Bucks Blog: The Question You Should Be Asking About the Stock Market

Carl Richards is a financial planner in Park City, Utah, and is the director of investor education at the BAM Alliance. His book, “The Behavior Gap,” was published last year. His sketches are archived on the Bucks blog.

With the stock market up more than 100 percent from those scary days in early 2009 and up 16 percent in 2012 alone, we’re now hearing plenty about how small investors are getting back into the market. Andrew Wilkinson, the chief economic strategist at Miller Tabak Associates, referred to it as a “a real sea change in investor outlook.”

It seems we’re in danger of repeating the same old cycle of swearing off stocks forever during scary markets, missing a huge rally and then deciding it’s time to buy when stocks are high again. On the flip side, I’ve had a number of conversations with Main Street investors who are asking if now is the time to sell because the Dow Jones Industrial Average is hovering near 14,000 and the S&P 500 stock index is around 1,500 again.

So which one is it? Should everyday investors be buying or selling?

Do you see the problem here?

If we’re investing based on what the market has done, it’s a recipe for disaster. Recent market performance tells us almost nothing useful about what the market will do in the near future. Logically it seems like it should, but a quick review of the market’s performance during the last six years should be evidence enough to convince us that it doesn’t.

Remember how you felt in March, 2009? I bet you didn’t feel like investing, and you weren’t alone. Almost no one did. It was a scary time. But it turns out that it would have been a brilliant time to invest. Again, not because of what the market had done, but what it was about to do.

But there was no way to know that in March 2009.

Did anyone expect (or feel) like 2012 was going to turn into a 16 percent year? In fact, almost all the unfortunate souls that make their living predicting the markets got 2012 wrong.

Here’s the thing we need to remember: we have no idea if now is the time to be buying or selling. But the good news is that it’s not even the question we should be asking. Instead we should be asking, “How can we avoid making the big behavioral mistake of selling low and buying high (again!) in the future?”

Instead of worrying about getting in or out of the market at the right time, take that time to focus on crafting a portfolio based on your goals. Start by taking out a piece of paper and writing a personal investment policy statement that addresses the following:

1. Why are you investing this money in the first place? What are your goals?
2. How much do you need in cash, bonds and stocks to give you the best chance of meeting those goals while taking the least amount of risk?
3. What actual investments will you buy to populate that plan and why? Make sure you address issues like diversification and expenses.
4. How often will you revisit this plan to make sure you’re doing what you said you would do and to make changes to your investments to get them back in line with what you said in number 2?

A personal investment policy statement can be one of the most important guardrails against the emotional investment decisions that we all regret in hindsight. So, when you get worried about the markets and are tempted to sell everything you own that has anything to do with stocks, go back to that piece of paper. If your goals haven’t changed, forget about it.

And when you get excited about that initial public offering that your brother-in-law says he can “get you in on,” pull out that piece of paper. If your goals haven’t changed, forget about it.

When your neighbors are all wrapped up in how the latest apocalypse du jour is going to ruin everyone’s retirement, pull out that piece of paper. If your goals haven’t changed, forget about it.

I know this might not work all the time. In fact, it might not work at all when we’re scared and dead set on getting out. But my hope is that having something we wrote when we weren’t scared will give us a little time to pause and ask a few questions before we do something that might end up being a mistake.

As a result, maybe, just maybe, we can shift the focus away from whether now is the right time to buy or sell and place it squarely on whether that decision fits into our own, personal investment plans.

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L.A. County removing metal detectors from some hospital facilities

It was typically chaotic in the emergency room at Los Angeles County/USC Medical Center that February day in 1993. Richard May was treating patients in the triage area when a disgruntled man started ranting about the long wait. Then, without warning, the man pulled a gun and started shooting, hitting May in the head, chest and arm and seriously wounding two other doctors.

The carnage, coming after a series of violent incidents, prompted a wave of safety improvements, including the installation of metal detectors at hospital entrances, bulletproof enclosures in emergency rooms and the addition of more security guards.

Now, 20 years after the attack, officials want the metal detectors removed from parts of county hospitals to make them more welcoming to patients in the newly competitive marketplace being created by the Obama administration's healthcare overhaul. The machines in the emergency rooms will remain, but the others are to be taken out by summer. The proposal comes at a time when high-profile shootings have put the nation on edge and prompted emotionally charged debates about the availability of assault weapons and the presence of armed officers in schools.

