Wall $treet Week
Encyclopedia
Wall $treet Week was an investment
news and information TV
program that was broadcast weekly each Friday on Public Broadcasting Service
(PBS) in the United States
. It had a host (or hosts) and guest experts participating in discussions on the stock market
and focuses on forecasts. The show debuted on the Eastern Educational Television Network
regionally on November 20, 1970, before PBS
began distributing it nationwide on January 7, 1972.
The program, created by Anne Truax Darlington and produced by Maryland Public Television
(MPT), aired from 1970 to 2005 and was officially titled Wall $treet Week with Louis Rukeyser
during the 32 years he hosted. Most of the underwriters throughout the show's tenure included: Martin Marietta
, Lockheed
(soon to merge long after stopping their share of funding), Prudential
Securities (and its precursor, Prudential-Bache Securities), Primerica Financial Services
, Hilton Hotels Corporation
(and its subsidiary, Conrad International Hotels), Sperry Corporation
, CSX, Enron Corporation, Enron Foundation, Hanson Trust
, Unisys
, Travelers Insurance, Ameritech
(before the big switch to SBC, which merged AT&T
), MFS Investment Management
, Oppenheimer Funds, A. G. Edwards, The Kaufmann Fund, Deloitte and Touche, The Corporation for Public Broadcasting, and all local PBS
affiliates and their viewers/contributors. Wall $treet Week with Louis Rukeyser was announced by Alec Webb.
In June 2002, the show was modified, dropping Rukeyser and changing the name to Wall $treet Week with Fortune
. Rukeyser went on to host Louis Rukeyser's Wall Street on CNBC
(cancelled on December 31, 2004 at Rukeyser's request due to continuing ill health), which was also distributed to PBS stations. Wall $treet Week with Fortune
, which was hosted by Geoff Colvin and former Fox News business correspondent Karen Gibbs, ended its PBS run on June 24, 2005.
Over the years, the list of guests included such notables as Paul Volcker
, Alan Greenspan
, Ross Perot
, John Kenneth Galbraith
, Malcolm Forbes
, and Paul Samuelson
.
, make market predictions and stock recommendations for the upcoming year, and review how well their predictions of one year ago fared.
), the show dropped its regular format for a special program where Rukeyser interviewed three experts on the impact of the stock market crash.
Afterwards, the show would employ this alternative format whenever events warranted (usually once every few months).
, convenient to where W$W was produced in Owings Mills, Maryland
.
), and Dick Fabian (editor for "The Telephone Switch Newsletter")
The new show's theme music was an updated, more orchestral version of "TWX in 12 Bars".
Without Louis Rukeyser as host, this new version suffered from dismal ratings, neither capturing a new more youthful market as PBS had intended, nor retaining the original viewers. It was soon cancelled.
From 1970 to 1989, the show used a technical analysis
developed by Robert Nurock. The analysis consisted of ten separate technical indicators, each of which was assigned a value of either +1 (indicating a bullish trend), -1 (for a bearish trend, or 0 (neutral)). A net balance of +5 (or higher) was interpreted as a buy signal, while a reading of -5 (or lower) was a sell signal. While the index rarely gave outright buy or sell signals, over time it was found to give an accurate forecast of the stock market. Rukeyser irreverently named the index "The Elves" (a reference to the Gnomes of Zürich
), and dubbed Nurock the "Chief Elf". This index was replaced with the Elves Index after Nurock resigned from the show in October 1989 and took the original Index with him. He left Wall $treet Week after he had an on-air clash with Rukeyser and he was told by the show's producer, Rich Dubroff, that he was "not supposed to disagree with Lou." Actually, this was not the case. Dubroff asked Nurock why he did what he did on the air.
Used from 1989 to the end of the Rukeyser era, this index was also a reading of ten indicators scored in the same manner as the Wall $treet Week Index. Instead of reflecting technical factors, the indicators now represented the personal sentiment of ten market analysts about the direction of the market over the next three months. The Elves Index had more volatility and gave more buy signals than the Wall $treet Week Index, but was not as highly regarded. In 1998, one magazine even suggested the Elves Index was more useful as a contrarian
tool, citing three examples where buy signals were followed by periods of market drift or contraction.
