Consumer >> Sector Roundtables >> June 4, 2001
MICHAEL A. HAPPEL is a Principal of Morgan Stanley Dean Witter & Co.
Previously, he was Director of Acquisitions for the Morgan Stanley Real
Estate Funds and was involved in real estate investment banking
activities at Morgan Stanley. Mr. Happel is a graduate of Harvard Law
School and Duke University. Profile
DAVID W. ANDERS is employed at Merrill Lynch as a First Vice
President covering the lodging and gaming sectors. Prior to this,
he was employed by Credit Suisse First Boston for just over three
years, where he covered gaming, lodging and leisure companies.
Mr. Anders started his career with Montgomery Securities in 1992.
He earned a Master of Science degree in Finance from the
University of Wisconsin, where he was a member of the Applied
Securities Analysis Program. For the last five years
Institutional Investor magazine has ranked Mr. Anders as one of
the top gaming and lodging analysts. He has been widely quoted in
many other trade publications. Additionally, Mr. Anders has
appeared on CNBC, CNNfn and Bloomberg Television. Profile
BRYAN A. MAHER is a Director and Senior Equity Analyst with Credit
Lyonnais Securities (USA), Inc. (CLS), responsible for providing equity
research on the lodging, gaming and leisure industries in the US. Prior
to joining Credit Lyonnais in 1999, Mr. Maher was an Equity Analyst at
Deutsche Banc Alex. Brown, where he was the Associate Lodging & Leisure
Analyst since April 1996. Prior to joining Deutsche Banc Alex. Brown,
Mr. Maher worked at Dean Witter Reynolds from 1992 to 1996. Preceding
his work at Dean Witter, Mr. Maher was an Analyst at the Trump Taj Mahal
in Atlantic City, NJ, from January 1990 to October 1991. Complementing
Mr. Maher's experience as an Equity Analyst on Wall Street are his nine
years of combined lodging and gaming operating experience. Mr. Maher
received his Bachelor of Science degree in Finance from Clemson
University and his MBA in Strategic Management from Georgia State
University. Profile
BRIAN D. EGGER is a Director in the Equity Research Department of Credit
Suisse First Boston covering the gaming and lodging industries. Prior to
joining the firm, he was a Vice President in the Equity Research
Department of Donaldson, Lufkin & Jenrette covering the gaming and
cruise lines sector. Mr. Egger received a BS in Economics from the
University of Pennsylvania's Wharton School and an MBA from the
University of Chicago. Mr. Egger is a member of the 1999 and 2000
Institutional Investor All-America Research Teams. Profile
TWST: David, what drove the rally in the lodging stocks that kicked offin March 2000, and was that rally sustained through the second half of
the year?
Mr. Anders: What really drove lodging