The county's director of Health Services, Mitchell Katz, says metal detectors stigmatize poor patients and visitors and give the impression that the county facilities are dangerous. Security is paramount, but metal detectors aren't the best way to ensure that, he argues. Most other urban hospitals in L.A. County do not have the machines, relying on guards to provide safety, he said.

"It is a different moment to look and ask ourselves, 'What is the best way to do security?'" Katz said.

But the proposed changes have patients, nurses and doctors worried and are drawing opposition from law enforcement and union members.

May, 67, who suffers from post-traumatic stress disorder, is among those asking administrators to reconsider. He works part-time at the county's Hudson Comprehensive Health Center south of downtown, where he says the metal detector gives patients and staff peace of mind.

"I feel angry, frustrated and resentful," he said of the proposal to remove the devices. "We wouldn't have been shot if they were there then."

Paul Kaszubowski, 64, another doctor shot in 1993, said the bullet shattered his arm and grazed his head. He still suffers problems with his arm and has occasional flashbacks. Removing the metal detectors doesn't make sense, he said. Providing compassionate and high-quality care is the best way to attract and retain patients, he said.

Beginning next year, uninsured patients will be eligible for Medi-Cal coverage and have more options outside of the county's healthcare system. That is driving safety-net hospitals to improve their customer service so they are no longer the providers of last resort.

But that push is running headlong into a record of violence at urban medical facilities, where healthcare workers are often the victims of assault. Hospitals are intrinsically high-risk places, and metal detectors can help prevent violent attacks, said Jane Lipscomb, a University of Maryland professor who has studied hospital safety.

The county's largest public hospital workers' union is trying to stop the removal of the scanners and sent a letter to Katz saying the action is a "huge decision" that could put patients and staff in harm's way.

Longtime County/USC nurse Sabrina Griffin, a union representative, vividly remembers the 1993 shooting and fears something similar could happen again if the screening equipment is removed. She particularly worries about gang retaliation spilling into the hospital after a shooting or stabbing.

"I just feel safer having the scanners," she said.

Sheriff's Department Capt. Chuck Stringham, who oversees security at the county healthcare facilities, said late Friday that the department is opposed to the wholesale removal of the metal detectors without another plan for weapons screening.

County hospitals mirror the crime and violence of surrounding communities, he said, and the scanners serve as the first line of defense — finding guns, knives, box cutters and other weapons.

The county removed the metal detector equipment from the outpatient building at County/USC in July, and no violent incidents have been reported there since doing so, according to the Sheriff's Department. By June 30, the county plans to remove 26 more machines from County/USC, Harbor-UCLA Medical Center, Olive View Medical Center and the Martin Luther King and Hudson centers.

Patients and visitors entering another County/USC facility last week emptied their pockets of cellphones, keys and wallets before stepping through the scanners. In a period of a few hours, guards confiscated two pocketknives.

Walter Johnson, 59, who had an eye appointment, said removing the machines is "crazy." "How would they know if anyone is coming in with a gun, or an AK-47, or a knife?" he said. "The minute you take these out, you are gonna give some idiot some excuse to do something."

Michelle Mendez, an ER nurse, said metal detectors are needed in the emergency room but not elsewhere. "I think [visitors] would feel more comfortable when visiting their loved ones, knowing we aren't so concerned about violence and crime and weapons," she said.

Tammy Duong, a medical resident in the psychiatric unit, said the machines can be intimidating. But she worries about what might happen without them.

"Just because it is a hospital," she said, "doesn't mean violence can't spill over."

anna.gorman@latimes.com

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Wired Science Space Photo of the Day: Wheatley Crater on Venus

Magellan radar image of Wheatley crater on Venus. This 72 km diameter crater shows a radar bright ejecta pattern and a generally flat floor with some rough raised areas and faulting. The crater is located in Asteria Regio at 16.6N,267E.

Image: NASA/GSFC [high-resolution]

Caption: NASA

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NBC News President Capus to leave network

(Reuters) – NBC News President Steve Capus will be leaving the network in the coming weeks after struggles at the unit, including lower ratings for its flagship morning TV show, “Today.”

