Wall Street Week with Louis Rukeyser
Six of the most successful money experts in America will join me in talking about mutual funds options and commodities. So let's start by finding out whether your feeling should be mutual. Even some people who wouldn't for the life of them point with the fun of picking stocks or willing to leave at least part of that job to a professional by putting some of their money in mutual funds. A mutual fund is a pool of investments managed by a professional. The first mutual fund was formed in 1868 in London called the Foreign and colonial government. For us it announced that it would try to provide and I quote the investor of moderate means the same advantages as the large capitalists in the ministry in the risk of investing in foreign and colonial government stocks by spreading the investment over a number of different stocks unquote. The idea is still the same today. The mutual funds are bigger than ever and now cover investments of many different times. Indeed some families of mutual funds offer
more than two dozen choices. They will range from those with very little risk such as money market funds right on up to those openly trying for aggressive growth and taking aggressive risks to get there. Some funds are highly specialized investing only in say high tech stocks or long term bonds or gold stocks. One thing you want to know about a fund is whether it is load or no load a load is just a fancy name for a sales chart. For a small investor that often runs about eight and a half percent of the money invested with a no load fund. All your money immediately goes to work for you. All funds though do hit you with an annual management fee. Taking a half percent or so of the fund's assets as their own compensation you can easily tell whether a fund you're considering is load or no load by checking its listing in the newspaper for a no road fund the bid and ask prices are identical for a load fund. The asking price is what you pay to buy the fund. The bid
price is what you can sell it for. The difference between the two is the road. The friends you will consider will probably be open and that means there's no limit on the number of shares that may be issued and the company agrees to buy back your shares for whatever the fund's assets are worth. On the day you decide to sell. But there's also such a thing as a closed end fund also known as a publicly traded investment company. A closed end fund is a mutual fund with a limited number of shares. When you buy one somebody has to sell it. Just as with a stock like a stock a closed end fund is traded each day for whatever the market will bear which can be less or more than the asset value of the funds holdings before buying any fund. You should check out its goals and its record. Some magazines regularly rate the fund's performances and you'll especially want to see whether a high flyer in good markets tends to fall to pieces when the average is
turned down. You may also want to avail yourself of the privilege of telephone switching. In recent years this has been made available by several families of funds to keep your business even though your strategy may change. The family allows you to move your money from one of its funds to another. For example back and forth between a stock fund and a money market fund it's an easy solution for those who in changing markets would rather switch than fight. My guest tonight represent two different philosophies on mutual funds. Peter Lynch who believes that slow but steady wins the race manages the mutual fund with the best record over the last 10 years. The Dell of the Magellan Dick Fabian who believes in staying agile has been publishing the telephone switch newsletter since 1976. Peter will begin with you. What would you tell an investor to look for in a mutual fund. I think the first thing they have to conclude is what level of risk they want to accept if they have to start and
say if I'm going to put in $5000 one of my going to do if it goes down 20 percent and their answer is I'll probably think about it's going to go down another 20 and I'm going to cash out I think they should probably be in a very conservative fund or better still be in a money market fund or in the bank. How would you characterize your own investment philosophy. I would say what I've done with Magellan is I've tried to look at not predicting the market not predicting the economy and trying to find companies where either they're a small profit company now and they can grow into a medium sized company or into a large company over several years or companies doing poorly right this minute. And there's some hope there's some reason why in the next year or two things will get better. Those are the two things that I've tended to buy a mutual fund like U.S. owns a tremendous number of stocks coming to home own right now. 750 different security. How in the world can you follow seven hundred and fifty individual securities were actually one hundred of those would represent half the fund in about 200 would represent about
75 percent of fun. And actually I have about 75 savings and loans and when I buy regional banks I might buy 50 regional banks to get a big position so when you talk to one regional bank you've learned about some of the others that's not like 800 different companies a lot of same industries. In addition I have three full time people working with me and I continue to call upon two or three hundred companies a year myself and these people are also doing that work. Bring you in 10 years and in 84 Peter Lynch's fund was up one thousand seven hundred eighty four percent. Why should anyone bother about getting in and out of a fund might that why should they just stay at it. While could we look at one other statistic along with that in the 10 years ended 1982 Okay he was up 450 percent a write a big discrepancy. It wasn't because 83 and 84 was so good. It was because in the 10 years ending in 84 you did not have a severe bear market. Well I'm going to give Peter a chance to respond but first tell us what your philosophy would be how would you handle the investor the
