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Air date: Sept. 13, 2002
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Daniel Yergin
Chairman, co-founder
Cambridge Energy Research Associates
Daniel Yergin

More about The Commanding Heights television series.

Some PBS viewers are familiar with Yergin's work. Two of his books, the The Commanding Heights: The Battle for the World Economy and the Pulitzer Prize-winning The Prize: The Epic Quest for Oil, Money and Power, were turned into highly acclaimed PBS documentaries. The Prize, which was a number one best-seller as a book and seen by 20 million people as a TV miniseries, cemented Yergin's reputation as a leading expert on energy policy.

Yergin received the United States Energy Award for "lifelong achievements in energy and the promotion of international understanding." He sits on the boards of the United States Energy Association and the National Petroleum Council, as well as the Secretary of Energy's advisory board. Yergin chaired the Department of Energy's Task Force on Strategic Energy Research and Development.

However, Yergin's work goes beyond the energy industry. His latest book, The Commanding Heights -- co-written with Joseph Stanislaw, one of the founders of Cambridge Energy Research Associates -- looks at dominant businesses and industries that form the high economic ground around the world. Yergin's first book, Shattered Peace, looked at the origins of the Cold War and was named "Best Book of the Year" by the National History Society. He also co-authored Russia 2010 and What It Means for the World.

Other posts include trustee of the Brookings Institution. Yergin is also a regular commentator for the public radio business program, Marketplace.

Yergin graduated with a bachelor's degree from Yale University, and received his Ph.D. from Cambridge University, where he was a Marshall Scholar.

Cambridge Energy Research Associates has 250 employees in several offices around the world.

Yergin wrote The Myths of Inflation and Investing and Index Funds, the Risks and Pitfalls. He has written for Barron’s, Corporate Report, The Journal of Portfolio Management and Financial Analysts Journal.


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Steve Leuthold
Chairman, portfolio manager
Leuthold Weeden Capital Management

Steve Leuthold

An investment strategist, manager and researcher for more than 30 years, Leuthold is the founder and chairman of Leuthold Weeden Capital Management; a portfolio manager for the Leuthold Core Investment Fund, the Leuthold Select Industries Fund and the Grizzly Short Fund; and chairman of The Leuthold Group, an investment research group.

Leuthold Core Investment is a hybrid fund, rather than one that focuses on a particular sector or investing style. But when Leuthold likes a sector, he goes for it a big way. "So far, management has proven highly capable, and the fund has a great risk/reward profile," says research firm Morningstar, which has a 5-star rating on Leuthold Core. "But its sometimes-risky bets could backfire."

In the second quarter, Leuthold Core Investment fell 5.7 percent, compared to a loss of 8.6 percent for the Lipper Flexible Fund Index and a decline of 13.9 percent for the S&P 500. Leuthold describes Core Investment as a fund for someone 48 to 50 years old and starting to think about retirement. Currently, the Leuthold's core portfolio calls for the following asset allocation:

  • Equities: 45 percent
  • Emerging country funds: 8.4 percent
  • Short-selling fund: 13.4 percent
  • High-yield corporate bonds: 11.8 percent
  • Treasury inflation-protected bonds: 10 percent
  • High-quality U.S. corporate bonds: 8.2 percent
  • Cash: 3.2 percent
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