WSW: Louis Rukeyser's Wall Street Summary &amp; Discussion $treet

Top 833. Oct 11, 2004 7:21 AM

» Kirk - Re: Re: Where are the customer's Penthouses?

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In response to Re: Where are the customer's Penthouses? posted by stocksystm:

Interesting. Take a look at how he got rich.

His top two holdings are bond for 19% of the total. Next is shown as Fannie Mae bonds at 4%. I wonder if these took a hit like the parent company which has recently been crushed.

Sly Marty has Total Net Assets of $420,102,000 beung managed with a 1.36% management fee! That is pretty hefty for such a high bond weighting!

1.36% of $420M is $5.71M! He probably has to spend for an office and a secretary. smile

Lets not forget he has the "Zweig Total Return Fund"

with another (As of 6/30/2004) Total Net Assets of $519,143,000 at 1.33% earning a total of $6.9M

1.33% to manage a fund over 50% in fixed income!

so $5.7M + 6.9M = $12.6M a year in management fees.....

and that is before you account for any private client relationships.

<img src=http://images.amazon.com/images/P/0471119784.01.MZZZZZZZ.gif align=left>Where Are the Customers' Yachts? or A Good Hard Look at Wall Street
by Fred Schwed, Peter Arno (Illustrator) Makes a WONDERFUL Gift

Review: ".. . one of the funniest books ever written about Wall Street" Jane Bryant Quinn, The Washington Post. Covers the gamut of financial players and the clients who bring them business. Brimming with amusing anecdotes and stories, this often hilarious cautionary tale is fully illustrated.

Paperback

-- posted by Kirk

Top 834. Dec 26, 2004 11:21 AM

» Normxxx - The Best Fund Hits

The Best Fund Hits Aren't Always on the Top-10 List

By Don Phillips | January, 2005

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With Louis Rukeyser continuing to convalesce, Don Phillips, managing director of Morningstar, serves this month as guest commentator.

The turning of the calendar to a new year prompts many investors to review their portfolios. This is a wise practice for anyone, but an especially prudent one for mutual-fund investors. Funds aren’t static, after all. Managers come and go; strategies can evolve and change over time. An intelligently diversified portfolio of funds at the point of assembly may in later years evolve into a big and unintended bet on one style or sector of the market. So long as the sector is in favor, the portfolio looks great, but should market sentiment change, the whole portfolio may suffer—a lesson too many investors learned the hard way when tech stocks collapsed in 2000.

The good thing about reviewing your portfolio at this time of year is that newspapers and finance magazines are full of profiles and lists of the past year’s top-performing funds. The danger, however, is that these lists may tempt the more casual investor to pile into funds with similar strategies, thus undermining efforts to diversify. It’s a classic mistake. Investors load up on funds from the list of last year’s leaders, not appreciating that the reason the funds are on the list together is because they hold similar securities and take similar risks. Investors think they are diversified because they buy funds from multiple management companies with different sounding names and objectives, but if the funds are on the leaders’ list in the same year, there’s a good chance that the investor is buying different shades of the same basic style, rather than getting real diversification.

I’ve seen this situation so often that I’ve become convinced that I can carbon-date portfolios. When I see a portfolio full of growth and technology funds from providers like Janus, AIM and Turner, it’s a safe bet that the investor assembled the portfolio in the late 1990s. Similarly, if I see a portfolio full of real-estate and small-cap-value funds from Cohen & Steers or Royce, it’s likely the investor assembled or reconstructed the portfolio over the past year or two. In both cases, the investor is buying good funds, but good funds alone don’t ensure a good portfolio. To be properly diversified, an investor must have exposure to areas that have been out-of-favor in the recent past, not simply hold a batch of recent winners.

When you buy a mutual fund, in part you’re paying for a manager to try to find the next hot area for you, so to some degree it is the manager’s responsibility to steer the fund toward discounted sectors. Still, it’s important for a fund investor to understand just how much latitude a given manager has. Few managers today consider it their mandate to scour the full market for opportunities. Most managers specialize in certain areas: convertible bonds, small stocks, growth stocks, etc. Moreover, no manager knows which other funds you hold alongside his. It is up to the fund investor to monitor his overall exposure to broad parts of the market.

