Motley Fool Stock Advisor: Six-Month Review
Motley Fool Stock Advisor: Six-Month Review
Motley Fool Stock Advisor: Six-Month Review
six-monTh Review
Volume 8, Issue 1, January 2009
With
TM
TM
stockadvisor.fool.com
Dear Fellow Fools, When the stock market loses 40% to 50% in a years time, few individual investors will escape carnage in their portfolios. Of those who do, most are able to use some hedging techniques, which I (Tom here) will talk about in a moment.
Stock Advisor holds many of the same principles as other long-only investing services: We buy stocks expecting them to go up. In an environment where outright fear and forced selling are driving prices, our scorecard has taken a hit. Certainly we feel the pain not only as advisors who pick the stocks, but also as investors who buy the stocks right along with you. While were aware of the short-term paper losses, were excited about buying stocks at these depressed levels. The mayhem we see now is laying the foundation for the next bull market. These crazy, scary periods come with the territory, and odds are well see another such period at some point over the next 30 years. Some investors deeply bothered by these sharp drops and extreme volatility are considering pulling out of the market. Though their heads tell them this is not the right thing to do, their hearts just cant take the short-term pain. Sound familiar? If so, there may be an option for you in the form of Motley Fool Pro. Led by my brother David and our longtime friend and colleague Jeff Fischer, Pro aims to soundly beat the market while avoiding the wildness that runs rampant in times like these. Unlike other Foolish services, Pro uses advanced hedging techniques such as options and ETFs, along with long and short positions, to reduce the volatility of its returns. This is a real-money portfolio designed to thrive in any market. Since Pros first transaction in October 2008, the teams total return is near breakeven, while the market is down about 7%. (You know it kills me to give my brother credit for that kind of performance.) The service is just getting rolling and will be open to new members again in January. You can learn more about Pro in the insert mailed with this issue of SA, or check it out online at pro.fool.com. Pro is simply another option for you as the Fool continues to expand our offerings for all types of investors, in all types of markets. In the meantime, were excited about SAs future and our tradition of beating the market. Looking back over the past 12 months, weve slightly underperformed the S&P 500s 32% loss. Well have such periods. But better days are ahead, my Foolish friends. The market turned northward after the last bear, the economy improved, and portfolios shifted from red to green. Whether its a matter of weeks or months, it will happen again and you need to be in the market to take advantage of it. You can start right now, with this issue, which includes the six-month review of Davids side of the scorecard, plus my latest recommendation, Cintas (Nasdaq: CTAS). Weve got guidance galore, so dig in and know that were right there with you. Fool on!
Recommendations
Cintas (Nasdaq: CTAS) . . . . . . . . . . . . . . . . .p . 2 marvel (NYSE: MVL) . . . . . . . . . . . . . . . . . . . .p . 4
inside
Davids six-month Review - A detailed look at Davids scorecard favorites plus three sell recommendations . . .p . 4 special Pullout Guide - Buy and Hold guidance on all of Davids stocks scorecard . . . . . . . . . . . . . . . . . . . . . . .p . 8
Cincinnati, Ohio www .cintas .com $25 .28 Medium-Low Stalwart $3,860 $181/$951 $3,971/$3,938/$3,707 $333/$335/$335 14% Clothing-optional Fridays
why Buy:
More than 5 million people head to work dressed in Cintas work-wear . It serves a network of more than 800,000 clients ranging from mom-and-
Biggest Threat:
Finally in style
Data as of 12/16/08
Except share price, dollar figures in millions. Fiscal year ends in May.
I started off today like most days over the past 15 years since David and I started The Motley Fool. I flipped to SportsCent um, I mean CNBC and threw on my typical work clothes: jeans, shirt, and sneakers. At global Fool headquarters (stop by anytime to check it out), we like having a homey feel around the office, and that includes a dress code thats more collegiate than business casual. Its just one reason we love coming to work each day. (Of course, we love being able to eat and breathe stocks, too.) But not everyone has this casual-life luxury. Millions of workers around the globe wear standard uniforms five days a week. Thats where my recommendation this month comes in. Cintas (Nasdaq: CTAS) is in the business of putting uniforms on peoples backs and its the biggest in that business. It leads the industry in sales and rentals of uniforms worn by employees of restaurants, grocery stores, gas stations, and just about any service organization whose workers sport a standardized look. Its been a predictable cash flow generator for years, but the stock had always been too rich for me. Times are a-changin, Fools, because today we can buy a premier service company for about 12 times cash earnings, the lowest multiple weve seen in decades. So don your investing garb, because its time for us to take a closer look.