mutual funds. First of all I am I know consciously that I am dependent on the portfolio manager of the fund to make money. My function is you have to be make money is not to give it back. I said in the in a recent issue of the letter in the commentary if you believe the next 10 years that we would never have another severe bear market like 73 in 74 then you should buy and hold. But if you believe that there's a probability that 73 and 74 should come again you've got to do something to protect yourself. So your belief is that investors are mutual funds when they have reason to believe that the stock market is going down should move their money into a money market fund go to kids become conservative. And how can they be smart enough to know when that moment is here. Let's follow the trend. I'm a trend follower. Nope no prediction. Tell us how you do it. Well I use a thirty nine week average of the meaning on that as I maintain a table of the week ending prices so if it's going up you think it'll keep going up it's going down you get out you know if it's going up doesn't mean I think it's still going to help the music it is
going up and the minute it stops going up then I get out. Peter why shouldn't someone go in and out as we've just heard suggest Well I think I would support some of Dick's points. Markets have been very favorable in the eight years I've been management and I think it's gone up nine fold the fund has. But in that period time seven times it's declined 10 to 20 percent. And I'm afraid it would be is that the public on the likelihood in the next years the market sometime the sun's going to decline 10 or 15 percent and that they'll get out when it goes down to 10 or 15 percent they won't get back in. I've seen that fund sales tend to be very low when the funds down and attend the very high after it's risen so the public would be better off in my opinion just riding it out and adding to it every year. So in your judgment human nature would have people selling at the wrong time and violate the law of my nature too I would do the same thing if I had the choice I don't we run our funds fully invested I don't have that choice. You never have any cash on hand. Never. What percent is cash right now. 1 percent.
Do they use that up tomorrow. Probably not sure of that. We've been as we've been saying nice things about your record and it is terrific. But I said earlier that no load funds and no sales charge you have fine used to be in a lot of fun now it charges with 3 percent load. Why did you go that way. Well as you know when the funds charge about a third of fund sales last year were no load two thirds was lowered. Most funds are therefore sold at 8 1/2 nine percent load. We decided to cut it to about two or three percent do the marking ourselves cut out the middleman and it's very expensive We have two or three hundred people on the telephone so explain the funds with the hype marketing expense. We figure over time that's a very low cost for an individual if they pay 2 3 percent and they stay in for two three four five years that's relatively low cost. Peter as you know many academicians and many unsuccessful investors say that the whole thing is a scam that it's law that it's random selection that nobody over the course of a lifetime is going to beat the markets. What's your view on that. Well I think if you buy just on tips I think that's true I think I have seen people that put a lot of money on a
stock that was a half baked idea or a quarter baked even was being warmed up I think if you're buying companies that you understand individuals can do that themselves they know what they own They're patient with it. They keep following the fundamentals. I think they can make substantial money if they try and predict the market can predict the economy and try and predict the stock I think just too baffling and I think it's very hard to do. This whole question of temperament comes up in your work as well. You want to. It would never manage money for anyone of the age of 45. Why do you say that. Well if somebody said that that's reverse age discrimination. OK. And my answer to that is until you're 45 you haven't lost enough money to get to where you were in my all of that except that I was very very you know you feel at a certain time in your life and I feel we all go through this learning process. You feel that there is a easy way out there to make a whole lot of money and you try them. And once you get them out of your system and after your 45 years of age you wake up one morning and you look down the tunnel and you can see the light and you realize you're running out of
time. So there's no time for games anymore. Now the program that I use is terribly dull. So unless it's serious. So we only traded like six times in the last three years. So somebody who if I'm really going to make money you know what I'm going to be sophisticated I'm going to trade How am I going to accomplish that if I only make six phone calls in eight years. Let's have your comment on the load versus no load question. Well first of all I feel very strongly about fidelity. OK and it's not because Peter is here. Just as I was uppercase fidelity. Yes. OK the thing is they have been so outstanding with their performance. I explained some of my subscribers complain about the fact that I recommend those funds which have loads low loads. So you think it's more important to pick the right fun than to worry about whether it's load or no load. Peter in picking a fun we're trying to pick a fun with a good record. We're trying to pick a fund with the temperament of the management side akin to our own. But we also get into this whole area of how you pick good stocks which is your job as well as any investors. What do
