The Kramer Antidote: Consuelo Mack

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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Consuelo Mack revels in being different from everyone else in the world of financial broadcasting. “People think of me as the Kramer antidote,” she says, taking a good-natured poke at her blustery television rival, Jim Kramer.

What Mrs. Mack means is that it’s impossible these days not to turn on the tube and receive a barrage of stock tips. “The financial news networks have a lot of airtime to fill, so they’ve become excellent at shooting off 15-second sound bites,” she says. “Beyond throwing around lots of buys and sells, though, there’s nothing on TV that’s going to help you build and preserve wealth over the longterm.”

Except, of course, ” Wealth-Track,” Mrs. Mack’s half-hour talk show on pubic television, which she produces herself. During the past year and a half, the show has expanded to 105 from three stations, and has showcased a line-up of investing heavyweights who generally share a common characteristic: They don’t do television.

But it’s difficult to resist the charm of Mrs. Mack, who many recognize from her 17 years hosting “The Wall Street Journal Report” on CNBC. Mrs. Mack is able to coax behind-the-scenes money managers and research professionals to appear on “Wealth-Track” for the simple reason that they aren’t forced to rattle off stock ideas in a combative, McLaughlin Group format.

“I’ve seen too many individual investors lose their shirts by watching pundits shoot their mouths off on TV,” Mrs. Mack says. “Instead, my guests explain what they do and how they see the world. I want viewers to get ideas that will help them develop a diversified set of investments over the long haul.”

At a recent taping of a show in midtown, for example, Mrs. Mack welcomed the famed money manager David Dreman to discuss the merits and drawbacks of socially responsible investing. “Look, it’s my responsibility to maximize the investment returns for my clients, not to advise them on virtue,” Mr. Dreman said.

Before the cameras start rolling, Mrs. Mack is just as comfortable talking about sophisticated investing strategies with Mr. Dreman as she is with a topic like college football. She enjoys sharing some quirky insights from a “Wealth-Track” guest, Bill Miller, who applies bioscience studies on mammalian heartbeat patterns to measuring corporate management performance.

Her investment outlook is just as eclectic. “WealthTrack” has investigated the lucrative arts and antiques markets (African-Americana is hot, we’re told) and devotes time to working through the complex world of insurance. “One of my favorite guests, Peter Bernstein, says that you’re not totally diversified until you own something you’re uncomfortable with,” she says.

For all her impressive friends, Mrs. Mack shies away from devoting airtime to investing in alternative instruments typically reserved for the rich, like hedge funds. “I’m about value investing,” she says. “We’re late in the hedge fund game and there are a lot of inexperienced players out there. It was interesting when the Harvard and Yale endowments were doing it 10 years ago, but I don’t see how my viewers are going to come away with real action points if I touch on the subject today.”

Indeed, the most popular aspect of “WealthTrack” is Mrs. Mack’s insistence that her guests provides viewers with one, solid investment idea at the end of every show. She then gives an “action point” of her own, which has ranged from the importance of easing college debt loads to the intricacies of personal health insurance policies.

Guests never raise their voices on “WealthTrack,” and nobody ever shouts anyone down. Despite this absence of provocation, the show proves that there’s room for smart television in a world dominated by sound bites. “If you want to build wealth, listen to me,” Mrs. Mack says. “If you want a hasty stock tip, there are plenty of other places you can go.”


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