WALL STREET ELVES REPORT 1997
WALL STREET ELVES REPORT
Volume 4, Issue 53.
01/02/98
Copyright (C) 1997, RUSSELL EQUITY MANAGEMENT
All Rights Reserved
WALL STREET WEEK with Louis Rukeyser is undoubtedly America's most widely
followed and successful financial television program. For many years now
Mr. Rukeyser has done and outstanding job of boiling down the weekly
financial news into concise, informative and at times humorous monologues.
Throughout the years WALL STREET WEEK has provided perceptive viewers with
many profitable investment ideas.
We'd venture that Mr. Rukeyser is probably a pretty good stock picker in his
own right, but from watching his show each week we are certain that he is a
superb judge of other peoples abilities to pick stocks. Indeed, a great
deal of WALL STREET WEEK'S success can be directly attributed to the
knowledge and prognostications his panelists proffer each year.
At the beginning of each year the panelists recommend several investment
ideas they believe will prove profitable in due time. Every year there are
several outstanding picks submitted by the panelists that easily beat the
market averages. This list can be obtained by writing WALL STREET WEEK,
Owings Mills, Maryland 21117, by faxing a request to 410-581-0980 or by
accessing the Dow Jones News Retrieval Service.
Our one complaint of WALL STREET WEEK with Louis Rukeyser is that it is only
one half hour in length. Unfortunately, because of this time constraint
there is very little follow-up information provided by the panelists
regarding their stock picks. Perhaps the biggest drawback is that no sell
signals are provided by the panelists, so even if the viewer is making money
on one of these stocks, he's on his own in determining when to sell.
Determining when to sell is usually much more difficult then determining
when to buy.
The WALL STREET ELVES REPORT will attempt to remedy these shortcomings by
constructing a market beating portfolio of common stocks, with the stocks
being selected only from the combined panelists list. Each weekly issue
will contain our "MODEL PORTFOLIO" giving exact buy and sell signals for
each of our selections, in addition each issue will track the individual
panelists performance on a YTD basis. Since the focus of our letter is on
common stocks we will not follow the debenture, option, currency, preferred
stock, mutual fund, or warrant picks made by the WSW panelists. Also, we
will not cover obscure or "penny" stock picks for which a current price
quote is difficult to obtain.
We begin 1997 by investing a hypothetical $1,000 in each of the panelists
common stock picks with the entry price being the year-end closing price.
For each panelist we have assigned a "prefix letter" which is attached to
the name of his/her stock picks. The Portfolio Position report is sorted by
this prefix thus grouping the panelists picks together within the report.
We do not follow dividend payments, thus YTD return figures for each of the
panelists along with the "MODEL PORTFOLIO" track only capital
appreciation/depreciation. The entry/exit price for each trade within our
"MODEL PORTFOLIO" will be a Friday closing price. If you wish to trade on
our advice, "buy" or "short" our selections ONLY at our entry price ($/U) or
better. Remember, past performance is no guarantee of future results.
WALL STREET ELVES REPORT is posted to our web page for registered users and
emailed to trial subscribers on weekends no later than Sunday 12 midnight
EST.
============================================================================
1996 IN REVIEW:
During 1996 we followed the common stock selections made by 20 of the 23
panelists of Wall Street Week with Louis Rukeyser. For the period 12/29/95
through 12/27/96 the combined average return for the 20 panelists was 19.21%
compared with a 22.86% rise in the SP500 Index. On a non-risk adjusted
basis the top four panelists were:
GROUP 1
winners losers Sharpe Ratio
Laszlo Birinyi +49.97% 6 - 1 1.71
John Dessauer +48.38% 7 - 2 2.31
Carter Randall +36.23% 9 - 0 1.27
Alison Deans +35.02% 11 - 1 2.10
Adjusting performance to reflect the market risk (see Appendix below)
incurred by each panelist's portfolio over the same time period gives us the
four top performers on a risk adjusted basis:
GROUP 2
winners losers Sharpe Ratio
John Dessauer +48.38% 7 - 2 2.31
Eddie Brown +27.30% 5 - 3 2.136
Howard Calhoun +27.07 7 - 2 2.133
Alison Deans +35.02% 11 - 1 2.10
AVERAGES
winners losers Sharpe Ratio
GROUP 1 +42.40% 33 4 1.8475
GROUP 2 +34.44% 30 8 2.1697
With the SP500 Index posting a Sharpe Ratio of 1.23 for the year, each of
the above six panelists beat the market on a risk adjusted basis. Mr.
Birinyi's risk adjusted performance was hurt badly by his short of Cascade
Communications, a selection he also made for 1995. Cascade rose 30.5% for
the year. Mr Randall, who retired from WSW earlier in the year, selected a
portfolio comprised entirely of large capitalization stocks. Although his
portfolio experienced some mid-year volatility his selections benefited from
the big 2nd half rally in large caps. Mr Randall's best/worst picks were
Microsoft +92.02% / Motorola +8.11%.
We believe the years best performance was turned in by John Dessauer.
Although he included two low priced issues in his portfolio, Service
Merchandise (4 7/8) and Hallwood Group (7 3/4), investors following his
advice were well compensated for assuming the added risk. His portfolio was
up 17.54% on 2/9/96 and continued to appreciate steadily for the remainder
of the year. Mr Dessauer's 1996 selections were:
CCR Countrywide Credit Industries SEIC SEI Corporation
ERICY Ericsson (LM) Tel "B" ADR SME Service Merchandise
FLC Fletcher Challenge Ord ADS SHBZ ShowBiz Pizza Time
HWG Hallwood Group BLY Bally Entertainment
RP Rhone-Poulenc
The five best stock picks for the year were:
Symbol Company Name Return
Laszlo Birinyi FPAM FPA Medical Management 153.33%
John Dessauer SHBZ ShowBiz Pizza Time 125.77%
Alison Deans APAC APAC TeleServices 117.22%
Alan Bond ANDW Andrew Corporation 107.35%
Eddie Brown DG Dollar General 95.78%
Note, we did not follow the panelists James Grant, Louis Holland and Brian
Rogers because we could not obtain their 1996 stock selections before our
1/5/96 cutoff date.