No replacement has been named for Capus, president of NBC News since 2005, according to a company memo obtained by Reuters. In a statement, Capus said it was “now time to head in a new direction.”

Three sources close to NBC said his departure had been rumored around the halls after parent Comcast Corp reorganized the news division in July, bringing in Patricia Fili-Krushel to head the news unit’s business operations. After that change, these sources said, Capus’ departure became a matter of when, not if.

Prior to Comcast’s takeover, the three heads of NBC‘s news operations — Mark Hoffman at CNBC, Phil Griffin at MSNBC and Capus — all reported directly to Jeff Zucker, who was not only NBC’s chief executive but also well-versed in hard news.

“There was a natural flow to the news division under Zucker. They all spoke the same language,” said one of these sources. “No disrespect to Pat, but she’s not viewed as a news person.”

Indeed, both Capus and Zucker basically grew up with each other at NBC, spending about 20 years together at the network. Capus did not say what his next move would be. Zucker, the executive who promoted him seven years ago at NBC, is now the worldwide president of CNN, owned by Time Warner Inc.

The sources said it would not be a surprise if Capus eventually resurfaced in a new position under Zucker at CNN. Earlier this week, Mark Whitaker, the managing editor at CNN, announced his resignation to make room for Zucker to install his own team. Prior to his joining CNN, Whitaker worked at NBC News under both Capus and Zucker.

Fili-Krushel said in a memo to staff on Friday that until a replacement for Capus is found, NBC News will operate under an interim structure with various executives reporting to her. She will start the search for a successor in coming weeks, with Capus helping with the transition.

Two other sources said that the recent view internally has been that Antoine Sanfuentes, an executive who oversees NBC News‘ Washington bureau and the Sunday political talk program “Meet the Press,” was being groomed to replace Capus. Fili-Krushel said in her memo that Sanfuentes will report to her and serve as interim managing editor responsible for editorial decision-making.

The first three sources said they had expected Capus to announce his departure at the end of last year to coincide with the announcement that Jim Bell was leaving as executive producer of the “Today” show to assume the newly created role of full-time executive producer of the Olympics.

Ultimately, Capus decided to trigger his departure by exercising an “out” clause built into his most recent contract, according to one of the first three sources.

Capus commanded the loyalty of NBC News staff, particularly the on-air talent and producers, all of the five sources agreed. Some of the major news events he worked on included the September 11 attacks, the discovery of anthrax in the NBC newsroom, the death of Britain’s Princess Diana and the wars in Iraq and Afghanistan. His resignation came as an unexpected blow to NBC News staff, despite the apparent grooming of Sanfuentes.

Savannah Guthrie, installed by Capus as “Today” show host after the departure of Ann Curry, tweeted on Friday that Capus was “a great leader and tireless advocate for NBC News” who will be missed.

NBC News made deep job cuts in 2006 after wider layoffs at the parent company. Rivals ABC News and CBS News have also made hundreds of layoffs in the past few years.

Capus said in his memo that he “tried to shield journalists from the tough economic pressures hoping that would give each of you the running room to focus solely on a commitment to outstanding journalism.”

RECENT STRUGGLES

NBC News has been the one part of the network’s news operations to show slippage in the last year. CNBC is far and away the leading business news network, as measured in ratings. MSNBC has not only surpassed CNN to become a strong No. 2 among general cable news networks, but has also closed the gap with long-time leader Fox News, owned by News Corp.

“Pat Fili-Krushel has a strong vision of the integration that is required to make the full array of NBC programming fire on all cylinders in unison. She also understands the need to complement both the owned station and Comcast cable group goals to leverage all to best advantage,” said Magid & Associates consultant Steve Ridge.

NBC News has ranked as the leader among network news broadcasts in both the morning and evening for much of Capus’ eight-year run as president. Two of the first three sources said he deserves credit for maintaining the “Today” show as the dominant morning news program, “NBC Nightly News” as the leading evening news broadcast, and “Meet the Press” as the marquee Sunday news program. But over the last year, Capus’ fiefdom has taken a few hits, most notably at the “Today” show.

NBC News, for example, was criticized for ousting Ann Curry as “Today” co-host after only one year.