you look for. Well I think the great stocks that I've found I think if 100 people have visited him or talked to him and kept calling running ninety nine of want to bother. Do you think there is something going on. It doesn't happen the first time you visit it. Very rarely do you see a company and there were backlogs at record highs the competitors just got out of business in the stock's down from 55 to 5s that very rarely happens usually there's five negatives and 5 positives. And eventually if you keep calling them some of the problems go away. So I think then at that moment in time you said yourself this company's doing better and the stock happens to be down so I think it's the random call and keep working on it that makes the difference. Now that you've learned all there is to know about mutual funds let's talk about something a little fancier options. It may sound mysterious but there's really nothing complicated about an option. It's just something that gives its purchaser the right to buy or sell a given piece of property at a stated price within a specified time. It's been easy as pie to trade options on stocks since 1973 when options were
first listed for trade options are more than 500 individual stocks are now traded regularly on four different exchanges. The most common option is a call which is an option to buy 100 shares of a given stock at a set price known as the strike even price within a set time period. Striking prices are set at five point intervals for most stocks. The time periods covered are three months apart. Let's take some examples. Let's say you're interested in buying a call on a stock named X Y Z which is trading at $50 a share. You could buy calls expiring in three different months say may August and November. The farther away the more you pay. You might choose say what's known as a maybe 50. That's what's known as an AT THE MONEY option. The striking price is the same as today's selling price and May 50 would give you the right but not the obligation to buy 100 shares
of X Y Z at $50 a share anytime between now and May 17. Options always expire on the third Friday of a month. The market would set the price each day. Let's say it was two and a quarter today. Multiply by 100 and you get a price for the call of two hundred twenty five dollars plus commission. But you might be so sure that X Y Z was going up that you were there to buy and I would have the money option one with a striking price way above today's selling price. You might buy I'm a 60 giving you the right to buy 100 shares of X Y Z at $60 a share. Since you could buy that stock right now in the open market for $10 less this option clearly isn't worth much now. So let's say today's price is three eighths or thirty seven dollars 50 cents plus commission on the other hand you might choose and in the money option one with a striking price well below today's selling price say I'm a 40. Since this confers an
obvious immediate benefit you can buy the stock for less than it's selling for it naturally cost more. Let's say today's price is eleven and three quarters or one thousand one hundred seventy five dollars plus commission. If you've bought your call three things will affect its price. A change in the price of the underlying stock. The time remaining before the option expires and the mood of the market toward stocks in general. If the stock goes up the call can skyrocket. If the stock goes down the most the buyer can lose is the price of his call. The seller of the call may be a speculator hoping the market will fall. Or a very conservative fellow who owns the underlying stock and is willing to have it called away in return for the extra income he gets from selling the call. The reverse of a call is a put it gives you the right to sell 100 shares of X Y Z at a given price during a set period. The buyer of a put
may be seeking an insurance policy on a stock he owns in return for the cost of the purchase. He's protected against the fall in price. The seller is taking greater risk. He may have to shell out big bucks for a stock whose price has been devastated and the old Wall Street saw core only ever put me. Never. Since 1982 it's also been possible to buy options on stock indexes in effect a call report on the home market. These have been immensely popular and in 1984 the volume of trading and stock indexes exceeded the volume of trading in options on individual stocks. Linda Singer is an options specialist who prefers to stay away from many of the newfangled options products and to concentrate instead on the more conservative uses of the contacts she has been a pioneer in the field of options at the firm a Piper Jaffrey and Hopwood. Bruce let Nick on the other hand as a money manager who admits to being more aggressive in his use of options. He founded Wharton Asset Management in
1982 but he's been managing other people's money since he was 16 when he convinced his father a Brooklyn policeman to let him invest the family's save beans in the stock market. Clearly this is a guy with guts. Many people still believe that options are strictly for investments winners. Why don't you explain how you use them as a conservative tool. Well we started I was took over the options apartment. We made it a basic rule to stick to the conservative to the basic strategies of option trading and we stick to the real simple strategies of covered call writing and to explain covered call writing covered car writing the client has to buy us to own the underlying stock and then write calls against the stock that they own. Right I mean so exactly. Now if the stock goes up the person who bought that call is going to take away your stock is me. That's correct. That's one of the what we call an opportunity lost. But that's something that the client should understand before he engages in selling actions against his position.
