Consumer >> Sector Roundtables >> January 17, 2005


JAMES C. GOSS is a Vice President and Senior Research Analyst with Barrington Research Associates, Inc., and Barrington Asset Management, Inc. He has more than 30 years of experience in the investment industry, with the last two decades focused on the media and entertainment industries. Prior to Barrington, Mr. Goss was with Duff & Phelps and Nesbitt Burns Securities, where his coverage areas, prior to taking on media and entertainment industry responsibilities in 1985, included retailing, consumer finance, lodging, restaurants and oil services. Mr. Goss is a two-time winner of The Wall Street Journal's 'Best on the Street' analysts survey, once in Cable & Broadcasting and once in Entertainment. He frequently appears in the media, including The Wall Street Journal, Barron's, Crain's, USA TODAY, various newspapers and trade publications, Wall Street Week with Fortune, CNBC and CNN. Mr. Goss received his Bachelor of Arts degree with high honor in Mathematics from Lewis University and his Master of Business Administration degree in Finance and Accountancy from the University of Illinois at Urbana-Champaign. He also holds the Chartered Financial Analyst designation and has been active in the CFA Institute and its local affiliate, The Investment Analysts Society of Chicago, having served as President of the Chicago Society. Profile
DENNIS H. LEIBOWITZ is the General Partner of Act II Partners, LLC, a hedge fund that specializes in shares of media and communications companies. Prior to the formation of Act II Management, LP, in 2002, Mr. Leibowitz was a Managing Director Senior Advisor at Credit Suisse First Boston, which acquired Donaldson Lufkin & Jenrette in November 2000. Mr. Leibowitz was an equity analyst and Senior Vice President at DLJ for 23 years. He began his career on Wall Street in 1963 as a trainee at Merrill Lynch & Co. and E.F. Hutton before joining DLJ in 1977. Mr. Leibowitz has been among the most highly recognized analysts on Wall Street. He was first recognized by Institutional Investor's 'All American Research Team' in its debut 1972 issue. Mr. Leibowitz has earned more citations than any analyst in the history of the survey. He has been cited in the Institutional Investor poll for research in broadcasting, cable, cellular, satellites and lodging, including 18 years as number one in at least one sector, and a 16-year consecutive reign on top of the broadcast/cable sector. He has appeared on C-SPAN and Wall Street Week with Louis Rukeyser, Bloomberg Television and Kudlow & Cramer, and has been a guest speaker at many industry organization events. In addition to being the managing member of the General Partner, Mr. Leibowitz is on the Advisory Boards of New Mountain Capital and Centre Palisades Ventures, LP, both private equity funds in which he is an investor. Mr. Leibowitz is a graduate of the University of Pennsylvania, having received a Bachelor of Science in Economics in 1963. He lives in Rowayton, Connecticut with his wife, Susan Antilla. They have four children: Matthew, Adam, Catherine and Julia. Profile
TWST: Dennis, let's start with you. What has gone on in this group from

a market perspective in 2004?

Mr. Leibowitz: The group, particularly the radio sector, has been about