Wall Street Week with Louis Rukeyser

I'll be talking with six of the most successful money men in America about how to get started and how to proceed in the key investment areas of stocks bonds and gold. And we're going to stick to the real basics and not assume you know any of that bizarre Wall Street jargon. There will also be some pretty basic and valuable advice for folks who may already have done some investing but are still not always entirely sure about the language and techniques of the financial winners. Well who knows they might even be a tip or two that would help you jaded sophisticates out there. But tonight the beginner is king and a queen around here. So if you've ever wished that someone somewhere would just sit down and explain about investments simply and clearly tonight along with two experts in each of the three specialties. I'll try to be your someone. Stick around and let the dreams of affluence begin. After all even Bernard Baruch had to start somewhere. Before we get started on the yellow brick road to

wealth and riches Let's begin at the beginning and talk for just a moment about what a stock is. Stocks are shares in the ownership of a corporation. Sold by that corporation to help it raise capital to get started keep going. When you buy even one share of stock you're an owner of the company entitled to a vote in the election of the board of directors that runs the corporation. And to a piece of the profits stocks are bought and sold through a network of brokers. So your next step is to find yourself one of them. Ask your friends about their brokers or go to a couple of brokerage firms and talk to the managers. Speak frankly to them about your financial situation and investment tastes and ask who on their staff might best suit you. And don't worry about getting stuck with a dud. You can always change brokers if that happens. Once you've got a broker and while you're shopping around for something to buy you'll certainly want to know how to read the stock tables in the newspaper. This is one way to follow the daily price action of your

stocks as well as pick up some other helpful nuggets. A stock table looks something like this. X y z in this case is the name we've chosen for your stock. The 52 week high and low show the highest and lowest prices reached by x y z stock during the last year high of forty and a quarter of forty dollars 25 cents a share and a low of twenty eight and a half. Or twenty eight dollars fifty cents a share. The annual dividend on X Y Z stock we see is $2 52 cents which represents a yield of seven point five percent on the current selling price of the stock. The next figure is the P E Your price earnings ratio which is simply the price of the stock divided by the last annual earnings per share. The higher the P E ratio the more hope is built into the price. But also more chance of disappointment. For the next figure on the table add to zeros of the end to find out how many shares of X Y Z were traded that day. In this case it was ninety seven thousand

five hundred shares. Read the next three numbers to find out your stocks highest price for the day the lowest price and where it closed. In our example x y z closed at 33 dollars 75 cents plus one half at the end of the column tells us that the stock closed 50 cents higher than the last sale on the previous trading day. So where does all this wild and woolly action take place. Stocks are traded on the floors of major exchanges such as The New York or American stock exchanges or on the over-the-counter market which doesn't have a physical headquarters like the other exchanges but takes place wherever anyone wants to do business in a particular stock. It's really an over the telephone or over the computer market. More than 20000 stocks are traded on the major exchanges. Some of them are highly speculative involving extreme risk. Others are safer and less volatile. Many of the names are familiar ones such as General Electric IBM General Motors which are three of the 30 big well-known companies that make up the Dow

Jones Industrial Average. These are what are known as Blue chips though there's no guarantee of profit with any stock. Some investors like to pick their own stocks do their own research and follow the thrilling ups and downs of the market themselves. With a little help from their friends that is us here at Wall Street Week. But if you'd rather have a profession or do or or part of your stock selecting for you. Mutual funds may be the answer to. A mutual fund is a pool of investments managed by a professional. Each fund has a different specific objective which could be anything from long term growth to immediate income. Some funds invest only in a specific group of stocks such as high technology or financial services. There are hundreds of mutual funds to choose from and several magazines regularly issue ratings on how different funds are performing. Now that you've got some of the basics down and think you may want to stick a toe in the water let's turn to the toughest job of all. How do you pick a stock that's likely to go up and make you money in search of an answer to that

enticing question. Let's talk with two successful professionals whose methods could hardly be less similar. Peter Lynch is a fundamentalist. That is he researches the very basics of a company that has its earnings prospects and who its managers are before deciding which stocks to buy. He does this with outstanding success. In a recent survey the mutual fund he manages the Dell of the Magellan rated as the best performing mutual fund of all over the last 10 years. Stan Weinstein on the other hand doesn't care if a company makes beans or bullets. He's a technician. What I call an elf. And he uses charts and graphs and other arcane indicators as his selection technique. His view as he expresses it in his highly respected newsletter the professional tape reader is that the tape tells all. Peter let's start with you. How do you decide which stocks to buy. A Lou I try and find basically two types of companies. One would be a major