============================================================================
THE PANELISTS AND THEIR 1997 COMMON STOCK PICKS
Date SP500 Return
-------- ------ ------
12/27/96 756.79
01/02/98 975.00 + 28.83%
YTD
Portfolio
Name Symbol Portfolio Return
A Ralph J. Acampora
................. 36.36%
First Vice President ADSK A-Autodesk
of Technical Research + SCH A-Charles Schwab
Prudential Securities FDLNA A-Food Lion CL A
1 New York Plaza, Ste. 2017 HIB A-Hibernia CL A
New York, NY 10292 ! RB A-Reading & Bates
(212) 778-2344 SCN A-Security Capital Industrial Trust
Fax: 778-1208
+ note SCH split 3-2 on 9/16/97
! RB delisted from NYSE 1/02/98
B Laszlo Birinyi
................. 21.26%
President BAY B-Bay Networks
Birinyi Associates COX B-Cox Communications-CL A
280 Railroad Avenue DME B-Dime Bancorp
Greenwich, CT 06830 DIGI B-DSC Communications
(203) 629-2400 IBP B-IBP
Fax: 629-3441 KM B-Kmart
RAIN B-Rainforest Cafe - Short
RN B-RJR Nabisco Holdings
+ ROST B-Ross Stores - Short
+ note ROST split 2-1 on 3/6/97
C Alan Bond
................. 23.54%
President AHP C-American Home Products
Bond, Procope Capital Mngt. BA C-Boeing Company
55 East 59th Street 19th Fl. CCI C-Citicorp
New York, NY 10022 EK C-Eastman Kodak Company
(212) 752,0900/800-821-2589 &FBS C-First Bank System
Fax: 752-1381 G C-Gillette Company
LOR C-Loral Space & Communications
LU C-Lucent Technologies
MRK C-Merck & Company
SWY C-Safeway
TLAB C-Tellabs
+ TX C-Texaco
& FBS symbol changed to USB on 8/4/97
+ note TX split 2-1 on 9/30/97
D Eddie Brown
................. 18.54%
President AZO D-AutoZone
Brown Capital Management BAY D-Bay Networks
809 Cathedral Street CASY D-Casey's General Stores
Baltimore MD 21201 + CSCO D-Cisco Systems
(401) 837-3234 + EMC D-EMC
Fax: 837-6525 KM D-Kmart
VKNG D-Viking Office Products
VSH D-Vishay Intertechnology
+ note EMC split 2-1 on 11/18/97
+ note CSCO split 3-2 on 12/17/97
E Frank Cappiello
................. 3.42%
President EAGL E-Eagle Hardware & Garden
McCullough Andrews & GOU E-Gulf Canada Resources Limited-Ord
Cappiello GMH E-GM Hughes Electronics
Greenspring Station KVA E-KV Pharmaceutical Company - CL A
10751 Falls Road NM E-National Media
Suite 250 NE E-Noble Drilling
(401) 337-2255 ! RB E-Reading & Bates
Fax: 823-0146 SME E-Service Merchandise Company
SOSS E-SOS Staffing Services
! USRX E-U.S. Robotics
FG E-USF&G
WOA E-WorldCorp
! USRX delisted from OT 6/16/97
! RB delisted from NYSE 1/02/98
F Howard P. Colhoun
................. 25.49%
14114 Mantua Mill Road IO F-Input/Output
Glyndon, MD 21071 + RGA F-Reinsurance Group of America
(410) 429-4329 (ph & fax) SCIXF F-Scitex Limited-Ord
SSW F-Sterling Software
STRD F-Strategic Distribution
TSATA F-TCI Satellite Entertainment-A
UIS F-Unisys
+ note RGA split 3-2 on 9/2/97
G Elizabeth Dater
................. 25.96%
Sr. Managing Director AWIN G-Allied Waste Industries
Warburg Pincus Counselors BK G-Bank of New York Company
466 Lexington Ave. 10th Fl TMBR G-Brown (Tom)
New York, NY 10017 CMB G-Chase Manhattan
(212) 878-0600 CCI G-Citicorp
Fax: 878-9351 ! EIC G-Equitable of Iowa Companies
FDC G-First Data
LGND G-Ligand Pharmaceuticals-CL B
LOR G-Loral Space & Communications
STJ G-St. Jude Medical
SGY G-Stone Energy
! EIC delisted from NYSE 10/27/97
H Alison Deans
................. 5.11%
Managing Director AOL H-America Online - Short
Smith Barney AXP H-American Express Company
388 Greenwich St., 28th Fl.+ EMC H-EMC
New York, NY 10013 + INTC H-Intel
(212) 816-1710 MOT H-Motorola
Fax: 816-6213 SPLS H-Staples
FG H-USF&G
+ note INTC split 2-1 on 7/14/97
+ note EMC split 2-1 on 11/18/97
I John P. Dessauer
................. 18.12%
Editor CPPKY I-C.P. Pokphand-SPONS ADR
Dessauer's Investor's World CSRE I-Comshare
P.O. Box 1718 CCR I-Countrywide Credit Industries
Orleans, MA 02653 HWG I-Hallwood Group
(508) 255-1651 HET I-Harrah's Entertainment
Fax: 255-9243 HLT I-Hilton Hotels
HKT I-Hong Kong Telecomm. Ltd SP ADR
SEIC I-SEI
SEW I-Singer Company N.V. (The)
? NVTSY I-Novartis AG-ADR
? not included in portfolio YTD return quote difficult to obtain
J Gail Dudack
................. 15.90%
Managing Director BR J-Burlington Resources
Chief Equity Strategist CCI J-Citicorp
Union Bank of Switzerland + CEI J-Crescent Real Estate Equities
299 Park Avenue ELN J-Elan PLC
New York, NY 10171 EDS J-Electronic Data Systems
(212) 821-4709 FNM J-Federal National Mortgage Association
Fax: 821-6625 GT J-Goodyear Tire & Rubber Company
NBL J-Noble Affiliates
+ NVLS J-Novellus Systems
P J-Phillips Petroleum Company
UCM J-Unicom
FG J-USF&G
+ note CEI split 2-1 on 3/27/97
+ note NVLS split 2-1 on 10/14/97
K Harvey P. Eisen
................. 23.28%
Senior Vice President AMCV K-American Classic Voyages Company
The Travelers Inc. ANTC K-Antec
388 Greenwich Street BSPT K-Bell Sports
New York, NY 10013 BSIS K-Broadway & Seymour
(212) 816-3181 FOM K-Foremost Corporation of America
Fax: 816-3364 FEP K-Franklin Electronic Publishers
+ HDI K-Harley-Davidson
LEAF K-Interleaf
KOL K-Kollmorgen
LTR K-Loews
WOA K-WorldCorp
+ note HDI split 2-1 on 9/29/97
L Mary Farrell
................. 18.11%
First Vice President BYA L-Bay Apartment Communities
PaineWebber Inc BSX L-Boston Scientific
1285 Avenue of Americas + CPQ L-Compaq Computer
9th Floor + FTU L-First Union (N.C.)
