The Spectacle of Expertise: Why Financial Analysts Perform in the Media

Financial experts have a lot of power and influence through their media presence, but how do they acquire their authority? Alex Preda's book "The Spectacle of Expertise" explores how financial expertise is performed and produced in the media, analyzing its features and how audiences react to it. He emphasizes the significance of talk in finance as a means of capturing capital and how analysts and media professionals deploy expertise when engaging with audiences. The book offers new and global perspectives on the relationship between financial expertise and the media, the making of public-expert talk, and how expertise is used to legitimize financialization.

Format: Paperback / softback
Length: 272 pages
Publication date: 24 January 2023
Publisher: Columbia University Press

Financial experts have become an omnipresent presence in television, radio, and social media, offering investment advice, interpreting market movements, and explaining the implications of political events. With their extensive media presence, these experts wield considerable power and influence over their audiences. However, how do these experts acquire their authority, and what factors make their displays of financial expertise persuasive to their viewers?

In his book "The Spectacle of Expertise," Alex Preda delves into an ethnographic exploration of how financial expertise is performed and produced in the media. He analyzes the features of financial talk and how audiences react to it. Preda emphasizes the significance of talk, as opposed to the written word, in finance, as the fabric of many transactions and a means of capturing capital. He argues that analysts and media professionals understand financial talk as requiring a skill set distinct from conducting research or representing facts.

Preda demonstrates that analysts and media professionals deploy expertise when they engage with audiences in ways that make it difficult to contest the claims conveyed in their talk. He observes that financial experts often use complex language, technical jargon, and statistical data to convey their expertise, which can be challenging for viewers to understand. Additionally, they often present their opinions as facts, which can further reinforce their authority.

The book "The Spectacle of Expertise" is based on close observations of TV and radio studios in Hong Kong, a global financial center and a crucial gateway to China. It includes interviews with audience members and financial analysts who appear as regular guests. Through these interviews, Preda offers new and global perspectives on the relationship between financial expertise and the media, the making of public-expert talk, and how expertise is used to legitimize financialization.

One of the key findings of the book is that financial expertise is often presented as a spectacle in the media. Analysts and media professionals are carefully selected and trained to present their expertise in a way that is visually appealing and engaging to viewers. They are often dressed in professional attire, use props such as charts and graphs, and speak in a confident and authoritative tone. This spectacle of expertise is designed to create a sense of awe and respect for the financial experts, and to persuade viewers to follow their advice.

Another important aspect of the book is the way in which expertise is used to legitimize financialization. Financial experts are often portrayed as having a deep understanding of the financial markets and a unique ability to predict future trends. They are seen as experts who can guide their viewers to make informed investment decisions and secure their financial future. By presenting themselves as experts, financial professionals can gain the trust of their viewers and establish themselves as reliable sources of information.

However, the book also raises concerns about the potential risks associated with relying on financial expertise in the media. While financial experts can provide valuable insights and advice, they are not immune to errors, biases, or conflicts of interest. Their opinions may be influenced by their own financial interests, or by the interests of their sponsors or advertisers. Additionally, the fast-paced and dynamic nature of the financial markets can make it difficult for viewers to keep up with the latest developments and make informed decisions.

In conclusion, "The Spectacle of Expertise" provides a valuable exploration of how financial expertise is performed and produced in the media. It highlights the significance of talk in finance, the ways in which experts deploy their expertise, and the ways in which expertise is used to legitimize financialization. The book raises important questions about the potential risks associated with relying on financial expertise in the media and emphasizes the need for viewers to be critical and skeptical of the information presented by financial professionals.

Dimension: 216 x 140 (mm)
ISBN-13: 9780231202473