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Green Book April 1990

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Featured Articles

Bond Market Summary

The bond market has weathered some recent storms better than anticipated. The dollar has also performed better than expected. But inflation fears could increase in coming months.

Don’t Dump Value Investing Now!

The November 1985 issue of this publication featured a piece “Really Understanding Undervalued Investing”. In recent months, some readers have asked for reprints of this piece - this 1985 projection is now reality.

Growth Versus Value Stocks

This month, we are featuring a chart appearing regularly in Jim Floyd’s Quantitative Themes quarterly publication. About 20% of The Leuthold Group’s clients are subscribers to QT, but we thought the other 80% might find this study of interest.

Joke of the Month

This cruel gem came from a woman at Waters Bar in Minneapolis. Her first name was Leann, but I don’t recall her last name. (Nor did I get a phone number.)

Scanning the Markets

A performance run down for our equity market sectors ranked by first quarter 1990 performance. All screen based Quantitative Themes are included, both active and experimental.

Stock Market Remains Vulnerable

Our Major Trend Index remains decidedly negative. The current ratio of 0.67, although improved from a week ago, is about the same as a month ago. Thus our opinion is unchanged. It appears we are in the early stage of a cyclical bear market.

View from the North Country

Back on January 1, 1984, American Telephone & Telegraph was broken up into the seven “Baby Bells” and AT&T. At the time, Wall Street was not impressed with the prospects. But the telephone “Break-Up” Portfolio was hard to beat 1984-1989.

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