Member NYSE/SIPC

Wall Street Journal

Abreast of the Market article
1/9/12
**It is not possible to invest directly in an index.
Past performance is not a guarantee of future results.
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The American economy
Comeback kid
Americas economy is once again reinventing itself
Jul 14th 2012 | from the print edition
Comeback kid
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Since 1926, dividends have provided approximately 41%
of the stock markets total return, according to JP
Morgan (chart courtesy JP Morgan)
**It is not possible to invest directly in an index.
Past performance is not a guarantee of future results.
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**It is not possible to invest directly in an index.
Past performance is not a guarantee of future results.
As weve remarked before, we see similar opportunities today, albeit the disparity being
served up by the market centers around growth rather than valuation (the 12-year-ago view is
in the left-hand chart, the current view in the right-hand chart). With S&P valuations now
hewing to a tight band, we view the investing opportunity today to favor faster-growing
companies, which often trade for the same multiple as slower-growing alternatives (charts
courtesy ISI). The composition of CHOICE portfolios is tilted toward companies with above-
average growth prospects, which we believe will serve clients well over the quarters and
years ahead. George Shipp, Chief Investment Officer 7/13/12 Market Commentary
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