Logie Cassells (at right,
Nike Roshe Run Dark Blue fluorescencia verde gorro de hombres de las mujeres Venta Zapatos Auténticos, top) and Jamie Moye (at right,
Nike Roshe Run Dyn Fw Negro Naranja Blanco Mujeres Hombres Con El Servicio Profesional Envío Gratuito,
Wmns Nike Free Run 3 Cool Grey Plata Universidad Vela Roja 100% De Garantía De Calidad y El Envío Libre, below) are the principals of Beacon Asset Managers based in Chester,
Azul Nike Roshe Run Gris Luz Malla Hombres Ahorra Hasta Un 65% Al Hacer Compras En Nuestro Outlet Store, Nova Scotia. The company is a subsidiary of Beacon Securities Ltd.,
Nike Free Run Powerlines Ii Negro Verde Mujeres Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda, and offers independent investment services to financial institutions.

The company Beacon research approach focuses on three disciplines demographics,
Nike Roshe Run Dyn Fw Mujeres Hombres lightGray En Línea Con El Descuento Más Grande y El Envío Libre, valuation and sentiment to discover undervalued equities,
Mujeres Free Run 4.0 V2 Medio púrpura verde eléctrico Volt Nike Sólo Compras En Nuestra Tienda De Ahora, the performance of which are tracked in its model Beacon Master Portfolio. Cassells and Moye report that the model portfolio is showing a return of more than 75 percent since its December 2008 inception,
Nike Free Run 4.0 V3 Vert Gris Femmes En Ligne Avec Les Plus Grands Rabais Et La Livraison Gratuite, representing more than 50 percentage point outperformance of the S Global Index ETF (NYSEARCA:IOO),
Uomini Nike Free Run 2 Antracite Nero Bianco Rosso In linea con il grande sconto e trasporto veloce, which is up about 18 percent for the same time frame.

We recently had the opportuntity to ask Cassels and Moye about their current outlook on the market,
Nike Free Run 4.0 2012 Negro Rojo Mujeres Venta Worldwide Con Descuento Grande Y Entrega Libre Rápido,
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2012 Nike Free Run 3.0 Piel café Mujeres Ahorra Hasta Un 65% Al Hacer Compras En Nuestro Outlet Store, and their single highest conviction holding at this time.

Did the market recovery of 2009 surprise you,
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What a difference a year makes. At this time last year the vast majority of Wall Street pundits had adopted en masse the nabob of negativity persona to warn us of the impending financial Armageddon. In hindsight this should have been expected. As noted by French philosopher Arthur C. Pigou: error of optimism dies in a crisis,
Nike Free Run 3.0 V2 2012 Mujeres Blanco Gris 2015 Mujeres Zapatillas De Running En La Tienda Oficial, but in dying it gives birth to the error of pessimism. This new error is born,
Nike Free Run 5.0 V3 2014 Orange Mujeres Envío Rápido, not an infant,
Nike Free Run 5.0 V3 2014 Orange Mujeres Son Venta Caliente. Bienvenido a 2015 Zapatos Outlet Store, but a giant.

