April 2002: B.E. stock update - Investment Roundtable

Black Enterprise, April, 2003

Overcoming the third consecutive year of double-digit losses in the financial markets proved to be a difficult task for the two stock-pickers from last year's investment roundtable Charles Payne, founder of the New York City investment-advisory firm Wall Street Strategies and Eric McKissack, former vice president and portfolio manager for the Ariel Appreciation Fund, had little luck solving the riddle of a market plagued by uncertainty brought on by corporate accounting scandals, threats of war, and an ailing economy.

Payne's five stock selections suffered a 59.03% loss, demonstrating how a very aggressive, tech-heavy style can be punished in this bear market. And although McKissack selected well-known leaders in five different industries, only one, the Tribune Co. (NYSE: TRB), delivered positive returns. But even with Tribune's 33.37% returns, McKissack's portfolio saw a total return of -25.71%.

Eric McKissack Ariel Appreciation Fund

                                     Recent        Price at
Company (Exchange: Ticker)            Price    Recommendation *

Tribune Co. (NYSE: TRB)              $48.40         $36.29
Interpublic Group (NYSE: IPG)         12.87          27.07
MBNA Corp. (NYSE: KRB)                16.83          22.18 **
Cendant Corp. (NYSE: CD)              11.08          16.05
Toys R Us Corp. (NYSE: TOY)            9.04          19.82

Portfolio Performance
Current Value of $5,000 Investment

                                      Total      Current Value
Company (Exchange: Ticker)           Return    $1,000 Investment

Tribune Co. (NYSE: TRB)               33.37%       $1,333.70
Interpublic Group (NYSE: IPG)        -52.46           475.43
MBNA Corp. (NYSE: KRB)               -24.12           758.79
Cendant Corp. (NYSE: CD)             -30.97           690.34
Toys R Us Corp. (NYSE: TOY)          -54.39           456.10

Portfolio Performance                -25.71%
Current Value of $5,000 Investment                 $3,714.36

* AS OF JAN. 31, 2003

** PRICE ADJUSTED TO REFLECT A 3 FOR 1 STOCK SPLIT

SOURCE: YAHOO! FINANCE

Charles Payne Wall Street Strategies

                                    Current      Price at
Company (Exchange: Ticker)          Price    Recommendation *

Nokia (NYSE: NOK)                   $14.39        $23.18
AOt time Warner (NYSE: AOL)          11.66         26.40
Applied Materials (Nasdaq: AMAT)     11.97         21.58 **
Concurrent Computer (Nasdaq: CCUR)    3.30         13.12
Openwave (Nasdaq: OPWV)               1.23          6.68

Portfolio Performance
Curet Value of $5,000 Investment

                                     Total     Current Value
Company (Exchange: Ticker)          Return   $1,000 Investment

Nokia (NYSE: NOK)                   -37.92%        $620.79
AOt time Warner (NYSE: AOL)         -55.83          441.67
Applied Materials (Nasdaq: AMAT)    -44.53          554.68
Concurrent Computer (Nasdaq: CCUR)  -74.85          251.52
Openwave (Nasdaq: OPWV)             -81.59          184.13

Portfolio Performance               -58.94%
Curet Value of $5,000 Investment                 $2,052.79

* AS OF JAN. 31, 2003

** PRICE ADJUSTED TO REFLECT A 2 FOR 1 STOCK SLPIT

SOURCE: YAHOO! FINANCE