The Bloomberg Way: A Guide for Journalists
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About this ebook
Learn best practices from the most trusted name in business and financial reporting
The Bloomberg Way is the journalist's guide to covering business, finance and the economy, with authoritative guidance from the editor-in-chief and senior editors of Bloomberg. As the lines between objectivity and opinion become increasingly blurred, the new edition of the Bloomberg Way shows you how to be the first to publish print and multimedia content with accuracy and journalistic integrity. The authors walk through the best-practice reporting, writing and editing processes followed by this elite, global journalistic organization.
You'll learn how to work effectively in a highly competitive real-time news environment where every second matters. The book offers expert tips for taking a story from pitch to publication, along with discussion of journalistic principles including fairness, transparency, sourcing, libel, privacy and ethics. The Bloomberg Way describes essential guidelines for producing content for print, broadcast and web audiences. Topics include interviewing techniques, clarity and precision in writing and editing, compelling headlines and leads, the marriage of words and data in stories, effective charts and graphs, how to appear on television, writing for the web, and more. Each topic is accompanied by how-to examples and showcases useful functions from the Bloomberg Terminal.
The Bloomberg Way also shows you how to collaborate with colleagues across platforms to report and present stories about:
- The stock, bond, commodity and currency markets.
- Companies, including earnings, mergers, debt, product strategy and managementms changes.
- Economies and their intersection with government and politics.
The Bloomberg Way is the definitive book for any journalist or media specialist who needs to know how one of the world's leading news organizations covers news about business, finance and the economy.
John Micklethwait
John Micklethwait is the editor-in-chief of Bloomberg and was previously editor-in-chief at The Economist.
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The Bloomberg Way - John Micklethwait
Since 1996, Bloomberg Press has published books for financial professionals, as well as books of general interest in investing, economics, current affairs, and policy affecting investors and business people. Titles are written by well-known practitioners, Bloomberg reporters and columnists, and other leading authorities and journalists. Bloomberg Press books have been translated into more than 20 languages.
For a list of available titles, please visit our website at www.wiley.com/go/bloombergpress.
Wiley LogoCover image and design: Bloomberg Studio
Copyright © 2017 by Bloomberg LP. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
The Bloomberg Way was previously published in eleven editions by Bloomberg for its employees. Subsequent editions, including the fourteenth edition, were published by Wiley.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data
Names: Micklethwait, John, author. | Addison, Paul, 1952- author. | Sondag, Jennifer, author. | Grueskin, Bill, author. | Winkler, Matthew, Bloomberg way.
Title: The Bloomberg way : a guide for journalists / John Micklethwait, editor-in-chief ; with Paul Addison, Jennifer Sondag and Bill Grueskin.
Description: Fourteenth edition. | Hoboken, New Jersey : Bloomberg Press, [2017] | Series: Bloomberg ; 2884 | Includes index. |
Identifiers: LCCN 2017013991 (print) | LCCN 2017033178 (ebook) | ISBN 9781119272328 (pdf) | ISBN 9781119272311 (paperback) | ISBN 9781119272328 (ePDF) | ISBN 9781119272335 (ePub)
Subjects: LCSH: Bloomberg News (Firm) | Journalism, Commercial—Authorship—Style manuals. | BISAC: REFERENCE / Writing Skills.
