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Big Picture

Big Oil is Back

I became a shareholder of Chevron Corp (NYSE: CVX) when it acquired the former Texaco, which I believe was the first stock I ever bought. I was fresh out of business school and made an investment in Texaco’s dividend reinvestment plan, and I’m happy to report that I literally make more in dividends every year than my original investment. I expect to pass the whole thing on to my kids, hopefully many years from now with the account at a much higher level.


  • Market Outlook

    Energy: In the Early Stages of a Bull Market

    By Elliott H. Gue | Sep. 14, 2018
    For the broader market, we’ve long followed a concept we call the “volatility smile.” Simply put, broader stock market volatility is high early in the stages of a bull market, falls to low levels in the middle of a major rally and then rises again in the latter stages of a bull market. And, of course, volatility usually rises sharply during a bear market.
  • Global Top Cat

    Global Growth: Rock Steady

    By Yiannis G. Mostrous | Feb. 17, 2018
    Global economic growth continues to be respectable and broad based, with only a few laggards. The current selloff hasn’t changed this, and the synchronization of this economic growth remains intact.
  • Portfolio Update

    Volatility and the Market Cycle

    By Elliott H. Gue | Feb. 17, 2018
    The return of volatility to US equities doesn’t mean that a bear market is imminent.
  • Portfolio Update

    Yieldcos Reboot

    By Roger S. Conrad | Feb. 17, 2018
    The Lifelong Income Portfolio has migrated to sister-product Deep Dive Investing’s Idea Vault. For our Portfolio readers, we run through additional Idea Vault members that may be of interest.
  • Fixed Income

    Fixed-Income Update

    By Roger S. Conrad | Feb. 17, 2018
    Attractive yields and favorable risk-reward propositions remain in short supply in the fixed-income market. Nevertheless, we continue to leverage our expertise in the utility sector and other essential-service industries to uncover opportunities for fixed-income securities.