The “Today” show has been in a back-and-forth ratings war with ABC’s “Good Morning America” ever since ABC snapped NBC’s 16-year unbeaten streak last year. “NBC Nightly News” is averaging 8.76 million total viewers, ahead of “ABC World News” and “CBS Evening News.” It has seen less ratings success with the news magazine “Rock Center with Brian Williams,” which debuted in 2011 and after being bounced around the schedule, will move to Friday nights on Feb 8.

NBC News also came under fire last spring when it decided to edit a call to police from George Zimmerman, the Florida man who shot unarmed teenager Trayvon Martin. The editing made it appear that Zimmerman told police, without being prompted, that Martin was black when, in fact, the full tape revealed that the neighborhood watch captain did so only when responding to a question posed by a dispatcher.

NBC has since been sued for defamation by Zimmerman.

(Additional reporting by Mark Hosenball in Washington; Editing by Lisa Von Ahn, Andrew Hay and Matthew Lewis)

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Concerns About A.D.H.D. Practices and Amphetamine Addiction

Before his addiction, Richard Fee was a popular college class president and aspiring medical student. "You keep giving Adderall to my son, you're going to kill him," said Rick Fee, Richard's father, to one of his son's doctors.

VIRGINIA BEACH — Every morning on her way to work, Kathy Fee holds her breath as she drives past the squat brick building that houses Dominion Psychiatric Associates.

Matt Eich for The New York Times

MENTAL HEALTH CLINIC Dominion Psychiatric Associates in Virginia Beach, where Richard Fee was treated by Dr. Waldo M. Ellison. After observing Richard and hearing his complaints about concentration, Dr. Ellison diagnosed attention deficit hyperactivity disorder and prescribed the stimulant Adderall.

It was there that her son, Richard, visited a doctor and received prescriptions for Adderall, an amphetamine-based medication for attention deficit hyperactivity disorder. It was in the parking lot that she insisted to Richard that he did not have A.D.H.D., not as a child and not now as a 24-year-old college graduate, and that he was getting dangerously addicted to the medication. It was inside the building that her husband, Rick, implored Richard’s doctor to stop prescribing him Adderall, warning, “You’re going to kill him.”

It was where, after becoming violently delusional and spending a week in a psychiatric hospital in 2011, Richard met with his doctor and received prescriptions for 90 more days of Adderall. He hanged himself in his bedroom closet two weeks after they expired.

The story of Richard Fee, an athletic, personable college class president and aspiring medical student, highlights widespread failings in the system through which five million Americans take medication for A.D.H.D., doctors and other experts said.

Medications like Adderall can markedly improve the lives of children and others with the disorder. But the tunnel-like focus the medicines provide has led growing numbers of teenagers and young adults to fake symptoms to obtain steady prescriptions for highly addictive medications that carry serious psychological dangers. These efforts are facilitated by a segment of doctors who skip established diagnostic procedures, renew prescriptions reflexively and spend too little time with patients to accurately monitor side effects.

Richard Fee’s experience included it all. Conversations with friends and family members and a review of detailed medical records depict an intelligent and articulate young man lying to doctor after doctor, physicians issuing hasty diagnoses, and psychiatrists continuing to prescribe medication — even increasing dosages — despite evidence of his growing addiction and psychiatric breakdown.

Very few people who misuse stimulants devolve into psychotic or suicidal addicts. But even one of Richard’s own physicians, Dr. Charles Parker, characterized his case as a virtual textbook for ways that A.D.H.D. practices can fail patients, particularly young adults. “We have a significant travesty being done in this country with how the diagnosis is being made and the meds are being administered,” said Dr. Parker, a psychiatrist in Virginia Beach. “I think it’s an abnegation of trust. The public needs to say this is totally unacceptable and walk out.”

Young adults are by far the fastest-growing segment of people taking A.D.H.D medications. Nearly 14 million monthly prescriptions for the condition were written for Americans ages 20 to 39 in 2011, two and a half times the 5.6 million just four years before, according to the data company I.M.S. Health. While this rise is generally attributed to the maturing of adolescents who have A.D.H.D. into young adults — combined with a greater recognition of adult A.D.H.D. in general — many experts caution that savvy college graduates, freed of parental oversight, can legally and easily obtain stimulant prescriptions from obliging doctors.