company that's had earnings problems in an industry that's been depressed and the earnings are about to turn up and sometime the future I don't know that perhaps in the next six months or the next year major moves in companies usually occur. This is a dramatic change in profits. The second type of company would be a small successful company that grows to a major sized company over a long period of time. Do you ignore the kind of technical things that someone like stand looks at are you not concerned with how popular a stock is for example. I look at some techno indicators I want to know whether it's been a major brokerage report written on it. If there's been several brokerage reports written on it recently that's of concern to me and whether there's a lot of institutional ownership. If there's a lot of institutional ownership I think regard that as a negative. There's very little regard that as a positive some people would regard that as technical analysis. Many people believe that with you big institutional investors in the field the individual doesn't have a chance. What's your feeling. I think that the individual Vester is several ages First of all his age would be the he only has to convince himself perhaps he has to convince the husband or the wife that he can do it on his own.

Also he doesn't have to buy 100 stocks he wants to buy three or five. So I think they and they work in a particular industry that's what I think they should get an edge on there in the tire industry there in the rubber industry. They see a dramatic turn wave before I get where they see a local company that's terrific they find a local product. I've had many examples of that. They're years ahead of me they're professionals. You said three to five stocks was that a number you picked out of a hat or do you think that's a sensible number for a study in but I think at least three to five I think if you find several companies that you like. I've done this before and you pick one you always pick the wrong one. It's invariable So you pick off five and something will work. And then you keep learning as time goes by because I've found there's almost no relationship with what a stock does in the first few months I loan it some stocks have gone up and I felt good about them and they've been dogs and some stocks have gone down and the fundamentals get better and I've bought more and they were terrific so I don't think you want to be to draw too much from inclusion at the start of buying a stock what it's going to do for you what you think is the biggest mistake most investors make Wife think that the single biggest mistake is they.

They don't do research. People go to the library and they they do incredible research on a microwave oven and then they'll go out and spend $10000 on a stock or as a herd a tip on the bus. I think the biggest mistake is they don't know what they own. And the other one is they buy in the potential of something. They hear terrific. Potential store the profits aren't there and I've found what you really want to do is when you start to hear this you just have to blackout you have to think a movie you went to recently because the story's very appealing just have to get on to some other subject because you have to tune in later and these things I don't think you want to bite on the potential of something want to bite on the results. OK you say they don't do the research we're talking now the beginning investors they must be thinking How in the world can I do the research. What's your answer to that. Well first of all they should know what we call it. It's sort of a fun turn business the story they should know what's underneath this company. Why do they own it. What are they looking for to happen. Then they can watch that unfold. Today the U.N. reports a much better they were five years ago explains companies profits by division. So if someone is trying to buy data terrific fundamental story on

plastics and they buy General Electric Ford it's one percentage are electric they've made a mistake so they should know what they're looking for a company and as long as that's happening they can they can call the treasure they can get on the mailing list they can give the employee news. You'd be amazed. Orleans the telephone you want to understand is a stone many people say that. Advisors always tell him how to buy a stock they never tell him how to sell a stock. When do you decide decide what I try and do as I try and sell stocks because something else is more attractive. Stock is simply more attractive than Stock B. I don't try and find out the last quarter the last day for the last 10 points and my second rule. This is the hardest one to fall. If I make a mistake I try and sell it if I'm looking for something to happen. Some product to work the business to get better and it's clear that I'm wrong. This is the key thing you really have to sell it. It's difficult to do but you just want to just hope and pray that you can wait for years to go on. And the third thing I think is what I call bottom fishing a stock Avon products goes one hundred fifty to 90 on that basis alone.