This issue may be especially timely right now, as there’s been a long and pronounced difference in the performance of large stocks versus small ones and of growth strategies versus value ones in the United States. Over the past five years, stocks in the Morningstar Small Value Index have risen more than 18% a year. At the same time, stocks in the Morningstar Large Growth Index have declined nearly 15% a year—that’s a stunning 33 percentage-point differential per year compounded over five years. Even conceding that large growth stocks were considerably overvalued at the start of the period, that’s a phenomenal performance difference—and one that is clearly not sustainable.

In such an environment, it’s likely that many investors, even those who have made no trades in years, today have radically different bets in their portfolios than those they intended. An unaltered fund portfolio that was well diversified five years ago, today likely has a marked bet on small-cap value stocks, just owing to market forces. So long as the trends favoring small value hold, this is a great positioning, but should sentiment shift, such an investor could be left behind.

And there are signs that such a shift may be near. Fund managers who run small-cap value funds are closing their doors right and left, citing the scarcity of attractively priced stocks in their part of the market. One top small-value manager even went so far as to urge shareholders to consider buying his firm’s growth funds, rather than send more money his way. At the same time, we’re hearing more bullish sentiments from large-cap growth managers than we’ve heard in years. Top investors like Marsico Funds’ Tom Marsico, who played cyclical or defensive stocks in recent years, are now locked and loaded with classic growth fare. Similarly, more-flexible value managers, such as Bill Nygren of Oakmark, are shifting their sights from buying good businesses at cheap prices to buying great businesses at good prices—a concession to the attractiveness of some growth stocks in today’s market.

The early phases of this economic recovery have favored deep-value strategies, but as we move along in the cycle, companies that offer good internal growth are likely to be more prized. The rising tide that has floated the fortunes of lower-quality businesses may have crested. Going forward, it will likely be of greater importance to buy better businesses, a trend that should benefit growth strategies in general and larger-cap ones particularly.

No fund company is going to run an ad today touting the big losses that their large-growth funds have produced over the past five years, so it’s likely that this opportunity will go unnoticed by many. While the exact timing of a change in market direction is impossible to tell, this is not the time to be markedly underweighted in large, quality growth stocks. Now may be a wise time to consider trimming back your small-value winners and redirecting some of those proceeds to bigger growth fare. American Century, Janus, T. Rowe Price and Fidelity all have excellent large-cap growth offerings. And, as an added bonus, many of these funds still hold tax-loss credits from bear-market losses that may make them particularly tax friendly to investors buying in today.

Finally, no conversation about big names and quality would be complete without a tip of the hat to Louis Rukeyser. Lou, our thoughts are with you. I know I speak for millions of viewers and readers when I say that your voice of reason is sorely missed in today’s market. Please get well soon!

The contents of this letter/report does not necessarily reflect the opinions or viewpoint of normxxx. They are provided for informational/educational purposes only.

The content of this message is not to be construed as constituting market or investment advice. It is intended for educational purposes only. Individuals should consult with their own advisors for specific investment advice.

-- posted by Normxxx

http://www.nytimes.com/2005/03/24/busine...

Top 835. Mar 30, 2005 5:46 PM

» Kirk - 'Wall St. Week,' a PBS Staple, Will Go Off the Air in June

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from http://www.siliconinvestor.com/readmsg.a...

'Wall St. Week,' a PBS Staple, Will Go Off the Air in June

By NAT IVES

Published: March 24, 2005

Wall Street Week," which became one of the most-watched programs on public television over 35 years, has been canceled. Maryland Public Television, the program's producer, and PBS, which distributes it to member stations, plan to announce today that the program will be broadcast for the last time on June 24.

