As of the Sept. 13 program, the stocks listed below weren't holdings in the funds co-managed by Leuthold. However, he owns them through a family foundation.

"Our basic approach is, there are going to be telecom survivors -- it's too vital an industry that there won't be. If they don't have the capital available for infrastructure improvement, I wouldn't be surprised to see some kind of government guarantees, like what's been done with the airlines. And I really think that a group that's down 85 pct peak-to-trough, that is here as a permanent and important part of the US infrastructure, deserves some attention at least on a bottom-fishing basis.

"The more bankruptcies there are, the better it is for the surviving companies. And that's why you have to buy a package of these. Now the ones that we purchased are all what we view as being the better quality ones. And again,I have purchased these on an initial preliminary bottom-fishing expedition. We haven't done it for the fund, I've done it for my own family foundation, and unlike most people, I don't think you should talk about stocks unless you're willing to own them yourself."

Verizon

BellSouth

SBC Communications

AT&T Wireless

US Cellular