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Investment Strategy

The Value of Valuation

Valuations affect the S&P 500’s returns, but this impact manifests itself more clearly over the long haul. In other words, price-to-earnings ratios are a poor metric for timing the market, but a useful tool for investors looking to hold positions over a longer time frame. What does that mean for investors? The stock market looks expensive right now; historically, buying the S&P 500 at these levels would result in positive, but subpar, returns over the next 10 years


  • Energy Stocks

    A Bull Market for Brazen Forecasts

    By Elliott H. Gue | Sep. 29, 2015
    Sensationalist predictions about oil prices have become all the rage over the past two months, but they won't necessarily help investors make money. We explain our outlook for crude-oil prices and why a buying opportunity may be around the corner. However, the universe of energy stocks that meet our buying criteria is relatively small; don’t misconstrue this call as open season to buy energy stocks. Not every company has the potential to outperform, let alone survive.  
  • Renewable Energy

    Yieldcos Offer Big Yields after Meltdown

    By Roger S. Conrad | Sep. 18, 2015
    Up until midyear, investors couldn’t get enough of yieldcos—a new generation of spin-off that offers a similar investment proposition to some master limited partnership (MLP), minus the tax advantages. We explain why investor sentiment toward yieldcos has soured.
  • Market Outlook

    Anatomy of a Market Top

    By Elliott H. Gue | Sep. 16, 2015
    Technical indicators from the last four bear markets to ravage US equities suggest that a correction of at least 20 percent could be in store for the S&P 500. At this juncture, the risk of a US recession remains low, which should limit the coming bear market's severity and duration. However, we'll continue to monitor our favorite economic indicators for deterioration.
  • Utilities

    It Pays to Stick with Utility Stocks

    By Roger S. Conrad | Sep. 5, 2015
    The Dow Jones Utilities Average has been under pressure since late January 2015, when concerns about the Federal Reserve raising interest rates gave investors a reason to take profits and put the brakes on a rally that had pushed the index to a record high. Although utility stocks caught a bid in early July, recent weakness in the broader market has hit the sector, leaving the index at roughly the same level as a year ago.
  • Investment Strategy

    Stop the Madness: The Dark Side of Stop-Loss Orders

    By Elliott H. Gue | Aug. 31, 2015
    Many individual investors set stop-loss orders to limit their downside risk in the event that an individual stock blows up. But in some markets, stop-loss orders—especially those set indiscriminately—can saddle investors with unnecessary losses.


  • Global Top Cat

    China and the World, Part 2

    By Yiannis G. Mostrous | Oct. 3, 2015
    Our current outlook calls for China’s economy to grow between 6.5 and 7 percent this year. We remain concerned about how domestic demand and the service sector will cope with deflationary pressures, but the Mainland economy appears to have stabilized. Investors should remain cautious in the near term.
  • Master Limited Partnerships

    What We Have Here is a Failure to Differentiate

    By Roger S. Conrad | Oct. 3, 2015
    A few bad apples don’t spoil the bunch. Some midstream names will find themselves under pressure from declining oil output in the US onshore market, as the effects of energy producers’ reduced drilling activity start to manifest themselves. But indiscriminate selling creates opportunities for discriminating buyers.
  • Investment Strategy

    Do Valuations Matter?

    By Elliott H. Gue | Oct. 2, 2015
    Is the stock market cheap, or is it expensive? Does it matter? Most investors have probably asked themselves these questions on numerous occasions over the past few years. Valuation concerns have become all the more pressing now that the market has climbed steadily for almost seven years.
  • Investment Strategy

    Hedging Our Bets

    By Roger S. Conrad | Sep. 30, 2015
    With technical indicators pointing to an increased likelihood of a pullback in the broader market, we highlight a number of hedging strategies that income-oriented investors can take to offset this downside risk.
  • Tech Stocks

    The Future is Now

    By Peter Staas | Sep. 18, 2015
    One of today’s best secular growth stories involves the application of cloud hosting and advanced data collection and analytics—existing technologies, not chimera from sci-fi movies—to disrupt incumbent systems and unlock additional value and potentiality from traditional businesses.



    A balanced portfolio of Elliott Gue’s top stocks for capital appreciation.


    Roger Conrad’s top stocks for investors seeking reliable income.


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