Is this a strategy primarily for people interested in more income. We recommend that that's their primary objective from writing columns against their stock positions. Some people think that the writing course also gives them some protection on the downside but that's not something we recommend. Do you recommend buying calls as well. Yes we do we we do a lot of home do we do our homework going to a lot of technical and fundamental analysis of stacks and indexes and make recommendations based on our analysis. Do you have against all these new instruments I mentioned. Nothing we're really excited about the Index Actions it's now consists of about 50 to 60 percent of my business and it's a very exciting product. I think for the public for the small investor because it gives him another way to hedge his portfolio or his position I mean if you own a lot of stocks you could sell an index out in the same way that if you own one stock you could sell it on that stock. Absolutely true so I said that you were more aggressive in your use of options but
in fact does that mean that you take greater risks. Not at all basically by being more aggressive we trade anything that has an option against it. When I concern whether it's IBM a treasury bond or gold soybeans as long as we can hedge that position and take out most of the risk or the risk we'll use those options. Well it's take out all of the risk is that really possible in investing. Sometimes you can set up a position where you long a stock for example and you have a put you on the stock in the stock and you buy a pullet and it's a relatively undervalued put. And because of the dividends you receive you'll just have an opportunity cost not a principal loss if the stock goes down. Is that the sort of thing the average investor can figure out for himself or herself. He could. Generally it's something that's only because a short period of time then might the market might be out of whack or disparaging the market and you have to be very quick to take advantage of that. Windham mentioned index options do you make much use of them. That's one of our biggest tragedies right now using index options. We like to use the index options over the futures
market because there are futures on the indexes as well. We're going to be talking about futures in them in a minute but let's get to the index option for a minute why do you prefer that to. Because you can predetermine your risk with the most you can loses all the money you used to buy it right plus you know a lot of people think the market's going to go up and they go out and buy a stock individual stock and then they call their broker and they find out the market's up 20 points in the stock is down and they make a stand that they think the moccasin to go up that they should buy index as opposed to buying option individual stock. What are some of the other strategies you're using now. Well we do a lot of spread trading we buy one option and sell another option. We also go out and do synthetics which is why would you buy and sell at the same time. Are you taking advantage again of a disparity in the marketplace maybe one option is overvalued vs. another option being undervalued on the same stock same stock possibly expiration for example if you were bullish would you buy an option that was expiring sooner or later. I always try to
go for the most amount of time because most people don't have good timing in the market and you pay a little extra for a few moments it's worth it. Linda let's go back to you. How much money should people have before they get into debt mountains. We don't allow people to invest in options of Piper Jaffray without it at least an income or a net worth of $25000 and then we also ask that they have some experience in the stock market or do their homework. So this is really not the first thing you do in investing First you want to get into stocks or mutual funds or both of them and you are absolutely I think you know my basic understanding of the markets real valuable and necessary to your clients making or losing money in options. Most most of my clients that speculate in options is money and most of my clients that my conservative clients make money so I'm telling you is that people that buy options. I put some calls most of them lose money unfortunately people that that sell calls or sell puts Make Money plays the role of the
house. The bio plays the role of the gambler. The other side of the table in your view. Absolutely. The buyer of an option has a chance to make an awful lot of money with a very small outlay. He may also lose the money unless he is right about the stock and about the timing and about the price. So it's really not the place you want your last book is now I think I will be your last book. It could possibly be that your options are just another tool to use in investments. Given analogies like a knife you can kill someone a knife you can put butter on bread you can operate and save someone's life. So you really have to know what you're looking for and what you objectives on the market and diversify if possible. What's your answer to the question of how much a person should have before they get options. Well again it goes back to what your objectives are. You know it depends also how old you are if you're younger maybe you can speculate more because you can make the money back. But if you're doing you're living on retirement money you can't really speculate because you have the ability to make money back. We just heard an authority on mutual funds who said he wouldn't take any clients who are
