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Quarter-End Insights

Our Outlook for the Market

Broken record, or a consistent message? The market still looks cheap to us.

Economic weakness intensified in recent months, and the downturn in stock prices gathered greater steam--at least until recent weeks. After a brutal September, October, and November, the S&P 500 hit its low for 2008 during the day on Nov. 21. At 741.02, the S&P had been cut in half from year-end 2007.

Aggregating our bottom-up research on individual companies and adding those takes together, our bottom line has been pretty consistent all year--the market has been and still looks cheap.