Comparison between the FT, WSJ, and the German Handelsblatt
Journalism
9/25/2022
Being well-informed is not only necessary to reduce the influence of subliminal general noise and manipulative "journalism", but also requires a lot of time and dedication. I have read the Wall Street Journal (WSJ), the Financial Times (FT) for more than 2 months now on a daily level. The German Handelsblatt (HB) has been on my desk for more than two years.
Gradually a picture emerges for me. Since FT and WSJ are in direct competition, let's focus on these two first. FT goes deeper into the subject matter and is more focused than WSJ. The FT assumes more knowledge from the reader for comprehension of the article content. Only after rereading articles and accompanying own research I could benefit from the FT. The WSJ is easier to digest.
On the other hand, I have great respect for the relentlessness with which FT journalists like Dan McCrum pursue their research work. In the case of the Wirecard scandal he was repeatedly threatened and accused of personal enrichment by colluding with short sellers. He knew that without proof he would not get through with his arguments. In his work covering 5 years until the collapse of Wirecard he finally realized that all accounts and transactions were fictitious, and he had unequivocal proof to show for.
The WSJ has a somewhat more formal approach of writing news. This is nicely balanced by embedding facts into a cohesive story with a personal connection, making it more approachable and easier to remember. I have a far better recollection of certain economic trends when I can associate them to a story.
In the WSJ I just read an article about a US family business in fertilizers where in 2020 they lost potential sales because they could not deliver to home gardeners seeking distraction from the pandemic. Then they invested into production facilities and total inventory in 2021. The retail stores bought less, and consumer behaviors changed. Now the cash was tied to inventory, and cashflow problems accumulated. Reading that article left me with a good understanding of how the supply chain and quickly changing consumer behavior influence the business bottom line.
The WSJ seems like more like a home paper for Americans and addresses the mainstream population. FT has a lot more widespread coverage on a global level. FT is claimed to offer primarily economic and corporate news, but I personally feel that politics has a much higher significance than in the WSJ. Politics with little connection to finance or economics is boring to me.
The broader scope of the FT is not surprising since it aspires to being a world newspaper, appealing to a wide affluent business audience. Nevertheless, it is still a British newspaper, and with the Brexit I have less interest in following our European neighbor.
The WSJ has a somewhat more formal way of writing news. The FT’s writing often has a certain flair and wants to challenge the reader with sometimes rather exotic topics (e.g., the story about the university student making $110mn trading the meme stock favorite Bed Bath & Beyond).
The FT has a premium price for its subscription, although it is difficult to compare all the various package options. It is geared towards the more elitist communities compared to the WSJ. FT's weekend issues are clearly targeted towards the rich, with lots of glamour and jewelry ads. To me it appears that the WSJ is conservative and addresses mainstream America. The FT is more liberal and attempts to bind a politically broader reader community.
The German Handelsblatt has no competition in its own country and is a de facto standard for staying on top of the economic and finance news. Contrary to the FT it explains the terminology used and the background. Thereby it is more accessible to the casual reader. The private investor can benefit from the well-curated and balanced recommendations. The influence of politics on the German economy is another strong area.
Had I more time, I would definitely continue to read all three. I decided now for continuing with the HB and the WSJ, also to get a perspective from outside of Europe. This is helpful to keep the versatility and to balance the facts against each other from a global point of view.
Go back