Good day, ladies and gentlemen, and thank you for standing by. Welcome to the First Quarter 2014 Earnings Conference Call. During today's presentation, all participants will be in a listen-only mode. Following the presentation, the conference will be opened for questions.
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Alternative methods have some use, but we think discounted cash flow is the most fundamentally sound way to value the conglomerate, as we discuss in the final installment of our 5-part series.
Finally, utilities with good growth and attractive yields are on sale.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
Interest rate fears have weighed on the sector's absolute performance, but utilities' fundamentals remain strong for the most part.
Rising interest rates have taken their toll, but as the Fed delays dialing back on stimulus, investors are poised to recapture some of their losses.
Interest rate fears leave several high-quality dividend-paying utilities looking cheap.
We saw a higher level of trading by our top managers in the most recent period.
Get our sector-by-sector take on the bond market, plus our five best bond ideas.