+0.0
net board stance
what this means
29.58
-2.7% · close 2026-09-08
+4% / +9% / -0%
1m / 3m / 12m
-31%
vs SPY since 2024-04-26
82%
of 52w range · -5.2% off high
0/1
hit rate as primary · α -18
Where we stand — 0 live ideas
No active idea holds this ticker. Anything below is history.
Where the winds are blowing
NET BOARD STANCE, LAST 60 EPISODES —
rising = the besties are building this position, falling = abandoning it. Replayed from
score_events; an idea counts from birth until its window closes.
PRICE VS SPY OVER THE SAME WINDOW, % — did the
talk lead the tape or follow it?
Who's pushing which way
each voice's net push ON THIS TICKER — their most recent stance per idea × the idea's direction × strength, so supporting a bearish idea pushes down. Not conviction (that lives on the idea); this is direction of travel per person. what w= means
Track record on NWSA
As a PRIMARY play the besties are 0 hit / 0 partial / 1 miss over 1 closed window — credit 0.0, average α -18.1. Adjacent plays are listed but never scored.
| idea | call | play | verdict | R | α | closed |
|---|---|---|---|---|---|---|
| 📈 Ad-supported legacy media is structurally dead | ▼ SHORT | adjacent | MISS | -239.7% | -266.0 | 2025-01-26 |
| 📈 Legacy journalism is obsolete - the opinion economy takes the audience | ▼ SHORT | adjacent | MISS | -46.8% | -69.3 | 2023-10-14 |
| 📈 The intermediary layer of traditional media is being dismantled | ▼ SHORT | adjacent | HIT | +19.6% | +19.9 | 2022-05-31 |
| 📈 Fox's neocon drift misaligns it with its own audience — bad for the business | ▼ SHORT | adjacent | MISS | -52.8% | -71.3 | 2025-07-26 |
| 🏛️ Australia's news code spreads and platforms end up paying publishers | ▲ LONG | primary | MISS | -4.4% | -18.1 | 2022-02-20 |
The tape — what was actually said
every capture on any idea holding NWSA, newest first · quotes verbatim, timestamps deep-link into the episode
TH
Thomas Laffont
support ×2
▼ on
📈 Ad-supported legacy media is structurally dead
E212 · 2025-01-25
▶ 1:39:22
To me, it's more a reflection of, I could overlay the stock chart of, you know, Fox and Comcast and, you know, CBS and just have all of those have imploded. I think people have been kind of substituting right away.
Friedberg
support ×2
▼ on
📈 Ad-supported legacy media is structurally dead
E204 · 2024-11-16
▶ 47:52
I mean, I feel like there's some market correction that takes place here, which we're already seeing, which is the consumers are moving away. We just talked about moving away from cable news, moving away from legacy media. They don't trust it. The trust is at an all-time low.
So just on CNN and MSNBC, you're absolutely right that they're announcing a bunch of layoffs, their ratings are destroyed. I think MSNBC ratings are down like 50% since the election.
You know, the great irony of this though, Sacks, is that they have already been demolished. I don't know if you saw, but a bunch of the anchors at CNN are not renewing because their advertising is so far off that, like Chris Wallace, I think was making 8 million a year, 9 million a year, and he just said, I'm going to go do podcasts because I think they lowballed his offer.
And I think this is an opportunity to finally acknowledge that if you trust these traditional legacy sources of helping you to get to a decision, you're going to get tricked.
I would just say that the legacy media spell is broken. Their credibility has been destroyed. I think that the repudiation of the legacy media is one of the most important results of this election.
if those licenses were up for grabs, what would happen is a bunch of private equity people would get behind Rogan, a bunch of private equity people would get behind us, and we would all bid, and the outcome would be better
But does this model still make sense? No. I mean, it's completely obsolete.
Friedberg
support ×3
▼ on
📈 Ad-supported legacy media is structurally dead
E202 · 2024-11-01
▶ 42:59
The legacy media companies have effectively become a mode of content companies in order to drive clicks, drive views, sell ads.
Sacks
support ×2
▼ on
📈 Fox's neocon drift misaligns it with its own audience — bad for the business
E189 · 2024-07-26
▶ 44:01
So I think that Fox already has a problem where they are becoming misaligned with their audience. And regards to what you think of the politics, this is bad for business.
What's gonna happen to content creation when somebody like Google is just gonna take Wirecutter or these other sources that are not behind a paywall and just give you the goddamn answer?
Friedberg
support ×2
▼ on
📈 Ad-supported legacy media is structurally dead
E179 · 2024-05-17
▶ 1:27:06
So I think the real victim in all this is that long tail of content on the internet that probably gets cannibalized by the snippet one box experience within the search function.
They could easily substack it. NPR is not going to go away. Just create subscriptions and you're fine.
They should just cut NPR and all this public broadcasting stuff loose over the next year or two, wind it down and let them fend for themselves in the new media landscape.
he got paid out in full, like 20, 30 million bucks. And by the way, those jobs are not, they don't exist anymore. Like Tucker and him were like the last of that generation to get those huge paydays.
I think that there's a glut of publications is all putting out the same official narrative. I think the third thing is there is a go-woke, go-broke dynamic going on.
The first is that media is really the least relevant it's ever been. And they really are on a lifeline.
Friedberg
support ×3
▼ on
📈 Ad-supported legacy media is structurally dead
E163 · 2024-01-26
▶ 21:01
And that model totally breaks the old media model, which unfortunately has evolved into this untrustworthy, biased and opinionated source to keep the business alive. So it's definitely a breaking that's happening.
So these publications are just hammering, hemorrhaging cash ... So the economics are just hugely broken, except for subscription businesses, there's a ton of other nuance ... But the math basically does not work.
CO
Coleman Hughes
support ×2
▼ on
📈 Legacy journalism is obsolete - the opinion economy takes the audience
E147 · 2023-09-29
▶ 25:33
Someone like Barry Weiss, who used to be at The New York Times, her point of view on it is, look, you just got to start your own institutions.
Sacks
support ×2
▼ on
📈 Legacy journalism is obsolete - the opinion economy takes the audience
E147 · 2023-09-29
▶ 56:29
Now, the New York Times is framing this as a problem because it was a propaganda coup for Putin. And presumably it was. But I think it's a problem because it's a problem, not because of just the PR optics of it.
Jason
support ×2
▼ on
📈 Legacy journalism is obsolete - the opinion economy takes the audience
E142 · 2023-08-18
▶ 55:58
this is the media business losing its business model and Google and Facebook taking all their revenue and Craigslist and Facebook, you know, Marketplace taking all their revenue.
Brad Gerstner
support ×2
▼ on
📈 Legacy journalism is obsolete - the opinion economy takes the audience
E134 · 2023-06-24
▶ 1:00:03
The revolution going on in this country, which is fantastic from my perspective, is that there is no longer a monopolistic control over the discussion. And that's why this podcast and this friendship and the conversation we all had here is resonating with people because they also want to hear all the different sides, because most people are capable, are way smarter than the elites on the coast think.
Jason
oppose ×2
▼ on
📈 Legacy journalism is obsolete - the opinion economy takes the audience
E134 · 2023-06-24
▶ 1:04:35
Not exactly true. They have actually done incredible reporting, but there is a group of them which is towing the party line because you have the New York Times and their expose on the Taxi Commission.
Sacks
support ×3
▼ on
📈 Legacy journalism is obsolete - the opinion economy takes the audience
E134 · 2023-06-24
▶ 1:04:24
The mainstream media does not perform the function that you're describing anymore. They act as the bodyguard for the elite, for the establishment.