Later, Rukeyser added an Elves Index for the Nasdaq. This index had one of the worst predictive records of any public index. There was never a sell signal that was correct and neither was there a buy signal that was correct. The Nasdaq moved in the opposite direction of the signal more than half the time.
The indexes were "retired" by Rukeyser after 9-11
. At that point, the indexes were signalling a very strong sell signal. However, as was usually the case, it was an excellent time to do the opposite as the market rallied significantly after the initial selloff.
. The show rapidly grew in coverage and viewers until it became one of the most popular programs on the newly created PBS member stations. At its peak, the program aired on over 300 stations, and claimed a viewership of 4,100,000 households, which meant more people watched W$W every week than read the Wall Street Journal. The program became a major source of profit for both MPT and PBS through underwriting support and viewer pledges (it is estimated PBS earned $5,000,000 profit annually from the show).
published an academic article in the Journal of Portfolio Management
detailing the results of a study that found that stocks recommended by Rukeyser's guests on Wall $treet Week not only tended to rise in price and trading volume in the days preceding the Friday evening broadcast, peaking on the Monday afterward, but thereafter those stocks tended to drop in price and under-perform the market for up to a year following the recommendation. Rukeyser strongly disputed this claim, but ten years later Professors Jess Beltz and Robert Jennings
published another academic article in the Review of Financial Economics reporting results consistent with Pari's original findings, and that there was "little correlation between the 6-month performance of a recommendation and the abnormal volume at the date the recommendation is made." They observed that there were differences in return performance between the recommendations of different individuals, but the market could not discern the more insightful recommendations from the less insightful. Another commentator observed "It is mathematically impossible for the thirty million viewers of this show to beat the market, since they are the market."
s) and a reassuring manner. In 1980 Rukeyser explained his hosting philosophy to The New York Times
as, "I am talking to one person, whom I regard as intelligent, with a good sense of humor, but not all that technically knowledgeable." He instructed panelists and guests not to use technical jargon and economic theories on the show, but rather talk about making money, because, "Economics puts people to sleep. Money wakes them up."
, cable programs like Moneyline
, and cable networks such as CNBC
. By 2001 viewership was down to 1,500,000 households and demographics showed that the average W$W viewer was 65 years old (about the same age as Rukeyser). MPT began to discuss the possibility of updating the format in an effort to reverse these trends. On March 21, 2002, MPT announced that beginning in June the program would be renamed Wall $treet Week with Fortune, would be a collaboration between MPT and Fortune magazine, and would feature two new cohosts. Rukeyser was invited to remain with the program in a reduced role as a senior correspondent, but he turned down the offer.
The following evening, Rukeyser opened the telecast by announcing "A funny thing happened to me on the way to the studio this week — I got ambushed." He criticized MPT's decision to change the show format, announced that he was developing a new business program for PBS, and concluded his commentary by asking viewers to write to their local PBS station and request it carry his new show. After the broadcast MPT dismissed Rukeyser and executive producer Rich Dubroff. Over the next three months Marshall Loeb
and Ray Brady served as guest hosts while the new format was put in place.
Despite "ambushing" Rukeyser, the show's trend of losing viewers continued as the show floundered on without Rukeyser's trusted presence and was terminated in early 2005. Rukeyser died just 11 months after the show ended.
and former Nasdaq Vice President Maribel Aber acting as moderators and interviewers.
Since the original broadcast did not rely on commercial advertising revenue, it was believed to be more objective and long term oriented. In an effort to be true to these original broadcast ideals the new online version is subscription based, not ad supported.
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
news and information TV
Television
Television is a telecommunication medium for transmitting and receiving moving images that can be monochrome or colored, with accompanying sound...
program that was broadcast weekly each Friday on Public Broadcasting Service
Public Broadcasting Service
The Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
(PBS) in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. It had a host (or hosts) and guest experts participating in discussions on the stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
and focuses on forecasts. The show debuted on the Eastern Educational Television Network
American Public Television
American Public Television is the largest syndicator of programming for public television stations in the United States.-History:...
regionally on November 20, 1970, before PBS
Public Broadcasting Service
The Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
began distributing it nationwide on January 7, 1972.
