The business journos' investment guides for 2003 are loaded to the gills with cautionary talk of dividends, gold, defensive strategies and wealth preservation. This unanimity can signify either more of the bear, or the biggest contrarian indicator since Business Week ran a front-page obit on "The Death of Equities" in 1979.
As we raise a glass of bubbly to 2003, we'll let you decide whether it's half empty or half full. Meanwhile, the year-end switch-over is a great time to take the pulse of market sentiment. When it comes to what's hot and what's not, Wall Streeters can be as fickle as the readers of Teen Beat. Nonetheless, the lists speak volumes about what the herd on the Street is thinking -- for the next five minutes, anyway.
Without further ado, here's what's in and out as we ring in 2003.
|Stimulus of Choice||Preferred Stock|
|Tax Cuts||Rate Cuts||Dividend-Yielding||Growth-Promising|
|Security Blanket||Would-Be Savior|
|Gold||The Dollar|| |
|The Big Worry||The Shortfall Crisis|
|Geopolitical Worries||Valuation Worries||Pension Shortfalls||Social Security Shortfalls|
|Favorite Letters||The Bottom Line|
|LBOs||IPOs||Free Cash Flow||Pro Forma Earnings|
|The Researchers||The Airline of Choice|
|Independent Research||"Chinese Walls"||JetBlue||UAL|
|Fast-Food Favorite Stocks||The Problematic Foreign Capital|
|Small Fry||McDonald's|| |
|Wall Street's Most Trusted Woman||Trusted Defender of Corporate Governance|
|Investor Responsibility Research Center||SEC|
|The Market||Authoritative Source|
|Stock Picker's Market||The Rational Market||Academics||Analysts|
|Bubble Talk||The Era We're In|
|Housing, Bonds, Credit||Stocks||1969-1981||The New Era|
|The Five-Year Plan||The IT Spending Outlook|
|Bigger 401(k) Deposits||Early Retirement||Painfully Clear Visibility||No Visibility|
|Prevailing Mood||Pop-Culture Figure Who Best Defines The Current Market|
|Is It Over Yet?||Irrational Exuberance|| |
Dr. Spock "Emotions are alien to me -- I am a scientist."
Alfred E. Neumann "What, Me Worry?"