of this business, as well as the deep relationships and broad network Cintas has built over its 80-year history. And just as with FedEx or trash hauler Waste Management, the broader the network, the more valuable and powerful the competitive edge. Through its 8,400 local delivery routes, 405 operations, and eight distribution centers, Cintas can reach nearly 95% of the North American worker population, giving it the deepest moat in the industry. Uniform rental and facilities maintenance (cleaning restrooms) generate 70% of Cintas revenue. The remaining 30% is split among custom uniform sales, first aid and fire protection services, and document shredding and storage. These may seem like divergent businesses, but they capitalize on Cintas vast distribution and customer network. A company that rents uniforms could easily sign up for fire extinguishers or first aid kits at a nice marginal profit for Cintas.
Dressed for success Its no secret that Andy and I are fans of stable, predictable businesses that churn out lots of cash for shareholders and are run by smart insiders who own chunks of stock. Cintas is a perfect fit. The companys primary business is renting and selling uniforms to 800,000 corporate clients in North America, including Starbucks baristas, McDonalds servers, and W Hotel concierges. I love the recurring nature
2 Motley Fool Stock Advisor
Pocket Change Cintas network has delivered amazingly steady results. This decade alone, its gross margin has ranged between 40% and 42% and operating margins between 14% and 16%, both industry-leading numbers. Thats good, because the company wont set any land-speed growth records. Revenue has grown 8% annualized over the past five years and just 6% for the recent 12-month period.
But Andy and I are fine with that because in Cintas, were following the cash. During the same five-year period, free cash flow has grown nearly 11%, and per-share dividends (thats actual cash in our pockets) have increased 11.2% per year. Further evidence of managements shareholder focus is Cintas 15% returns on equity, boosted by the companys
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January 2009
$800 million in share repurchases since 2005. Ill admit, the $951 million in debt is a little high for my taste but its very manageable at less than 30% of total capital.
Pressed to Fit I dont mind paying up for great businesses (neither does Warren Buffett, who bought Coca-Cola years ago when other investors feared it was too expensive), but I also dont want to stretch it. Over the past decade, investors consistently paid 30 or 40 times earnings for Cintas way too rich for my taste. But now were looking at a stock selling at around 12 times sustainable free cash flow, with solid growth prospects in its core businesses as well as in document management (a potential billion-dollar segment). This uniform provider also has promising international expansion opportunities and a 1.9% dividend yield. Its not likely to be a high-flyer, but I see it as a consistent marketbeater for your portfolio. Possible wrinkles The obvious risk for any service company these days is the economy, and for Cintas specifically, were talking employment rates. Fewer hired worker bees means fewer uniforms and fewer links on the network chain. I may be a little early in picking Cintas (U.S. unemployment rate projections run as high as 10% from todays 6.7%), but Im not worried Im confident were getting a great company at a good price, and I would use any price pullback to build out your position.
Earlier this decade, the companys interest coverage ratio a measure of how many times over a companys annual operating profits cover the annual interest due on its debt was north of 20. Today its around 11, still comfortably at an AA-rated level but lower nonetheless. We dont want Cintas interest payments eating up too much of the companys profits, so Ill be watching this number closely. Lastly, the company is planning to push overseas into Europe, as well as into Latin America and the Middle East. This is exciting but could be costly as Cintas builds out its network (think Starbucks). Ill grow concerned if margins start to suffer.
The Foolish Bottom Line With a broad distribution network, solid core business, and growing ancillary lines, Cintas is in a great position to continue its industry-leading ways. And todays historically cheap stock gives us an entry point to start adding shares. Nibble today and wait for more price pullbacks to add more. In five years, when our homey Fool headquarters has a mini fridge at every desk, well be stylin with our Cintas shares. Now, where are my socks?
The Motley Fool owns shares of Starbucks.
stockadvisor .fool .com
January 2009
why Buy:
The companys budding
licensing deals generate gobs of cash and are a nice cushion against any potential box-office blues .