“Any step along the way, someone could have helped him — they were just handing out drugs,” said Richard’s father. Emphasizing that he had no intention of bringing legal action against any of the doctors involved, Mr. Fee said: “People have to know that kids are out there getting these drugs and getting addicted to them. And doctors are helping them do it.”

“...when he was in elementary school he fidgeted, daydreamed and got A’s. he has been an A-B student until mid college when he became scattered and he wandered while reading He never had to study. Presently without medication, his mind thinks most of the time, he procrastinated, he multitasks not finishing in a timely manner.”

Dr. Waldo M. Ellison

Richard Fee initial evaluation

Feb. 5, 2010

Richard began acting strangely soon after moving back home in late 2009, his parents said. He stayed up for days at a time, went from gregarious to grumpy and back, and scrawled compulsively in notebooks. His father, while trying to add Richard to his health insurance policy, learned that he was taking Vyvanse for A.D.H.D.

Richard explained to him that he had been having trouble concentrating while studying for medical school entrance exams the previous year and that he had seen a doctor and received a diagnosis. His father reacted with surprise. Richard had never shown any A.D.H.D. symptoms his entire life, from nursery school through high school, when he was awarded a full academic scholarship to Greensboro College in North Carolina. Mr. Fee also expressed concerns about the safety of his son’s taking daily amphetamines for a condition he might not have.

“The doctor wouldn’t give me anything that’s bad for me,” Mr. Fee recalled his son saying that day. “I’m not buying it on the street corner.”

This article has been revised to reflect the following correction:

Correction: February 3, 2013

An earlier version of a quote appearing with the home page presentation of this article misspelled the name of a medication. It is Adderall, not Aderall.

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Iceland, Prosecutor of Bankers, Sees Meager Returns

Ilvy Njiokiktjien for The New York Times

"Greed is not a crime. But the question is: where does greed lead?" said Olafur Hauksson, a special prosecutor in Reykjavik.

REYKJAVIK, Iceland — As chief of police in a tiny fishing town for 11 years, Olafur Hauksson developed what he thought was a basic understanding of the criminal mind. The typical lawbreaker, he said, recalling his many encounters with small-time criminals, “clearly knows that he crossed the line” and generally sees “the difference between right and wrong.”

Today, the burly, 48-year-old former policeman is struggling with a very different sort of suspect. Reassigned to Reykjavik, the Icelandic capital, to lead what has become one of the world’s most sweeping investigation into the bankers whose actions contributed to the global financial crisis in 2008, Mr. Hauksson now faces suspects who “are not aware of when they crossed the line” and “defend their actions every step of the way.”

With the global economy still struggling to recover from the financial maelstrom five years ago, governments around the world have been criticized for largely failing to punish the bankers who were responsible for the calamity. But even here in Iceland, a country of just 320,000 that has gone after financiers with far more vigor than the United States and other countries hit by the crisis, obtaining criminal convictions has proved devilishly difficult.

Public hostility toward bankers is so strong in Iceland that “it is easier to say you are dealing drugs than to say you’re a banker,” said Thorvaldur Sigurjonsson, the former head of trading for Kaupthing, a once high-flying bank that crumbled. He has been called in for questioning by Mr. Hauksson’s office but has not been charged with any wrongdoing.

Yet, in the four years since the Icelandic Parliament passed a law ordering the appointment of an unnamed special prosecutor to investigate those blamed for the country’s spectacular meltdown in 2008, only a handful of bankers have been convicted.

Ministers in a left-leaning coalition government elected after the crash agree that the wheels of justice have ground slowly, but they call for patience, explaining that the process must follow the law, not vengeful passions.

“We are not going after people just to satisfy public anger,” said Steingrimur J. Sigfusson, Iceland’s minister of industry, a former finance minister and leader of the Left-Green Movement that is part of the governing coalition.

Hordur Torfa, a popular singer-songwriter who helped organize protests that forced the previous conservative government to resign, acknowledged that “people are getting impatient” but said they needed to accept that “this is not the French Revolution. I don’t believe in taking bankers out and hanging them or shooting them.”

Others are less patient. “The whole process is far too slow,” said Thorarinn Einarsson, a left-wing activist. “It only shows that ‘banksters’ can get away with doing whatever they want.”