The program, created by Anne Truax Darlington and produced by Maryland Public Television
Maryland Public Television
Maryland Public Television is a non-profit, state-licensed Public Broadcasting Service non-commercial educational public television state network which serves U.S. state of Maryland. Its six transmitters cover nearly all of the state, plus Washington, D.C...
(MPT), aired from 1970 to 2005 and was officially titled Wall $treet Week with Louis Rukeyser
Louis Rukeyser
Louis Richard "Lou" Rukeyser was an American financial journalist, columnist, and commentator, through print, radio, and television....
during the 32 years he hosted. Most of the underwriters throughout the show's tenure included: Martin Marietta
Martin Marietta
Martin Marietta Corporation was an American company founded in 1961 through the merger of The Martin Company and American-Marietta Corporation. The combined company became a leader in chemicals, aerospace, and electronics. In 1995, it merged with Lockheed Corporation to form Lockheed Martin. The...
, Lockheed
Lockheed Corporation
The Lockheed Corporation was an American aerospace company. Lockheed was founded in 1912 and later merged with Martin Marietta to form Lockheed Martin in 1995.-Origins:...
(soon to merge long after stopping their share of funding), Prudential
Prudential Financial
The Prudential Insurance Company of America , also known as Prudential Financial, Inc., is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the...
Securities (and its precursor, Prudential-Bache Securities), Primerica Financial Services
Primerica Financial Services
Primerica, Inc. is a referral marketer of financial products and services using a hybrid model of direct selling, franchising and distribution....
, Hilton Hotels Corporation
Hilton Hotels Corporation
Hilton Worldwide is a global hospitality company. It is owned by the Blackstone Group, a private equity firm. As of July 2011 Hilton brands encompass 3,750 hotels with over 600,000 rooms in 84 countries...
(and its subsidiary, Conrad International Hotels), Sperry Corporation
Sperry Corporation
Sperry Corporation was a major American equipment and electronics company whose existence spanned more than seven decades of the twentieth century...
, CSX, Enron Corporation, Enron Foundation, Hanson Trust
Hanson plc
Hanson plc is a British based international building materials company, headquartered in Maidenhead. Traded on the London Stock Exchange and a constituent of the FTSE 100 Index for many years, the company was acquired by a division of German rival Heidelberg Cement in August 2007.-History:Hanson...
, Unisys
Unisys
Unisys Corporation , headquartered in Blue Bell, Pennsylvania, United States, and incorporated in Delaware, is a long established business whose core products now involves computing and networking.-History:...
, Travelers Insurance, Ameritech
Ameritech
AT&T Teleholdings, Inc., formerly known as Ameritech Corporation , was a U.S. telecommunications company that arose out of the 1984 AT&T divestiture. Ameritech was one of the seven Regional Bell Operating Companies that was created following the breakup of the Bell System...
(before the big switch to SBC, which merged AT&T
AT&T
AT&T Inc. is an American multinational telecommunications corporation headquartered in Whitacre Tower, Dallas, Texas, United States. It is the largest provider of mobile telephony and fixed telephony in the United States, and is also a provider of broadband and subscription television services...
), MFS Investment Management
MFS Investment Management
MFS Investment Management is an American-based global asset manager, formerly known as Massachusetts Financial Services. It is owned by Sun Life Financial of Canada, with subsidiary headquarters in Boston, Massachusetts and offices worldwide. MFS was founded in 1924 and is one of the oldest asset...
, Oppenheimer Funds, A. G. Edwards, The Kaufmann Fund, Deloitte and Touche, The Corporation for Public Broadcasting, and all local PBS
Public Broadcasting Service
The Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
affiliates and their viewers/contributors. Wall $treet Week with Louis Rukeyser was announced by Alec Webb.