Insiders, er, marvel at
Welcome to Davids six-month review, which includes his official re-recommendation of Marvel plus expanded coverage of his top stocks and three sells. For a ranking of his scorecard with specific buy/hold guidance, see the Report Card in this issue. Superheroes were born out of the aftermath of the Great Depression, with D.C. Comics Superman created in 1932, a year before unemployment peaked at 25%. He made his comic book debut in 1938, and a year later Marvel (NYSE: MVL) founded its comic book arm all while the nation was still deep in economic turmoil. People may not have had a lot of extra cash, but they sure liked to escape into the story of a hero who could transcend real-world frustrations. That desire rings just as true today. But you dont need some highfalutin socioeconomic justification to buy Marvel shares these days. The stock has held up remarkably well its up 12% in 2008 and down a mere 22% from its 52-week high yet this companys $2.4 billion market cap hugely undervalues its budding movie studio. In a year when the companys first two self-financed features, The Incredible Hulk and Iron Man, brought in more than $840 million at box offices worldwide, only the current market turmoil could keep this stock earthbound.
Consider that next year, Marvel wont have any selffinanced film releases but will have a share of the expenses of making a slate of four films for release in 2010 and 2011 and still expects to earn $1 to $1.35 per share. That doesnt even reflect millions in sales of Iron Man DVDs, since some of that revenue is coming in earlier than expected and will be recorded this year. Even outside of the movies themselves, Marvel is arguably worth the 22 to 30 times 2009 earnings it trades at thanks to its publishing, toys, and licensing deals that include a Wolverine film next year and Spider-Man 4 in 2011. Buy Marvel today and you get a movie studio thrown in for next to nothing. Although 2009 will be light at the box office, were looking toward a huge 2010 and 2011 for the company, with the release of Iron Man 2, Thor, The First Avenger: Captain America, and The Avengers, the last of which we think has the potential to be a mega-blockbuster. Certainly, company insiders seem to like the way the future looks. Executive Vice President David Maisel bought almost $2.5 million in Marvel stock in late November, following a smaller purchase in mid-October by the companys CFO. As is often noted, there are a million reasons insiders sell stock, but only one reason they buy: They think its going up, up, and away, and we couldnt agree more.
Apple
Recent Price 52-Week Range Action
$95.43
$79.14-$202.96
BUY
Things have certainly changed since Apple (Nasdaq: AAPL) was re-recommended in the July 2008 issue. The iPhone surpassed Motorolas (NYSE: MOT) RAZR as the top handset in the United States and outsold Research in Motions (Nasdaq: RIMM) BlackBerry in the third quarter. Apple which exceeded its goal of selling 10 million iPhones in calendar 2008 also reported two more quarters of strong Mac computer unit sales and revenue growth, while the iPod continues to show its long legs with expanding sales. Oh, and the stock is 44% cheaper than it was in July. Were not happy about that last part, but it just makes us more excited about Apples prospects. There will always be competitive threats in the cutthroat smartphone market, but we are actually more sanguine about the iPhones chances of continued dominance than we were several months ago.
Motley Fool Stock Advisor (ISSN: 1539-218X print version) is published monthly by The Motley Fool, LLC, 2000 Duke Street, Alexandria, VA 22314 . Application to mail at Periodical rates is Pending at Alexandria, VA and additional mailing offices . PosTmAsTeR: Send change of address to: Motley Fool Stock Advisor, 2000 Duke St ., Alexandria, VA 22314 . Phone (toll-free): 1-888-665-3665 . Website: www .fool .com . Email: membersupport@fool .com . Please email or call if you have any subscription questions. Editor: Kate Herman, Publisher: Jill Ralph, Business Manager: Kate Ward, Designer: Sara Klieger, CEO: Tom Gardner . Subscription $199 per year . Copyright 2008 by The Motley Fool, LLC . All rights reserved . Photocopying, reproduction, quotation, or redistribution of any kind is strictly prohibited without written permission from the publisher . Motley Fool Stock Advisor bases recommendations and forecasts on techniques and sources believed to be reliable in the past but cannot guarantee future accuracy and results . The Motley Fool is a company of investors writing for investors and, as such, its analysts may own stocks mentioned in the Stock Advisor newsletter . For a complete list of stocks owned by any Motley Fool writer or analyst, please visit http://www .fool .com/help/disclosure .htm . The Motley Fool, Fool, and Foolish are registered trademarks of The Motley Fool Holdings, Inc . Unless otherwise indicated, the authors do not own shares of the companies discussed in this issue.
