Financial journalism pioneer Louis Rukeyser died yesterday at age 73. If you're new to investing, the Rukeyser name may not roll freely from your tongue. He was a star when the country consumed its Wall Street morsels from PBS instead of CNBC.
As the host of Wall $treet Week from 1970 to 2002, Rukeyser's warm voice and penchant for puns helped demystify the investing process for an audience hungry to learn more about the stock market. Investment clubs would huddle around his Friday-night broadcasts, then dissect the news in their living rooms before the Internet emerged as the ultimate disseminator.
In an odd way, if it weren't for Rukeyser, there may have never been a Fool.com. Before David Gardner founded The Motley Fool with his brother Tom, he was a writer for Rukeyser's financial newsletter, Louis Rukeyser's Wall Street. It was not one of David's favorite gigs, and the relationship between Rukeyser and The Motley Fool was icy at times.
We took our shots early on. We poked fun at his panel of "elves," which consisted of chummy analysts used to gauge forecasts of the market's direction. We chided his show for serving as a marketing mouthpiece for his money-manager guests, with Rukeyser failing to take his friends to task by asking the hard questions or nailing them on accountability. He fired back our way, of course. At one point, he even called the Gardners "shoeshine boys."
Just as we take Jim Cramer to task these days for favoring financial entertainment over financial education, we were quick to call Rukeyser out for doing likewise. In some ways, Rukeyser's show became the epitome of the "Wall Street Wise," the imaginary figures that became the common enemy of early Fools as a roadblock to individual investor enlightenment.
If this all comes across as the most antagonistic form of eulogizing that you've ever read, I've packed a shovel for the eventual sugarcoating process. Even if Rukeyser's antics rubbed some of us the wrong way, he was an unmistakable influence in our lives. Tom and David grew up watching Rukeyser because, as they recall, their father "watched it inveterately every Friday evening as a capper to the week."
At worst, Rukeyser's show could be viewed as a gateway drug to more potent forms of stock market empowerment. At best, he was an inspirational beacon, getting the country talking about stocks -- perhaps for the very first time.
Since the relationship with Rukeyser turned reconciliatory after PBS nudged him out in 2002, I asked David for his thoughts this morning on Rukeyser's passing. This is what he had to say:
I worked for him and his newsletter - it was my first job. You had to admire the pluck and optimism of his message each week, wittily worded, encouraging mom-and-pop investors to stay the course in our century-long bull market, and not to take too seriously the words of Wall Street ... which he ironically then showcased on his TV show. While he never really picked stocks, he did pick his words well, and we've lost an eloquent commentator on all things financial.
Thanks, David. Time is funny that way. Mortality is the ultimate makeover; we redefine arrogance as confidence, and cross-town rivals become drinking buddies. The honest-to-God truth is that whether you view Rukeyser as a role model or the ultimate talking head, he shaped the field of financial journalism, giving it an industry-jarring personality that humanized the investing process for the masses.
He made stocks cool, or at the very least conversational. He lit the spark in us all to learn more and take a more active role in achieving our own financial independence. Maybe you see him as a giant among "elves" in the financial community. Maybe you simply see him as a stepping stone in your investing evolution. Either way, there's no denying that he lived up to the "read it and reap" catchphrase that he once used to market his print newsletter.
Rukeyser ended his weekly show with a signature wink to the audience. Now -- in a wink of an eye -- he's gone, but he'll always be remembered.
Shine on, Lou, like the spit-clean shoes that we buffed up back in the day.
Longtime Fool contributor Rick Munarriz may not be tall, but he was never one of Rukeyser's elves. T he Fool has a disclosure policy. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.
