Beloved TV Host of "Wall $treet Week with Louis Rukeyser" died May 2, 2006 at the age of 73.
It is with great sadness I learned of the death of Louis Rukeyser. Words can't properly express what Lou's work meant to so many people over such a long period of time. I knew of Louis Rukeyser's reputation long before I started saving and investing seriously. When the time came for me to begin thinking of my financial future I considered Lou a reliable source for guidance and further knowledge. Two things impressed me about the man. First he ran a classy show yet it was down to earth and comfortable. I feel he intended to show viewers how by getting a little better return investing in equities they could improve their lifestyle substantially. Secondly he sought out differing points of view. To me this showed he was very secure in his views and welcomed open discussion while keeping an open mind. No smoke and mirrors with Lou.
His opening monologues were puny priceless pearls that ended with his trademark wink. He tackled all the tough topics from politics to the economy. He always intertwined wit, wisdom, and common sense. Rukeyser was truly a free market thinker.
In later years Lou became involved with two newsletters, one for stocks and one for mutual funds. He also offered yearly cruises that allowed guests access to top financial journalists and money managers. For those land lovers a similar event was held yearly in Las Vegas. Perhaps Lou's legacy will be in the written word. He has a long list of books he has authored or co-authored. Always open to new avenues Lou even lent his voice for several books on tape and CDs. Perhaps his most impressive trait was I never saw him use the TV show for self promotion.
For me the highlight every year was the end of year TV show. At this time all the regular panelists made their predictions for the high, low, and year end close for the DOW and NASDAQ. They also gave a list of securities to buy and that list couldn't be altered for any reason the remainder of the year. Lou seemed to particularly enjoy his name for this contest, the annual contest of Hope over Experience. At years end the returns were revealed for all panelists and the top four invited on air for a Black Tie champagne celebration. Lou took great store in holding people accountable. :)
The copyright of the article Louis Rukeyser 1933-2006 in Investment is owned by Kirk Lindstrom. Permission to republish Louis Rukeyser 1933-2006 in print or online must be granted by the author in writing.
Remembering Rukeyser Tim W. Ferguson, 05.03.06, 12:15 PM ET
New York - "Great Man" is an ironic term often hung on
the pompously grand, and arguably it applied in that vein to Louis
Rukeyser. His appetites were fed by ego. But the financial commentator, who
died yesterday at age 73, was also truly great in his accomplishments and
reach. In finding a large and loyal audience for market talk, he was indeed
early if not unique.
Through Wall Street Week, his long-running
PBS television program, and in his various speaking and direct-mail
publishing ventures, Rukeyser created a national pipeline to individual
investors that was essentially apart from the mainstream financial media.
No doubt his impish persona played a role. "Lou" would bitingly
remark on his exclusion from the ranks of approved elite punditry, but any
real upset followed him all the way to the bank.
My primary
conversation with him took place in 1985 as his show was about to celebrate
its 15th anniversary on the air. This was in preparation for an article in
The Wall Street Journal, which had all but ignored his rise, doubtless to
his lasting offense. Nonetheless, he was a game and charming host, inviting
a challenge to his message or medium.
Though one of many hooked
on his show (Rukeyser liked a 6 million viewer figure that was inflated), I
thought at the time that it needed some tweaks, particularly with regard to
the usually formulaic exchanges with his regular "panel" of
investment figures. Shake up the format a bit, I said.
Rukeyser
just smiled. He was less amused 17 years later when the PBS hierarchy,
looking at the aging demographics of his audience, decided that it wanted
change and when he wouldn't accede to it, that it didn't want him. Lou
famously packed up in a televised huff and took a remake of his show to
CNBC, a unit of General Electric .
Although he only had a year
or so left in his professional life (surely the public broadcasting folks
would have seen him to the end, if they'd known), he stirred up more dust.