January 2009
The SA Takeaway
Last month we delivered Toms six-month review, and Davids is naturally the second act for our SA Takeaway . This special removable section brings you our thoughts on every one of Davids 41 active recommendations as well as three sell recommendations from this issue . Pull it out and keep it with Toms report card for the whole SA universe at a glance!
Weve sorted through Davids scorecard to find the best stocks for you and we found a couple of laggers, too. We looked at management, competitive edge, market value, and other factors to determine which stocks are great buys in this market and which ones are off-limits for now.
re-recommendation plus five Best Buys Now) the best places for new money. If these are already in your portfolio, move on to the other Buys in this review. Weve labeled a few stocks as Holds dont buy them now and were also recommending you sell three stocks: American Eagle, We consider the top six stocks listed below (Davids Garmin, and Royal Caribbean.
Apple Activision Blizzard Charles Schwab Nintendo Netflix Axsys Technologies InterDigital Comm. Disney optionsXpress Holdings Canadian Natl Railway Mobile Mini Amazon Hasbro FedEx MedCo Health PetSmart Best Buy
SINA Starbucks eBay Priceline.com Biogen Idec ARM Holdings Omniture Electronics Arts Illumina GameStop Netgear Whole Foods Double-Take Software BMW Satyam Value Line American Eagle Outfitters Garmin Royal Caribbean
David owns shares of Activision Blizzard, Amazon, American Eagle, Apple, Best Buy, Canadian National Railway, Charles Schwab, Disney, eBay, Electronic Arts, FedEx, GameStop, Marvel, Netflix, Nintendo, Priceline.com, SINA, Starbucks, and Whole Foods. Karl owns shares of Apple. Matt owns shares of Whole Foods. The Motley Fool owns shares of American Eagle, Best Buy, and Starbucks.
Activision Blizzard
Recent Price 52-Week Range Action
$9.56
$8.99-$19.28
BUY
Activisions merger with Vivendi Games was a match made in gamer heaven. The new Activision Blizzard (Nasdaq: ATVI) knits together Activisions arsenal of blockbuster games including Guitar Hero and Call of Duty with Vivendis mighty World of Warcraft franchise and enormous online delivery capabilities. And it all comes together in a neat, debt-free package that is fully capable of generating more than $1 billion a year in free cash flow. But Activisions stellar growth (sales have grown nearly 30% per year over the past five years) still hinges on its ability to develop new games that people want to play. Fortunately, CEO Bobby Kotick, who bought the company with a business partner for less than $500,000 in 1990, has shown a knack for doing just that. Whether steering Activisions in-house creative teams to develop products for the fastgrowing casual gaming market or acquiring other studios to expand the companys portfolio of games, Kotick continues to find ways to add tremendous value to the business and for shareholders, who have enjoyed multibagger returns on their investment dollars. With the latest installments of Guitar Hero and World of Warcraft flying off the shelves, new versions of Diablo and Starcraft slated for 2009, and a $1 billion share buyback on the table, expect continued greatness from Activision.
nintendo
Recent Price 52-Week Range Action
$50.15
$32-$74.90
BUY
Kids today are just plain lucky. They dont have to struggle with 8-bit graphics, clunky sound effects, and awkward controllers like their parents did. No, todays kids get full immersion: They can swing a tennis racket, jump around in an aerobics class, steer a wheel in a car race, and interact in a world filled with mind-blowing graphics and sound. All this is courtesy of Nintendo (Other: NTDOY. PK), a company that is consistently on the cutting edge of entertainment technology. Lately though, Nintendos stock price has teetered on the cutting edge of its 52-week low. That just doesnt seem right considering sales in the most recent quarter were up 26% and operating profits surged 47% over the same quarter last year. Free cash flow over the past 12 months was a sensational $3.4 billion. Just try to find a Wii at your local Best Buy right now we dare you! At these prices, the best holiday find just may be Nintendos stock.
