Source: Wall St. Cheat Sheet
Exclusive Interview: Liz Claman from FOX Business Shares Stories from the Crash and Her Entrepreneurial Spirit
Liz Claman embodies the American Spirit. She is fiery, persistent, and follows her passions on the road of success. As a result, she is one of the most highly respected journalists in finance. I sat down with Liz to hear what it was like on the NYSE floor the day the DOW plunged 777 points, how she went from covering ice storms in Ohio to interviewing legends such as Warren Buffett and Bill Gates, and how the entrepreneurial spirit at FOX Business keeps this Cali girl feeling motivated to be the best … I remember looking up to the balcony above the main floor of the New York Stock Exchange at one and a half minutes toward the closing bell. It was jam packed with still photographers and videographers. The media had descended and were trying to catch traders faces and the feeling of the floor. I remember looking up at that scene and thinking, “This is a historic day.”
Q: Liz, did you first get started in financial journalism as a matter of passion or circumstance?
A: Both. I was actually doing local news in Boston and I did a lot of consumer stories among other things, explosions, decapitated heads floating up off the coast, chocolate festivals, drama, and issues in the State Senate. While doing that I realized I wanted a change. I am very Californian in that I like a lot of change a lot and trying different things. I never get comfortable with one thing because I never want to feel stale. So, I was looking for some new angles and CNBC called me. It was 1998 and a very small niche type of viewer was watching CNBC. The network had the sense the dot-com explosion was going to grow and envelop a lot more people who would start trading their own stocks. CNBC had experts, but they wanted people who were better at communicating to viewers. So, they brought me on freelance because they weren’t sure I could pick it up. I guess I picked it up! [Both Laughing] I stayed there 9 years and ended up having the highest rated show by demos — which was very nice for me. I did a lot of shows there, but my final ones were really the highest rated. I was very proud of that.
A: Both. I was actually doing local news in Boston and I did a lot of consumer stories among other things, explosions, decapitated heads floating up off the coast, chocolate festivals, drama, and issues in the State Senate. While doing that I realized I wanted a change. I am very Californian in that I like a lot of change a lot and trying different things. I never get comfortable with one thing because I never want to feel stale. So, I was looking for some new angles and CNBC called me. It was 1998 and a very small niche type of viewer was watching CNBC. The network had the sense the dot-com explosion was going to grow and envelop a lot more people who would start trading their own stocks. CNBC had experts, but they wanted people who were better at communicating to viewers. So, they brought me on freelance because they weren’t sure I could pick it up. I guess I picked it up! [Both Laughing] I stayed there 9 years and ended up having the highest rated show by demos — which was very nice for me. I did a lot of shows there, but my final ones were really the highest rated. I was very proud of that.
Q: Speaking of high ratings, Vanity Fair says you are one of the best financial reporters out there. How has your personal reporting strategy helped you separate yourself from the basic reporting that tends occur in financial journalism?
A: There is always the risk of looking at numbers and seeing black and white. I tried very hard not to do it that way. I try to see black, white, and fifty thousand shades of gray. When you look at business news, you must look at it as The Great American Story with incredible highs, debilitating lows, bankruptcy, growth, crime, punishment, drama, and success. If you lose that perspective because you’re simply looking at the balance sheet, then you’re not really being the kind of journalist I would like to be. Everybody has a different way of doing things. What worked well for me was that I looked at the individuals who were running these companies and working there and I tried very much to tell their story as well as their cash position, why so many people were shorting the float of their stock, and why they had so much debt on the books. I wanted to know, “What’s going on there?” Am I really doing anybody a favor simply by saying five analysts have a “buy” or “hold” rating on a stock and they missed same store sales last month? I don’t think that helps many people. When I did local news stories and would interview somebody who had lost all of their family members in a fire, I didn’t just go talk to the Fire Chief. I sat down with the homeowner and talked not about how their family died, but how their family lived. That’s how I try and look at a business story. I take all the pieces and put together a very complicated Rubix Cube. I think investors and market participants get a much better sense of a company if I find out about the jockey, not just the horse.
A: There is always the risk of looking at numbers and seeing black and white. I tried very hard not to do it that way. I try to see black, white, and fifty thousand shades of gray. When you look at business news, you must look at it as The Great American Story with incredible highs, debilitating lows, bankruptcy, growth, crime, punishment, drama, and success. If you lose that perspective because you’re simply looking at the balance sheet, then you’re not really being the kind of journalist I would like to be. Everybody has a different way of doing things. What worked well for me was that I looked at the individuals who were running these companies and working there and I tried very much to tell their story as well as their cash position, why so many people were shorting the float of their stock, and why they had so much debt on the books. I wanted to know, “What’s going on there?” Am I really doing anybody a favor simply by saying five analysts have a “buy” or “hold” rating on a stock and they missed same store sales last month? I don’t think that helps many people. When I did local news stories and would interview somebody who had lost all of their family members in a fire, I didn’t just go talk to the Fire Chief. I sat down with the homeowner and talked not about how their family died, but how their family lived. That’s how I try and look at a business story. I take all the pieces and put together a very complicated Rubix Cube. I think investors and market participants get a much better sense of a company if I find out about the jockey, not just the horse.
