For the second time in three years, The Academy of Motion Picture Arts & Sciences, which hands out those coveted little gold Oscar statues, has selected satirist Jon Stewart to fill the nerve-wracking position of host. Stewart hosted the grand affair in 2006 and earned mixed reviews ... some said his particular brand of humor failed to connect with the target audience, while others thought it not biting enough.

I thought Stewart was far-and-away the best part of that particular year's broadcast, with the possible exception of Three 6 Mafia's live performance of the Oscar-winning "It's Hard Out Here For a Pimp." (Click here for a look at Stewart's monologue from the 2006 Oscar broadcast.) Last year, comedienne and daytime talk-show host Ellen DeGeneres assumed the thankless task.

An Associated Press report indicates that producer of the Oscar telecast, Gil Cates, described Stewart as smart, quick and funny, not to mention a great guy. (He failed to add that it will be intriguing to have an expert in political satire hosting during an election year). The liberal long-time host of The Daily Show has taken home 9 Emmys for the "fake" news show and has previously served as master of ceremonies for the Grammy awards and Saturday Night Live, not to mention Elmopalooza.

Always ready with a witticism, the diminutive Stewart noted that he was honored to be asked for a repeat performance, because the third time, after all, is the charm. The Oscars ceremony, the 80th of its kind, will be held February 24th at the Kodak Theatre in Hollywood. They will be televised on Walt Disney's (NYSE: DIS) ABC Network, which has a contract with the Academy through 2014.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.