Classification: LCC PN4784.C7 (ebook) | LCC PN4784.C7 W56 2017 (print) | DDC 070.4/4965—dc23
LC record available at https://lccn.loc.gov/2017013991
FSC LogoCONTENTS
Introduction
1: What We Do
The Bloomberg Way
Bloomberg Editorial & Research
Collaboration in Action
2: How We Report
Learning a Beat
Sourcing
Interviewing
Breaking News
The Multiplatform Approach
Beyond Breaking News
Pitching Your Story
Research Using the Terminal
3: How We Write
Headlines
Leads & Nut Paragraphs
The Whole Story
Writing Well
Corrections & Lapses
Sending Corrections
4: How We Use Data
Charting
Commonly Used Terms
Common Errors
Automation
Technical Analysis
5: Ethics & Standards
Accuracy & Fairness
Defamation
Privacy
6: How We Cover Markets
What’s Moving (& Why)
Traders & Investors
Markets Style
Equities
Debt
Currencies
Commodities
7: How We Cover Companies
Earnings
Corporate Debt
Finding News
Context & Valuation
Corporate Equity
8: How We Cover Economies & Governments
Economies
Governments
Acknowledgments
Appendix: Bloomberg Terminal Functions
Words & Terms
Index
EULA
List of Illustrations
Chapter 1
Figure 1.1 Rosneft reaches intraday record
Figure 1.2 Bloomberg TV previews the Putin interview
Figure 1.3Bloomberg Businessweek’s Vladimir Putin cover
Chapter 2
Figure 2.1 A child in eastern China battling leukemia
Figure 2.2 A demonstrator outside the U.S. Supreme Court
Figure 2.3 General Motors Co. CEO Mary Barra speaks to the media
Figure 2.4 Steps to follow when news breaks
Chapter 3
Figure 3.1 A reporter tweets her interview
Figure 3.2 Retweeting from @business
Figure 3.3 Tweeting with a Bloomberg chart
Figure 3.4 Carl Icahn’s tweets displayed on the terminal
Figure 3.5 Bloomberg’s Twitter filter: A search for tweets related to the tobacco industry
Figure 3.6 Bloomberg Social Velocity: An alert for Brazil’s Embraer
Chapter 4
Figure 4.1 Showing Priceline’s performance with a chart
Figure 4.2 A bar chart gives clarity to a group of numbers
Figure 4.3 Use bar charts to compare specific and discrete values
Figure 4.4 Line charts are best for connected values over time
Figure 4.5 Use pie charts to show parts of a whole
Figure 4.6 Chart showing range of Intel’s price moves
Figure 4.7 Technical indicator showing ETF’s declines may be ending
Figure 4.8 Moving averages can provide buy and sell signals
Chapter 6
Figure 6.1 Comparing market values with a chart
Figure 6.2 A chart showing shifting sentiment about South Africa
Chapter 7
Figure 7.1 Compare valuations to put deals in context
Figure 7.2 Bond yields show how investors view risk
Chapter 8
Figure 8.1 Economic data don’t only come from government reports
Figure 8.2 Line charts can make trends clearer than a batch of numbers
Figure 8.3 Bar chart showing Nigeria’s trade with South Africa
Introduction
EVERY ARMY OF journalists needs its marching orders and rules of engagement. Ever since its founding in 1990, Bloomberg News has followed The Bloomberg Way. Written by Matt Winkler, our founder and editor-in-chief until 2015, it has been one of the most successful journalistic bibles of modern time. The Bloomberg Way has played a huge role in turning a tiny upstart, which began with just a dozen reporters crammed into two offices in New York and London, into the leading provider of financial and business news around the globe. Its first version, a guide to reporting and editing the story of money in all its forms, was a 30-page manifesto, inspired by The Elements of Style by William Strunk Jr. and E. B. White; its last edition was almost 10 times that length, encompassing far more than just financial markets and making it a resource for the world’s leading journalism schools.
Looking back, Matt’s starting point was a simple one: Bloomberg would follow standards that were at least as strict as its more established rivals—and often far stricter. This partly reflected the reality of competition. Bloomberg’s journalism is aimed at possibly the most sophisticated audience in the world, for whom accuracy is essential: Billions of dollars can move within seconds of a story being published. From the beginning, Matt made sure that there would never be an opportunity for any of our competitors to claim that we cut corners. Bloomberg News might have started as a guerilla army, but the Bloomberg Way meant that it was a highly trained and disciplined army, one that relied on facts, numbers and credible sources to break news.