netflix
Recent Price 52-Week Range Action
Charles schwab
Recent Price 52-Week Range Action
$28.65
$17.90-$40.90
BUY
$16.68
$14.28-$26.20
BUY
Investors who arent opting for their mattress as their savings device of choice in this years historically bad stock market are increasingly finding their way to Charles Schwab (Nasdaq: SCHW). You can see it in Schwabs client assets, which held relatively steady at $1.3 trillion this year
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Yes, Americans will spend $10 to see the latest Marvel feature, even (especially?) in a rotten economy. And they will certainly spend as little as $4.99 a month for access to Netflixs (Nasdaq: NFLX) library of more than 100,000 DVD titles delivered straight to their home. An increasing number will even stream movies directly, taking advantage of the very technology that bears once said would kill Netflix. To that end, its made great progress getting its streaming
Motley Fool Stock Advisor 5
January 2009
Axsys Technologies
Recent Price 52-Week Range Action Recent Price
Disney
52-Week Range Action
$54.49
$34.02-$79.69
BUY
$23.78
$18.60-$35.02
BUY
Axsys Technologies (Nasdaq: AXYS) has successfully fought a good fight this year, rising about 5% since our May 2008 recommendation while the S&P 500 fell 35%. The majority of orders for its special cameras and imaging systems come from government agencies rather than economically sensitive businesses or consumers, which certainly doesnt hurt. And that demand has been even greater than we expected: In the two quarters since we singled it out, earnings per share have come in at an average 20% above analyst estimates. Yet thanks to barely a nudge in the stock price, Axsys trailing P/E ratio is lower now than when the company was recommended which is another way of saying the company has gotten little or no credit for the rising demand for infrared and other surveillance systems, improving margins, or a record backlog of $185 million, which the company will be able to address more quickly because of its recently expanded production capacity. Axsys has conservatively guided for about 15% revenue growth in 2009, but we believe ongoing government and private-sector demand for security, surveillance, and imaging will keep this company on the rise.
When it comes to entertainment media, youd be hardpressed to find a more lucrative or hard-to-replicate set of assets than Disneys (NYSE: DIS). Look no further than the companys highly successful Pixar studio as just one example. Animation guru John Lasseter was at it again with Wall-E, which has grossed nearly $500 million in worldwide box office receipts so far. And then there are the theme parks; hotels and resorts; the massively valuable ESPN brand; and, of course, Disneys vast and growing library of films and TV shows and all of the products that go along with them. Fortunately, those valuable properties are on sale right now thanks to the current economic downturn. CEO Bob Iger has done a tremendous job since taking the reins in 2005. Under his leadership, Disney should continue to produce substantial free cash flow and greatly reward patient shareholders. Take this rare opportunity to pick up shares of this company on the cheap. As ESPNs Chris Boomer Berman would say, It. Could. Go. All. The. Way.
optionsxpress holdings
Recent Price 52-Week Range Action
interDigital Communications
Recent Price 52-Week Range Action
$12.42
$10.50-$34.95
BUY
$24.95
$16.20-$28.98
BUY
Intellectual property licensor InterDigital Communications (Nasdaq: IDCC) knows that having the worlds best patents is only valuable if they come complete with the worlds best lawyers. Fortunately, the company avoided a legal resolution of its long-running dispute with Samsung
6 Motley Fool Stock Advisor
Options strategies can be used in any kind of market, but the sort of volatility weve seen over the past few months has convinced more than a few investors that options may offer that extra piece of insurance they need. Others are looking for ways to leverage their portfolios while they wait for better days. Either way, a bear market isnt necessarily bad for a company dedicated to options traders, and a back-and-forth market is actually a positive here.
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January 2009
But its the future that has us worried. Garmin isnt losing ground to any one competitor archrival TomTom is actually down even further this year, with slower sales growth. Rather, the company seems to be dying from a thousand cuts. The GPS applications on the iPhone and other smartphones may not be as sophisticated as dedicated units from Garmin (at least until better software comes along), but the difference may not be all that critical to many users who might once have considered shopping for a Garmin device. GPS sell Recommendation: American eagle outfitters has become a commodity to many consumers, and Garmin has pretty much acknowledged this by putting its emphasis Recent Price 52-Week Range Action on the (much-delayed) nuvifone. The company is looking to $9.96 $6.98-$23.84 SELL add value around basic GPS, but were dubious about the The Eagle has landed and it was a bumpy ride. Once chances of success for yet another smartphone, particularly a high-flyer on our scorecard, American Eagles (NYSE: when its from a newcomer to the space. AEO) soaring growth crash-landed in recent years thanks Garmin may prove to be a decent value investment for the in part to new retail concepts like aerie and Martin + Osa patient and risk tolerant, but we like other opportunities more that have underperformed expectations and failed to offset and dont have strong faith that this company will outperform declining sales at the companys saturated namesake stores. the S&P 500. Its time to sell. But why sell now, after a 50%-plus drop and with shares at their cheapest level in more than four years? While we think American Eagles shares are a better alternative than cash right now, we just dont see the company being a marketbeater, even from these beaten-down levels. The companys failed concepts and chronic same-store sales declines have exposed weakness in the companys brand appeal. Meanwhile, American Eagles management seems to be uncertain about where to allocate the companys investment capital. Finally, intense competition from the likes of Abercrombie & Fitch, Aeropostale, and a resurgent Gap, as well as shifting loyalties among young consumers, will continue to severely limit any excess returns in the retail apparel industry. If youre uncertain about where to invest right now and arent interested in any of our buy recommendations in this issue, then by all means hold your shares. But we want you invested in our best ideas, and were fairly confident that we have at least 40 better ones than American Eagle right now.
