Premium: The meritocracy that doesn’t appear to be such a free market after all

There's much about the media that is misunderstood by those who consume it..For one thing, sheer economics means those who earn a living from passing on the news are rarely experts in anything. No surprise as the remit is to cover a mile of subjects which means reporters are rarely able to delve more than an inch deep..Secondly, by appreciating this obvious limitation, the rational editor insists those learning the trade keep an open mind, never choose sides, and always listen attentively to opinions contrary to those last shared. Understanding nobody has a monopoly on the truth is where journalistic proficiency begins..___STEADY_PAYWALL___.So, two points for you this morning. In yesterday's Daily Insider (our free-to-air newsletter) I referenced a video attacking Shell for the way it is exploring for oil and gas off the Wild Coast. Click here for the other side – there always is one – from Ivo Vegter writing in the Daily Friend..Then on Monday I suggested in this newsletter English soccer's meritocracy provides an excellent example of the benefits of a free market. BizNews Premium member David Coutts-Trotter (former Sun International CEO) asked me from his hospital bed whether I was joking as "it is not even close to a free market," listing a couple of reasons why..The piece republished in BizNews Premium from our partners at the Financial Times supports his thesis. I just love this job. It ensures continuous expansion of one's (often tiny) circles of competence. Thanks David, and speedy recovery!.More to read today:.* Regulation 28: SA savers are being shafted – Magnus Heystek. Even more feisty after his holiday in Mauritius, SA's leading independent financial advisor has me worrying about collusion between Treasury and asset managers..* Renaming at UCT: some suggestions. BizNews Investment conference regular Graham McIntosh pens a brilliant letter to the UCT VC. Helen Zille Plaza anyone?.* IFP president Velenkosini Hlabisa explains why party switched horses. Explains dynamics that led to the break with the ANC in Umhlathuze, eThekwini and Newcastle..* Sipho Pityana to take Absa to court for removing him from its boards. Business Day reports how a hero of the anti-Zupta war refuses to back down on a matter of principle..NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via BizNews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our help desk can assist – support@biznews.com.If you'd like to help sustain our independent voice, why not share the love by making a gift that keeps giving? Click here to access the BizNews Premium subscription signup form, and be sure tick the relevant box (see below). At R100 a month and inclusive of full membership of The Wall Street Journal, it's a mind-expanding gift at an incredibly modest price.

Premium: The meritocracy that doesn’t appear to be such a free market after all

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