Industry & Services >> Sector Roundtables >> August 2, 1999

Roundtable Forum: Aerospace / Defense Industry

TODD B. ERNST is a Vice President/Aerospace and Defense Analyst at Prudential Securities. Previously, he was associated with AT&T. Mr. Ernst received his Bachelor's degree from DePauw University and his MBA from the University of Michigan. Profile
PIERRE A. CHAO is a Managing Director and Senior Aerospace/ Defense Analyst at Credit Suisse First Boston. Previously, he was associated with Morgan Stanley Dean Witter, Smith Barney, JSA International and Prudential-Bache Capital Funding. Mr. Chao received dual Bachelor's degrees in Political Science and Management Science from M.I.T. A Chartered Financial Analyst, he is President of the Aerospace Analyst Society Profile
DALE WINNER is a Portfolio Manager/Analyst at Templeton. Previously, he was associated with J.P. Morgan and Mitsui Trust. He graduated from Reading University in the U.K. A Chartered Financial Analyst, Mr. Winner is President of the Bahamas Society of Analysts. Profile
BYRON K. CALLAN is a First Vice President and Senior Aerospace and Defense Analyst at Merrill Lynch, where he also serves as a member of the Editorial Advisory Board of the Journal of Electronic Defense. Prior to joining the firm, he spent nine years at Prudential Securities covering defense electronics and engineering and construction stocks. Mr. Callan received his BA with Special Honors from George Washington University and has an MBA from Columbia University's Graduate School of Business. Profile
TWST: I would like to begin by asking each of you to tell us about the

approach you take to the defense industry, which sectors of the industry

you look at most closely, and whether it's necessary