They buy the stock and then you can go to 18 as we know. A stock that's down combined with a good fundamental story is good but just buying on that basis alone is very dangerous. Stan Weinstein anything you've just heard match what you do. Very little. Tell us how you operate a basically the you know I use what I call my forest of the trees approach I first look at my indicators I say what is the overall trend for the market look like if the market looks very bullish I next take a look and say which groups technically look very good. And we narrow it down a little bit further and say which individual charts within those favorable groups look the very best and we use a lot of things like relative strength chart configurations we try to pick those few what the relative strains I mean my uncle is tougher than yours. They say the simplest ways they relish and the market goes up your stock should go up even more than the market. That's good relative strength the market comes down your stock may come down but if it comes down less that's good relative strength of that keeps up for any significant time. That's telling us something that's that is a good chance of being a winner. You have a fascinating concept I think beginning investors could understand of so-called stages. Could you

briefly explain the four stages you think start to go through. Well I think the any stock commodity you name it goes through four stages. Stage 1 which is the base you make up a shopping list stage to the advancing phase that's when you want to own the stock I don't care how bad the earnings are I want to be in it. Stage 3 interesting enough which is the top phase the news is usually the very best at this point. Your broker is calling up and telling you to buy it. You better look to start selling at stage 4 breaks down it goes into declining phase. I don't care what the p is what the earnings are I want to be out of it so that the beginning investor who wanted maybe to take the boat the best of what the two of you are saying. Might avoid buying a stock that's too fashionable that everybody's talking about this week right. Well that's one thing I also think that he can synthesize both of the techniques I mean when it comes to trading and I strictly would be a technician but for a very long term investor I know people who successfully synthesize the two. But I got there with my prejudice always lean towards technical I'll never buy a bad sharpener matter how good the story is. Let's give you the same question I asked Peter.

How do you make that important decision to sell a stock when the stock is in stage 3 and we have a 30 week moving average and for months it's been rising it's a moving average going up up or moving average take the closing price for the last. 30 weeks. Every Friday ended up and you've got the average price as that moves through time. You'll notice that for months the stock has been rising and it's been above the moving average. Suddenly the news is very good but it's no longer going up the stock is going sideways. It starts to wiggle through the moving average eventually breaks down below the moving average it is now broken down. It's from the top especially if news is good get out. It's time to sell. It's a good book on technical analysis of people for you to get started in this. I think there are several good books one that I think is exceptional which is the Bible is the McGee and Edwards book technical analysis of stock trends. And I'm also a little bit preggers I've written a booklet which is part of a professional paper. So what you're saying is you don't have to be an either or proposition you can look at the fundamentals of a stock but then also look at the technical side. Absolutely. Now that you know everything there is to know about the stock market and are on your way to becoming

twice as rich as Croesus Let's take a look at the other major traditional financial investment and find out some basics about bonds. While a stockholder is an owner of the firm a bond holder is merely a lender to it. A stockholder shares in the profits or losses of the firm. A bond holder just wants to get his money back with interest. A bond is an obligation of a company a debt it has incurred and the twice yearly interest each company owes its bondholders must be paid in good times and bad. Bondholders get paid in full before stockholders get one penny in dividends while the stockholders dividends may soar or plunge the money paid each year to the bondholders stays the same. What you gain in security and assured stream of income provided the company stays solvent. You may lose in the opportunity to win big. The basic equation for Bonds is this. When interest rates go up bond prices go down. And vice versa. When

interest rates start to decline existing bonds still paying interest at the old higher rate looking more attractive and their prices rise. Keep this equation in mind in half the battle's won. Comrade bronze are traditionally considered safe investments. They're certainly not risk free. If you want to sell a bond before the time comes for the company to pay it off and if interest rates have risen since you brought the bond you will get less than you paid for it. Furthermore there's always the credit risk the company could go bankrupt and default on its obligations. Bonds are usually issued in denominations of one thousand dollars and most are traded over the counter. They have a fixed date of maturity when the loan must be repaid one way to tell whether a bond is likely to be a good one is to look at its credit rating. A sort of report card that runs from triple A for the highest quality bond to D for the dogs. Individual investors are usually advised to stick to bonds that rate a or higher. Many bond prices are listed in newspapers. Here's

how to read a bond table. The first bit of information you see is the name of the issuing corporation in this case our old friend x y z. The next notation in this case tens of 94 tells us both the annual interest rate which in this case is 10 percent or one hundred dollars per $1000 bond and the year in which the bonds are due to be paid off. In this case 1994. Next is the current yield which is simply the annual percentage return you'll get if you pay the current price for the bond here that yield is twelve point two three percent. The sixty seven means that sixty seven of these $1000 bonds were traded that day and the next figures give you the high low and closing price of the day. In each case multiply by 10 to get the actual price per thousand dollar bond. For example the closing price in this example should be read as eight hundred seventeen dollars fifty cents which is eighty one and three quarters multiplied by 10.