New York, NY 10019 LEA L-Lear
(212) 713-2418 LOW L-Lowe's Companies
Fax: 969-7719 & NYTA L-New York Times Company - CL A
+ ORCL L-Oracle
PEP L-PepsiCo
URMD L-Uromed
WCOM L-WorldCom
+ note CPQ split 5-2 on 7/29/97
+ note FTU split 2-1 on 8/01/97
+ note ORCL split 3-2 on 8/18/97
& NYTA symbol changed to NYT on 9/25/97
M James Grant
........... 37.65%
Editor ! CTN M-Centennial Technologies - Short
Grant's Interest Rate Obs. + CHK M-Chesapeake Energy - Short
30 Wall Street CTII M-CytoTherapeutics
New York, NY 10005 GUC M-Gucci Group NV - Short
(212) 809-7994 MUEI M-Micron Electronics - Short
Fax: 809-8426 PKX M-Pohang Iron & Steel Company Limited
RSYS M-RadiSys - Short
ZITL M-Zitel - Short
? M-Canadian Oil Sands Trust-UTS
? M-Guinness PLC
? M-Samsung Fire & Marine Insurance
? M-Societe Eurafrance SA
? not included in portfolio YTD return quote difficult to obtain
+ note CHK split 2-1 on 1/2/97
! CTN delisted from NYSE 2/28/97 now listed OT, quote difficult to obtain -
using 2/28/97 price for portfolio valuations.
N Louis Holland
............. 22.61%
Managing Partner & CU N-CUC International
Holland Capital Mgmt. EDS N-Electronic Data Systems
35 W. Wacker Dr., Ste 3260 + FCY N-Furon Company
Chicago, IL 60601 GNCI N-General Nutrition Companies
(312) 553-1000/800-522-2711 LCI N-LCI International
Fax: 553-1031 ! NELL N-Nellcor Puritan Bennett
PEP N-PepsiCo
+ PLC N-PLC Systems
RAYS N-Sunglass Hut International
VIAS N-VIASOFT - Short
WEN N-Wendy's International
+ note PLC split 2-1 on 7/29/97
! NELL delisted from OT 9/5//97
+ note FCY split 2-1 on 12/17/97
& CU symbol changed to CB on 12/18/97
O Michael F. Holland
.................. 28.04%
Chairman C O-Chrysler
Holland & Company L.L.C. F O-Ford Motor Company
375 Park Avenue MOT O-Motorola
New York, NY 10152 TWX O-Time Warner
(212) 486-2002
Fax: 486-0744
P Barbara Marcin
.............. 36.66%
ART P-ACNielson
T P-AT&T
DOW P-Dow Chemical Company
RE P-Everest Reinsurance Holdings
IGL P-IMC Global
LEH P-Lehman Brothers Holdings
OSSI P-Outback Steakhouse
PEP P-PepsiCo
MO P-Philip Morris Companies
SLM P-Student Loan Marketing Association
TWLB P-Twinlab
WLP P-Wellpoint Health Networks
Q Bernadette Murphy
................. 15.03%
Managing Director CCR Q-Countrywide Credit Industries
Kimelman & Baird L.L.C. CCK Q-Crown Cork & Seal Company
100 Park Avenue, 1105 DI Q-Dresser Industries
New York, NY 10017 GIS Q-General Mills
(212) 686-0021 + MOB Q-Mobil
Fax: 779-9603 WY Q-Weyerhaeuser Company
XLNX Q-Xilinx
+ note MOB split 2-1 on 6/25/97
R Brian Rogers
............ 12.36%
Portfolio Manager ECO R-Echo Bay Mines Limited
T. Rowe Price Associates FRO R-Frontier
100 East Pratt Street GLK R-Great Lakes Chemical
Baltimore, MD 21202 ITT R-ITT Corporation
(410) 547-5758/800 638-56 PEP R-PepsiCo
Fax: 625-9965 ! TMB R-Tambrands
WHR R-Whirlpool
WCG R-Willis Corroon Group-SP ADR
! TMB delisted from NYSE 7/22/97
S Maceo K. Sloan
.............. 40.37%
President & CEO ALRC S-Alternative Resources
NCM Capital Management Group CFBX S-Community First Bankshares
103 West Main Street CEFT S-Concord EFS
Durham, NC 27701-3638 EUGS S-Eurogas
(919) 688-0620 + HBOC S-HBO & Company
Fax: 682-5333 HWP S-Hewlett-Packard Company
MAG S-MagneTek
MOT S-Motorola
OMX S-OfficeMax
PVI S-Panavision
WFC S-Wells Fargo & Company
+ note HBOC split 2-1 on 9/10/97
T Robert H. Stovall
................. 28.19%
President HRB T-Block H.& R.