The Bloomberg Way was always about more than just beating the competition. Its tough standards, and especially its ethical credo, also reflected the values of its author as well as those of the man who employed him. Ever since it first appeared in the then-opaque bond market in 1982, the Bloomberg Terminal has been a force for transparency: It gives customers the data they need to make decisions. When Mike Bloomberg rang the self-described "happiest reporter at the Wall Street Journal" on the second Wednesday in November 1989 to ask what it would take to get into the news business, Matt replied with a question of his own.
All right,
I said. You have just published a story that says the chairman—and I mean chairman—of your biggest customer has taken $5 million from the corporate till. He is with his secretary at a Rio de Janeiro resort, and the secretary’s spurned boyfriend calls to tip you off. You get an independent verification that the story is true. Then the phone rings. The customer’s public relations person says, ‘Kill the story or we will return all the terminals we rent from you.’ What would you do?
Go with the story,
Mike said. Our lawyers will love the fees you generate.
It is not unusual for journalists to write about their customers, especially advertisers. But Bloomberg occupies a unique role in finance: We are in a way both its parish newsletter and its journal of record. By putting transparency and independence at the heart of Bloomberg’s journalism from the very beginning, Matt and Mike established something that could last. We will make mistakes—all journalists do—but they will not be ones that spring from bias or commercial interest. Indeed, our only interest is maintaining the value of what we do for the community that we serve—and that comes from telling the story as honestly as we can. Capitalism needs its chronicle—that is our job.
Given the success of the Bloomberg Way over the past quarter century, why have we decided to update it? Well, in one way, it is not changing at all. The basic principles are the same: Indeed, the very start of this book’s first chapter sets out Matt’s vision of the Bloomberg Way. It remains our credo, especially when it comes to questions of transparency and independence. The main aim of this edition is to apply those principles across all the platforms where Bloomberg journalism appears—and in many cases to tighten them. When an anchor on Bloomberg TV discusses the profitability of a company, we want him or her to highlight the same numbers as the reporter who covers the company. Bloomberg Businessweek has used shortened versions of company names; now it will use the same full names as the rest of the group. We are one newsroom. Henceforth, there will be one Bloomberg Way for names, numbers and standards.
Those examples also hint at the first reason for updating the Way. Bloomberg has changed. The scrappy upstart is now the market leader in business and financial journalism: We can afford to be more self-confident. We have also become far broader. The old Bloomberg Way targeted the written news story on the terminal, the core of the original Bloomberg News. Now (as Chapter 1, What We Do, lays out) Bloomberg Editorial & Research is spread out across many different platforms: the terminal, the internet, magazines, television, radio and events. It also uses multiple formats. A story
can be as short as a First Word item or as long as a 35,000-word essay on computer coding. A successful digital video demands a different vernacular from a headline or a tweet.
So this guide tries to say how we present journalism on different platforms—as well as where we need to be the same. The four-paragraph lead—Matt’s way of presenting the reader with a compelling who, what, when, where, why and how—is still a very effective way to begin a 600-word news story, but a magazine piece that is five times that length needs to entice a reader more subtly. This edition lays down some rules but also makes clear where they can be broken. Its guiding principle is the audience: What is the clearest, quickest way to communicate the story in the most convenient format? Our readers and viewers tend to be intelligent people who have more money than time.
A second prompt for change is technology. Journalism is an evolving craft. At one time a news story had to be the whole story, with a lot of background explanation, because it had to treat all readers the same. The story needed to include a lot of boilerplate information, because even if the head of Pimco knew exactly how a U.S. Treasury auction worked, Aunt Agatha might not. But now we live in a world of clickable links and background explainers, like QuickTakes. The head of Pimco doesn’t have to be slowed down, but Aunt Agatha can click through to find out exactly what a repo is. Another technological prompt is automation as computers can help deliver information very quickly and increasingly spot links before human brains do. Again, this is something that should help us do our job better. But this must not become a Wild West: People need to be made aware when they are listening to a machine’s voice, as opposed to one mediated by a human being. Machines are only as objective as the people who set their controls.