Mr. Hauksson, the special prosecutor, said he was frustrated by the slow pace but thought it vital that his office scrupulously follow legal procedure. “Revenge is not something we want as our main driver in this process. Our work must be proper today and be seen as proper in the future,” he said.

Part of the difficulty in prosecuting bankers, he said, is that the law is often unclear on what constitutes a criminal offense in high finance. “Greed is not a crime,” he noted. “But the question is: where does greed lead?”

Mr. Hauksson said it was often easy to show that bankers violated their own internal rules for lending and other activities, but “as in all cases involving theft or fraud, the most difficult thing is proving intent.”

And there are the bankers themselves. Those who have been brought in for questioning often bristle at being asked to account for their actions. “They are not used to being questioned. These people are not used to finding themselves in this situation,” Mr. Hauksson said. They also hire expensive lawyers.

The special prosecutor’s office initially had only five staff members but now has more than 100 investigators, lawyers and financial experts, and it has relocated to a big new office. It has opened about 100 cases, with more than 120 people now under investigation for possible crimes relating to an Icelandic financial sector that grew so big it dwarfed the rest of the economy.

To help ease Mr. Hauksson’s task, legislators amended the law to allow investigators easy access to confidential bank information, something that previously required a court order.

Parliament also voted to put the country’s prime minister at the time of the banking debacle on trial for negligence before a special tribunal. (A proposal to try his cabinet failed.) Mr. Hauksson was not involved in the case against the former leader, Geir H. Haarde, who last year was found guilty of failing to keep ministers properly informed about the 2008 crisis but was acquitted on more serious charges that could have resulted in a prison sentence.

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The World's Tweets Light Up the Globe in Stunning Live Visualization

It’s simple, but lovely. Web designer Franck Ernewein‘s real-time Twitter visualization, Tweetping, drops a bright pixel at the location of every tweet in the world, starting as soon as you open the page.

The result is a constantly changing image that grows to look like a nighttime satellite shot, bright spots swarming over the most developed areas. But Ernewein has packaged it all in a subtly interactive visualization that avoids distracting the viewer while still imparting a great amount of information.

Meanwhile, a selection of tweets are projected, along with latest hashtags and mentions, all while tracking total tweets, words, and characters. The length of the two gray lines on the display represent the number of characters and words in each tweet.

Though it’s one of the most beautiful, Tweetping is far from the first to display geotagged tweet information; coders have built sites to display election tweets, adjustable parameter maps, and even 3-D visualizations.

Tweetping even represents Antarctica, but not the ISS. And there’s no pause button; like Twitter itself, Tweetping’s data accrues incessantly; there’s no off switch but the back button.

Nathan Hurst is learning how to make some things, knows how to fix some others, and is already pretty good at breaking everything else. He has written for Outside and Wired, traveled in Africa, and tweets as @NathanBHurst.

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Filmmaker cries censorship as Italy political documentary blocked

ROME (Reuters) – A British filmmaker said on Friday he was a victim of censorship after a leading museum cancelled the Italian premiere of the documentary “Girlfriend in a Coma”, which is highly critical of Italy‘s political and economic situation.

The museum where the film was to have been shown on February 13 cancelled the showing and said it could not be held until after the country’s elections on Feb 24-25.

Former Economist magazine editor Bill Emmott, who made the film with Italian Annalisa Piras, called the decision by the Museum of 21st Century Art (MAXXI) a product of “censorship and stupidity”.

MAXXI, run by a foundation overseen by the culture ministry, said it could not be host to activity that can be seen to have political connotations ahead of the elections.

“This is not censorship,” a spokesperson said. “After the elections, the film can be shown here.” The election date has been known for nearly two months.

Emmott was for 13 years the chief editor of the Economist magazine, which published covers highly critical of former prime minister Silvio Berlusconi, including a famous 2001 cover which read: “Why Silvio Berlusconi is Unfit to Lead Italy”.

“I am shocked. I would not have been shocked if this had happened during the government of my good friend Silvio Berlusconi, but the culture ministry doing this now is astonishing,” he told Reuters by telephone from Jamaica.

The MAXXI is run by a foundation which is funded by the culture ministry.

The film, which has already shown in New York, Miami, Brussels and London, paints a picture of what the authors say is the country’s moral, social and economic decline over the past 20 years since Berlusconi came to power.

