Industry & Services >> Analyst Interviews >> September 27, 2004

INDUSTRIAL MANUFACTURING OUTLOOK: ELI LUSTGARTEN – J.B. HANAUER & CO

ELI S. LUSTGARTEN joined J.B. Hanauer & Co. (JBH) in September 2003 as Senior Vice President and Director of Equity Research. He is responsible for developing an Institutional Equity Research division for JBH, a 72- year old investment firm specializing in fixed income products. Prior to this, he was a Managing Director and Director of Research at H.C. Wainwright & Co. Inc. As the Director of Research, he guided H.C. Wainwright to develop centers of research excellence in sectors with differentiated competitive advantage, focusing on small and mid-cap companies. He was also responsible for the analysis of the industrial manufacturing and technology sector of the economy. Mr. Lustgarten joined H.C. Wainwright upon the sale of Schroder & Co. in April 2000, and assumed the responsibility as Research Director in January 2002. From 1995 to 2000, Mr. Lustgarten had been a Managing Director of Schroder & Co. Inc. and head of the Industrial Manufacturing Group, a five-member team that provided broad analytical coverage of industrial companies. He had also been responsible for the largest industrial manufacturing conference held by a Wall Street firm. The conference in March 2000 included presentations by 80 domestic and 20 foreign companies. Mr. Lustgarten received a BSEE in 1966 from the Polytechnic Institute of Brooklyn and an MSEE from the University of Pennsylvania in 1968 under a Ford Foundation Grant. He joined Raytheon Corporation'Missile Systems Division as a design engineer and later became program manager for a portion of the PATRIOT (SAM-D) Defense System. In 1971, Mr. Lustgarten entered Harvard Business School, receiving his MBA with High Honors in 1972. He was named George F. Baker Scholar because of his academic performance. Upon graduation, he joined Mitchell Hutchins as an analyst for both the electrical equipment and machinery industries. He has devoted his analytic efforts to the capital goods sector since the 1977 merger of Mitchell Hutchins into PaineWebber, until joining Schroder Wertheim in June 1995. Mr. Lustgarten has been widely recognized by his peers, having been elected to the Institutional Investor All-America Research Team for over 20 years before his coverage shifted. He has also been recognized six times by The Wall Street Journal All-Star Analyst poll. In addition, Mr. Lustgarten has been a frequently invited guest speaker to forecasting conferences sponsored by various industry trade associations including the Truck Rental and Leasing Association, National Fluid Power Association, Metal (Steel) Service Center Institute, Association for (Construction) Equipment Distributors, National Truck Equipment Association, and the Association for Manufacturing and Technology.. He has also appeared as an expert witness on the machine tool industry before the House Subcommittee on Economic Stabilization (The Committee on House Banking and Urban Affairs) and the Senate Foreign Relations Committee. Mr. Lustgarten is a member of the New York Society of Security Analysts (NYSSA), past President of the Machinery Analyst Group of New York, and a charter member of Robotics International of the Society of Manufacturing Engineers. He was also Chairman of the NYSSA Subcommittee on Machinery and the Machinery Subcommittee on corporate reporting for the Association for Investment Management and Research. Profile
TWST: Eli, please give us a quick overview of J.B. Hanauer.

Mr. Lustgarten: Founded in 1931, J.B. Hanauer is a 73-year old premier

fixed-income investment specialist for high net worth retail

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