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Green Book January 2015

Weight of the evidence suggest bull market has embarked on a broad topping process that could take its time... Another look at Small Cap Valuations based on Relative Price to Book - not so bad... A Winning Year for Leuthold Group Selection Scores, Airlines flew above the crowd... Thoughts On Energy, Is the carnage over?... We are nothing if not contrarians, but have also highlighted the hazards of “knee-jerk” contrarianism...

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