Growing Rich - Arabictrader.com

GROWING RICH WITH GROWTH STOCKS
more than a decade, Stovall wrote a number of stories for that weekly
paper, along with a few book reviews. From early 1968 through 1977,
he was a regular columnist for Forbes. In 1979, he began writing for
Financial World, and most recently started penning a bimonthly
personal finance column for Sales and Marketing Management
magazine.
THE MOVE TO NUVEEN
After 14 successful years at E. F. Hutton, where he eventually became
a corporate stockholder, Stovall left to join the firm John
Nuveen. “E. F. Hutton was wearing me out. They sent me from town
to town giving talks to our branch managers, brokers, institutional
clients, Rotary clubs, and local colleges,” he contends. “I was fully
extended. The company kept growing, and I figured I would be better
off at a smaller, institutionally oriented firm. In January 1967, I was
offered a position at John Nuveen.” Nuveen specialized in fixed-income
instruments, but wanted to expand its reach into equities. In
essence, it hoped to transform itself, Stovall claims, into a boutique
version of Salomon Brothers. The firm bought a seat on the New York
Stock Exchange and recruited Stovall to be its research director for
both stocks and bonds. “We made a lot of progress in equities, until
management lost most of our capital speculating on the bond desk,”
Stovall asserts. “Nuveen had to resign from the stock exchange because
of inadequate capital. It was high drama. I had to terminate the
various people I recruited for the equity operation in the summer of
1969. It was very embarrassing, yet enlightening.”
Stovall decided to follow the golden rule he had learned in grammar
school, which called for taking care of the now displaced workers he
had recruited. “I tried to get them all interviews and jobs,” he recalls.
“To show interest in somebody other than yourself on Wall Street in
the 1960s was so novel that it attracted a lot of favorable attention.
I managed to get interviews for all of the analysts. Some are still
working at the places where I opened the doors for them.”
One of the more prominent analysts Stovall helped out in 1969
was E. Michael Metz. Metz was hired by Oppenheimer and for years
served as their high-profile and frequently quoted chief investment
strategist. Stovall was also offered a job as research manager at Oppenheimer
during this turmoil, but turned it down, since he viewed
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