People deserve second chances, there’s no doubt about that. And there’s no doubt Henry Blodget deserves all his recent success. But I do doubt a little bit Blodget’s remarks on why he disparaged stocks in emails when he was touting them in public research reports for Merrill Lynch during the dot-com frenzy.
Blodget says it was like the sidelines of a football game, players talking smack about the other team for instance, just making jokes or comments. He says he never wrote a word in a research report that he didn’t believe and only wishes he could have called the top of the stock market during the dot-com bubble – which everyone knows is pretty much impossible to call the top in the stock market. Now, with the current stock market souring higher the past year or so, he’s become cautious. Is he cautious because he doesn’t want to be wrong or because he actually sees stocks as over valued?
Overall though, you’ve got to give credit to Henry Blodget: he’s trying, he’s passionate and he seems to love the stock market and the business world in general. He’s also very good at describing both worlds. Plus, he’s certainly not hiding, but trying to earn people’s trust back. He’s now built the Business Insider into a huge company, which only seems to grow larger by the day. I see more Business Insider articles shared and tweeted around than almost any other website – certainly in the financial sector.
The Henry Blodget interview comes at the 25 minute market in the video below. And then his comments on the securities fraud allegations from Elliot Spizer at the 44 minute mark. Joseph Weisenthal gets a mention towards the end of the video as one of the first people Blodget checks out in the morning – after he gets his caffeine.