Finally the net change of plus five AIDS when multiplied by 10 tells us that this closing price was $6 25 cents per bond higher than the closing price of the previous day. Practice this a few times and reading the tables will become second nature to you. The safest bonds are those issued by the federal government. Since Uncle Sam can always print more money to pay off his debts. These U.S. issues are called treasuries. Various other agencies of government sell bonds to. Income earned on these government bonds is subject to federal though not state tax. If you're in a high tax bracket you might want to consider tax free municipal bonds. These are issued by state and local governments and are generally free from federal taxes. And if you buy an issue in your own state you may be able to escape state and local taxes too. Just as there are mutual funds for stocks so there are mutual funds that buy only bond. It's many investors prefer the diversification and

professional selection that such funds provide. And now let's see what my guests can do to raise your interest in bonds. We're going to be talking about both taxable and tax free bonds tonight and my expert on the former current is William Gross who is managing director of the Pacific Investment Management Company and as head of its bond portfolio staff since its inception in 1971. His firm invests the money of some of the nation's largest corporations. A recent survey ranked him the best performing of all bond portfolio managers over the last eight years turning from corporate and U.S. government bonds to municipal bonds. We'll hear from James Leventhal chairman of the family business Laban forall and company and one of the country's most articulate unless and Salesman of the tax free variety. Who wants the most important piece of advice you'd give to a first time investor in corporate or U.S. government bonds.

Well I think Lou the fact that funds are investments in like stocks or gold or any other type of investment they can fluctuate in price over the past several years is a matter of fact the volatility the bond market has distanced out of the stock market and so the price volatility can be. Can be very tricky in in difficult times. That's probably the scares people away from the bond market doesn't it. It certainly has over the past several years and to a certain extent that volatility has increased interest rates and made it more attractive. To bring investors in. What advice would you give to someone who says How can I pick among all those bones. That's very difficult I would say for an investor moving into the market on a first time basis that it's almost impossible to pick and choose between various issues and for them I would recommend unit trusts or perhaps some some bond funds themselves let others do the picking for them if you will. Would you. Rehearse for us the difference between unit trusts and bond funds because that's still confusing for some people. Well unit trust is basically a fund that is is not actively managed it is

purchased and then let lead be for a period of time and ongoing bond from the something is active war bonds are bought and sold on an active basis and updated if you will for the current marketplace. Are you saying that the beginner shouldn't try to pick individual issues himself. At what point would you recommend that somebody go over the threshold and stop on individual issues. How much money would they have to have. I think they need at least $10000 in order to participate in the marketplace. And then they have to spin the crystal ball on the side of an interest rate so should they not worry about that sort of thing. Well I think you always have to worry about interest rates almost any decision of the bond market has to do with the direction of interest rates and whether you're buying a five year piece of paper or a long term bond I think you have to have a forecast for rates so an individual must have an idea as to where rates are going. Pension from the tax free. For an individual in a low tax bracket. Clearly there are advantages to corporate bonds as opposed to tax free bonds that Jim's going to talk to us

about. But why should somebody making a good income even look at the market you're talking about. Or perhaps for capital gains although over the past 10 to 15 years it's been very fleeting. I would say an individual in a high tax bracket probably should avoid the corporate market and be more concerned with municipal as you've mentioned and I mentioned that the advice usually given is not to go below a quality reading of it with up your advice so you take more rest than that I think for the first time investor certainly is about as low as I would go. Double Rising triple is. All of those bonds in that category I think are appropriate investments for the first time investor but below that you're taking on additional risk buying the trust funds means minimizing the chance of an individual failure rule ruining your whole life savings is that right. I think it does like any any firm the diversification provides benefits and to the extent that that occurs in the bond market with unit trusts and with funds I think the individual is getting a better break for his money.

Jumbo systemsand pre-selling for you he says the high back of an individual should go into as well bonds. How rich is hard I would say from the thirty five thousand dollar net taxable income bracket on up. You belong in my market. We used to. Hear the municipal bonds were safe as they could be. Then we had the business with New York City bonds. Now we've had the whoops problems. People get more jittery. Yes they are tell you the New York City crisis was resolved in favor of the bondholders. And if anything that may have created a sense that even the lesser quality bonds are good a sense that produced a euphoria about the Washington public power supply system the web spawns. Bill was talking about using institutional investors using bond funds unit trusts you in fact. So a lot of individual bought. Yes I do. How do you draw the line. Well it begins I don't start talking you know trust or individual bonds. When I speak to a client I talk to that client and try to find as much of it out