Building Friday night ratings on the cable network was a quixotic task, but
losing Lou grievously hurt the PBS audience. Wall Street Week with Fortune,
a substitute using that magazine's staff and another import, was a flop and
did not outlive Rukeyser the legend.
What I got wrong, to little
effect, and what PBS missed to much greater loss, was probably what also
explains Rukeyser's longtime alienation from the news hounds of the Street.
Though
May 6, 2006 10:26 AM
:
As I recall, Rukeyser nailed Prechter for not issuing any kind of warning
before the big drop in 1987. I thought Lou was particularly strident on
that occasion, but I thought calling Prechter on his non-call was
justified. I remember Prechter saying something like "That was
uncalled for, Lou."
When Wall $treet Week with Lou
disappeared, I remembered lamenting the passing of my weekly visit. Even
though I couldn't use most of the information, and his panelists' and
guests' predictions were often wrong, it was reassuring to hear all of
these men who apparently handled millions of dollars discuss the market and
try to figure it out in much the same way as I and my friends did.
The closest to a Wall $treet replacement that I have found is the Friday
eve Market Monitor report on the Nightly Business Report--a segment that I
have followed ever since Lou disappeared from the scene.
(Side
note: I don't ever recall Brinker being on the W$WS show. He used to show
up on Nightly Business Report, but he hasn't appeared there lately either.
I know some guessed that he didn't want to be asked about blowing the call
on the Q's. Maybe he's just happy making the money he makes and not
feeling the need to promote himself with frequent TV appearances.)
May 7, 2006 6:29 AM
PEIC :
Television host Louis Rukeyser dies at 73 Author, commentator brought
financial news to ordinary viewers The Associated Press Updated:
3:04 p.m. ET May 3, 2006
HARTFORD, Conn. - Louis Rukeyser, a
best-selling author, columnist, lecturer and television host who delivered
pun-filled, commonsense commentary on complicated business and economic
news, died Tuesday. He was 73.
Rukeyser died at his home in
Greenwich after a long battle with multiple myeloma, a rare bone marrow
cancer, said his brother, Bud Rukeyser.
As host of “Wall $treet
Week With Louis Rukeyser” on public TV from 1970 until 2002, Rukeyser took
a wry approach to the ups and downs in the marketplace and urged guests to
avoid jargon. He brought finance and economics to ordinary viewers and
investors, and was rewarded with the largest audience in the history of
financial journalism.
“He brings to the tube a blend of warmth,
wit, irreverence, thrusting intellect and large doses of charm, plus the
credibility of a Walter Cronkite,” Money magazine wrote in a cover
story.
Rukeyser also won numerous awards and honors, including a
citation by People magazine as the only sex symbol of the “dismal science”
of economics.
“Our prime mission is to make previously baffling
economic information understandable and interesting to people in general,”
he once said in an interview with The Associated Press.
Bud
Rukeyser called his brother “a giant at what he did.”
“He was a
pioneer in economic reporting in television. Right up to the time he got
ill, he was at the top of the heap,” he said in a telephone interview.
Louis Rukeyser quit “Wall $treet Week” and moved to CNBC in March
2002 rather than go along with executives’ plan to demote him and use
younger hosts to update the format.
Maryland Public Television,
which produced the show, said it was firing him after he used “Wall $treet
Week” to complain about his producers. He contended the station could not
fire him because he was never its employee.
Less than a month
later, he debuted with “Louis Rukeyser’s Wall Street” on financial network
CNBC. The new show also aired on some PBS stations.
Neither his
old show nor his new one lasted long after that.
Rukeyser’s last
appearance on his CNBC show was Oct. 31, 2003, after which he went on
medical leave for surgery to relieve persistent pain in his back. In May
2004, he announced that doctors found a low-grade malignancy during a
follow-up exam.
Later that year, Rukeyser as
May 7, 2006 8:38 AM
axolotl :
Well, I watched quite a few of his programs - I don't know if that made me
any money or not, but it made me think investment and money. I think that
was his contribution - you must think it if you are going to do it. Thanks,
Louis.