under 45 years old. Do you have any discrimination options. We don't assume that about you and if you find that age makes a difference and my clients are very young and very sophisticated and spend a lot of time learning about the products that they understand what the risks are and they can evaluate those risks. Is this a market for people who are able to follow the market closely. I mean if you have an options position can you really take off for a month. You know you can't. I mean that's unfortunately it's something that you have to stay with all the time. It's very time intensive you have to look at the market every day. You can be in and out of your positions if you know you can day trade people in and out in days do get involved with the kinds of spreads that Bruce referred to very rarely because it's very difficult for clients to make money for the public to make money and spreads because it requires too many transaction costs. We're in the age of the computer. Do you use computers in working out these strategies or do you use instant both you have to have a little feel for the market I think combined with a lot of the computer
background or knowledge that you need. We have a lot of very sophisticated pieces of electronic equipment that help us make those investment decisions. Those who should not go into the options market. I think it's we should not it's what you want to achieve in the marketplace. Once again options you can use to leverage your investments or you can go out and earn extra income by selling calls or puts against it where you can protect yourself. It all depends what your objectives are. Thanks very much Linda. The fastest growing that in many respects most exciting form of investing today is the commodities or futures market scorning for years as the financial world's answer to a gambling casino. The futures market has taken on more than a trace of respectability recently when even fairly sophisticated investors once were asked about commodities they would shriek and then hide. But today nearly 100 contracts are traded actively on commodities ranging
from old standbys like soybeans and wheat to newer ones like plywood and the Mexican peso. How do you participate. You buy a futures contract which gives you the right to take delivery of a set amount of a commodity. Those soybeans are plywood in some specified future months. Usually you'll have to put up only about 10 percent or less of the value of the contract. So the leverage is terrific up and down. If the contract rises or falls just 10 percent you'll have a 100 percent gain or loss. So look out a key fact you'll want to remember is that most commodities traders lose money. Estimates run as high as 80 or 90 percent losers. Why then would anyone even think of entering this dangerous game. Well first there may be sound economic reasons to hate in the futures market. Farmers have been doing this for years for example by selling grain and livestock contracts. That
fixes some mean price for the farms production. Now ordinary investors can hedge their stock market positions by selling contracts on an equivalent amount of stock index futures which tracked the overall movement of the stock market. This can protect the investor against an unexpected jolt. Incidentally with the stock index futures on like agricultural commodities you don't have to worry about actually delivering the goods. The alien's in stock index futures are always settled in cash at the overall value of the index. It's much easier to sell well as short a stock index futures than it is to sell short individual stocks and commodities rules are similar whether you're buying or selling cattle or British pounds or whatever. Once you get started the intricate strategies are endless. But the basic principle is the same. You're bad even or ahead Jeanne on the future price of some commodity. Stock index futures have become the most popular newly introduced futures contracts in
1904 In fact they were the second most widely traded of all beaten in volume only by the contract on Treasury bond futures which many big institutions use as a way of plain the interest rate game. Meanwhile traditional favorites such as soybeans and corn increasingly take a backseat to the financial newcomers for whom clearly the futures lie ahead. Robert showmen is one of the world's leading experts on commodities. As executive economist at Hahn hold commodities he keeps tabs on all aspects of the rapidly expanding futures market. At 42 Jim Rogers is a retired private investor and proud of it. During his 12 years in Wall Street he parlayed twenty five hundred dollars into 14 million by making extensive use of the futures market. Obviously Jim was exactly the kind of person who should go into the futures market. That's right. Let's start by saying who should not lose the people who should not or the people who don't have the kind of financial backing that Jim had.