“What this decision reflects is a very cautious mentality that wants to hide the reality of the situation of Italy and seeks to stifle debate about the causes because they might be too revealing,” Emmott said.

The film addresses political corruption, media monopoly and corporate power. Among those interviewed are caretaker Prime Minister Mario Monti, filmmaker Mario Moretti, anti-Mafia writer Roberto Saviano, Fiat CEO Sergio Marchionne, former European Commissioner Emma Bonino and author Umberto Eco.

Emmott said he and the producers would lodge a protest with the culture ministry.

“If it is not shown at the MAXXI, we will arrange for it to be shown somewhere else,” he said.

(Reporting By Philip Pullella, additional reporting by Alberto Sisto; Editing by Stephen Powell)

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Ferrol Sams, Doctor Turned Novelist, Dies at 90

Ferrol Sams, a country doctor who started writing fiction in his late 50s and went on to win critical praise and a devoted readership for his humorous and perceptive novels and stories that drew on his medical practice and his rural Southern roots, died on Tuesday at his home in Lafayette, Ga. He was 90.

The cause, said his son Ferrol Sams III, also a doctor, was that he was “slap wore out.”

“He lived a full life,” his son said. “He didn’t leave anything in the tank.”

Dr. Sams grew up on a farm in the rural Piedmont area of Georgia, seven mud-road miles from the nearest town. He was a boy during the Depression; books meant escape and discovery. He read “Robinson Crusoe,” then Mark Twain and Charles Dickens. One of his English professors at Mercer University, in Macon, suggested he consider a career in writing, but he chose another route to examining the human condition: medical school.

When he was 58 — after he had served in World War II, started a medical practice with his wife, raised his four children and stopped devoting so much of his mornings to preparing lessons for Sunday school at the Methodist church — he began writing “Run With the Horsemen,” a novel based on his youth. It was published in 1982.

“In the beginning was the land,” the book begins. “Shortly thereafter was the father.”

In The New York Times Book Review, the novelist Robert Miner wrote, “Mr. Sams’s approach to his hero’s experiences is nicely signaled in these two opening sentences.”

He added: “I couldn’t help associating the gentility, good-humored common sense and pace of this novel with my image of a country doctor spinning yarns. The writing is elegant, reflective and amused. Mr. Sams is a storyteller sure of his audience, in no particular hurry, and gifted with perfect timing.”

Dr. Sams modeled the lead character in “Run With the Horsemen,” Porter Osborne Jr., on himself, and featured him in two more novels, “The Whisper of the River” and “When All the World Was Young,” which followed him into World War II.

Dr. Sams also wrote thinly disguised stories about his life as a physician. In “Epiphany,” he captures the friendship that develops between a literary-minded doctor frustrated by bureaucracy and a patient angry over past racism and injustice.

Ferrol Sams Jr. was born Sept. 26, 1922, in Woolsey, Ga. He received a bachelor’s degree from Mercer in 1942 and his medical degree from Emory University in 1949. In his addition to his namesake, survivors include his wife, Dr. Helen Fletcher Sams; his sons Jim and Fletcher; a daughter, Ellen Nichol; eight grandchildren; and nine great-grandchildren.

Some critics tired of what they called the “folksiness” in Dr. Sams’s books. But he did not write for the critics, he said. In an interview with the Georgia Writers Hall of Fame, Dr. Sams was asked what audience he wrote for. Himself, he said.

“If you lose your sense of awe, or if you lose your sense of the ridiculous, you’ve fallen into a terrible pit,” he added. “The only thing that’s worse is never to have had either.”

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Media Decoder Blog: In Wake of Restructuring, NBC News President Quits

8:30 p.m. | Updated

The longest-serving president of any of the three network news divisions, Steve Capus of NBC News, stepped down from his position on Friday, six months after Comcast restructured its news units in a way that diminished his authority.

Pat Fili-Krushel, chairwoman of the NBCUniversal News Group, said in a brief telephone interview on Friday that she would “cast a wide net” while searching for a successor to Mr. Capus. In the interim, the leaders of the news division will report directly to her.