The cancellation comes three years after the program's creator and longtime host, Louis Rukeyser, was removed as part of an effort to attract a bigger, younger audience.

What had been "Wall Street Week with Louis Rukeyser" became a joint production with Fortune magazine and was renamed "Wall Street Week with Fortune." Since the program's reintroduction, its hosts have been Geoffrey Colvin, the editorial director of Fortune, and Karen Gibbs, who was previously a senior business correspondent for Fox News.

The split with Mr. Rukeyser was acrimonious, upsetting longtime viewers. After Mr. Rukeyser's ouster, 22 analysts and money managers who made regular appearances alongside him said they would not take part in a program without him.

Mr. Rukeyser, who spoke bluntly of his anger at being removed, began a program on CNBC called "Louis Rukeyser's Wall Street" that competed with his former program. The CNBC program ended in December after Mr. Rukeyser became ill.

Over its long run, "Wall Street Week" averaged more than a million viewers. For many years, before 24-hour cable television and channels devoted entirely to business news, the program was sometimes thought of as the only game in town for investors who wanted to watch informed discussion of the markets, the economy and financial issues.

Mr. Rukeyser became known for his puns, quips and groaners delivered in a plummy voice. He also became known for his "elves," technical analysts who tried to predict the direction of the stock market. The panelists on the program, some of whom stayed on for years, became celebrities of a sort on Wall Street, as did some of Mr. Rukeyser's regular guests.

Larry Hoffman, a spokesman for Maryland Public Television, and Jan McNamara, a spokeswoman for P.B.S., did not respond to phone messages left late yesterday. Carrie Welch, a spokeswoman at Fortune, also did not respond to a phone message.

Stuart Elliott contributed reporting for this article.

-- posted by Kirk

Top 836. Jun 26, 2005 6:54 AM

» Kirk - A Tribute to Lou Rukeyser

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From The Money Show Digest by Steven Halpern
June 24, 2005

A Tribute to Lou Rukeyser

It is an exception that we include a press release in the Money Show Digest. But then everything about Louis Rukeyser is "exceptional." InterShow is honored to be a part of a tribute to Lou during the NYSE Closing Bell Ceremony on Monday, June 27. Please join us live at 4 pm on CNBC or Bloomberg TV.

New York, NY, June 21, 2005...A Salute to Louis Rukeyser at the Closing Bell of the New York Stock Exchange on June 27 will honor America’s most popular economic commentator, financial journalist, and master educator on behalf of individual investors across the nation. Rukeyser fans can join the celebration by tuning in to CNBC or Bloomberg Television, which will televise the Closing Bell ceremony live at 4:00 pm. A private reception for family and friends, media colleagues, financial advisors, and former panelists, will be held immediately afterwards.

In tribute to Rukeyser for his role as advocate and champion of the "little guy," a special plaque will be presented along with gifts from the NYSE commemorating the occasion. Accepting for his brother will be William S. Rukeyser, editorial director of Corporate Board Member magazine, former managing editor of Fortune, and the founding managing editor of Money. Also present will be Louis Rukeyser’s daughter Stacy, a screenwriter for the One Tree Hill series on the WB network. As part of the dedication, the plaque will be displayed at the Exchange.

The salute is being organized by Kim and Charles Githler of InterShow, leading producers of investment trade shows and cruises and Louis Rukeyser’s friends of long standing, with the cooperation of the New York Stock Exchange. In further appreciation of Rukeyser’s lifetime contributions to free enterprise and the ongoing benefits of his career to the individual investor, Forbes magazine is running a full-page ad informing its subscribers about the celebration and how they can join in.

For over three decades, Lou Rukeyser brought Wall Street into our living rooms with wit, wisdom, honesty, and fairness. "Before Lou, institutions dominated the world of investing," Kim and Charles Githler point out. "Thanks to his work as a pioneering investment educator, today’s individual investor is savvier, smarter, and more self-reliant. Choices are more informed, freedom has been expanded. The entire investment climate has changed."