Stovall/21st Advisers Inc. BRKS T-Brooks Automation
790 Third Avenue, 35th Fl. GLK T-Great Lakes Chemical
New York, NY 10017 NSM T-National Semiconductor
(212) 308-4620 ! SRC T-Security-Connecticut
Fax: 418-6038 SJP T-St. Joe
FG T-USF&G
! SRC delisted from NYSE 7/2/97
U Julius Westheimer
................. 34.38%
Special Managing Director AXP U-American Express Company
Ferris, Baker Watts, Inc. APA U-Apache
100 Light Street BKB U-Bank of Boston
Baltimore, MD 21202 BK U-Bank of New York Company
(301) 685-2600 BR U-Burlington Resources
Fax: 659-4640 LMT U-Lockheed Martin
MTC U-Monsanto Company
RAD U-Rite Aid
+ SGP U-Schering-Plough
WLA U-Warner-Lambert Company
+ note SGP split 2-1 on 6/4/97
V Martin E. Zweig
................. 37.70%
Editor CM V-Capstead Mortgage Corporation
The Zweig Advisors GGP V-General Growth Properties
900 3rd Avenue LCE V-Lone Star Industries
New York, NY 10022 ! LLX V-Louisiana Land & Exploration Company
(212) 755-9860 + MLHR V-Miller (Herman)
Fax: 421-4995 PLX V-Plains Resources
& ROBN V-Robbins & Myers
RSE V-Rouse Company (The)
! SB V-Salomon
TXU V-Texas Utilities Company
WPSN V-WestPoint Stevens
+ note MLHR split 2-1 on 4/16/97
! LLX delisted from NYSE 10/23/97
! SB delisted from NYSE 11/26/97
& ROBN symbol changed to RBN on 12/16/97
==========================================================================
THE TOP FIVE STOCKPICKS (YTD)
T Symbol Description Quantity $ Cost Mkt Price $ Value Val%
- --------- --------------- ---------- ----------- --------- ----------- ----
S AWIN G-Allied Waste 121.2121 1000.00 22.7500 2757.58 1%
S HWG I-Hallwood Grou 70.7965 1000.00 37.1250 2628.32 1%
S EUGS S-Eurogas 313.7747 1000.00 6.8437 2147.38 1%
S UIS F-Unisys 150.9434 1000.00 13.6875 2066.04 1%
S GNCI N-General Nutri 60.1504 1000.00 33.6250 2022.56 1%
===========================================================================
Portfolio Positions - 01/02/98
-------------------------------
T Symbol Description Quantity $ Cost Mkt Price $ Value Val %
- --------- --------------- ---------- ----------- --------- ----------- -----
S ADSK A-Autodesk 36.3636 1000.00 37.5000 1363.64 1%
S SCH A-Charles Schwa 46.3320 1000.00 40.2500 1864.86 1%
S FDLNA A-Food Lion CL 103.2311 1000.00 8.5000 877.46 0%
S HIB A-Hibernia CL 76.9231 1000.00 18.7500 1442.31 1%
S RB A-Reading & B 35.8744 1000.00 41.8750 1502.24 1%
S SCN A-Security Capi 45.7143 1000.00 24.7500 1131.43 1%
S BAY B-Bay Network 47.3373 1000.00 26.6250 1260.36 1%
S COX B-Cox Communica 45.7143 1000.00 40.1250 1834.29 1%
S DME B-Dime Bancorp 67.2269 1000.00 28.7500 1932.77 1%
S DIGI B-DSC Communica 56.3380 1000.00 24.5000 1380.28 1%
S IBP B-IBP 41.8848 1000.00 21.1250 884.82 0%
S KM B-Kmart 95.2381 1000.00 11.6250 1107.14 1%
S RAIN B-Rainforest Ca -35.8744 -1000.00 32.0937 -1151.35 -1%
S RN B-RJR Nabisco H 30.1887 1000.00 37.3750 1128.30 1%
S ROST B-Ross Stores - -40.5064 -1000.00 36.1250 -1463.29 -1%
S AHP C-American Home 16.5631 1000.00 77.0000 1275.36 1%
S BA C-Boeing Compan 9.5808 1000.00 48.8750 468.26 0%
S CCI C-Citicorp 9.4007 1000.00 129.7500 1219.74 1%
S EK C-Eastman Kodak 12.1212 1000.00 63.6250 771.21 0%
S USB C-First Bank Sy 13.9616 1000.00 112.6250 1572.43 1%
S G C-Gillette Comp 13.4454 1000.00 100.9375 1357.14 1%
S LOR C-Loral Space 54.4218 1000.00 21.5625 1173.47 1%
S LU C-Lucent Techno 20.9974 1000.00 79.8125 1675.85 1%
S MRK C-Merck & Compa 12.2511 1000.00 107.6250 1318.52 1%
S SWY C-Safeway 24.2424 1000.00 62.8750 1524.24 1%
S TLAB C-Tellabs 25.3165 1000.00 54.7500 1386.08 1%
S TX C-Texaco 20.2532 1000.00 53.5000 1083.55 1%
S AZO D-AutoZone 39.6040 1000.00 28.8125 1141.09 1%
S BAY D-Bay Network 47.3373 1000.00 26.6250 1260.36 1%
S CASY D-Casey's Gener 57.1429 1000.00 26.3750 1507.14 1%