Ms. Fili-Krushel became Mr. Capus’s boss last July when Steve Burke, the chief executive of NBCUniversal, consolidated all of NBC’s news units — NBC News, the cable news channels MSNBC and CNBC, and its stake in the Weather Channel — under a new umbrella, the NBCUniversal News Group. Mr. Burke asked Ms. Fili-Krushel, one of his most trusted lieutenants, to run it, while keeping Mr. Capus and the heads of the other units in place.

Ms. Fili-Krushel worked early in her career at HBO and Lifetime. A veteran of the Walt Disney Company, where she helped program ABC, and  Time Warner, where she was an administrator, she is by her own admission not a journalist.  But now she is, by default, the highest-ranking woman in the American television news industry — not just at the moment, but in the history of the medium. The heads of the news divisions at ABC and CBS are men, as are the heads of the Fox News Channel, CNN, and Bloomberg.

Ms. Fili-Krushel has kept a low public profile, but has been a forceful presence behind the scenes, recently moving from her office on the 51st floor of 30 Rockefeller Center, near Mr. Burke’s, to a new one on the third floor, where NBC News is based. On Friday, she said she had spent her first six months “learning, listening and getting to know the players here.” She called the News Group an “unbelievably strong organization.”

Though Mr. Capus’s exit saddened many at NBC News on Friday, it came as little surprise. He had previously reported directly to Mr. Burke, but after the restructuring he reported to Ms. Fili-Krushel, and he made no secret of his unhappiness with the change. His contract had a clause that allowed him to leave in the event that he no longer reported to Mr. Burke, according to two people with direct knowledge of the arrangement at NBC, and he decided to exercise that right after months of contemplation. The people insisted on anonymity because they were not authorized by the network to speak publicly.

Mr. Capus told Ms. Fili-Krushel of his intent to leave last Friday. It is likely that he would have left sooner, but a series of major news stories kept him busy late last year — including Hurricane Sandy, the presidential election and the school shooting in Newtown, Conn. Mr. Capus also oversaw the network’s response to the kidnapping of Richard Engel and an NBC News crew in Syria last month.

“It has been a privilege to have spent two decades here, but it is now time to head in a new direction,” he wrote in an e-mail to staff members on Friday afternoon.

Mr. Capus guided NBC through a revolutionary time in news-gathering and distribution. He maintained the news division’s profitability, managed tensions between NBC News and its increasingly liberal cable channel MSNBC, and fostered new business ventures like an in-house production company and an annual education summit. Last year, he unwound an old deal with Microsoft to give the news division complete control over its Web site, now named NBCNews.com, for the first time.

Ms. Fili-Krushel wrote in a separate e-mail to staff members that “NBC News is America’s leading source of television news and Steve has been a big part of that success.”

NBC News is the producer of the most popular evening newscast in the country. But its single biggest source of profits, the morning show “Today,” fell to second place last year, behind ABC’s “Good Morning America,” for the first time since the 1990s. The decline caused widespread anxiety inside the news division and speculation that Mr. Capus would be relieved of his duties.

Inside NBC, both Mr. Capus and the executive producer of “Today,” Jim Bell, received much of the blame for the botched removal of Ann Curry from “Today” last June, which worsened the show’s already tenuous position in the ratings. Ms. Fili-Krushel was put in charge just a few weeks later.

Mr. Bell was replaced at “Today” last fall and is now the executive producer for NBC Olympics. Savannah Guthrie is now the co-host of “Today,” and Ms. Curry is a national and international correspondent for the network, but is rarely seen. Mr. Capus’s exit was seen by some at the network as the last shoe that had to drop.

In his e-mail to staff members, Mr. Capus called it an “extremely difficult decision to walk away,” noting that he started at NBC as a producer 20 years ago this month. He did not make any mention of what he would do next. “Journalism is, indeed, a noble calling, and I have much I hope to accomplish in the next phase of my career,” he wrote.

“Today” continues to lose to ABC’s “Good Morning America” among total viewers, but lately it has won a few weeks in the 25- to 54-year-old demographic that advertisers covet.

“NBC Nightly News” has more successfully fended off ABC’s “World News,” despite an aggressive push by ABC. Mr. Capus said, “NBC News has grown in all key metrics — from ratings and reputation to profitability.”

A version of this article appeared in print on 02/02/2013, on page B2 of the NewYork edition with the headline: In Wake of Restructuring, NBC News President Quits.

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