A third immodest reason to update the Bloomberg Way is me. Every editor-in-chief has his or her peculiar preferences, and they are reflected in the style books of the organizations that they lead. My preferences are sometimes different from Matt’s, just as my successor’s will be different from mine. But—and yes, I just used that word—we still agree on the big things, the eternal verities. The army is still marching in the same direction, toward the sound of gunfire.
John Micklethwait
1
What We Do
OUR MANDATE AT Bloomberg Editorial & Research is to be the chronicle of capitalism, meaning we provide definitive coverage of everything that matters in business, finance, markets, economics, technology, and politics and government. This requires focusing our firepower so that terminal users, television viewers, radio listeners and magazine readers get what they want, when they want it.
Sometimes, our most important story of the day is a scoop that moves markets and beats the competition by seconds. At other times, our biggest story is an astonishing, richly reported investigative piece, an exclusive television interview or an interactive graphic that guides the user through a complex topic. No matter the vehicle, meaningful reporting on money and power—and the people who have them—is at the heart of our mission.
To quote Editor-in-Chief Emeritus Matt Winkler:
Following the Bloomberg Way requires precision in language, attention to detail, a hunger for knowledge, persistence in getting any task accomplished no matter how daunting, the humility to recognize that none of us is infallible and the decency to address anyone and everyone with concern and kindness.
These goals bridge the gulf between the pressure to just get the news out
and the responsibility to get it right the first time. We can and should do both.
The Bloomberg Way
Guiding Principles
It isn’t news if it isn’t true. Accuracy is the most important principle in journalism. There is no such thing as being first with news if we’re wrong.
Show, don’t tell. Support statements and assertions with facts, figures and anecdotes. Write with nouns and verbs; be sparing with adjectives and adverbs.
News is a surprise. What do we know today that we didn’t know yesterday? That question will offer guidance when deciding which facts to highlight first. Why are we reporting this? Why are we reporting this now? No story is worth writing unless we answer these questions for our readers.
Names make news. People want to read and hear about people—the actors and the victims. The bigger the name, the bigger the audience.
Not invented here. We immediately report news from other organizations and then seek to advance the story. We don’t accept the idea that if we didn’t break the news, it didn’t happen, and we should never fail to acknowledge who did break the news.
Follow the money. Explaining the role of money in all its forms—from capital flows to executive compensation to the cost of an acquisition to election spending—reveals the meaning of news. We then examine how that information relates to shareholders, bondholders and anyone else with money at stake.
One story for all. Write with a style and simplicity that a layman can understand and a professional can appreciate.
The more we prepare, the luckier we will be. We develop the necessary sources and knowledge in advance so we can deliver our best judgment when news breaks. That is what readers, listeners and viewers need most at the moment their interest is greatest.
We adhere to the Five Fs. We strive to be the most Factual word on any topic, the First to report the news and the Fastest to report the details. We should also be the Final word—or the most definitive source—on major events as well as the Future word that tells our audience what’s next.
Ethics & Standards
We avoid conflicts of interest, whether they’re actual or perceived, whether they’re political, financial or personal.
We are not deceptive, duplicitous or dishonest in gathering and reporting news. We don’t hide the fact that we are journalists, and are transparent in interactions with our sources, readers and viewers.
We never break the law, and we don’t ask another person or group to violate laws on our behalf.
We don’t pay sources for information or access, and we don’t accept payments from sources or institutions we cover.
We write accurately, making every effort to verify facts, provide appropriate context and obtain complete responses to accusations. We correct any errors promptly, transparently and completely.
We write fairly, without bias or agenda. Opinion and commentary are clearly labeled as such.
We don’t use any public forum, including social media, to express opinions in a way that would harm our ability to cover the news impartially.
We are often expected to cover news about customers of Bloomberg LP. We do not allow commercial considerations to shade our news judgment because that would undermine our integrity and reputation.
(For more, please see Ethics & Standards, Chapter 5.)
Bloomberg Editorial & Research
Few news organizations in the world have more reach or depth than Bloomberg Editorial & Research. With more than 2,700 journalists and analysts in about 120 countries, we can cover just about anything. If a finance minister holds a press conference in Accra, Ghana, we’re there. If workers threaten to strike at a Chilean copper mine, we’re there. If a tech company introduces a major new product in Silicon Valley, we’re there, too.
