Industry & Services >> Sector Roundtables >> April 19, 2004
ROBERT E. FRIEDMAN is a senior investment officer and analyst in
Standard & Poor's Equity Research department. Since mid-1998, he has
been covering the aerospace and defense industry, as well as industrial
conglomerates with large aerospace-related operations. From mid-1996 to
mid-1998, he covered the environmental and auto retail industries. He is
also S&P Equity's senior accounting analyst. In this capacity, one of
his most recent assignments was the creation of the definitional
framework behind Standard & Poor's new Core Earnings project. Mr.
Friedman received a BA in Business Administration from Muhlenberg
College in Allentown, Pennsylvania. He also received an MBA in
Accounting and an MS in Taxation and Advanced Certificate in Finance
from the Fordham University Graduate School of Business in New York. In
addition, Mr. Friedman is a Certified Public Accountant. He is a member
of the Financial Accounting Standards Board's User Advisory Council, the
Financial Accounting Standards Advisory Council, the American Institute
of Certified Public Accountants, the New Jersey Society of CPAs, as well
as the American Institute of Aeronautics and Astronautics. Mr. Friedman
has appeared on CNBC, CNN, Bloomberg TV and The Nightly Business Report.
He has also been widely quoted in the financial press, including The
Wall Street Journal, New York Times, BusinessWeek, Fortune, Financial
Times, Institutional Investor and The Economist. Profile
PETER ARMENT, a Vice President of JSA Research, Inc., has been with the
company as an equity analyst for 10 years. He was named the top
aerospace stock picker in The Wall Street Journal's All-Star Analyst
Survey in 2001 and placed fourth among 15 aerospace analysts in 2000. He
placed third among 16 aerospace analysts for the accuracy of his
earnings estimates in the 1999 Wall Street Journal's All-Star Analyst
Survey. He earned his Bachelor's degree in Economics from the University
of Rhode Island. Profile
PATRICK MCCARTHY joined Friedman, Billings, Ramsey Group, Inc., in
October 2002 as a Vice President in equity research. Mr. McCarthy is a
member of the diversified industrials group, with primary responsibility
for the defense industry. Prior to joining FBR, he spent five and a half
years with Credit Suisse First Boston, most recently as an Analyst in
the global consumer products equity research group. At CSFB, he was
responsible for analyzing the impact of emerging trends across the
global consumer products universe and quantifying the market's
expectations for the companies and sub-sectors within the group. Prior
to CSFB, he was an Assistant Treasurer at The Bankers Trust Company. Mr.
McCarthy graduated from Fordham University in New York with a degree in
Finance and Economics. He is also a Chartered Financial Analyst and a
member of the New York Society of Security Analysts. Profile
market perspective?
Mr. Arment: The group has lagged in terms of stock performance, while
the fundamentals of defense
