MPT Review (P.O. Box 10012, Incline Village, NEV. 89450), whose 748 percent average portfolio gain over the past eight years vs. the general market's 191 percent gives it some standing as a stock market prognosticator, remains staunchly bullish. "The switch out of income-producing investments into growth stocks will continue for years, as the banking and mutual fund industries continue educating the public and aggressively selling funds. Many small-capitalization stocks still represent outstanding fundamental values."

- Steven Einhorn, portfolio strategist for Goldman Sachs, is equally bullish. His dividend discount model still suggests Standard & Poor's 500 is undervalued by 15 percent compared to interest and inflation rates. "I think we're in the midst of a very long-lasting bull market that will go at least through the end of 1994." Einhorn particularly likes financial and creative-technology stocks, such as AIG, CMAC, Citibank, MBNA, Microsoft, Motorola, SunAmerica.- On the negative side, sky-high gambling stocks look extremely overvalued to Short on Value newsletter (2480 Briarcliff Road, Atlanta, Ga. 30329). "There will soon be 50 new casino-style gambling operations throughout the country where there were none two years ago. Many are in out-of-the-way places or close to one another. We believe there simply won't be enough demand to support them all. You won't go wrong shorting any of these gambling stocks: Argosy Gambling, Azar, Boomtown, Grand Casinos, Hollywood Casinos, Jackpot Enterprises, MGM Grand, Players International, Promus."

- "The problem with investing in big companies is that you have lots of company," observes Forbes' Gilbert Steedley. To counter this difficulty, Steedley recently sent his computer searching through 6,400 stocks looking for profitable, undervalued small companies followed by no more than two analysts. The computers' favorites: Communication Cable, Detection Systems, Failure Group, Geodynamics, CR Gibson, Gish Biomedical, Kentucky Medical Insurance, Met-Pro, Rauch Industries, Right Management Consultants, Rowe Furniture, Southwest Water.

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- The current rally in gold hasn't convinced the veteran observers at The International Mining Review (78 Old Broad St., London EC2M 1QP, England). "This rally has drawn in a lot of investors inexperienced in fundamental gold analysis. As a result, many if not most gold equities are overvalued. Investors should resist the temptation to climb aboard at any cost."

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