Lehman Unleashes a Value List That's Short on Value Stocks

Maybe it shouldn't come as any surprise that there aren't any stocks that usually carry the "value" moniker in Lehman Brothers' annual list of "10 Uncommon Values," released today.

Lehman's strategist, after all, is Jeffrey Applegate, one of the most bullish on the Street. While many of his counterparts have been talking up things like the cyclicals, saying that with the world recovering it's time for money to come out of high-multiple stocks, Applegate's continued to pound the table on big-cap growth.

Sure, he admits, there may be periods of cyclical outperformance, but he just doesn't trust in his ability as a market timer to catch those moves. So he focuses on the stocks he thinks that, a year or so from now, you'll wish you owned more of. ...