How Denmark’s culture allows journalists to flourish

The Association of Foreign Press Correspondents spoke with Rebecca Engmann Darst, journalist and founder of the news platform Investable Universe, a "next-generation trade publication" that covers emerging investment trends in energy, infrastructure, materials, land/agriculture, and the built environment. Darst spent much of her career in Denmark as a journalist and market analyst, before returning to the United States to dive into the entrepreneurial side of journalism. In the following interview, she goes into her experiences as a Danish journalist and how these experiences differ from those in the United States. She highlights some key differences, namely a greater sense of public respect for journalists in Denmark and a work culture that is less centered on sensationalized news. She then goes on to explore her shift from reporting to the financial world, before concluding with an honest look at her mistakes as a young professional and how she would advise journalists today. The following is an insightful look into the cross-section of business and journalism.    

What have been the things that have defined your journey as a foreign journalist in America?

I would describe myself as someone who is truly fascinated by financial markets, not because I’m a money-chaser, or a Wall Street groupie, or an Ayn Rand acolyte (I am none of those things), but because I’ve just always enjoyed looking at global capital flows and market movements (“reading the tape”). I enjoyed the subculture of trading floors, (some of) the color and saltiness of traders, the sense that anything could happen on any given market day, and that while people and politicians will lie to you, markets don’t lie (at least not in the same way). I’ve always wanted to write about those things.      

As a Danish journalist, what are the differences between working in the U.S. and your home country?

I’ve observed a number of differences, some of which are likely cultural/national, some of which may be due to the broader disruption of news media following the dual advent(s) of the Internet and social media. Again, the opinions are mine:

First, during my years in Denmark, journalists were unionized, and Dansk Journalistforbund was a powerful union. I remember the sense of pride and belonging I felt on the day that my membership application was approved (which was a big deal for me, because I was foreign-born and had not attended the Danish School of Journalism, Journalisthøjskolen). I took sincere pride in being a Danish journalist (with the card to prove it), which was a respected profession with an important role in civil and political society: the power to question, scrutinize and, when necessary, expose. I felt that politicians and business leaders had a healthy “fear” (for want of a better word) of the power that could be wielded by media outlets. I don’t believe that’s the case here in the U.S., at least not anymore. I don’t think U.S. political or corporate institutions have any fear of journalists whatsoever. And now that “anyone” can crank out content, they don’t have much respect for journalists, either.  

Secondly, (I believe) because of Denmark’s economic system and the considerable influence of the union, journalism was, at that time, a middle-class profession where there was some reasonable expectation of career advancement into greater seniority, responsibility and compensation. This made it both attractive and aspirational, and it drew smart, ambitious people to its ranks. Plus, a journalist or editor might be someone of any age, which, in my view, benefitted the profession overall, because there was diversity of age/maturity and point of view. Here in the U.S., I think the career lifespan for a journalist is woefully short: the pay is low (which will price you out of the market at some point, unless you have some alternate means of financial support). In order to enjoy any real career evolution, you have to leave journalism and look elsewhere. That’s too bad.

This is essentially what I did in the mid-2000s; when I moved back to the U.S., I found it very difficult to find work as a journalist with any U.S. media outlet—my Danish credentials were not respected, and I had already begun working for investment firms—and so I began working, first as an equity options analyst for a market-making firm, and then as Managing Director of the Market Access Center at the NYSE. Ironically, these were both jobs that I really enjoyed, and which made excellent use of the skills I had learned as a journalist in Denmark, and which made me “attractive” as a news source on business television, but which were not valued (economically or otherwise) within mainstream American journalism. Once I had worked within financial services, I became an unattractive job candidate to most U.S. media outlets; it was as if I had crossed the Rubicon to “the other side,” and could never return to being a journalist. And yet, within financial services, because I had worked as a journalist, I could never get past the limitations of being a “communications person.” I felt stuck in between.   

Third, there is the “news entertainment” aspect of U.S. journalism, along with the ideological and political biases that have become embedded in American journalism and become both cause and effect of the country’s current, extreme polarization and its media industry’s fragmentation into fringe outlets. It was not this way in Denmark, and I feel sad and troubled by the ways things have gone in the U.S

You've been working as a foreign journalist in the US for a long time now. What has your career taught you

First, that women have a long way to go in the U.S. workforce (this was true even pre-pandemic, and I don’t know if things will get worse or better as a long-term result of COVID disruption). I believe women in the U.S. workforce lag other parts of the world not only in career advancement opportunity and salary parity, but in workplace relations. I miss that aspect of Scandinavia generally.

Second, I am absolutely emphatic that a career in journalism can and should be (if you want it) a springboard into something other than just “marketing/communications” (two words that make my skin crawl). True journalism requires a diverse skillset that goes above and beyond just marketing boilerplate. It requires rigorous research, analysis and interview skills, and the ability to synthesize data from multiple sources and present conclusions coherently. I wish there was more respect for that.   

You've also moved into investing from journalism and founded your own online media company, Investable Universe. In what ways was this move difficult and risky for you, and what prompted you to take this decision to start your media business?

First, allow me to say that I have the support of a gainfully employed spouse, so I am (today) a beneficiary of economic privilege, which is no small thing in the United States. I didn’t come from a privileged background, but I have considerable economic advantages today. This made it possible for me to take a risk.  

Second, I started Investable Universe because, career-wise, I felt I had nothing to lose. I took a break from working for a few years when my children were small, which made it extremely challenging to return to the workforce anywhere near where I had left it. I had a lot of ambition and tons of ideas with nowhere to go. I realized that (almost) the only person who would respect the decisions I have made, and who would understand what I believe to be my potential, is me. So, that’s what I did.  

You stated in your bio that you began your career "as a highly prolific but terribly underpaid journalist in Copenhagen, Denmark". Would you do the same if you were to start over again in your career?

I have no regrets whatsoever about working as a journalist in Denmark. I was a young adult from Kansas who was suddenly thrust into a new life in Copenhagen where I interviewed political, cultural, business and diplomatic figures and learned extraordinary things about how the world worked outside of the United States. When I was a kid growing up, I often felt “excluded” from people, places and issues of importance, but when I had a press card in Denmark, suddenly I was “good enough” to be among decision-makers. I had the right to ask them questions and expect a respectful reply. Eventually, I was able to not only write but to think in Danish. All of that is still part of how my brain works.

If I could do it again (which, unfortunately, I can’t), I would have fought harder to use my journalistic skills to become a research analyst/trader/investor. I would have resisted being pigeonholed as a “marketing/communications person,” which (in my opinion) is a term used to devalue and lowball (especially female) talent.   

You've interviewed portfolio managers, analysts, and executives of leading global asset management firms. Can you describe your definition of a successful interview? How do you prepare for it? 

A portfolio manager is someone who makes decisions with other people’s money and must demonstrate the courage of their convictions across market cycles, even (especially) when the chips are down. How is that ever not a fascinating interview?  

What are some of the mistakes you've made as a foreign journalist in the US that you can share with us as lessons learned and advice for other foreign journalists?

My career advice to people is to stand up for the integrity of journalism, and for its value as a career foundation, and as a career in itself (although that may be easier said than done, as a matter of sheer economic reality). Don’t let yourself get railroaded into “corporate communications work” if that’s not really what you want to do.

And my journalistic advice to foreign reporters here in the U.S. is to look for stories beyond just the coasts. It’s a big country with a wide range of people who deserve your time and attention.