Q: I agree. During the financial crisis, a lot of reporters seemed shell-shocked and weren’t sure how to share the story because they didn’t want to scare people. What was it like to report through basically The Greatest Financial Crisis since the Great Depression?
A: I’m holding my New York Stock Exchange floor pass in my hand. The one day that jumps out most is September 29th, 2008. That’s the day the market fell 777 points. I looked at that day as pivotal for everybody in America who owns a stock or has a 401(k). There were many people who were devastated by fear. They were horrified and it was my job, on that floor, to remain completely calm and explain every single thing I was seeing and hearing — more as a facilitator than an opinion-driven person. We’ve come fighting back since then. So, you did nobody a favor if you were frantic and screaming — which I saw some reporters doing right there on that floor. I have a very high energy level, but I tried to keep it in check. I grabbed the real experts like the Teddy Weisbergs of the floor who have watched decade after decade of days similar to this. I had my cell phone in my pocket and during commercial breaks I would be telling my Producer, “Get this person on the phone. Call this person and tell them to get down to the floor of the New York Stock Exchange if they can. Get them a pass on short notice. Get them in here. I need to talk to them.” I wanted to hear from fund managers, CEOs, and contrarians. These were people we needed to hear from. We needed to get a variety of different opinions. We needed to explain that we may get through this, but this was a history-making day. You never know it’s historic until you’re stepping out the door after it’s happened. I remember looking up to the balcony above the main floor of the New York Stock Exchange at one and a half minutes toward the closing bell. It was jam-packed with still photographers and videographers. The media had descended and were trying to catch traders faces and the feeling of the floor. I remember looking up at that scene and thinking, “This is a historic day.”
A: I’m holding my New York Stock Exchange floor pass in my hand. The one day that jumps out most is September 29th, 2008. That’s the day the market fell 777 points. I looked at that day as pivotal for everybody in America who owns a stock or has a 401(k). There were many people who were devastated by fear. They were horrified and it was my job, on that floor, to remain completely calm and explain every single thing I was seeing and hearing — more as a facilitator than an opinion-driven person. We’ve come fighting back since then. So, you did nobody a favor if you were frantic and screaming — which I saw some reporters doing right there on that floor. I have a very high energy level, but I tried to keep it in check. I grabbed the real experts like the Teddy Weisbergs of the floor who have watched decade after decade of days similar to this. I had my cell phone in my pocket and during commercial breaks I would be telling my Producer, “Get this person on the phone. Call this person and tell them to get down to the floor of the New York Stock Exchange if they can. Get them a pass on short notice. Get them in here. I need to talk to them.” I wanted to hear from fund managers, CEOs, and contrarians. These were people we needed to hear from. We needed to get a variety of different opinions. We needed to explain that we may get through this, but this was a history-making day. You never know it’s historic until you’re stepping out the door after it’s happened. I remember looking up to the balcony above the main floor of the New York Stock Exchange at one and a half minutes toward the closing bell. It was jam-packed with still photographers and videographers. The media had descended and were trying to catch traders faces and the feeling of the floor. I remember looking up at that scene and thinking, “This is a historic day.”
Q: Since that moment, how has it been watching a sense of stability arise from the state of panic?
A: Depends on the day, but it has definitely calmed down. The calmer energy is an interesting benchmark of where we are. But, that does not rule out we could see a major downward move from here. I find it very hard to believe it’s all over and the sun and rainbows are starting to come out [both laughing]. I’m skeptical because I have that local news training, “Wait a minute … the husband did it.” I’m very skeptical. I’m cynical, but also realistic. So, I can see when bits of sunshine are starting to come through. But I also try and keep my eye on the clouds on the horizon. If you talk to people who climb Mount Everest, they’re not looking at the ten feet in front of them. They are looking way up at the summit to see if there are tendrils of clouds coming along whipping off the peak. That’s what you have to keep your eye on. FOX Business completely encourages us to take our own perspective and look at things the way we see fit. That’s why I think we provide a more unique perspective than most.
