Same Conference, 2 Different Stories

We wish to bring (to) your attention a situation with the potential to damage the credibility of your business section.

We enclose two articles. One, which appeared in the May 3 Orange County Edition of the Los Angeles Times, was written by Michael Flagg (“Meeting Name Changes, but It’s Still Ruff Stuff”). The other article, written by Earl Gottschalk Jr., appeared in the May 5 issue of the Wall Street Journal. Both articles concern the same subject, Howard Ruff and the National Conference for Independent Investors, which was held in Anaheim from April 30 through May 3.

The articles are quite different, not only in style but in content. I attended this conference, and witnessed Mr. Flagg’s interview with Mr. Ruff.

The Journal correctly noted that “Mr. Ruff is now bearish on gold and silver” and quotes Mr. Ruff on the price of gold: “I wouldn’t bet against $300. Well, even $250 wouldn’t surprise me.” Your reporter, on the other hand, exclaimed in his lead paragraph how Howard Ruff was “ready to . . . extol the virtues of precious metals.” Mr. Flagg was incorrect.

Mr. Ruff’s investment recommendation, as accurately reported in the Journal: “Buy 20-year to 30-year Treasury bonds and utility stocks, whose prices will climb when interest rates fall in the coming recession.” The Times article reads: “Much of his advice is on how to cope with the aftermath of disaster; things like buying silver--in case paper money becomes worthless--and stocking supplies of food.”

Mr. Gottschalk noted in the Journal that several conference-goers “longed for the Ruff conferences of the past , where advisers sketched portraits of the coming apocalypse and the exhibit hall was peppered with survivalist food booths.” In reading Mr. Flagg’s article, one can’t help but wonder if he didn’t merely rehash articles written by others, several years ago. Sir, we do not read the Los Angeles Times for rehashes of dated news stories.

BRADLEE J. SWEIGART

Vice President

Michael Baybak & Co.

(Public relations counsel

for Howard J. Ruff)

Beverly Hills