April 1, 2007
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| MARKETPULSE |
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MARKETPULSE
Let’s flash back a moment to 1990 and the first Iraq war. Over a two-month period, oil prices more than doubled. Further testing the financial markets, the banking system was in crisis. The two largest banks, Citicorp and Bank of America, probably had negative net worth and stayed in business only by the grace of the Fed. In four months or so their shares dropped by some 70 percent. Other banks plunged even more.
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| FRONT PAGE |
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Small Value’s Big Surprise Better performance, less risk
With this article we launch an exciting new TCI Portfolio—our Small-Cap Value Portfolio, which starting next month will appear each issue on our back page. Below we explain why small-cap value is such an outstanding play.
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| GROWTH PORTFOLIO |
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Getting Out of Tar Sands: As Uncertainties Mount PetroChina, Nabors are safer ways to play energy
Al Gore wins an Oscar for his documentary “An Inconvenient Truth.” TXU Corp. is compelled to scrap plans for eight new coal plants, considered unacceptably dirty, as a condition for its being bought out, something that would have been inconceivable even a year ago. These are just two out of many recent signs that the environment has become hot—not just literally, as in global warming, but as a public hot button concern.
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| INCOME PORTFOLIO |
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Why REITs No Longer Cut It: Overvalued and low-yielding, Regency is a sale
When you invest in a stock mainly for income, you look at two key things. First, no surprise here, is dividend yield. A dividend is an absolute measure of what a company pays shareholders, and all else equal, the bigger the better.
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| FUNDFOLIO |
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A Second Look at Large-Cap Growth Funds We sell Jensen but hold onto our two other picks
Large-cap growth has been the clear laggard in the past several years. Just consider that the NASDAQ-100 index—a good proxy for large-cap growth—is still below the midpoint between its 2000 highs and 2002 lows. Not surprisingly, large-cap growth funds have also struggled. By and large the best among them were those that managed to lose less, especially during the historic declines of 2000 and 2002.
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| FUND FINDS |
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What They’re Buying
Stryker: It Thanks Our Aging Bodies
Blackrock bets big on this orthopedic implant maker
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| FAST TRACK |
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Fast Track
Profiting from AMD’s Woes
Our short position pays off;
Itron, Joy Global remain buys
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| SECTOR SENSE |
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Sector Sense
Growing Gains
Ethanol is manna to farmers
and their suppliers
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| MARKET BITES |
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Market Bites
Food for Thought, Margin of Doubt, CHINDIA, MASTERKEY
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| WHAT THEY'RE THINKING |
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What They’re Thinking
Warren Buffett: The Fundamental Things of Life
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| BACK PAGE |
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Buy, Sell, Hold
Your Stocks, Our Views
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| FULL ISSUE PDF |
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Full Issue PDF
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