Financial Analysis from Eric Jackson? Give me a break...
Friday, October 10 2008 @ 08:13 AM EDT
Contributed by: Don Winner
By DON WINNER for Panama-Guide.com - Received today via email: "From: Jesse A Levin, Archer Group Investments. Subject: Response to bloggers misrepresenting information. Body: Eric, If you had a blog this is what I would post. Article in reference: http://www.thepanamanews.com/pn/v_14/issue_19/economy_01.html. Article Eric quotes: http://primapanama.blogs.com/_panama_residential_devel/2008/10/the-sunny-side.html. One of the hardest aspects of doing business in Panama for both new and current market participants is the sourcing of true, unbiased information. In this article written by Eric I was quoted as being a "cheerleader" of sorts. I actually commented Eric on the article as I found it to be in relative accordance with my views and well rounded. It is beyond me as to why, or how he misconstrued my point. In my opinion if you are going to quote someone it is unprofessional to cut the quote short in order to mold it better to an argument being made." (more)
Editor's Comment: Go figure - a breach of journalistic ethics on the part of "one Eric Jackson." I'm printing this response in full because I doubt Eric will either do the same or publicly correct his mistake. I have no idea why anyone would read or pay any attention to economic or financial analysis written by Eric Jackson - he barely understands half of what he hears on CNN, is singularly incapable of providing competent independent analysis or insight, and, as in this case, he chops up and modifies the comments of someone who has a clue in order to fit a preconceived agenda of what his "news" piece is going to say. Whatever. His handling of this article is another manifestation of standard "one Eric Jackson" tactics - and just as cliché.
"In this case I can't see why Eric decided to cut the quote short as it in its essence it supports his underlying thesis. Instead of cutting the quote to "potentially decent spreads could be made buying from the eager US sellers one day and flipping to the relocating Venezuelans the next" hedged this a bit" and saying "but before the sentence was over he hedged that bit of advice" He should have just put the full quote being "potentially decent spreads could be made buying from the eager US sellers one day and flipping to the relocating Venezuelans the next (a higher then risky proposition, especially in these times)! A more sane approach; if you have liquidity, and you believe in the long-term viability of Panama, keep an eye on the banks foreclosure lists, and an open ear at the normal expatriate watering holes, because there will be some incredible buying opportunities in the near future." It is the manipulation of information such as this, and the laziness, and or lack of professionalism of many bloggers in Panama to contact/verify the sources they quote, or in this case misquote that makes doing business in Panama that much riskier."
"It is of no consequence to me whether or not Eric, a man I have never met, agrees with me or not, but it does bother me to be misrepresented, especially when misrepresentation of information is one of the greatest problems here in Panama. To summarize, I am actually in agreement with a lot of what Eric says here as evidenced by the article I wrote being quoted in this piece http://primapanama.blogs.com/_panama_residential_devel/2008/10/the-sunny-side.html."
"So Eric, thanks for the new nickname, but next time, either make a phone call to confer with someone you want to quote to ensure you have a clear understanding of their material or simply don't cut quotes short in order to better adapt them to fit a piece. Additionally it is always a good idea to link back to a person or article you are quoting so readers can view works being cited."
"I for one am not an advocate of the Panamanian condo market, nor have I ever been involved with it and or advised clients to invest in the sector. That being said for sophisticated investors I strongly feel that there will be a way to capitalize, when the product being offered becomes increasingly distressed."
"The people I have ccd on this email do a very good job of referencing sources, take note."
"Warm regards, Cheer squad captain, Jesse A Levin, Archer Group Investments, Founder, US Cell: 203 803 9415, Panama Cell: 011 507 6615 5632, Fax: 001 203 259 6542, www.archergroupinvestments.com