We use the Bloomberg Terminal to make connections that our competitors can’t replicate. Our journalists can leverage data to show that Kenya had the most stable currency in Africa in 2016, that the state of California is the world’s sixth-biggest economy, or that the stock sold in Facebook’s IPO was more costly on a price-to-earnings basis than almost every company in the S&P 500 Index. Showing this relative value makes our journalism unique.
Terminal Tip
Throughout this book you will find boxes like this one highlighting the Bloomberg functions we use to break news and add context to our reporting.
Our team includes not just reporters and editors, but also photographers, TV anchors, analysts, social-media managers, economists, opinion writers and podcast producers. We expect our journalists to wear many hats—it’s not uncommon for a reporter to file headlines from an event, write a story featuring charts he or she designed, and then appear on Bloomberg Television. This kind of talent enables us to produce journalism in the following forms:
Breaking News: This encompasses journalism ranging from rapid-fire headlines delivered in a fraction of a second to stories that report on developments accurately and quickly. One of our most efficient vehicles for such stories is First Word, which publishes articles written as a series of bullet points rather than paragraphs. These pieces can also serve as standalone stories aimed at market professionals who don’t have the time to read long-form prose.
Beat Reporting: We organize the newsroom by coverage area so journalists become experts on their beats—whether they’re reporting on mining, politics or private equity firms. Beat reporters are responsible for getting the news out and then looking more deeply into what it all means. To tackle complex subjects from multinational mergers to arcane financial instruments, we often have to dig to get the right quotes, color and background to tell a compelling narrative. It’s stories like these that landed Bloomberg a Pulitzer Prize in 2015.
Analysis and Research: Readers, viewers and listeners also need sophisticated insight into the economy, corporate strategy and finance. Our journalists look for the meaning behind the headlines and turn to our Bloomberg Intelligence and Bloomberg New Energy Finance analysts for their in-depth research on companies and industries.
Opinion: Under the umbrella of Bloomberg View, we publish editorials representing the views of the company and its primary owner, Michael Bloomberg, as well as opinion pieces from independent columnists across the political and economic spectrum. In 2015, we started Gadfly to provide fast commentary on pivotal market, financial and corporate news. In 2017, we introduced Bloomberg Prophets to deliver actionable insights from real-world market participants.
Data: Bloomberg’s vast collection of information provides both a source of story ideas as well as the evidence needed to back up our reporting. We create charts to accompany print and broadcast stories and design ambitious interactive graphics based on our trove of data.
Once we’ve produced the content, here are the main channels we use to convey that information to our audience:
The Terminal
The terminal is the heart and soul of Bloomberg, and it is where our stories start. The front page
of the terminal is TOP, with a constantly updated mix of breaking news, scoops, analysis, commentary, charts and graphics, along with feature stories and videos. All of Editorial & Research contributes.
Many terminal customers also get their news from alerts pegged to companies, securities, people or keywords. Our news is indexed on hundreds of pages, so readers can find what they need, as soon as it’s available. Some readers also come to the terminal via customized news alert emails on topics ranging from cotton to interest-rate swaps.
Terminal stories appear in many languages, including Japanese, Chinese, Russian, Spanish, German, Turkish, Portuguese and Korean. Our teams produce original articles in those languages as well as translations of published stories.
The first Bloomberg News story—a piece about a personnel change at Goldman Sachs—ran on June 14, 1990, when the company had about 9,500 terminal customers. Today, we produce thousands of stories and headlines a day for about 325,000 subscribers.
Radio & Television
Bloomberg’s radio roots go back to 1992, when the company purchased the WNEW station in New York. Today, Bloomberg Radio is broadcast around the world. In the U.S., Bloomberg Radio reports and programs are syndicated to more than 300 affiliates. We also broadcast on WBBR in New York, WXKS in Boston, KNEW in San Francisco and WDCH in Washington.
