What will take us there? The one word answer is value; not the few growth at any price companies that led the market last year.

During the dot.com bust, investors found out that growth is not infinite and price does matter. Momentum, which many chased last year, no longer works. With uncertainty heightened, investors now want a bird in hand rather than a future promise of gains.

Many companies are now trading at valuations so cheap they make no sense. Some pay very attractive dividends. In a world of low growth and few alternatives, this provides terrific opportunity. We have good value in portfolios we manage. Changes may be made to further enhance this strategy. Discounted prices and good dividends will be the bridge to portfolio growth.

Stay steady my friends.

The Lonely Bull