In June 2002, the show was modified, dropping Rukeyser and changing the name to Wall $treet Week with Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
. Rukeyser went on to host Louis Rukeyser's Wall Street on CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
(cancelled on December 31, 2004 at Rukeyser's request due to continuing ill health), which was also distributed to PBS stations. Wall $treet Week with Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
, which was hosted by Geoff Colvin and former Fox News business correspondent Karen Gibbs, ended its PBS run on June 24, 2005.
Wall $treet Week with Louis Rukeyser
- Commentary: Rukeyser would begin the program with a short commentary on the week's financial news, followed by a summation of market statistics.
- Panel Discussion: A panel of financial analysts (usually three in number) offered their opinions on the market, and gave specific stock recommendations. Panelists over the years, who numbered close to 30 by the turn of the century, included financial names like Frank Cappiello, Gail Dudack, Mary Farrell, Michael Holland, Carter Randall, Julius WestheimerJulius WestheimerJulius Westheimer was a financial advisor from Baltimore, Maryland. He is best known for his radio and television work, having dispensed financial advice on WBAL Radio, WYPR, WMAR, WBAL-TV and PBS' Wall $treet Week, and in columns in the Baltimore Sun, Baltimore Evening Sun, and Daily Record...
and Martin ZweigMartin ZweigMartin E. Zweig is an American stock investor, investment advisor, and financial analyst. He is, according to Forbes Magazine renowned for his "eccentric and lavish lifestyle" as well having the most expensive residence in the United States. It was listed on the New York City real estate market a...
. - Viewer Mail: The panelists would answer questions submitted by viewers. This segment always ended with Rukeyser delivering a pun-laden solicitation for letters.
- Interview Prelude: Once in a while, before the final interview, Rukeyser would provide his insight on some aspects of business, such as a certain stock sector (e.g. food, medical, energy), the right choice for mutual funds, and even the best deals on various products. The most commonly repeated commentaries were: "Professor Lou's Classroom" (during the back-to-school season), "Uncle Lou Goes Christmas Shopping" (held during in December, usually on the Friday before Christmas), and "Sentiment-al Journey" (New Year's Eve).
- Interview: In the final segment, Rukeyser and the panelist interviewed a guest expert.
Over the years, the list of guests included such notables as Paul Volcker
Paul Volcker
Paul Adolph Volcker, Jr. is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and...
, Alan Greenspan
Alan Greenspan
Alan Greenspan is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC...
, Ross Perot
Ross Perot
Henry Ross Perot is a U.S. businessman best known for running for President of the United States in 1992 and 1996. Perot founded Electronic Data Systems in 1962, sold the company to General Motors in 1984, and founded Perot Systems in 1988...
, John Kenneth Galbraith
John Kenneth Galbraith
John Kenneth "Ken" Galbraith , OC was a Canadian-American economist. He was a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism...
, Malcolm Forbes
Malcolm Forbes
Malcolm Stevenson Forbes was publisher of Forbes magazine, founded by his father B. C. Forbes and today run by his son Steve Forbes.-Life and career:...
, and Paul Samuelson
Paul Samuelson
Paul Anthony Samuelson was an American economist, and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize, that he "has done more than any other contemporary economist to raise the level of scientific analysis in...
.
"Ms. Smythe"
After being introduced, guests for the interview segment were escorted from backstage by a woman in formal dress dubbed by production staff and listed in the credits as "Ms. Smythe" ("Miss Smythe" until the late 1980s), always followed by her real name. Various women over the years performed this task, the most famous being Natalie Seltz."TWX in 12 Bars"
During Rukeyser's tenure, the program featured a distinctive theme composed by Donald Swartz entitled "TWX in 12 Bars", which featured percussion supplied by a Teletype machine. The opening bells of the song replicated the sound of the Westminster chimes.New Year's Show
On the last Friday of the year, the host and panelists would appear in black tieBlack tie
Black tie is a dress code for evening events and social functions. For a man, the main component is a usually black jacket, known as a dinner jacket or tuxedo...
, make market predictions and stock recommendations for the upcoming year, and review how well their predictions of one year ago fared.
Alternative format
On October 23, 1987 (the first program following Black MondayBlack Monday (1987)
In finance, Black Monday refers to Monday October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin...
), the show dropped its regular format for a special program where Rukeyser interviewed three experts on the impact of the stock market crash.