about that person as I can whether they're looking for income whether they're looking to maximize return whether it's putting money away for a child's education or whatever and then it's out of that. Learning about the customer that I realize I'm dealing with an individual here who is never going to make the decision to buy this bond of that bond. And then we go the way of the Unit Investment Trust. I would rather sell individual bonds because the client does get a better return. How many different kinds of bonds would you normally recommend. I mean one bonds over risk you. Know one that does not offer the brands on the bottom. It depends on the bond. I think you've got to understand you are still talking about the second safest investment in America. Next the United States government bonds. Now would you typically advise a person once you've done this life history of Mike Sigman fraud to buy bonds in his or her own state. Yes I would because the value of local exemption is

terribly meaningful The New York State and California and other states of the Union. We have enormous local taxes the bonds issued in those states are exempt not only federally but from those local taxes. It's meaningful. We've touched on the volatility of interest rates the problems they create for the bond market you have suggested the people shouldn't worry about interest rates that they should have another motive. Would you tell us about that. I will elaborate as briefly as I can. I don't say that they shouldn't worry about interest rates. It's just you can't do one darn thing about them. And it is a very secondary consideration the first consideration for most people buying bonds is income. And if they're in a tax bracket where the municipal is better than any other income producing alternatives then they've got to go into this investment and then we acknowledge the volatility of bonds and the risk that's implicit when you lock in ANY rate of return. What's your feeling about bond ratings as a guide to bomb quality. I important but not the end all be all because the rating agencies do not give value to certain

security features to extend bodies across the board for example. Most states of the Union Place state credit behind the local school district bonds. That is not reflected in Moody's ratings of school bonds and so there are value judgments that can be made independent of the rating agencies. Stocks and bonds are by no means the only game in town. For example you may also want to know something about the so-called hard money investments such as gold. For those who take a shine to it there are several ways to buy gold. One way is to buy the metal itself either in the form of bullion that is gold bars or in the purest gold coins. Another way is to buy stocks in gold mining companies or you can purchase shares in mutual funds that invest exclusively in precious metals. While gold is often thought of as a long term hedge it is an extremely volatile investment that can give vertigo to the faint of heart.

As this chart shows gold grows rapidly in value during the 1970s after Congress made it legal for Americans to own gold bullion again for the first time in four decades gold price peaked in January 1980 at eight hundred seventy five dollars an ounce. But within six months it had plunged to nearly half that price. Looking to the next decade there are violent differences among alleged experts as to whether gold will be a magnificent or rotten investment. My guests knees don't always jerk in the same direction. They don't always love gold and they don't always hate it. Charles Stahl is a veteran analyst of the ups and downs of gold who was born in Poland lived in Switzerland and since 1966 has published here in the US is widely respected newsletter greens commodity market comments. Harry Brown might be described as the senior guru of the doomsday movement though he seems to grow ever more mellow as the world refuses to come to an end. Meanwhile he

continues as an engagingly successful author and newsletter writer. Charles is there any sensible long term way to invest in gold. Yes if you buy gold coins or gold bullion for that matter to a small extent of your available money that you have for that purpose and forget it. Never even looked at prizes you see for an average person goat is not really a good investment. Gold is insurance of last resort and that is the only legitimate reason for buying gold. Otherwise you buy gold for speculation for trading for the same reason you can buy various come of this and using but if you want to buy gold there is one legitimate reason to buy it as insurance of last resort. Gold was dark for as long as mankind existed and you have gold and gold will remain this as long as we can think of. Suppose someone watching us now says it sounds like good advice I'd like to buy some of that gold he's talking about. From whom would he or she buy it.

First you would have to go to a reputable firm preferably a member of the New York Stock Exchange and most of the do have now got accounts. Actually you can even buy it or some banks banks gold certificates and also passbook accounts and you can buy in small increment or a larger increments depending on your potential that you want to have money that you want to put into gold if you brought the certificates which represent the holding of real gold. You then wouldn't have to worry about storing the gold as you would in the other case that is correct. Some people of course can't trust the banks you obviously don't have that fear. No but put it this way. In principle growth should be close to home. Actually probably somewhere in home. That was the principle that people had in Europe and Asia for years and it paid off because you need this gold only in times of trouble. Normally when you buy gold you should do something like a prayer every day that you shouldn't need it because that means that every other investment that you have is doing

