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REITs removed from equity portfolio and now occupy separate real estate asset class. High equity valuations and moderate upside bond potential make real estate an appealing long term play.

Basically, things are still pretty healthy for the chip makers. This industry has not fallen apart, it’s just not growing at the unsustainably high rate of the past several years.

Bond market rally stalled out in January...concern over the recent spike in gold prices, political uncertainty, and upcoming treasury auction, seemed to outweigh the weak economic news. Bonds seem over-extended on a short term basis.

With perfect hindsight, one could have produced a gain of almost 70% by investing in 1995’s 25 biggest institutional stock winners.

Thermal pollution time…Steve Leuthold’s 1996 views (and 1995 reviews) on stocks, interest rates, economy, dollar, deficit, earnings, alternative investment areas and, yes, the Super Bowl.

What we will do if the Major Trend Index turns positive (it moved to neutral)?

Boosted equity exposure in Conventional and Unconventional Portfolios to “Play the Bounce” — but not much bounce yet.

The back of the technology sector’s market leadership role has been broken, fundamentally and technically.

Performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by 1995’s total return performance.

Bond market rally continued in December. Government shutdown curtailed information flow, but economy still looks lame and inflation tame. Investors forced to focus on Washington's political farce.

Self-examination can be good for the soul, so each January time is taken to look back over the preceding year, critically reviewing the significant studies, portfolio shifts, and recommendations appearing in our publications. We include both the good...and the bad.

It was all there in November for the bulls, better action by secondary stocks, impressive breadth, and a strong bond market.

The U.S. stock market has entered a new valuation era. The key question now is how long it will endure. Readers still heavily committed to stocks should be extremely wary. This won’t go on forever.

The game is still technology, although picking the winners and avoiding the losers is not so easy anymore. Comparing 26 Technology indices to track the sector.

Earnings and profit margins have soared since 1992. Operating earnings for the S&P Industrials are estimated at $40 here in 1995, and this estimate may prove to be conservative.

Performance rundown, excluding dividends, for The Leuthold Group's equity market sectors (and other measures) ranked by November’s performance.

Here at The Leuthold Group we are now laying some preliminary plans to “Play the Bounce”, probably initiating positions sometime after mid-December. We are particularly intrigued by some of the busted technology stocks.

Public, NOT professional sentiment may be all that really matters in today's stock market environment. The dark side of 401(k)s...Can unsophisticated investors really be expected to prudently allocate assets, maintain funding disciplines, and resist the temptation to borrow against their plans?

The big bond market rally continued to roll ahead in November, with yields in most bond sectors falling 20-25 basis points.

Each quarter, Barron’s publishes an industry and sector breakdown of institutional holdings, as tabulated by Indata. This is the first time we have published this work, but we have been using it as a factor in our Sector Selection Scores.