S CSCO D-Cisco Systems 15.2381 1000.00 58.0625 884.76 0%
S EMC D-EMC 59.7014 1000.00 29.3750 1753.73 1%
S KM D-Kmart 95.2381 1000.00 11.6250 1107.14 1%
S VKNG D-Viking Office 37.5587 1000.00 22.3750 840.38 0%
S VSH D-Vishay Intert 43.7158 1000.00 22.6250 989.07 0%
S EAGL E-Eagle Hardwar 47.9042 1000.00 19.5625 937.13 0%
S GOU E-Gulf Canada R 133.3333 1000.00 7.0000 933.33 0%
S GMH E-Hughes Electr 17.5439 1000.00 36.6250 642.54 0%
S KVA E-KV Pharmaceut 79.2079 1000.00 20.7500 1643.56 1%
S NM E-National Medi 160 1000.00 3.4375 550.00 0%
S NE E-Noble Drillin 48.4848 1000.00 29.8125 1445.45 1%
S RB E-Reading & B 35.8744 1000.00 41.8750 1502.24 1%
S SME E-Service Merch 210.5263 1000.00 2.1250 447.37 0%
S SOSS E-SOS Staffing 100 1000.00 18.8750 1887.50 1%
S USRX E-U.S. Robotics 13.4454 1000.00 81.5000 1095.80 1%
S FG E-USF&G 46.7836 1000.00 22.3750 1046.78 0%
S WOA E-WorldCorp 235.2941 1000.00 1.1875 279.41 0%
S IO F-Input/Output 52.6316 1000.00 29.3750 1546.05 1%
S RGA F-Reinsurance G 32.1715 1000.00 43.1250 1387.40 1%
S SCIXF F-Scitex Limite 102.5641 1000.00 12.0625 1237.18 1%
S SSW F-Sterling Soft 32.2581 1000.00 40.6875 1312.50 1%
S STRD F-Strategic Dis 126.9841 1000.00 4.6875 595.24 0%
S TSATA F-TCI Satellite 97.5610 1000.00 6.5625 640.24 0%
S UIS F-Unisys 150.9434 1000.00 13.6875 2066.04 1%
S AWIN G-Allied Waste 121.2121 1000.00 22.7500 2757.58 1%
S BK G-Bank of New 28.4698 1000.00 57.1875 1628.11 1%
S TMBR G-Brown (Tom) 47.7623 1000.00 18.6250 889.57 0%
S CMB G-Chase Manhatt 10.8548 1000.00 110.6250 1200.81 1%
S CCI G-Citicorp 9.4007 1000.00 129.7500 1219.74 1%
S EIC G-Equitable of 21.8579 1000.00 66.9375 1463.11 1%
S FDC G-First Data 25.6410 1000.00 30.1875 774.04 0%
S LGND G-Ligand Pharma 69.5652 1000.00 12.7500 886.96 0%
S LOR G-Loral Space 54.4218 1000.00 21.5625 1173.47 1%
S STJ G-St. Jude Medi 23.8806 1000.00 32.5000 776.12 0%
S SGY G-Stone Energy 33.6134 1000.00 32.3125 1086.13 1%
S AOL H-America Onlin -28.2686 -1000.00 89.6250 -2533.57 -1%
S AXP H-American Ex 17.1306 1000.00 88.6875 1519.27 1%
S EMC H-EMC 59.7014 1000.00 29.3750 1753.73 1%
S INTC H-Intel 14.7738 1000.00 72.6250 1072.95 0%
S MOT H-Motorola 16.2272 1000.00 58.1250 943.20 0%
S SPLS H-Staples 55.5556 1000.00 28.0000 1555.56 1%
S FG H-USF&G 46.7836 1000.00 22.3750 1046.78 0%
S CPPKY I-C.P. Pokphand 105.2632 1000.00 3.7968 399.66 0%
S CSRE I-Comshare 59.9269 1000.00 6.1250 367.05 0%
S CCR I-Countrywide 36.0360 1000.00 42.1250 1518.02 1%
S HWG I-Hallwood Grou 70.7965 1000.00 37.1250 2628.32 1%
S HET I-Harrah's Ente 50.9554 1000.00 19.7500 1006.37 0%
S HLT I-Hilton Hotels 37.7358 1000.00 29.1875 1101.42 1%
S HKT I-Hong Kong Tel 60.6061 1000.00 20.3750 1234.85 1%
S SEIC I-SEI 45.9770 1000.00 42.4375 1951.15 1%
S SEW I-Singer Compan 46.7836 1000.00 9.0625 423.98 0%
S BR J-Burlington 19.0476 1000.00 44.4375 846.43 0%
S CCI J-Citicorp 9.4007 1000.00 129.7500 1219.74 1%
S CEI J-Crescent Real 38.4616 1000.00 40.0000 1538.46 1%
S ELN J-Elan PLC 30.5344 1000.00 50.8125 1551.53 1%
S EDS J-Electronic 22.5989 1000.00 44.0000 994.35 0%
S FNM J-Federal Natio 25.1572 1000.00 58.1875 1463.84 1%
S GT J-Goodyear Tire 19.2771 1000.00 62.3120 1201.20 1%
S NBL J-Noble Affilia 20.8333 1000.00 35.3750 736.98 0%
S NVLS J-Novellus Syst 34.9344 1000.00 32.9375 1150.65 1%
S P J-Phillips Petr 22.1607 1000.00 48.0000 1063.71 0%
S UCM J-Unicom 36.0360 1000.00 30.3750 1094.59 1%
S FG J-USF&G 46.7836 1000.00 22.3750 1046.78 0%
S AMCV K-American Clas 75.8323 1000.00 17.7500 1346.02 1%
S ANTC K-Antec 114.2857 1000.00 15.7500 1800.00 1%
S BSPT K-Bell Sports 168.4352 1000.00 8.4375 1421.17 1%
S BSIS K-Broadway & Se 93.0233 1000.00 9.1250 848.84 0%
S FOM K-Foremost Corp 16.8421 1000.00 68.8750 1160.00 1%
S FEP K-Franklin Elec 81.6327 1000.00 12.3750 1010.20 0%
