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Jan 06 2022

Bridesmaid Track Record

  • Jan 6, 2022

Overall, five of the seven assets available for the Bridesmaid strategy have underperformed the S&P 500 over the long-term, and three (Treasury Bonds, Gold, and Commodities) lagged by 390 basis points or more per year.

Jan 06 2022

Momentum: Not Just For Stock Pickers

  • Jan 6, 2022

For those not blessed with clairvoyance, we’ve developed an asset selection strategy that’s done very well, historically, compared to the “naïve” AANA Portfolio and even against the almighty S&P 500. We’re not implying that investors dump their valuation models, economic forecasts, or their intuition. But they should recognize that price momentum tends to persist—not just among stocks and industry groups—but at the asset-class level as well.

Jan 08 2020

Momentum Across Asset Classes

  • Jan 8, 2020

For those not blessed with clairvoyant asset selection ability, we’ve developed a simple single-asset portfolio strategy that’s handily beaten the AANA Portfolio and the S&P 500 over the long-term.

Aug 25 2017

What's Ailing The REITs?

  • Aug 25, 2017

This year’s cooperative bond market hasn’t helped rekindle much enthusiasm for bond-like stocks like the REITs and the Dividend Aristocrats, which are up 3% and 6% YTD, respectively, compared with a 9% gain in the S&P 500.

Aug 05 2016

REITs: “We Are #11” - A Fresh Look At The Newest GICS Sector

  • Aug 5, 2016

On August 31st, Real Estate will become the newest GICS sector and the first Level 1 addition since the framework was unveiled in 1999—REITs had been classified as an industry under the Financials sector.

Jul 08 2014

A Top Down View Of REITs

  • Jul 8, 2014

Although Valuations are a headwind for the asset class, at the stock level our disciplined multi-factor model indicates best opportunities are Small/Mid Caps, and Hotel & Resort-oriented names.

Jul 08 2014

Beware Bond-Like Stocks

  • Jul 8, 2014

We certainly have nothing against dividends, but for more than a year we’ve believed that high-yielding themes like the Utilities, REITs, and the S&P Dividend Aristocrats have become so popular they’re likely to disappoint their new owners for a while.

Feb 07 2014

Industry Groups To Avoid

  • Feb 7, 2014

Currently, the Unattractive range of our GS Scores is characterized by two themes, commodity-oriented groups and high dividend groups.

Jan 08 2014

Buy The Bridesmaid, Not The One Looking To Rebound

  • Jan 8, 2014

The investment leadership of a given year has historically had better-than-even odds of outperforming in the following year at both the asset class and equity sector levels.

Sep 10 2013

Is The Dividend Mania Ending?

  • Sep 10, 2013

The list of new lows is dominated by yesterday’s darlings, “bond-like” stocks. In particular, Utilities and REITs have been hammered. However, not all of the stock market’s high yielders have been trashed.

Jun 06 2013

Are Alternative Assets Effective In Hedging Portfolios?

  • Jun 6, 2013

Alternative assets have attractive return rates since 1994. But their portfolio diversification benefits have diminished as they become more equity like, though their correlations to bonds have fallen.

Apr 04 2009

REITs Beginning To Look Interesting

  • Apr 4, 2009

REITs were at one time a market darling, and for the first three quarters of 2008 they were holding up much better than the stock market.


Jun 03 2008

Buying REITs In Core And Asset Allocation Portfolios

  • Jun 3, 2008

Returning to REITs as an alternative to fixed income. Adding new 4% holding in both the Core and Asset Allocation Portfolios, with the focus exclusively on Residential and Health Care REITs. Weighted average yield of the new holding is about 5.7%. 


Mar 05 2008

Insider Block Measures...Insider Selling Has Slowed Considerably

  • Mar 5, 2008

The factor measuring “Big Block Insider (Dollar)” transactions is now rated positive.


Jun 04 2005

Everybody Seems To Be Asking About REITs

  • Jun 4, 2005

Andy Engel’s current take on the REIT sector. Discussed from both a quantitative and qualitative perspective. Should you be buying or selling REITs?

May 05 2004

Financials Retreat In April

  • May 5, 2004

REITs and Financials still unattractive despite retreating in April. Financial sector weight in S&P 500 still too high given the interest rate climate.

Apr 05 2004

View From The North Country

  • Apr 5, 2004

There is a clear lack of attractive options in fixed income and we are increasingly skeptical about the REIT markets, as premiums and new offerings are at or near peak levels. Industrial Metals still offer outstanding opportunity.

Jun 04 2003

Better Than Bonds?…..Stocks That Yield More Than Ten Year Treasury Notes

  • Jun 4, 2003

Tax disadvantaged REITs might now compete with tax advantaged high yielding non-REITs. We provide a list from a screen identifying high yielding non-REIT stocks.

May 05 2003

The Rationale For Adding REITs To Core Portfolio

  • May 5, 2003

Adding new 5.0% REIT holding in Core Portfolio. Viewing it as an alternative to the low fixed income yields.

Nov 05 1996

Tactically Increasing REIT Exposure in Conventional Portfolio

  • Nov 5, 1996

REITs continually ranked this year among Most Attractive. After tactical additions, 15% now invested in REITs. Interest in these real estate proxies is definitely increasing, by both institutional and individual investors.

Sep 05 1996

REITs: Building Upon Our Foundation

  • Sep 5, 1996

Conventional Portfolio boosting REIT holdings above the 8-10% core position. New purchases increase REITs to 12% of total assets. Increase viewed as tactical move, NOT an upward revision in core position.

Feb 05 1996

Real Estate Segmented As Separate Asset Class

  • Feb 5, 1996

REITs removed from equity portfolio and now occupy separate real estate asset class. High equity valuations and moderate upside bond potential make real estate an appealing long term play.

Jan 05 1996

View from the North Country

  • Jan 5, 1996

Thermal pollution time…Steve Leuthold’s 1996 views (and 1995 reviews) on stocks, interest rates, economy, dollar, deficit, earnings, alternative investment areas and, yes, the Super Bowl.

Apr 05 1994

Something To Buy Now

  • Apr 5, 1994

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

Mar 05 1994

Building a Position in REITs

  • Mar 5, 1994

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.