Consumer >> Sector Roundtables >> February 5, 2001

Roundtable Forum: Newspaper Publishing

Fine, Lauren Rich
LAUREN RICH FINE is a First Vice President and Managing Director, Corporate Strategy and Research, at Merrill Lynch & Co. She joined research in 1988 as a member of the media team. She has been a member of Institutional Investor's All Star Team for nine years and is the top ranked Analyst on the Greenwich survey. She is an active member of the Media and Entertainment Analysts Group in New York. Prior to joining Merrill Lynch Equity Research, she held positions within Merrill Lynch's Treasury group, National Semiconductor's Treasury operation and spent two years as part of Merrill Lynch Economics. She received her BA in Economics/Psychology from Tufts University and her MBA from New York University in Finance/International Business. Profile
KEVIN GRUNEICH is a Senior Managing Director at Bear, Stearns & Co., covering the publishing and information services industry. He has been named to Institutional Investor's All-America Research Team for the past 18 years, and has been named top analyst in his field eight of those years. Mr. Gruneich was also named to the 2000 Wall Street Journal All- Star Analysts Survey for earnings forecasting and stock picking. Euromoney magazine has listed him among the top publishing analysts in the world. Prior to joining Bear Stearns, Mr. Gruneich worked at CS First Boston as a Publishing Analyst. He has also served as the President of the Media and Entertainment Analysts Association of New York and is a Chartered Financial Analyst. He earned a BBA from The University of Iowa and an MBA from The Wharton School of Business at the University of Pennsylvania. Profile
DOUGLAS M. ARTHUR joined Morgan Stanley in late 1994 as a Principal covering the publishing industry. He was promoted to Managing Director in 1997. He came to Morgan Stanley after an almost 14-year stint at Kidder, Peabody, where he was an equity analyst covering industries ranging from paper/forest products and business services to publishing, which he assumed coverage of in 1991. He was ranked as Third Team in 2002 and First Team in 2001 by Institutional Investor, and was previously ranked Third and Runner-up for the last nine years. He also ranked fifth in the recent Greenwich Research poll after placing second in the last two years, as well as ranking first in the 2001 Reuters Poll, and fourth in the 2001 Wall Street Journal stock picking poll. He is the president of the Media and Entertainment Analyst Society of New York. Prior to joining Kidder, he worked at Chemical Bank. He graduated from Colgate University in 1979 with a BA in History and Art History. He earned a CFA in 1989. Profile
TWST: Doug, how did the newspaper stocks perform in 2000, and how does

the performance of these stocks compare with that of other sectors of


Mr. Arthur: Newspaper stocks had a very