Almost two years after Bloomberg Radio got its start, Bloomberg Television began. Now anchored from studios in Dubai, Hong Kong, London, New York, San Francisco and Sydney, its reach is also global, with broadcast affiliates from India to Mexico and a network available in more than 470 million homes.
Terminal Tip
MEDI
Watch Bloomberg TV, listen to Bloomberg Radio and find clips of the most-watched interviews and events.
Magazines
Bloomberg publishes two magazines: Bloomberg Businessweek and Bloomberg Markets.
Businessweek, which Bloomberg acquired in 2009, offers a global perspective, timely insights and unique stories to more than 600,000 subscribers.
Markets began publishing in July 1992 and was relaunched in 2016 as a bimonthly publication. The magazine caters to financial professionals—mainly Bloomberg Terminal clients, who get it as part of their subscription.
Digital
Bloomberg Digital is our gateway to a global audience and reaches more than 80 million unique users monthly. Our website is organized into sections dedicated to Markets, Technology, Politics, Pursuits, Opinion and Businessweek.
Bloomberg.com runs a selection of stories from Bloomberg News but does not generally publish content from First Word, Bloomberg Intelligence or other specialized platforms. Our digital team produces original reporting, graphics, videos and podcasts. It also runs our social-media feeds on Facebook and Twitter via our @business account, among others.
Bloomberg Intelligence
BI is our research arm, providing in-depth analysis and data on industries, companies, credit, government, economics and litigation. BI has almost 300 research professionals who together write about 500 short reports a day.
BI has been part of the Editorial & Research group since early 2015, and the relationship is unique, given BI’s mission. Editorial and BI may talk to each other in general terms about topics, but each team should protect its own information and sources, including unpublished stories and research. Reporters are free to quote from published BI reports in their stories and to interview analysts and economists who have been approved to speak with the media. (You can read more about this relationship in Ethics & Standards, Chapter 5.)
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BI
Find Bloomberg Intelligence research by sector, topic or region. View reports on critical themes.
Bloomberg New Energy Finance
BNEF offers tools and data to track changes in the global energy system. The group provides independent analysis about the entire spectrum of technologies and industries, from renewables and storage to fuel cells, electric vehicle batteries, grid integration, liquefied natural gas, carbon markets and climate negotiations. BNEF also hosts annual summits in London, New York and Shanghai for energy leaders.
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BNEF
View research from Bloomberg New Energy Finance. Filter by sector, geography and type of research.
Bloomberg Briefs
Briefs are a stable of newsletters that provide curated news on topics such as hedge funds, municipal bonds and economics.
Daybreak
Our customizable morning news service started in 2016 as a one-stop mobile product that takes less than 10 minutes to read and gives users everything they need to be ready for work.
Delivered at 5:30 a.m. Monday through Friday from cities including New York, London and Hong Kong, each edition is divided into four sections: Need to Know
summarizes the biggest news of the day; My Topics
allows readers to select news from industries and regions; My Tickers
provides headlines on companies in users’ portfolios; and Nice to Know
touches on lighter fare, from sports and entertainment to science.
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View the most recent edition of Daybreak.
Bloomberg LIVE
Our events group convenes newsmakers, influencers and up-and-comers for invitation-only gatherings that range from small roundtable discussions to multiday conferences attended by hundreds. Bloomberg journalists conduct the onstage interviews and moderate panel discussions designed to generate editorial content across platforms. Major summits include Breakaway for chief executive officers, Invest for institutional investors and The Year Ahead, which examines the most urgent topics facing business leaders.
QuickTake
Bloomberg began publishing QuickTake explainers in 2013, providing concise guides to topics in the news. There are now hundreds of these authoritative, easy-to-read primers on the most important and complex issues of the day, from El Niño and tax inversions to sustainable investment and driverless cars.
Each QuickTake links to news stories, videos and View commentaries, providing the best of Bloomberg in one place. They are living articles, revised and updated in response to news. They are accessible