S HDI K-Harley-Davids 44.9438 1000.00 27.3125 1227.53 1%
S LEAF K-Interleaf 500 1000.00 3.4375 1718.75 1%
S KOL K-Kollmorgen 90.9091 1000.00 18.1250 1647.73 1%
S LTR K-Loews 10.5680 1000.00 104.2500 1101.72 1%
S WOA K-WorldCorp 235.2941 1000.00 1.1875 279.41 0%
S BYA L-Bay Apartment 28.5714 1000.00 39.1250 1117.86 1%
S BSX L-Boston Scient 16.4271 1000.00 46.2500 759.75 0%
S CPQ L-Compaq Comput 33.2777 1000.00 59.6250 1984.19 1%
S FTU L-First Union ( 26.5340 1000.00 51.1250 1356.55 1%
S LEA L-Lear 29.8507 1000.00 48.0625 1434.70 1%
S LOW L-Lowe's Compan 26.9360 1000.00 47.3750 1276.09 1%
S NYT L-New York Time 25.9740 1000.00 65.4375 1699.68 1%
S ORCL L-Oracle 23.3236 1000.00 23.0000 536.44 0%
S PEP L-PepsiCo 33.7553 1000.00 36.0000 1215.19 1%
S URMD L-Uromed 103.8961 1000.00 3.9370 409.04 0%
S WCOM L-WorldCom 40.2010 1000.00 29.9375 1203.52 1%
S CTN M-Centennial Te -18.4332 -1000.00 3.0000 -55.30 -0%
S CHK M-Chesapeake En -36.7816 -1000.00 7.6250 -280.46 -0%
S CTII M-CytoTherapeut 116.7951 1000.00 4.1250 481.78 0%
S GUC M-Gucci Group N -14.7059 -1000.00 41.1250 -604.78 -0%
S MUEI M-Micron Electr -51.6129 -1000.00 9.3750 -483.87 -0%
S PKX M-Pohang Iron & 49.6894 1000.00 17.6250 875.78 0%
S RSYS M-RadiSys - Sho -20.1005 -1000.00 37.0000 -743.72 -0%
S ZITL M-Zitel - Short -16.3265 -1000.00 10.8438 -177.04 -0%
S CD N-CUC Internati 42.5532 1000.00 33.9375 1444.15 1%
S EDS N-Electronic 22.5989 1000.00 44.0000 994.35 0%
S FCY N-Furon Company 49.6894 1000.00 21.3125 1059.01 0%
S GNCI N-General Nutri 60.1504 1000.00 33.6250 2022.56 1%
S LCI N-LCI Internati 49.0798 1000.00 30.0000 1472.39 1%
S NELL N-Nellcor Purit 46.2428 1000.00 28.3125 1309.25 1%
S PEP N-PepsiCo 33.7553 1000.00 36.0000 1215.19 1%
S PLC N-PLC Systems 88.3978 1000.00 8.5000 751.38 0%
S RAYS N-Sunglass Hut 139.1401 1000.00 6.3125 878.32 0%
S VIAS N-VIASOFT - Sho -18.8679 -1000.00 41.5625 -784.20 -0%
S WEN N-Wendy's Inter 47.9042 1000.00 23.5000 1125.75 1%
S C O-Chrysler 29.6296 1000.00 34.9375 1035.19 0%
S F O-Ford Motor Co 31.1284 1000.00 48.2500 1501.95 1%
S MOT O-Motorola 16.2272 1000.00 58.1250 943.20 0%
S TWX O-Time Warner 26.9360 1000.00 60.9375 1641.41 1%
S ART P-AC Nielson 66.1157 1000.00 23.7500 1570.25 1%
S T P-AT&T 22.8571 1000.00 58.8125 1344.29 1%
S DOW P-Dow Chemical 12.6582 1000.00 100.7500 1275.31 1%
S RE P-Everest Reins 36.3636 1000.00 40.5000 1472.73 1%
S IGL P-IMC Global 26.4026 1000.00 33.5000 884.49 0%
S LEH P-Lehman Brothe 31.6206 1000.00 50.6250 1600.79 1%
S OSSI P-Outback Steak 38.0952 1000.00 28.8125 1097.62 1%
S PEP P-PepsiCo 33.7553 1000.00 36.0000 1215.19 1%
S MO P-Philip Morris 26.3157 1000.00 45.3125 1192.43 1%
S SLM P-Student Loan 10.8696 1000.00 140.0000 1521.74 1%
S TWLB P-Twinlab 83.3333 1000.00 24.0000 2000.00 1%
S WLP P-Wellpoint Hea 28.9855 1000.00 42.2500 1224.64 1%
S CCR Q-Countrywide 36.0360 1000.00 42.1250 1518.02 1%
S CCK Q-Crown Cork & 18.2232 1000.00 50.3750 918.00 0%
S DI Q-Dresser Indus 31.1284 1000.00 41.4375 1289.88 1%
S GIS Q-General Mills 15.3846 1000.00 72.3125 1112.50 1%
S MOB Q-Mobil 16.1616 1000.00 72.3125 1168.69 1%
S WY Q-Weyerhaeuser 21.2766 1000.00 48.5000 1031.91 0%
S XLNX Q-Xilinx 26.2295 1000.00 38.6250 1013.11 0%
S ECO R-Echo Bay Mine 150.9434 1000.00 2.6250 396.23 0%
S FRO R-Frontier 45.7143 1000.00 24.4375 1117.14 1%
S ITT R-ITT Corporati 23.1214 1000.00 82.8750 1916.18 1%
S PEP R-PepsiCo 33.7553 1000.00 36.0000 1215.19 1%
S TMB R-Tambrands 24.1692 1000.00 49.8750 1205.44 1%
S WHR R-Whirlpool 21.5054 1000.00 53.9375 1159.95 1%
S WCG R-Willis Corroo 84.2105 1000.00 12.1250 1021.05 0%
S GLK RT-Great Lakes 21.5633 1000.00 44.4375 958.22 0%
S ALRC S-Alternative R 58.8235 1000.00 24.1250 1419.12 1%