If you go in with five or ten thousand dollars you know as a customer. Jim is one of the rare ones it can happen but you were talking about 80 or 90 percent losers. And so we have to view it statistically and I'll grant that he was an exception. But you when you start with a very small amount of money the amount of diversification you can do is very limited which means you had better be right. Second even if you are right on trend the VA Garry's of the market hour to hour or day to day can knock you out simply because you don't have the capital to maintain your position. Third with a small amount if you trade too much commissions can eat you alive. There are so many reasons why the small player is apt to lose. But I do have to say in the 80 to 90 percent there's another breed. And those are the people who are not regular futures investors but come in and say in November and buy a
couple of orange juice contracts because it might freeze well you know some years they're going to do well but most years they're not. OK if the small player often gets wiped out it's just it's Incidently suggested the big play often gets wiped out too. Just how much is enough. How much money you need to get on. The odds start to break in your favor when you have a minimum of 20 25000 is better when you get above 50 that you can have to use in the futures market. Then the odds start turning into your favor. Then you are able to withstand short term shocks you are able to diversify across markets and even across traders. Give us a little detail of how you say diversify across markets. Sure the different futures markets respond to different stimuli. If it rains in Brazil it's not going to do anything to stock index futures but it will decide that in future years. So you should be involved in whichever market is appropriate any given time. That sounds like a lot of work.
Sure. And that's why you want to work with a very good account executive who has access to all the information you need and can help you make the good decisions. And how do we find this genius. There are a few around. In my years in the business I have met some of them. How does the average investor at least the average with enough funds as you just described them set out to find that perfect product. The first thing he's got to do is pick the right commodity stocks. You want to pick a house that is a member a clearing member of all the exchanges that tells you they're well funded. You have very little credit risk after you find your house. Then you look for your broker. You want to find a man that is simpatico with you who thinks the way you do. You are comfortable with. You want to find somebody if possible who has expertise in markets in which you don't. If you're a corporate Treasurer you'll be
comfortable trading T-bills T-bonds stock indexes. But if you'll pardon me you won't know beans about bees. Pick somebody who does. OK so Bob has described a strategy in which you diversify in which you go out and look for the right broker to do any of that. You know I always invested in things that I thought I would be right about and put a whole lot of eggs in a basket. I didn't try to diversify just for diversification sake. And I never really took advice from brokers. I always sort of did my own work. Did you make money right from the start. I know how to lose money as well as anybody in this room I promise you a lot of money a lot of times. Well let's talk about that start because Bob has just said in his advice certainly would be shared by many others in the commodities business that the amount you started with was too small. How did you. I do have to confess a lot of the money I made first. At least the first was in stocks I did
stocks long before I did commodities and then I learned by doing stocks that frequently if I didn't understand the commodities market I was going to understand the stock market so I sort of came to commodities through stocks is not a progression that you would recommend other people action. With hindsight I think that one should not try stocks or commodities unless you understand both because you really can't buy electrical equipment manufactures unless you understand copper or steel or something like that. You have to understand the whole picture. How would you answer the question that I put to Bob who shouldn't should not be in this commodities business. OK everybody shouldn't just but everybody should stay away and I'll play for yourself. No no no no no but it's it's a fast game and you can put up with the level of the leverage is there. I mean five or 10 percent margin you can get wiped out very very quickly. You can be right. I could be long copper and think the copper is in a bull market but if I only put up 5 or 10 percent margin a little blip could write me out. Do you typically put up the minimum amount of margin. I try to keep my money to the maximum at