Afterwards, the show would employ this alternative format whenever events warranted (usually once every few months).
Stand-ins for Rukeyser
Whenever Rukeyser was on vacation or otherwise absent, one of the show's regular panelists would fill in. For many years this function was usually performed by Carter Randall, though in later years it was Frank Cappiello after Randall died in 1999. Both Randall and Cappiello were investment bankers from BaltimoreBaltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
, convenient to where W$W was produced in Owings Mills, Maryland
Owings Mills, Maryland
Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. It is a suburb of Baltimore. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall....
.
"An Investment Primer" specials
During the 1984 and 1985 pledge-drive seasons, Rukeyser hosted two "Investment Primer" specials, introducing viewers to the stock market and how it worked. The first show, which aired in 1984, dealt with stocks, bonds, and gold; whereas the second show in 1985 dealt with mutual funds, options and commodities. Some of the guests included: Stan Weinstein (editor of The Professional Tape Reader), Peter Lynch (manager of the Magellan funds at Fidelity InvestmentsFidelity Investments
FMR LLC or Fidelity Investments is an American multinational financial services corporation one of the largest mutual fund and financial services groups in the world. It was founded in 1946 and serves North American investors. Fidelity Ventures is its venture capital arm...
), and Dick Fabian (editor for "The Telephone Switch Newsletter")
Wall $treet Week with Fortune
With the new hosts came a change in format:- Opening report
Geoff Colvin and Karen Gibbs presented separate news reports on major stories impacting the market. - Viewer Mail
The hosts answered questions from viewers. - Interviews
The hosts conducted separate guest interviews; Gibbs handled interviews related to specific investing issues, while Colvin handled interviews relating to politics and the overall economy. - Closing Commentary
A brief commentary by Colvin.
The new show's theme music was an updated, more orchestral version of "TWX in 12 Bars".
Without Louis Rukeyser as host, this new version suffered from dismal ratings, neither capturing a new more youthful market as PBS had intended, nor retaining the original viewers. It was soon cancelled.
Wall $treet Week Index
During its run, the show used two different indexes to predict future market trends:- Wall $treet Week Index (later known as the W$W Technical Market Index):
From 1970 to 1989, the show used a technical analysis
Technical analysis
In finance, technical analysis is security analysis discipline for forecasting the direction of prices through the study of past market data, primarily price and volume. Behavioral economics and quantitative analysis incorporate technical analysis, which being an aspect of active management stands...
developed by Robert Nurock. The analysis consisted of ten separate technical indicators, each of which was assigned a value of either +1 (indicating a bullish trend), -1 (for a bearish trend, or 0 (neutral)). A net balance of +5 (or higher) was interpreted as a buy signal, while a reading of -5 (or lower) was a sell signal. While the index rarely gave outright buy or sell signals, over time it was found to give an accurate forecast of the stock market. Rukeyser irreverently named the index "The Elves" (a reference to the Gnomes of Zürich
Gnomes of Zürich
Gnomes of Zürich is a disparaging term for Swiss bankers.Swiss bankers are popularly associated with extremely secretive policies, while gnomes in fairy tales live underground, in secret, counting their riches...
), and dubbed Nurock the "Chief Elf". This index was replaced with the Elves Index after Nurock resigned from the show in October 1989 and took the original Index with him. He left Wall $treet Week after he had an on-air clash with Rukeyser and he was told by the show's producer, Rich Dubroff, that he was "not supposed to disagree with Lou." Actually, this was not the case. Dubroff asked Nurock why he did what he did on the air.
- Elves Index:
Used from 1989 to the end of the Rukeyser era, this index was also a reading of ten indicators scored in the same manner as the Wall $treet Week Index. Instead of reflecting technical factors, the indicators now represented the personal sentiment of ten market analysts about the direction of the market over the next three months. The Elves Index had more volatility and gave more buy signals than the Wall $treet Week Index, but was not as highly regarded. In 1998, one magazine even suggested the Elves Index was more useful as a contrarian
Contrarian
In finance, a contrarian is one who attempts to profit by investing in a manner that differs from the conventional wisdom, when the consensus opinion appears to be wrong....
tool, citing three examples where buy signals were followed by periods of market drift or contraction.