A: Depends on the day, but it has definitely calmed down. The calmer energy is an interesting benchmark of where we are. But, that does not rule out we could see a major downward move from here. I find it very hard to believe it’s all over and the sun and rainbows are starting to come out [both laughing]. I’m skeptical because I have that local news training, “Wait a minute … the husband did it.” I’m very skeptical. I’m cynical, but also realistic. So, I can see when bits of sunshine are starting to come through. But I also try and keep my eye on the clouds on the horizon. If you talk to people who climb Mount Everest, they’re not looking at the ten feet in front of them. They are looking way up at the summit to see if there are tendrils of clouds coming along whipping off the peak. That’s what you have to keep your eye on. FOX Business completely encourages us to take our own perspective and look at things the way we see fit. That’s why I think we provide a more unique perspective than most.
Q: Some people might not get FOX Business News, but they might be interested in a new opinion or angle. What differentiates FOX Business from CNBC?
A: That’s a great question. I’ve been in this business long enough that I wouldn’t just jump to something if I thought it wasn’t going to work. When the opportunity arose, I didn’t hesitate to come here! What drew me here was the sentiment, the attitude, and the belief that we can look at things in a different light than everybody else before us. When I was at CNBC we had a very powerful, but small audience. CNBC knew exactly who they wanted to target, and that worked very well for them. If we expand that vision a quarter of an inch to either side, to other people outside of the ultra rich, we will absolutely be a force to reckon with. You can’t tell me there isn’t anybody in this country who doesn’t care about their money. You can’t ignore teachers, janitors, paralegals and lawyers who have nothing to do with corporate America. You can’t ignore surgeons who are busy saving lives but care about their retirement. It thrilled me to no end when somebody from a top brokerage firm said to me, “You’re going to win. You care more.” I think in two years that may have been one of the best things anybody has said to me. That, and a CEO who said he had switched his monitors over to FOX Business and hadn’t changed back after 2 months. So, the trial period is over and they like the taste of the cake we’re offering. You’re not just going to get, “Here are the DOW 30 publicly traded names and how they came in with their earnings.” We also love small business. Small businesses are 80% of this country. They employ 70-80% of this nation. How could you not cover that? We are covering them way more than anybody else out there because last I checked IBM started as a small business. Small businesses become big businesses which become publicly traded businesses. When you’re there early, people like that type of success story. Also, there is always a way for viewers to cash in by looking at a small businesses that are related to a publicly traded company. A supplier to United Technologies might very well be a small business. You can’t buy the stock of the small business, but you can buy the stock of United Technologies. People here think like that.
A: That’s a great question. I’ve been in this business long enough that I wouldn’t just jump to something if I thought it wasn’t going to work. When the opportunity arose, I didn’t hesitate to come here! What drew me here was the sentiment, the attitude, and the belief that we can look at things in a different light than everybody else before us. When I was at CNBC we had a very powerful, but small audience. CNBC knew exactly who they wanted to target, and that worked very well for them. If we expand that vision a quarter of an inch to either side, to other people outside of the ultra rich, we will absolutely be a force to reckon with. You can’t tell me there isn’t anybody in this country who doesn’t care about their money. You can’t ignore teachers, janitors, paralegals and lawyers who have nothing to do with corporate America. You can’t ignore surgeons who are busy saving lives but care about their retirement. It thrilled me to no end when somebody from a top brokerage firm said to me, “You’re going to win. You care more.” I think in two years that may have been one of the best things anybody has said to me. That, and a CEO who said he had switched his monitors over to FOX Business and hadn’t changed back after 2 months. So, the trial period is over and they like the taste of the cake we’re offering. You’re not just going to get, “Here are the DOW 30 publicly traded names and how they came in with their earnings.” We also love small business. Small businesses are 80% of this country. They employ 70-80% of this nation. How could you not cover that? We are covering them way more than anybody else out there because last I checked IBM started as a small business. Small businesses become big businesses which become publicly traded businesses. When you’re there early, people like that type of success story. Also, there is always a way for viewers to cash in by looking at a small businesses that are related to a publicly traded company. A supplier to United Technologies might very well be a small business. You can’t buy the stock of the small business, but you can buy the stock of United Technologies. People here think like that.
Q: Liz, on a more personal note, what advice do you have for the next generation of media leaders?
