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industrials

In my previous missives about 2020, I outlined our market view from 30,000 feet, so to speak, that our base case outlook is U.S. stocks rise 10% plus—to about 3450 on the Standard & Poor’s 500 index. This is predicated on index earnings growth of about the same amount or better this year. Let’s dive...

Overweight Value, Cyclicals; Favor Tech, Energy, Industrials
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Illustrations by Karl Wimer.