S CFBX S-Community Fir 36.1991 1000.00 52.8750 1914.03 1%
S CEFT S-Concord EFS 34.6320 1000.00 24.2500 839.83 0%
S EUGS S-Eurogas 313.7747 1000.00 6.8437 2147.38 1%
S HBOC S-HBO & Company 36.1174 1000.00 45.1875 1632.05 1%
S HWP S-Hewlett-Packa 19.3705 1000.00 64.5625 1250.61 1%
S MAG S-MagneTek 76.9231 1000.00 19.9375 1533.65 1%
S MOT S-Motorola 16.2272 1000.00 58.1250 943.20 0%
S OMX S-OfficeMax 93.0233 1000.00 14.3750 1337.21 1%
S PVI S-Panavision 47.0588 1000.00 25.7500 1211.76 1%
S WFC S-Wells Fargo & 3.5891 1000.00 337.8750 1212.65 1%
S HRB T-Block H.& R. 33.7553 1000.00 44.2500 1493.67 1%
S BRKS T-Brooks Automa 59.7015 1000.00 17.9375 1070.90 0%
S NSM T-National Semi 40 1000.00 27.0000 1080.00 1%
S SRC T-Security-Conn 29.3040 1000.00 54.7500 1604.40 1%
S SJP T-St. Joe 15.4440 1000.00 90.3750 1395.75 1%
S FG T-USF&G 46.7836 1000.00 22.3750 1046.78 0%
S AXP U-American Ex 17.1306 1000.00 88.6875 1519.27 1%
S APA U-Apache 27.6817 1000.00 34.0625 942.91 0%
S BKB U-Bank of Bosto 14.8423 1000.00 94.6250 1404.45 1%
S BK U-Bank of New 28.4698 1000.00 57.1875 1628.11 1%
S BR U-Burlington 19.0476 1000.00 44.4375 846.43 0%
S LMT U-Lockheed Mart 11.0650 1000.00 98.0000 1084.37 1%
S MTC U-Monsanto Comp 25.1572 1000.00 41.5000 1044.03 0%
S RAD U-Rite Aid 25.3165 1000.00 59.4375 1504.75 1%
S SGP U-Schering-Plou 29.6296 1000.00 62.4375 1850.00 1%
S WLA U-Warner-Lamber 12.8205 1000.00 125.8750 1613.78 1%
S CM V-Capstead Mort 30.1887 1000.00 38.2500 1154.72 1%
S GGP V-General Growt 31.3725 1000.00 35.9375 1127.45 1%
S LCE V-Lone Star Ind 27.1186 1000.00 52.8125 1432.20 1%
S LLX V-Louisiana Lan 17.9372 1000.00 79.0000 1417.04 1%
S MLHR V-Miller (Herma 36.9516 1000.00 53.5000 1976.91 1%
S PLX V-Plains Resour 64 1000.00 17.1875 1100.00 1%
S RBN V-Robbins & Mye 38.2775 1000.00 39.0000 1492.82 1%
S RSE V-Rouse Company 33.0579 1000.00 32.5625 1076.45 1%
S SB V-Salomon 21.1082 1000.00 83.3750 1759.89 1%
S TXU V-Texas Utiliti 24.5399 1000.00 41.6250 1021.47 0%
S WPSN V-WestPoint Ste 34.7826 1000.00 45.6875 1589.13 1%
============================================================================
THE PANELISTS AND THEIR PERFORMANCE STATISTICS
(12/27/96 - 12/26/97)
P. SHARPE RATIO AVG.of WEEKLY YTD RETURNS as % STANDARD DEVIATION
-- ------------ ------------------------------ ------------------
M 3.380435943603516 29.06870269775391 7.630916595458984
W 1.627107501029968 17.05040168762207 8.467495918273926
C 1.564850568771362 12.78542613983154 6.078885078430176
S 1.519693851470947 23.78676986694336 13.49869823455811
B 1.375625014305115 11.89999866485596 6.271420001983643
T 1.362241506576538 25.38813018798828 16.23445892333984
P 1.327207207679749 19.14602470397949 11.95981121063232
I 1.29081404209137 11.77047538757324 6.583129405975342
U 1.275923252105713 18.14138412475586 11.6531343460083
O 1.251030921936035 15.7043342590332 9.936970710754395
V 1.24535083770752 17.35192489624023 11.30528450012207
R 1.237979650497437 8.723852157592773 4.403121948242188
X 1.199015736579895 14.68524646759033 9.51811408996582
N 1.084254741668701 14.54994678497314 10.40075302124023
Q 1.070583939552307 9.77835750579834 6.0765700340271
L .9530478715896606 12.55273628234863 9.737034797668457
A .790271520614624 13.84819889068604 13.38188362121582
D .7456201910972595 12.64261436462402 12.56636238098145
G .7300035357475281 11.41957664489746 11.15980529785156
H .6020888686180115 7.42607307434082 6.897974491119385
J .6004053354263306 8.20405101776123 8.213069915771484
K .5007179379463196 8.837874412536621 11.1140308380127
E .3912521600723267 6.313277721405029 7.770946025848389
F .0242750644683837 3.633707761764526 14.86416339874268
W = The Wall Street Elves Model Portfolio
X = SP500 Index
*note see appendix below for discussion of Sharpe Ratio.
