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Federal marshals are guarding overseas flights, and state troopers are patrolling trains. What makes you think your portfolio couldn't use some extra security too? Renewed terrorism concerns, punctuated by the Madrid bombings on 3/11, pushed the Dow to its first drop of more than 5% in a year. Still, prevailing wisdom holds that investors should do nothing. Terrorism strikes are unpredictable, the reasoning goes, so you can't invest around them...
PUMP UP CASH Instead of holding 5% to 10% in a money-market fund, hold 10% to 15%. The cushion will trim returns in normal times, but soften any declines and give you means to buy on a terrorism-related dip. The Dow rebounded 4% after the Madrid sell-off. That's a fairly normal pattern, according to Markethistory.com...
...Anstin S. Philips, Elizabeth Bennett; Richard Buck, Janet Gilbert; Andrews Wyman, Barbara McQuesten; Allen Smart, Faith Kenniston; Murray Pease, Martha Head; Robert N. Hutchmson, Grace Wilson; James G. Dow, Plivllis Cotton; Charles N. Frazier Paulire Robinson...
...stock market polished off a dazzling 2003 last week as the Dow Jones industrials, the S&P 500 and the NASDAQ composite all ended the year in solidly positive territory for the first time since 1999. Most market strategists are looking forward to another finish in the black in 2004, but many warn that by midyear, stock prices may start losing steam as the tax-cut stimulus effect wears off--especially if the Fed raises interest rates. As the economy continues to grow, the fear of inflation--or the thing itself--could also dampen stock prices. A few market watchers...
That doesn't mean you can't make money in stocks. Other analysts are more bullish, and even Levkovich believes that some sectors will do well. He expects around midyear a massive shift out of economically sensitive cyclical stocks like technology and basic materials (Alcoa, Dow Chemical, International Paper) into defensive stocks like drugs, foods and beverages. Why? Defensive stocks, which are less vulnerable to the ups and downs of the economy, lagged badly in '03, rising just 8% on average. They now look relatively cheap next to tech (up 40%) and basic materials (up 30%). And as it becomes...