Rukeyser communicated through broadcast, print, live conferences, and investment cruises. His loyal audiences connected with him whenever and wherever they could. According to Steve Forbes, editor-in-chief of Forbes, "He took what had been on the back pages of the newspapers for decades and put it on the front page. He made it accessible to people who had formerly been a little fearful of it. He made it approachable. He made it understandable."

Scores of others have agreed that Rukeyser has a special knack for humanizing complex events and "skill in passing along his insights to an eager affectionate audience of Americans," as President Reagan once remarked. Indeed, Rukeyser himself may be regarded as a financial institution and, in the words of CNBC president Pamela Thomas-Graham, "a true original." "He brought financial journalism to a new level...always looked at both sides of the issues...his only bias was towards optimism," says Michael Holland, chairman of Holland & Company, fund managers, and a frequent panelist on CNBC’s Louis Rukeyser’s Wall Street before it closed production at the end of December 2004.

Although he has retired from broadcasting and personal appearances, Rukeyser has continued to bring investors the "best profit-making ideas from the best minds on Wall Street" at the helm of his best-selling newsletters, Louis Rukeyser’s Wall Street and its companion, Louis Rukeyser’s Mutual Funds. According to Worth magazine, both publications consistently offer "sound advice without condescension or fluff" and its readers have voted them the "best" and "most helpful" in the business. Variety has praised Lou’s "unusual virtuosity at the typewriter" as well as "his inimitable and always delightful style."

In a sense this legendary journalist and extraordinary economic guru has come full circle, for it was as a newspaperman that Lou Rukeyser began his distinguished career and that he received the first of many in a long line of awards, honors, and honorary doctorates including two top Overseas Press Club Prizes, a Lifetime Achievement Emmy from the National Academy of Television Arts and Sciences, the Gerald Loeb Lifetime Achievement Award for Distinguished Business and Financial Journalism, two Freedoms Foundation awards, and the Financial Planning Association of New York’s Malcolm S. Forbes Award for Excellence in Advancing Financial Understanding, among many others. A Salute to Louis Rukeyser, however, honors Lou on behalf of the millions of individual investors across the country. His devotion to their investment education and personal financial literacy has been unwavering. As John Bogle, founder of the Vanguard Group, said of Louis Rukeyser: "He played a major role in bringing Wall Street to Main Street, and that’s a legacy that is really enduring."

Louis Rukeyser Fast Facts

Career Bio

· 1954 – Graduates from Princeton University’s Woodrow Wilson School of Public & International Affairs, specializing in public aspects of business.

· 1954-1965 – Political & Foreign Correspondent for Baltimore Sun papers. Positions included: Chief Political Correspondent for the Evening Sun, Chief of the Sun’s London Bureau and its Chief Asian Correspondent.

· 1965-1973 – ABC News: Senior Correspondent & Commentator. Including: Paris Correspondent, Chief of London Bureau and, beginning in ’68 back in NYC, TV’s first National Economic Commentator – a job he invented. Also, series of TV & radio commentaries including Rukeyser’s World.

· 1970-2002 – PBS: Wall $treet Week With Louis Rukeyser. Friday evenings.

· 2002-2004 – CNBC: Louis Rukeyser’s Wall Street. Friday evenings. Also rebroadcast on 175 public television stations.

Print Media

· Syndicated Column for Tribune Media Services. 1976-1993.

· Newsletter Editor: Louis Rukeyser’s Wall Street. Launched in 1992.

· Newsletter Editor: Louis Rukeyser’s Mutual Funds. Launched in 1994.

· Book Author: How To Make Money in Wall Street. (Doubleday) Best Seller. Twice Literary Guild Selection.

· Book Author: What’s Ahead for the Economy: The Challenge and the Chance. (Hardcover: Simon & Schuster) (Revised & Updated in Paperback: Touchstone Books). Best Seller.

Awards & Honors

· Overseas Press Club: 2 Prizes for news interpretation of events in Vietnam/Asia.