fine gold will do well with all your other investments will be in trouble. If you were holding that gold as a last resort. You also would probably look at the price now and again even though you've said relax about it. What in your judgment will influence the gold price. You know for instance a declining dollar would influence the gold price. Higher expectation of higher inflation will influence the price of gold. And that in itself could be enough as a fundamental reason to bring the price of those higher. You've spoken of gold as an insurance policy. Typically what percent of one's holdings when you leave and go 5 to 8 percent of your portfolio is good enough. So we have a beginner who may be thinking of only a few hundred dollars would you suggest no gold. You can buy a few coins. Or one coin or even one tenth of a Kroger or one one and one half of them up and leave. How about do you agree with what you've heard so far. By and large yes I would go a little bit further in two areas one

is that. The world does not have to come to an end for gold to profit. The 1980s provide a good example. If you take the end of decade prices being $400 which is after the fall from the peak and you got in early in the decade at say 40 or 60 or 80 dollars or even $100 The point is that you did well despite the fact that your stocks and bonds were being ravaged for the entire decade. And what you made in gold during that period helped offset all the losses that you had and other things and this is what Mr. stall was talking about except that the world didn't have to come to an end for gold to pay it off and that may happen again in the 80s I don't know that it will but I want the gold there in case that it does. And I would go further by having maybe 15 20 percent in gold but this is going to be up to the individual how how optimistically or pessimistically he looks at the future. Because one reason that it doesn't have to come to an end is simply because gold is really an inflation hedge there are two main moneys in the world the U.S. dollar and gold. People all over the world look to these monies as

ways of setting up a store of value when one of them is doing badly or depreciating then the other by default becomes a more attractive and so when the U.S. dollar is suffering high inflation then gold looks more attractive to people all over the world and that's the way it becomes and inflation is so you're saying then is that a bet on gold is not necessarily a bet on chaos it could be just a bet against the politicians know it but other more inflation. Right. But it does also include chaos. And that's a point that should be overlooked and for that reason I am less tolerant of gold accounts and paper gold. I feel very strongly that you should start with a few coins in your own possession maybe then if you if the budget warrants that have some gold overseas in a Swiss bank as a diversification against what might happen in this country and might not happen somewhere else neither you nor Charles has emphasized gold mining stocks which pay a dividend as opposed to yes was the story NSA and so forth but they are number one stocks and number two gold. There are many things that could happen that could cause the price of gold to go

up and those stocks to go down such as a lot of trouble in South Africa and the reverse can happen too. And for that reason I'm not saying that one should never fool with gold stocks but one should not assume by buying gold stocks that he has fulfilled the kind of a role that we've been talking about here. How are you have over the years talked about a difference between a permanent portfolio in the rest of your investments could you explain that. Well the permanent portfolio I see as being a balanced portfolio that is set up on maybe a 10 10 year time scale in that portfolio that's where you'd have the 15 or 20 percent gold you have some stocks some real estate some foreign currencies perhaps some silver bonds and some Treasury bills. And the result would be as in the 70s that whatever the big winner is over that period that winner is probably going to outpace the losers. In other words you're going to make more on the on the winners and you will lose on the losers as would have happened in the 70s gold went up several hundred percent while stocks were dropping 30 or 40 percent. And this is first and foremost where an individual has to look with his investments is the set up this kind of a program before he starts talking about is this

good or is that good or should I be in this. And then he may want to set aside some money to speculate on bull and bear markets as he sees them. Will be your first gold purchase. My first gold purchase Well I would think for the average person it would be to buy some gold coins and find someplace safe to store them. It could be a safe deposit box in a bank or savings and loan. But the main thing is that it is not an account on some of these books it's not something that somebody owes you because as Mr. Starr said if you you really need that gold then the time has come when people are no longer keeping their promises. And that's what gold is a protection against the against is the time when people stop honoring their promises. Obviously in these few minutes we can tell you everything about stocks bonds and gold. But be comforted by two thoughts nobody knows everything on those subjects and nobody bats a thousand. If everybody agreed even top flight experts such as you've heard tonight they wouldn't be able to open the markets again each Monday morning. So far in the history of man

that has never been a problem. I hope we've helped you get started in that exhilarating competition. And if so you might want to give a special thank you to your local public television station. And remember this was just the opening lesson the postgraduate courses given every Friday night on Wall Street Week With Louis Rukeyser. Wall Street Week With Louis Rukeyser. And investment Primera.