============================================================================
============================================================================
============================================================================
THE WALL STREET ELVES MODEL PORTFOLIO
TRADE RECOMMENDATIONS
NO RECOMMENDATIONS FOR WEEK ENDING 01/02/98.
============================================================================
MODEL PORTFOLIO RECORD
----------------------
12/27/96 - 01/02/98
Return excluding commissions: 32.74%
SP500 (756.79 - 975.00) : 28.83%
Total Trades 8
Winners 6
Losers 2
SUCCESS RATE: 75%
Transactions
-------------
Date TAC Symbol Description Quantity $/U Com/Fees $ Amount
-------- --- --------- --------------- ---------- -------- -------- -----------
12/27/96 DPF CASH 4000.00
12/27/96 BUY USB C-First Bank Sy 13.9616 71.63 -1000.00
12/27/96 BUY FTU L-First Union ( 13.267 75.37 -1000.00
12/27/96 BUY G C-Gillette Comp 13.4454 74.38 -1000.00
12/27/96 BUY RGA F-Reinsurance G 21.4477 46.62 -1000.00
01/31/97 DPF CASH 2000.00
01/31/97 BUY EK C-Eastman Kodak 11.5274 86.75 -1000.00
01/31/97 BUY RAD U-Rite Aid 25 40.00 -1000.00
02/07/97 SLS RAIN B-Rainforest Ca -43.7158 22.87 1000.00
03/03/97 BYC RAIN B-Rainforest Ca 43.7158 18.94 -827.87
08/01/97 SP+ FTU L-First Union ( 13.267 0.00
08/29/97 SLL G C-Gillette Comp -13.4454 82.87 1114.29
08/29/97 SLL EK C-Eastman Kodak -11.5274 65.37 753.60
08/29/97 BUY RGA F-Reinsurance G 17.018 59.94 -1020.01
08/29/97 BUY FTU L-First Union ( 21.2228 48.06 -1020.01
09/02/97 SP+ RGA F-Reinsurance G 19.2329 0.00
10/10/97 DPF CASH 1000.00
10/10/97 BUY LEA L-Lear 20.2276 49.44 -1000.00
Portfolio Positions - 01/02/98
-------------------------------
T Symbol Description Quantity $ Cost Mkt Price $ Value Val %
- --------- --------------- ---------- ----------- --------- ----------- -----
S USB C-First Bank Sy 13.9616 1000.00 112.6250 1572.43 18%
S RGA F-Reinsurance G 57.6987 2020.01 43.1250 2488.25 28%
S FTU L-First Union ( 47.7568 2020.01 51.1250 2441.57 27%
S LEA L-Lear 20.2276 1000.00 48.0625 972.19 11%
S RAD U-Rite Aid 25 1000.00 59.4375 1485.94 17%
----------- ----------- -----
Common Stocks 7040.02 8960.38 100%
----------- ----------- -----
Portfolio Total 7040.02 8960.38 100%
Capital Gains 12/27/96-01/02/98
--------------------------------
Symbol Descrip Quantity Buy Date SellDate $ Sales Cost Basis Gain/-Loss
--------- --------- --------- -------- -------- ---------- ---------- ----------
RAIN B-Rainfor -43.7158 03/03/97 02/07/97 1000.00 827.87 172.13
G C-Gillett 13.4454 12/27/96 08/29/97 1114.29 1000.00 114.29
EK C-Eastman 11.5274 01/31/97 08/29/97 753.60 1000.00 -246.40
---------- ---------- ----------
Capital Gains (Short Term) 2867.89 2827.87 40.02
---------- ---------- ----------
Capital Gains (Long Term) 0.00 0.00 0.00
============================================================================
MODEL PORTFOLIO SELECTIONS
PANELIST COMPANY SYMBOL
Alan B. Bond First Bank Systems FBS
Mary Farrell First Union (N. C.) FTU
Alan B. Bond Gillette Company G
Mary Farrell Lear Corp. LEA
Howard P. Colhoun Reinsurance Group of America RGA
Alan B. Bond Eastman Kodak Co. EK
Julius Westheimer Rite Aid Corp. RAD
Laszlo Birinyi (ss) Rainforest Cafe RAIN
Please note that the stocks selected for the MODEL PORTFOLIO were culled
from a list of over 170 different companies. Many of the other selections
submitted by the WSW panelists will produce profitable trades during 1997,
their omission does not reflect negatively upon any panelist or company,
rather it demonstrates the limits of the editor's knowledge and talents.
============================================================================
SYMBOL KEY
DPF = CASH DEPOSIT OF FUNDS WDF = CASH WITHDRAWAL OF FUNDS
BUY = BUY SECURITY SLL = SELL SECURITY
SLS = SELL SECURITY SHORT BYC = BUY TO COVER SHORT POSITION
SP+ = SPLIT LONG SP- = SPLIT SHORT
T = TYPE OF INVESTMENT S = STOCK
$/U = PRICE PER SHARE M = MUTUAL FUND
TAC = TRANSACTION CODE $/COST = TOTAL INVESTMENT
DV+ = CASH DIVIDENDS PAID QUANTITY = # OF SHARES HELD
ss = SHORT SALE
**Note: In calculating the cost basis of each portfolio we assume 100%
margin requirements for each stock. If a portfolio consisted of 7
stocks (six long, one short) the cost basis would be $7,000.
The WALL STREET ELVES REPORT is produced weekly by RUSSELL EQUITY MANAGEMENT.
Periodically RUSSELL EQUITY MANAGEMENT may have positions in stocks profiled
by THE WALL STREET ELVES REPORT. RUSSELL EQUITY MANAGEMENT is not
affiliated with WALL STREET WEEK, the Public Broadcasting System, Louis
Rukeyser, nor any of the WSW panelists. The editor of the WALL STREET ELVES
REPORT is Russell Thomas.
RETURN TO ARCHIVES