Are you getting heat from Wall Street for your “let’s put some lipstick on this pig’’ ads? They think the ads are bad for our industry. Our view is that our industry needs to be held accountable for what are obviously widespread practices that are problematic for individual investors. I have noticed a lack of industry golf-outing invitations in my mailbox.
Will the concerns about reforming Wall Street go away if the market jumps? Yes, if the market starts to see some positive results, people will want to move on. My hope would be that there’s enough momentum inside the regulatory bodies and legislative bodies so that fundamental, necessary reforms will be put in place.
Any favorite euphemisms from the dot-com era? The best was when 32-year-old CEOs of start-up companies–who had no clue how they were ever going to be profitable–would look me in the eye and say, “You just don’t get it.’’ I haven’t heard that in a long time.
Your outlook for the market? We may see returns turn positive, but 2003 is going to be choppy. This is a time for being relatively cautious.