A: If you want to be the next generation media leaders, you’ve gotta read! Read everything you can get your hands on — whether it’s the New York Times, The Wall St. Journal, Barron’s, The Smithsonian Magazine, or a medical journal. But don’t just read what’s within your immediate world. The people who are most educated and well-read will go the furthest. I’m always most impressed when somebody on TV pulls out a quote from Oscar Wilde or Thomas Jefferson. Get some depth to you! That depth will really separate you and put you at another level — a higher level. Failing is a fine thing if you just come fighting back. Some of the greatest, most successful people in the world have failed multiple times. Look at WD-40. What do you think the 40 stands for? W is water, D is displacement, 40 was 40th version! They didn’t give up at the 10th try or the 17th or the 39th. So, they finally came up with the winner on the 40th attempt! The winners are the persons who hang on the longest, try the hardest, work it the best, and try to be the most educated and smart about what he or she is doing. Also, I graduated from one of the top schools in the nation, but the first job I took was sorting the mail and delivering the papers at a newsroom in Los Angeles at KCBS Channel 2. If you are not willing to do the small stuff, how can you ever do well at the big stuff? You have to turn your mind toward opportunity in any way, shape, or form. You can never say, “I’m too good for that,” or “I went to such-and-such school.” If you want to be successful, you have to say, “Where do you want me to deliver these papers? I will do it at the fastest pace you have ever seen anybody do it. I will be so efficient, you will be so impressed, you are going to promote me.” When it was time to be on-air I finally convinced a tiny station in Columbus, OH — where I had never been, and frankly didn’t think I had any desire to go — to hire me. Do you think I wanted to cover ice storms? Are you kidding? I’m from LA.! However, I jumped in my car, filled it with everything could fit, and moved to Columbus, OH. If you’re not willing to do what it takes, and break out of the, “But all my friends are making more money … but they all get to stay in their hometown for work,” then you’re never going to make it in this business. But, I’m living proof that if you’re persistent, you read enough, you’re willing to experience the unknown, and you always try and improve yourself, you’ll do it.
A: If you want to be the next generation media leaders, you’ve gotta read! Read everything you can get your hands on — whether it’s the New York Times, The Wall St. Journal, Barron’s, The Smithsonian Magazine, or a medical journal. But don’t just read what’s within your immediate world. The people who are most educated and well-read will go the furthest. I’m always most impressed when somebody on TV pulls out a quote from Oscar Wilde or Thomas Jefferson. Get some depth to you! That depth will really separate you and put you at another level — a higher level. Failing is a fine thing if you just come fighting back. Some of the greatest, most successful people in the world have failed multiple times. Look at WD-40. What do you think the 40 stands for? W is water, D is displacement, 40 was 40th version! They didn’t give up at the 10th try or the 17th or the 39th. So, they finally came up with the winner on the 40th attempt! The winners are the persons who hang on the longest, try the hardest, work it the best, and try to be the most educated and smart about what he or she is doing. Also, I graduated from one of the top schools in the nation, but the first job I took was sorting the mail and delivering the papers at a newsroom in Los Angeles at KCBS Channel 2. If you are not willing to do the small stuff, how can you ever do well at the big stuff? You have to turn your mind toward opportunity in any way, shape, or form. You can never say, “I’m too good for that,” or “I went to such-and-such school.” If you want to be successful, you have to say, “Where do you want me to deliver these papers? I will do it at the fastest pace you have ever seen anybody do it. I will be so efficient, you will be so impressed, you are going to promote me.” When it was time to be on-air I finally convinced a tiny station in Columbus, OH — where I had never been, and frankly didn’t think I had any desire to go — to hire me. Do you think I wanted to cover ice storms? Are you kidding? I’m from LA.! However, I jumped in my car, filled it with everything could fit, and moved to Columbus, OH. If you’re not willing to do what it takes, and break out of the, “But all my friends are making more money … but they all get to stay in their hometown for work,” then you’re never going to make it in this business. But, I’m living proof that if you’re persistent, you read enough, you’re willing to experience the unknown, and you always try and improve yourself, you’ll do it.
Q: That is the original American Spirit. We’ve become such a wealthy nation it kind of got lost in the recent generations.
A: Lost? Damn right it’s gotten lost! Youth today! A few of them still have the American Spirit in their double helix. I grew up privileged, but I knew if I was going to make my dream come true I had to work hard. I meet a lot of people who say, “You’re a newscaster. Wow. I always wanted to do that.” So, why didn’t you? Reach for what you want to do. Make your passion your profession and you will be successful.
A: Lost? Damn right it’s gotten lost! Youth today! A few of them still have the American Spirit in their double helix. I grew up privileged, but I knew if I was going to make my dream come true I had to work hard. I meet a lot of people who say, “You’re a newscaster. Wow. I always wanted to do that.” So, why didn’t you? Reach for what you want to do. Make your passion your profession and you will be successful.
Q: You’ve just inspired me! We are working around the clock here, and that’s the type of stuff that gives us the juice to aim higher every day. Liz, thank you very much for taking the time to share your stories and advice.
A: You guys are great and putting out smart stuff. I appreciate that and I think it’s terrific! This interview was a top priority. Thank you and I wish you guys continued success.
A: You guys are great and putting out smart stuff. I appreciate that and I think it’s terrific! This interview was a top priority. Thank you and I wish you guys continued success.
