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In 1993, it surprisingly paid off to stick with last year's big winners and avoid 1992's big losers.

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 publication. We include both the good…and the bad.

Weight of the evidence now mildly negative on bond market.

Yes, there are more negative points than positive points, but the margin is not enough to be considered a sell signal. Don’t jump the gun.

It appears that U.S. focus equity mutual funds suffered a mild case of net redemptions during the last half of November, but the public was back on the "buy side" by the end of the month.

A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by November's performance.

The Leuthold Group established an initial 9% Equity Model position in “Bounce Favorites” in mid-October. This issue, we have revised and updated our current “Bounce” list.

What Has Been The Best Inflationary Environment For Stock Market Performance?...How Have Stocks Done In Deflationary Years?...121 Years Of History Examined...Also Looks At P/E Ratios In Different Inflationary Environments

The late October bond market retreat spilled over into November, as nervous investors continued to be bombarded with better than expected economic reports.

Based on the analysis herein, combined with the lack of earnings progress since 1988, we conclude that future earnings growth projections in our earnings model may be too conservative.

What About China?...The 7% Solution...Plan Sponsor's Future Investment Earnings Assumptions Are Too High...Some Facts About Gold

Time for an attitude adjustment? We have seen some fat returns on long fixed income securities since rates peaked in 1981. What can we expect from bonds in the future? To help answer this question we look at three sample bonds using a 5 and 10 year risk/reward framework.

As of October 29 the Major Trend had deteriorated to a level of 1.10. Despite this small deterioration, the Major Trend remains in positive ground, so both models will continue to maintain their more aggressive equity exposure.

Last issue, this publication focused on the current institutional fixation on earnings momentum and earnings surprise in terms of stock selection and stock retention. Ultimately this investment strategy will be over exploited, but when?

A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by year to date performance.

Savvy U.S. professional investors have been buying foreign stocks for a number of years now. Somewhat more recently, pension funds have been focusing on foreign diversification. Now, in 1993 mutual fund investors have become increasingly enamored with foreign stocks.

What a difference a city makes (or a month, or 150 miles). Boston is much more positive about the stock market than New York according to last's month poll. Over a 1 year time horizon, we went from 6% "Bullish'' in New York to 33% "Bullish" in Boston.

This issue, we have revised and updated our current "Bounce” list as well as our "Bounce Favorites". Some of last month's qualifiers have appreciated right off of the list. Some new candidates appear on the list as well, so you'll want to check it out.

Long Term Investment Perspective...U.S. Equity Returns Over Next Decade Will Likely Be Below Average...Watch For A Derivative Debacle...ATM Investing

Bond market bulls experienced a brief chill in mid-October. After starting the month on a strong note, most bond categories retreated for the remainder of the month as better economic news began to trickle in.