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Many professional portfolio managers are "equity only" managers, precluded from building up large cash reserves or investing in equity alternatives. This section should be of special interest to readers that fit this profile.

Observations and opinions on REITs as well as highlights from a recent institutional investor REIT forum.

Major Trend Index drops back to "neutral" territory. Don't jump the gun and assume the Index will fall to "negative".

February was a tough month for the stock market. Stock Market performance during various GDP and earnings growth environments and what we currently view as the most likely scenarios for 1994.

New equity supply reached record levels in 1993, but in January the flow of new equity offerings dried up. Mutual fund flows not as strong as in January, but pretty close. International flow still strong.

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

Whenever we have a significant number of investment professionals gathered together, we ask their stock market opinion via ballot, subsequently reporting the results in this publication.

REITs being added to Conventional and Unconventional Portfolios. Expect total returns here to be in excess of 10% annually. REITs are also expected to act as a defensive holding in a down market.

At this point, the bond market outlook is still viewed as negative, it was also negative last month. The upside seems minimal over the next 6-12 months.

As we maintain our "tactically bullish" attitude toward equities, we continue to search for further signs that this market is not as overvalued as it appears.

Major Trend Index moved now comfortably back in positive territory. 96 point decline February 4th is probably setting up a good tactical buying opportunity.

Don't expect to see net mutual fund redemptions yet. Public still expected to buy on weakness.

The stock market often underperforms when the economy is strong and earnings are surging. It performs best when real GDP is negative and earnings are declining.

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

Corporate downsizing related write-off’s, combined with significant accounting write-offs have thrown a monkey wrench into many earnings models, necessitating adjustment for recurring/non-recurring items. ROE/book value models have been rendered virtually useless. Model revisions are needed.

A reader's case against higher gasoline taxes, followed by my case for consumption taxes and a membership pitch for The Concord Coalition. Did you watch the 56 commercial spots during the Super Bowl? Do you recall what these advertising works of art were selling?

Weight of the evidence discipline remains negative for bond market.

Readers should not confuse these forecasts with the more traditional economic and market predictions that appeared in the January issue. However, in the past, these "Fearless Forecasts" have, at times, been closer to the mark than the conventional predictions.

The U.S. stock market environment seems to be pretty much a continuation of the 1993 frolics, big new supply and continued institutional buying as professionals invest new cash flow from individual investors who don't know that Wall Street can be a two way street.

It has been an incredible year for the fund industry, with unprecedented cash flows into all types of mutual funds.