hiltzik is staunchly skeptical of AI-produced news, warning that much of it is marketing hype and not truly “intelligent.”
  • Michael Hiltzik [13:26]: “A lot of what is pitched as AI is not really AI and none of it is intelligence… I think, you know, relying on AI is going to be something that… when we look at it in the rearview mirror, we're going to say what were we thinking?”
• Spotting Fakes:
  While giveaway signs are currently detectable (unnatural language, odd images), the growing flood of plausible fakes poses a mounting challenge.

6. Actionable Takeaways for Investors and Readers

• Common Sense and Skepticism:
  • Apply skepticism, “do your homework.”
  • Confirm sources’ credibility and track record.
  • Be wary of social media amplifications and anecdotes.
  • Approach AI-generated content with caution.
  • Favor bylined reporting and follow trusted individuals over faceless platforms.
    • Barry Ritholtz [15:01]: “Apply common sense to your consumption of news. Figure out who's trustworthy, what sources are accurate. Put the time and effort in to identifying who's worthy of your time and trust. Beware of social media, be wary of AI and don't be afraid to follow people who have bylines that you trust…”

Notable Quotes & Memorable Moments

• On Understanding Sources:
  • Michael Hiltzik [02:31]: “Reporters are…overworked. They don't have the time to do their homework. So they will basically take a press release from some data source and parrot it, regurgitate it.”
• On the Reliability Track Record:
  • Michael Hiltzik [06:24]: “…some reports will be refuted or debunked…some of these sources will compile a record of inaccuracy or dishonesty and some will compile a record of reliability. And it takes time, it takes attention."
• On AI Hype:
  • Michael Hiltzik [13:26]: “…Some large percentage of AI claims by developers and by clients is marketing… none of it is intelligence.”

Key Timestamps

• 01:45 – Opening problem: Information overload for investors
• 02:31 – Evaluating the motives and credibility of sources
• 05:16 – How to decide which outlets to trust
• 07:42 – The trouble with anecdotes and “n=1” reporting
• 10:35 – Managing social media’s influence on news
• 13:26 – AI in journalism: hype, hallucinations, and future risks
• 15:01 – Wrap-up: Principles for filtering news effectively

Summary Tone

The episode strikes a tone that’s both practical and skeptical, encouraging personal responsibility, critical thinking, and a healthy wariness of both digital and traditional news. Hiltzik’s seasoned, slightly wary outlook offers actionable wisdom, while Ritholtz grounds the discussion in the real-world time crunch faced by investors and news consumers alike.

Useful for:
Anyone who wants to improve their ability to spot reliable financial/investment news, anyone worried about social media or AI “fake news,” and readers looking to sharpen their skeptical instincts in an increasingly noisy media world.