Later, Rukeyser added an Elves Index for the Nasdaq. This index had one of the worst predictive records of any public index. There was never a sell signal that was correct and neither was there a buy signal that was correct. The Nasdaq moved in the opposite direction of the signal more than half the time.
The indexes were "retired" by Rukeyser after 9-11
September 11, 2001 attacks
The September 11 attacks The September 11 attacks The September 11 attacks (also referred to as September 11, September 11th or 9/119/11 is pronounced "nine eleven". The slash is not part of the pronunciation...
. At that point, the indexes were signalling a very strong sell signal. However, as was usually the case, it was an excellent time to do the opposite as the market rallied significantly after the initial selloff.
Show popularity
The premiere of W$W on November 20, 1970 was carried on eleven stations of the Eastern Educational Television NetworkAmerican Public Television
American Public Television is the largest syndicator of programming for public television stations in the United States.-History:...
. The show rapidly grew in coverage and viewers until it became one of the most popular programs on the newly created PBS member stations. At its peak, the program aired on over 300 stations, and claimed a viewership of 4,100,000 households, which meant more people watched W$W every week than read the Wall Street Journal. The program became a major source of profit for both MPT and PBS through underwriting support and viewer pledges (it is estimated PBS earned $5,000,000 profit annually from the show).
The Rukeyser Effect
Over the years, stock traders and analysts noted that a company touted on W$W on Friday would experience a run-up in its stock price the following Monday. This phenomenon, dubbed "The Rukeyser Effect", was stated to be a further demonstration of the program's influence. However, in 1987, Prof. Robert Pari of Bentley CollegeBentley College
Bentley University is a private co-educational university in Waltham, Massachusetts, west of Boston. Founded in 1917 as a school of accounting and finance in Boston's Back Bay neighborhood, Bentley moved to Waltham in 1968...
published an academic article in the Journal of Portfolio Management
Journal of Portfolio Management
The Journal of Portfolio Management is a quarterly academic journal covering asset allocation, performance measurement, market trends, risk management, and portfolio optimization. The journal was established in 1974 by Peter L. Bernstein. The current editor-in-chief is Frank J...
detailing the results of a study that found that stocks recommended by Rukeyser's guests on Wall $treet Week not only tended to rise in price and trading volume in the days preceding the Friday evening broadcast, peaking on the Monday afterward, but thereafter those stocks tended to drop in price and under-perform the market for up to a year following the recommendation. Rukeyser strongly disputed this claim, but ten years later Professors Jess Beltz and Robert Jennings
Robert Jennings
Robert Jennings may refer to:* Robert Yewdall Jennings , British jurist* Robert R. Jennings, president of Alabama Agricultural and Mechanical University* Robert Jennings , English cricketer...
published another academic article in the Review of Financial Economics reporting results consistent with Pari's original findings, and that there was "little correlation between the 6-month performance of a recommendation and the abnormal volume at the date the recommendation is made." They observed that there were differences in return performance between the recommendations of different individuals, but the market could not discern the more insightful recommendations from the less insightful. Another commentator observed "It is mathematically impossible for the thirty million viewers of this show to beat the market, since they are the market."
Rukeyser as host
Louis Rukeyser conducted the proceedings with a wry sense of humor (including the use of punPun
The pun, also called paronomasia, is a form of word play which suggests two or more meanings, by exploiting multiple meanings of words, or of similar-sounding words, for an intended humorous or rhetorical effect. These ambiguities can arise from the intentional use and abuse of homophonic,...
s) and a reassuring manner. In 1980 Rukeyser explained his hosting philosophy to The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
as, "I am talking to one person, whom I regard as intelligent, with a good sense of humor, but not all that technically knowledgeable." He instructed panelists and guests not to use technical jargon and economic theories on the show, but rather talk about making money, because, "Economics puts people to sleep. Money wakes them up."