$10.72
$5.97-$43.96
SELL
These days, were less worried about Somali pirates than we are about Royal Caribbean (NYSE: RCL) righting its ship. The turbulent economic seas of the past year will likely continue for some time, meaning shareholder value could take an indefinite back seat. We originally were keen on managements strategy of building larger ships, which could significantly boost profitability. But with frozen credit markets, it looks like they wont be built for quite some time. Were worried about Royals upcoming $2 billion debt repayment, given the companys chronically poor cash flow metrics and potential for low travel bookings next year. The threat of a prolonged recession only heightens our concern. While Royal ultimately may avoid a shipwreck, were just not sure it can be a market-beating investment from here. Returns on capital lag stubbornly behind the companys costs, even in good times. Its time to say bon voyage to the companys shares.
$20.57
$14.40-$112.68
SELL
Last year, a GPS device from Garmin (Nasdaq: GRMN) David owns shares of Activision Blizzard, American was just about the hottest gift you could put under the Eagle, Apple, Charles Schwab, Disney, Marvel, Netflix, and Christmas tree. Sales in 2007 shot up almost 80%, with strong Nintendo. Karl owns shares of Apple. The Motley Fool owns performances across all areas of the business. This year, shares of American Eagle and Best Buy.
stockadvisor .fool .com January 2009 Motley Fool Stock Advisor 7
sCoReCARD
Details on all recommendations available at stockadvisor.fool.com
AveRAGe ReTURns mosT ReCenT ReCommenDATions
DaVIDS
Davids Returns 14.1%
Issue Company Ticker
TOmS
Company Ticker
1/09
marvel
Cintas msC industrial natl instruments natl oilwell varco Precision Castparts Linear Technology
12/08 strayer education Toms Returns 0.0% 11/08 Charles schwab 10/08 Activision Blizzard S&P 500 -21.1% 0% 6% 12% 18% 9/08 8/08
-30% -24% -18% -12% -6% Since inception, includes sold positions.
marvel (mvL)*
CompuCredit (CCRT)
Issue 2/07 Tom
TOmS
Company Ticker Recent Share Price
243.8% 215.0%
Amazon.com (AmZn)
Issue 10/02 David
healthways (hwAY)*
Issue 9/05 Tom
Gamestop (Gme)*
Issue 10/04 David
satyam (sAY)
Excluding sold positions. *QSII was also recommended in the 3/03 and the 12/05 issues; GME was also recommended in the 1/06 issue; MVL was also recommended in the 12/02, 9/04, and 1/09 issues; ATVI was also recommended in the 9/02 and 10/08 issues; WFMI was also recommended in the 3/08 issue; HWAY was also recommended in the 4/05 issue. This is not an endorsement to buy any of these stocks. It is simply a snapshot of our companies performance to date. .
The recommendations in our current issue represent our two best investment ideas this month. But to give you a broader range of options, weve also ranked the best opportunities for new money from among all our past selections. * David owns shares. ** The Motley Fool owns shares.
lagging
49%
61 lagging the market
beating
David is saying farewell to three stocks today: American eagle, Garmin, and Royal Caribbean . To find out why, turn to page 7 . For buy and hold guidance on the rest of Davids stocks including his marvelous top stock recommendation for new money now dont miss the SA Takeaway, our nifty, removable report card at the center of this issue . If you missed Toms review last month, you can read it online visit stockadvisor .fool .com, click the Newsletters tab, and grab the December 2008 issue . Enjoy!
51%
Excludes sold positions.