Consumer >> Sector Roundtables >> October 4, 2004


Marsh, James
James Marsh is a Managing Director and Senior Research Analyst at Piper Jaffray & Co., following entertainment, radio and television broadcasting, outdoor advertising and publishing companies. Previously, he co-founded Hanover Square Capital Management, LLC, a hedge fund focused on the consumer and media sectors. Prior to that, Mr. Marsh covered the radio and television broadcasting, publishing and outdoor advertising sectors at Cowen & Co., Robertson Stephens and Prudential Securities. In 2004, Mr. Marsh ranked third in stock picking for the broadcasting & entertainment sector in The Wall Street Journal's "Best on the Street" analyst survey, also ranking on the survey for forecasting in 2001 for broadcasting and in 2000 for publishing. Marsh holds an MBA in finance and international business from New York University and a BSBA in accounting from John Carroll University. He is a Chartered Financial Analyst as well as a Certified Public Accountant. Profile
EDWARD J. ATORINO, CFA, has been an analyst on Wall Street for over 30 years, following publishing, broadcasting, advertising, business services and related areas at Fulcrum Global Partners LLC, Blaylock & Partners, Dresdner Kleinwort Wasserstein, Oppenheimer & Co., Dillon Read, Salomon Brothers, and Smith Barney. He has been awarded several stock-picking awards over the course of his career, and has been ranked by Institutional Investor 20 times. He ranked number one publishing analyst in The Wall Street Journal's 'Best on the Street Survey.' He has an MBA from New York University. He holds the Series 7, and 63 licenses and is a member of the New York Society of Security Analysts and the Media and Entertainment Analysts of New York. Profile
DOUGLAS 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 third in the recent Greenwich Research poll after placing fifth and 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: James, what has gone on from a market perspective so far with the

publishing group this year?

Mr. Marsh: I'd say it's been a disappointing year for newspaper

publishers. If you measure