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This conceptual area, even though now widely recognized, still looks attractive. We may soon again be increasing holdings here from current 10% levels. With this issue, we have refined our approach, separating Science & Technology Productivity Plays from Non-Science & Technology. The S&T components may be most attractive. A new index is introduced to track this segment more closely.

The weather is awful here. Who has more brains, ducks that fly south or Minnesotans who stay home?

Does it pay to buy companies Wall Street widely recognizes as having good management? Probably Not! This study examines 45 companies which over the last ten years have received the “best managed” accolade. What happened, to their earnings, dividends and the stock prices after being anointed “best managed”?

The stock market may be on the verge of 1982’s best buying opportunity, even though for the time being the caution light is on. Early Warning Index and Major Trend Index both Neutral now and 750-780 may be just around the corner, and, a “surprise” financial shock may no longer be a surprise.

A distribution by traditional economic sectors of groups ranked “very good” or higher. We think this provides a good fix on current market leadership areas, as well as providing clues as to future areas of leadership.

Did you see Mike Blumenthal’s article, “What Ronald Reagan can learn from Jimmy Carter”? If not, read this brief synopsis. Advises RR to adjust economic program quickly and decisively to new conditions. Don’t hang tough, then retreat step by step. Changing course is not politically wrong.

Tradition calls for predictions and prognostications this time of year. Some call it thermal pollution time. This ritual is, however, a relatively harmless practice, just so long as investors do not take it too seriously.

Still a super cycle bull market, but cyclical uptrend in question. Major Trend Index still positive but has slipped badly. Early Warning Index turned Negative Dec. 21…Caution!

Does it pay to buy last year’s winners? Not usually. 1981’s best and worst performers reviewed, with an update of what happened to 1980’s best and worst in 1981.