least I used to. I'm not quite so adventurous science as I used to be a little conservative in your old age of 42 right now. And I'd like to keep some. Yes. Bob let's go let's get back to you into the strategies that you recommend for people obviously you don't think they should try for home run every time. How can they set up a sensible strategy. Lou home runs were available in the inflationary period in the 70s and then all you had to do was buy something and write it. That's gone. I won't say we're in a deflationary period but certainly we're in disinflation and now instead of looking for a home run what you have to do is look at a lot of singles if you know in the old days back in the 60s there were traders who knew how to take 30 cents in profit out of what was ultimately a 10 cent move in corn. That kind of trading techniques are needed again. Where we have a significant amount of
volatility but not much trend wise movement. Home runs they come with strong trends but most of the time at least these days the trends are not there. Should the typical commodities investor be entirely out of the commodities markets at times. Yes from time to time he should be out of some markets but you know the markets don't all move together there's always some place to be. And with the rise of options on futures there is not a way to make money even though prices are not moving. Well there's a reason to be there. Jim Jim you is an example of a fellow who's done this with great success yourself. Did you leave the markets behind and take off for a few weeks ever. Oh no no no no no when I was investing when I was you know investing flat out I never took any time off. I lasted every day and every night. Would you have made more money if you hadn't played sometimes. Not in those days because there was so many places the blues always someplace to play. It is the stock
market or bond market or a currency market or a country or some kind of a commodity that was I could always play. I always had something of the test you use in deciding whether a particular commodities investment is a good one. The weather is going to go up and down. Let me tell you something you don't. No no no no no I only do fundamental analysis on an array so you try to decide whether there's a fundamental reason for that commodity to increase in price. Exactly and I would strongly advise people not to use any other method of trading I don't know any I don't know any rich computer traders but I don't know any. What's your view on that. When I first got involved in commodities markets I was a pure fundamentalist as Jim is. And I held no brief for the technicians. But in the years that I was actively involved I became convinced that these people did in fact have something to offer in the research department I ran Oddly enough when I kept a book on my
people and scored them both the fundamentalists and the technicians. Both of them write about 70 percent of the time and when they agreed then I felt very confident. You know the two of you are saying the same thing in a different way which is there's an awful lot of fun here an awful lot of risk as well. Thank you very much Bob showmen and Jim Rogers and there we do have to stop. I hope you've enjoyed our second annual investment primer and that has given us some useful information about mutual funds options and commodities perhaps helping you decide whether any or all of them may be right for you. Obviously in these few minutes we couldn't tell you everything but don't worry. Some people spend a lifetime throwing money into these areas without learning nearly as much as these folks have conveyed tonight. And don't be too concerned that they don't always agree that disagreement after all is what makes markets possible in the first place. I hope we've piqued your interest and help you learn more about areas that might fit profitably into your
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- Chicago: “Wall Street Week with Louis Rukeyser,” 1990-06-18, Maryland Public Television, American Archive of Public Broadcasting (GBH and the Library of Congress), Boston, MA and Washington, DC, accessed May 20, 2022, http://americanarchive.org/catalog/cpb-aacip-394-375tb8kx.
- MLA: “Wall Street Week with Louis Rukeyser.” 1990-06-18. Maryland Public Television, American Archive of Public Broadcasting (GBH and the Library of Congress), Boston, MA and Washington, DC. Web. May 20, 2022. <http://americanarchive.org/catalog/cpb-aacip-394-375tb8kx>.
- APA: Wall Street Week with Louis Rukeyser. Boston, MA: Maryland Public Television, American Archive of Public Broadcasting (GBH and the Library of Congress), Boston, MA and Washington, DC. Retrieved from http://americanarchive.org/catalog/cpb-aacip-394-375tb8kx