May 21, 2006 6:52 AM
Steve Thompson :
For a time I wrote summaries of Lou’s TV show starting in June of 2000. http://www.suite101.com/discussion.cfm/investing/4094#message_4 I
will follow up with future posts with other items I found memorable.
I have compiled some of Lou’s most memorable quotes.
On
Friday October 19, 1987 the show after “Black Monday” Lou said
<b>“Let's start with what's really important tonight, It's just your
money, not your life. Everybody who really loved you a week ago still loves
you tonight. And now that that's all fully in perspective, let me say ...
Ouch! And: Eek! And: Medic!" </b>
Concerning his
relationship with viewers. <b>"You better always be on the level
with people. Not everyone is going to agree with you, but they better have
confidence in you."</b>
<b>"What I've
tried to teach is no big secret: Buy good stocks. And don't get spooked
every time the market panics, it sounds dull, but it's
worked."</b>
<b>“Never underestimate the United
States of America.”</b>
About Enron I wrote in one of my
summaries Lou suggested <b>“Enron become the poster Child for
Chicanery. Enron, the story that so far does not fade is once again
prominent in the news and on the minds of outraged investors. Isn't it
ironic that Congress is questioning the responsible handling on
money?”</b>
Following 9-11-01 <b>” Nobody knows
what the markets will do over the next few weeks, so what else is
new.”</b>
May 21, 2006 7:00 AM
Steve Thompson :
Lou, the Patriarch of financial journalism enjoyed his vacations just like
the rest of us. Anyone remember the <b>“Rukeyser effect”. </b>
More often than not it seem on weeks Lou was off the market performance
suffered.
One of our 101 regulars attended Lou’s 30th
Anniversary Celebration in Carnegie Hall and shared the experience here.
http://www.suite101.com/discussion.cfm/investing/4094/122-131#message_5<blockquote><B> Author: lp061574 Discussion: WSW: Louis Rukeyser's Wall Street Summary &
Discussion $treet Date: November 4, 2000 2:20 PM Subject:
Carnegie Hall</b>
I was one of the lucky Wall Street Week
viewers who won tickets to see last night's show live at Carnegie Hall. It
was truly amazing. The place was packed. I was very suprised when the
usher escorted me to my seats -- fourth row orchestra center! I thought
I'd be in the nose bleed seats for sure. Some people in the audience were
dressed in ball gowns and tuxedos. Others were dressed more casually.
Everyone was very excited and gave a big standing ovation to Louis when he
entered the stage and exited. Louis was even more handsome live than on
tv. He was so calm. He didn't read of any cards. Marty Zweig and Frank
Capiello were very down to earth and hung out on stage long after the show
was over to chat with fans and give autographs. It was nice to see the
seat-escorting lady! I missed her since her retirement. Louis' family sat
up in the best balcony seats. He was very family-oriented and said that
his most important investment throughout the years has been his family.
The rest of the show was pretty general. He asked all his guests
what was the biggest change of the last thirty years and what to expect in
the next thirty years. Some changes in the last thirty years that were
mentioned were: the NASDAQ, empowerment of the individual investor,
globalization & consolidation. As for what to expect in the next
thirty years: volatility & growth of the internet were the most
popular answers.
After the show was over, Louis came close to
the edge of the stage and said he wished he had enough money to buy
champagne for everyone but he was part of a small budget pbs show and so
he only had enough $ to buy alcohol for the panelists. He said he owes the
success of his career to his loyal fans and wished he could thank us all
individually. He talked briefly about how no station wanted to take him on
back in the 1970's, and about his faith that there must be people out the
May 21, 2006 8:28 AM
Steve Thompson :
Over the years I found Ed to be one of Lou's most reliable. Ed has been
Institutional Investor's #1 Wall Street economist for each of the past 26
years. Ed was a special guest near the time President George W. Bush was
inaugurated the first time. About that appearance I wrote:
Ed Hyman pointed out historically the tax cuts Bush is promoting, $1.6
trillion over 10 years are modest compared to those proposed by Reagan and
Kennedy. He is of the opinion tax cuts will not come before Memorial day
and could be smaller than Bush would like. He would give Clinton an A
noting the tax hike was a mistake as well as the attempt at a National
medical program. According to Hyman Clinton did maybe have some luck but
noted promoting free market systems, (presumably NAFTA and GATT?) showing
spending restraint, and some deregulation were good things for our economy.
