Buy Low, Sell High

I made $207 today. And I did nothing to earn it. Well, technically I did do something, having invested retirement funds into shares of the Walt Disney Company some months back.

The company's stock ended the day at a 52-week high of $29.09, up 69 cents. So my 300 shares earned me -- on paper, anyway -- $207. I'm up $1,100 from when I bought it. Certainly not enough to retire on but a decent return on money that otherwise would have been sitting in a SEP-IRA account that I can't touch for another 26 years.

I got my first shares of Disney stock for my 15th birthday. I was told about the purchase on my way to celebrate at Disneyland. I remember looking at a decorative knob on the railing at Main Street Station and saying to myself that was probably what my share in Disney was worth. But it was cool to say that I was an owner in the company that I loved so much.

My two shares allowed me to go to shareholder meetings, which at times were held at the Anaheim Convention Center across the street from Disneyland. It was neat to see all of the company's executives come out and make their announcements and preview some cool new thing planned for the next year. And we got free tickets to visit Disneyland afterward.

My two shares got me annual and quarterly reports. It got me into the Magic Kingdom Club. It got me an attractive certificate that I framed and hung on the wall of my bedroom. It got me dividend checks with little Mickey Mouses up in the corner. The company did well and my two shares would eventually split multiple times.

Disney shares also helped finance the purchase of my first house. My wife had Disney investments that her parents had bought her with gift money through the years. She also was able to take a percentage of her paycheck at the Disney Store and contribute to an employee purchase plan. When it became obvious that we were going to have to wait another year before affording a house, I sunk our nest egg into Disney, which I felt was devalued when stocks fell after 9/11. I guessed right and we made a nice sum from that investment a year later. Selling all of our Disney stock helped us put a down payment on our place.

I'd like to invest more in Disney but haven't decided whether to or not. There are probably other stocks out there that will make me more money over time. I might want to invest in mutual funds or bonds or some other vehicle that may pay off better so that I can retire and enjoy life visiting Disney theme parks.

But I believe in Disney as a company. I think they have great market penetration and wonderful offerings. Who else sells pixie dust and magic? Who else provides its customers such happy dreams and remembrances? Who else is going to make you feel proud to own a decorative knob on a railing somewhere?

Walt Disney once said, "Dream, diversify and never miss an angle." I may wind up spreading my financial investments over a variety of instruments over time but I'd be surprised if I didn't include some more Disney stock within that portfolio.

Winning Television Isn't as Easy as ABC

I remember seeing the news conference on TV when Disney announced that it was buying Capital Cities/ABC Inc. for $25.8 billion in 1995. That was a big acquisition and one that showed that the Walt Disney Company was definitely a media giant. Everyone talked synergies and how great a pairing the two companies would be as one.

Eleven years later and ABC is trying to recover from its drop to the No. 4 network behind CBS, NBC and Fox. The past couple of years have looked promising with the introduction of bona fide hits like Desperate Housewives and Lost. This season started so well with a number of other shows getting plenty of buzz and viewers. Disney CEO Robert Iger was hailed as a savior for turning the network around.

But just weeks before ABC is set to unveil its Fall lineup, the network isn't looking so hot to me. Yes, Desperate Housewives and Lost are still doing pretty well, joined by Grey's Anatomy and Dancing with the Stars as two other standout hits. ABC had great ratings with broadcast rights to this year's Super Bowl and Academy Awards. But for the first week of May sweeps, ABC is fourth in total viewers; third in the advertising-coveted 18-to-49 demo. Where's the turnaround?

ABC announced that is yanking Commander in Chief from the remainder of this sweeps period. This show was both critically acclaimed and highly viewed when it debuted. Then baseball wrapped up on Fox and viewers shifted from the White House to House. Invasion couldn't scare up viewers. Hot Properties got the cold shoulder. Night Stalker failed to continue seeing the light of day. The heavily promoted midseason show Emily's Reasons Why Not lasted one episode on the network. One episode.

I've heard rumblings that people are growing tired of Lost's complex storylines and the number of repeats between original episodes. Monday Night Football, a Top Ten staple for years, is moving to ESPN next season. But not to fret, ABC will be broadcasting the finals of the National Spelling Bee in primetime this June. That's appointment television! To counter NBC's Deal or No Deal juggernaut, ABC will be airing a game show of its own where contestants compete for a monthly pension for the rest of their lives.

All of this news makes me nervous that ABC's turnaround will be rather short-lived. With so many other entertainment options available, I'm not too sure how much network TV will really matter anymore anyway. Already, there will be one fewer network next year as the WB and UPN are combining to form CW. Devices like TiVo make it easy to watch programs on viewers' own schedules and the ability to fast-forward through commercials is extra appealing. It will be interesting to see how the big networks counter viewer erosion in the future.

But, for now, I'm most interested in how ABC will win viewers next season. Guess I'll find out when the Fall season is announced May 16.