Rukeyser's dismissal
From its ratings peak in the early 1980s, W$W suffered a long steady decline in viewers due to competition from shows such as the Nightly Business ReportNightly Business Report
Nightly Business Report is a Business news television magazine broadcast live Monday to Friday evenings on most public television stations in the United States. Every weeknight, Nightly Business Report distills the essence of what matters in the business world, and provides analysis and reflection...
, cable programs like Moneyline
Lou Dobbs Tonight
Lou Dobbs Tonight is an American editorial commentary and discussion program hosted by Lou Dobbs, previously broadcast on CNN and currently on Fox Business Network. The hour-long show aired live on evenings every weekday, and was replayed in the overnight/early morning hours. It covered the major...
, and cable networks such as CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
. By 2001 viewership was down to 1,500,000 households and demographics showed that the average W$W viewer was 65 years old (about the same age as Rukeyser). MPT began to discuss the possibility of updating the format in an effort to reverse these trends. On March 21, 2002, MPT announced that beginning in June the program would be renamed Wall $treet Week with Fortune, would be a collaboration between MPT and Fortune magazine, and would feature two new cohosts. Rukeyser was invited to remain with the program in a reduced role as a senior correspondent, but he turned down the offer.
The following evening, Rukeyser opened the telecast by announcing "A funny thing happened to me on the way to the studio this week — I got ambushed." He criticized MPT's decision to change the show format, announced that he was developing a new business program for PBS, and concluded his commentary by asking viewers to write to their local PBS station and request it carry his new show. After the broadcast MPT dismissed Rukeyser and executive producer Rich Dubroff. Over the next three months Marshall Loeb
Marshall Loeb
Marshall Loeb is an American author, editor, commentator and columnist specializing in business matters, who spent 38 years in the Time Inc. publication network which included service as managing editor of both Fortune and Money magazines...
and Ray Brady served as guest hosts while the new format was put in place.
Despite "ambushing" Rukeyser, the show's trend of losing viewers continued as the show floundered on without Rukeyser's trusted presence and was terminated in early 2005. Rukeyser died just 11 months after the show ended.
Wall $treet Week returns as an online publication
Five years after going off the air, licensing rights to use the Wall Street Week name were acquired by Jeff Salkin, anchor of MPT's State Circle program. Rather than attempt to replace Rukeyser with a new host, they have taken what they describe as an "ensemble approach". The ensemble consists of Jeff Salkin himself in addition to former Nasdaq President Alfred BerkeleyAlfred Berkeley
Alfred R. Berkeley, III is an American businessman who served as President of NASDAQ Stock Market, Inc. from 1996 until 2000 and later Vice-Chairman of the NASDAQ from 2000 to 2003. Currently, Berkeley is Chairman of Pipeline Financial Group, Inc. Berkeley is also director of ACI Worldwide,...
and former Nasdaq Vice President Maribel Aber acting as moderators and interviewers.
Since the original broadcast did not rely on commercial advertising revenue, it was believed to be more objective and long term oriented. In an effort to be true to these original broadcast ideals the new online version is subscription based, not ad supported.
External links
- "Enduring, Not Always Endearing Wall Street Week New York Times (November 11, 1990)
- "One for the money: Rukeyser’s Friday evening pavane" CurrentCurrent (newspaper)Current is an American trade journal that covers public broadcasting in the United States. It is described by the Public Broadcasting Service as "The most widely read periodical in the field"...
(September 28, 1998) - "Wall Street Week: Unhip, Unabashed, Unbeaten LOUIS RUKEYSER, SUPERSTAR" FortuneFortune (magazine)Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
(August 3, 1998) - "Host stings Maryland PTV, plots his return" CurrentCurrent (newspaper)Current is an American trade journal that covers public broadcasting in the United States. It is described by the Public Broadcasting Service as "The most widely read periodical in the field"...
(April 8, 2002) - "Salkin bringing Wall $treet Week to the Web" The Daily RecordDaily Record (Maryland)The Daily Record, published in Baltimore, Maryland, is a statewide business and legal newspaper. The paper publishes 5 days a week, 52 weeks a year, except for certain holidays.-Corporate history:...
(December 23, 2010) - "Wall Street Week" Wall Street Week (December 23, 2010)