He also gave much credit to Robert Rubin former Sec. Of Treasury and the
decision the keep Alan Greenspan as good moves. Ed pointed out recent signs
of wage inflation as a sign the FED did have some justification in raising
rates like they did and thought it tough to get it perfect every time. He
thinks the number one priority for George W. Bush is to control
spending.
In early 2002 Ed Hyman was part of a panel of
economists, I wrote then: Edward Hyman correctly forecast the
recession and proclaimed we are out of it, predicting first Quarter growth
of 3% with steady growth the rest of the year. He attributes this to the
tax cuts of last year, lower oil prices, and the eleven Fed rate cuts last
year. His forecast is lower unemployment and higher consumer confidence
early this year and later this year more Capital Spending. Hyman favors
keeping future tax cuts and agrees the cuts of last year were well timed.
The Enron fiasco will result in legislative action concerning accounting
firms and closer scrutiny by investors. He expects a 1% per year drag on
earnings for a period of up to five years as a result of tighter
regulation. Ed would give President Bush an incomplete for now but says he
is doing pretty good. He is holding back to see how the war goes and if
future terrorist attacks happen. One thing that has been pretty well
contained the past five years is government spending Ed is worried that may
get out of control in the future.
My all time favorite special guest was John
AKA Jack Bogle, founder of Vanguard. John was on in early 2001 and Lou
introduced him by debunked some myths. About that I wrote.
#1
Mutual Funds are Long term investments, Bogle says in reality most are
trying to capitalize on what has worked well recently. #2 Mutual Fund
managers are long term investors, He calls most short term speculators. #3
Mutual Fund shareholders are long term owners, Rapid redemptions and
exchanges indicate shareholders are not in it for the long haul. #4 Mutual
Fund costs are declining, they are up from .75% in 1950 to more than double
that in 1999. #5 Mutual Fund returns meet reasonable expectations of
investors, in all categories over the greatest bull market of all time
funds have underperformed due to high fees, transaction costs, taxes, and
short time horizons. ***These are based on industry averages.
Mr. Bogle is one of the industries most outspoken critics but did concede
there are still many good Mutual Funds out there. The best ones according
to Bogle avoid the errors mentioned as Myths above. He then reviewed in
more detail how they get it wrong with high expense ratios, lost
opportunity cost, high transactions costs of heavy turn over, and excessive
taxes paid as a consequence. Not to mention sales loads on many funds. Lou
asked what he considered a rational portfolio? Mr. Bogle said Asset
allocation according to your age, don't forget bonds. For the stock portion
of a portfolio just own the entire market and hold it forever. (I took this
to mean and total stock market index) Lou then asked if it was necessary to
own individual stocks? No was the answer, typically those that do under
perform the market by around 2% per year according to Bogle. He went on to
explain over time we all get market return before expenses, after costs
everybody loses. In short you can't beat the market. He feels it is a fluke
when someone beats the market over a long time horizon. If you feel you
must try beating the market with as he put it "funny money" do so
with 5% of your portfolio at most. Bogle has no "funny money" it
is all serious. Mr. Bogle revealed a few personal bits of
information, he looks at his account statements once per year. Owns managed
funds in retirement accounts but all his taxable accounts are Index Funds.
Lou closed the show by asking how the Vanguard active fund managers feel
about his position? Bogle said they never complained. He thinks the
