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A performance run down for our equity market sectors ranked by first quarter 1990 performance. All screen based Quantitative Themes are included, both active and experimental.

This month, we are featuring a chart appearing regularly in Jim Floyd’s Quantitative Themes quarterly publication. About 20% of The Leuthold Group’s clients are subscribers to QT, but we thought the other 80% might find this study of interest.

The November 1985 issue of this publication featured a piece “Really Understanding Undervalued Investing”. In recent months, some readers have asked for reprints of this piece - this 1985 projection is now reality.

Back on January 1, 1984, American Telephone & Telegraph was broken up into the seven “Baby Bells” and AT&T. At the time, Wall Street was not impressed with the prospects. But the telephone “Break-Up” Portfolio was hard to beat 1984-1989.

The bond market has weathered some recent storms better than anticipated. The dollar has also performed better than expected. But inflation fears could increase in coming months.

In February, minor adjustments In the Major Trend Index Included adding a few new components.

For several months now we have been putting together two additional conceptual sectors, "Clean Energy" and "Rebuilding America".

The table on the next page is a performance run down for our equity market sectors ranked by February performance.

Once upon a time, way back in 1985, Emerging Growth stocks were market leaders.

The January issue included our set of traditional economic and market predictions for the New Year.

The bond market was fighting to stabilize in February, folowing the "surprise" January decline.

In December 1989, a survey of program trading opinions was taken among the members of the National Organization of Investment Professionals.

What a nasty way to kick off the new decade.

For a number of years, we have used Jim Floyd's computer to isolate stocks most likely to score the largest gains from early December through the end of January.

Here is a sector we have recently added to our stable for tracking purposes.

The table on the next page is a performance run down for our equity market sectors ranked by January performance.

What happened to the "January effect" this year?

It was all downhill for bonds in January.