Large, Quality Growth Stocks are Good Value Now

December 29, 2008

It was Will Rogers who used to say – when describing his investment strategy – that he was more interested in the return "of" his money than the return "on" his money. Well, it seems nearly everyone is heeding Will's advice now. Weak economic trends, an extremely easy money stance by the Federal Reserve and a flight to conservative investments have driven yields on U.S. government bonds to historic lows – levels that we consider unattractive for investors with an intermediate to longer-term horizon. One commentator recently quipped, "Treasuries usually provide savers with risk-free return, but at today's prices, they offer nothing but return-free risk." We agree.

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