Mainstream media's lack of financial expertise can lead to significant reporting errors, such as confusing $9M with $900M. This misinformation can create unnecessary market volatility and headwinds for stocks, demonstrating the real-world impact of financial illiteracy in journalism. A conspiracy is even floated that it could be intentional.

Research shows boycotts rarely cause significant stock price declines. Their primary power lies in generating media attention, which pressures corporate leaders to change behavior to protect the company's reputation, rather than its immediate shareholder value.

The Wall Street Journal framed Anthropic's new models as the direct cause of a global stock sell-off in the software sector. While an oversimplification, this narrative serves as "aura farming," building a perception of immense power that far exceeds the company's actual market share.

A company can beat earnings and still see its stock fall if its actions (e.g., high CapEx) contradict the prevailing market narrative (e.g., the AI bubble is popping). Price is driven by future expectations, not just present-day results.

Media outlets are incentivized to generate clicks through hype and fear. This creates a distorted view of the market, causing retail investors to panic-sell during downturns and FOMO-buy during bubbles. The reality is usually somewhere in the less-exciting middle.

The stock price and the narrative around a company are tightly linked, creating wild oscillations. Investors mistakenly equate a rising stock with a great company. In reality, the intrinsic value of a great business rises gradually and steadily, while the stock price swings dramatically above and below this line based on shifting market sentiment.

The surprising correlation between the McDonald's McRib being on the menu and higher returns in both the S&P 500 and Bitcoin demonstrates how unconventional, even humorous, cultural events can function as market signals. This highlights the narrative-driven and sometimes irrational nature of financial markets and investor sentiment.

The real leverage in consumer boycotts is not the direct financial hit from cancellations. It's the media narrative about potential impact that creates pressure on employees, partners, and executives, ultimately forcing a corporate response—as seen when Disney reversed course on Jimmy Kimmel.

Scott Galloway provides a quantifiable breakdown of how a single social media post from a celebrity like Chelsea Handler can trigger thousands of unsubscribes, directly translating into a $1.2 million loss in market capitalization for the targeted companies.