· The National Academy of Television Arts and Sciences: Lifetime Achievement Emmy (2004).

· Gerald Loeb Lifetime Achievement Award for Distinguished Business & Financial Journalism. 2004.

· Freedoms Foundation: 2 Awards. George Washington Honor Medal for "outstanding accomplishment in helping to achieve a better understanding of America & Americans." Presented to ABC radio commentary program, Rukeyser’s World. Also, in 1978, for Syndicated Newspaper Column begun two years earlier.

· New York Financial Writer’s Association Award 1980. For his "significant long-term contribution to the advancement of financial journalism."

· Women’s Economic Roundtable Award 1990. " For Outstanding Service in Educating the Public about Business, Financial and Economic Policy." First man to receive this award.

· Toastmaster’s International: one of five Outstanding Speakers of 1998.

· Celebrity Forum: "The Greatest Speaker of Them All."

· Financial Planning Association of New York: Malcolm S. Forbes Award for Excellence in Achieving Financial Understanding. 2000.

· Fashion Foundation of America: Best Dressed Man in Finance.

Honorary Doctorates

· Nine: Johns Hopkins University, American University, Loyola College, Western Maryland College, Mercy College, Moravian College, Southeastern Massachusetts University, New Hampshire College, Roger Williams University. Typically cited for his singular contribution to the economic education of the American public.

Conferences & Cruises

· The Louis Rukeyser Investment Conferences, the most well-attended investment conferences ever held anywhere. (More than a dozen since 1990.) Las Vegas, Nevada.

· The Louis Rukeyser Investment Cruises. 1998 - 2005. (A total of thirteen in the Caribbean, the Mediterranean, the Baltic, all produced by InterShow.)

Personal

· Lives in Connecticut. He and his wife, Alexandra, have three daughters and two grandchildren.
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NOTE: The profiles provided by the Money Show Digest contain information provided by the individuals mentioned in the Digest and their companies about their business organization, their corporate or personal background and their experience. This information, as provided by the Money Show Digest and InterShow, is published to assist you in knowing more about the individuals mentioned in the Digest, their publication, web sites and other concerns, but has not been independently confirmed or verified by InterShow.

-- posted by Kirk

Top 837. Jun 26, 2005 11:40 AM

» EdO3 - Re: A Tribute to Lou Rukeyser

I always enjoyed Lou, even if I didn't understand him a lot of the time. He suggested that everyone could do well in investments if they tried. He was whimsical, condescending, Draconian, corny and more intellectually stimulating than 99% of any other half-hour show that one could find on free TV. My routine used to be to pay the bills on each Friday night as Lou and the gang continued to talk, as if they really knew what they were talking about, and I'm sure some of them did. Eventually I became aware that Lou and the gang were great spin-masters that somehow could make a dismal situation or a poor investment suggestion acceptable as if this ebb and flow of the markets was normal. Of course, through the 90's, they could do no wrong. That was a fun time. For me Lou was part of that fun. I still miss him.

-- posted by EdO3

Top 838. Aug 22, 2005 2:31 PM

» MikeFletcher - Lou Rukeyser's current health status

Does anyone know how Lou is doing healthwise? Seems to be a closely guarded secret.

-- posted by MikeFletcher

Louis Rukeyser, Television Host, Dies at 73

Top 839. May 3, 2006 5:46 AM

» Kirk - Louis Rukeyser Dies at 73

Kirk Lindstrom: http://investment.suite101.com/
DISCLAIMER: Answers & my words are general in nature, are not meant as specific investment advice, and do not necessarily represent the opinion of anyone but Kirk. Individuals should consult with their own advisors for specific investment advice.

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-- posted by Kirk

Louis Rukeyser, Television Host, Dies at 73

Top 840. May 3, 2006 5:48 AM

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Top 841. May 3, 2006 1:13 PM

» Kirk - Louis Rukeyser Obituary

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Make sure you read Steve Thompson's obituary for "Uncle Lou."

Louis Rukeyser 1933-2006

-- posted by Kirk