To the surprise of many,
2012 Nike Free Run 3.0 V2 Blanco Gris Verde Mujeres Factory Outlet Tienda Online Ahorre Hasta Un 60%, but not all,
Nike Roshe Run Woven Women Royal White 100 Genuine And Safe Payment Fast And Free Shipping To Worldwide, the market recovery has been very similar to the eight previous recoveries since 1926. Near the lows the financial experts proclaim that the world is ending,
Nike Free Run 5.0 Negro Gris Rosa Mujeres Entrega Rápida y Buen Clientes Servicios Están Garantizados, the general public takes fright and sells everything,
Nike Free Run 5.0 Tr Negro ciruelo mujeres rojas Hasta 60% De Descuento No Hay Impuestos! Envío Gratis, and floods into cash or bonds that return practically nothing,
Nike Free Run 4.0 Azul de cielo Mujeres Entrega Rápida y Buen Clientes Servicios Están Garantizados, and promise never to return to equities again. This time investors can hardly be blamed for their behavior,
Nike Roshe Run Mediados Castaños Oscuro Negro Hombres 2014 Con La Entrega Rápida y Servicio Post-Venta,
Nike Free Run 4.0 2012 Negro Rojo Mujeres Venta Worldwide Con Descuento Grande Y Entrega Libre Rápido, as they were expecting early retirement but instead received the worst decade of returns since the 1930s. However,
Nike Free Run Powerlines Ii Negro Hombres Luna Una Semana Llegue a Su Puerta y Super Servicio Al Cliente,
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Nike Roshe Run Dyn Fw Negro Naranja Blanco Mujeres Hombres Outlet Para Que Usted Elija. Comprar Ahora.,
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Has the market recovery been different this time,
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The market recovery since last March has been in that the market has continued to climb a wall of worry. Having spent nearly two years slipping down the slope of hope,
2014 Nike Free Run Gimnasio Blanco Negro Hombres Compre Más Ahorre Más, small caps outperformed large caps,
Nike Free Run 3.0 V7 ​​shinne azules mujeres negras 2014 Nuevo Estilo,
Nike Free Run 2 Escudo de Stealth Negro Naranja Blanco Liquidación De 2014. Obtenga 85% De Descuento, stocks priced to extinction at the lows roared back to life,
Nike Free Run 5.0 Tr Pink Mujeres Negras Tienda Está Especializada En La Venta De Todo Tipo De Zapatos, equities outperformed bonds and those sectors geared to the recovery led the way back up the hill of worry.

We believe that last March marked the start of a once in a generation opportunity to invest in equities,
Wmns Nike Free Run 3.0 V5 2014 Azul Mujeres Hasta 50% De Descuento. Envío Gratis Para Todo El Mundo, and that this opportunity (with the odd speed bump along the way) is similar to those golden periods of equity returns experienced from 1939 to 1967 and 1974 to 2000.

What are your expectations for markets through the rest of 2010,
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We expect the trend for stock prices in 2010 in general to be up; however,
Nike Roshe Run Hombres Negro Rojo Desde Nuestra Tienda,
2012 Nike Free Run 3.0 V2 Negro Gris Moda Envío Rápido, at times it could be bumpy (as the Ned Davis Research 2010 composite maps out). We continue to favor those sectors that are geared to the economic recovery,
Nike Free Run 3.0 V4 Verde Gris Mujeres Ahorrar Hasta Un 79%, and the ever growing consumer demand of Generation Y.

In managing exceptions in terms of what type of returns to expect in 2010,
Nike Free Run 4.0 V3 2014 Gris Bleu Noir Hommes Magasin Outleten Ligne Est l’Option Idéale Pour Vous, we turned to O Asset Management research in their January 2010 note. It found that the average return in the first year of a recovery following a severe bear market is 46 to 61 percent; the second year,
Nike Free Run 4.0 Fly Ligne Rouge Orange Hommes Économisez 61% De Réduction Et La Livraison Gratuite,
Mujeres Nike Free Run 3 Fireberry verde eléctrico Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo, 14 to 15 percent; and the third,
2012 Nike Free Run 5.0 V3 Arancione donne d’argento Prezzo basso, 1 to 3 percent. Therefore,
Mujeres Nike Free Run 3 Magenta platino plata púrpura Tienda Es El Mejor Lugar Para Que Usted Compre, it would be prudent to lower our expectations for the year and expect the market to return about 14 percent,
Nike Hyper Free5.0 Bleu Volt Noir Bleu Teinte Boutique En Ligne Destockage 2014, which would give the S 500 a target of about 1300.

This sharp pullback from mid January has corrected many of our concerns about extreme optimism,
Nike Roshe Run Fb Yeezy Naranja Leopard Hombres 2015 Mujeres Zapatillas De Running En La Tienda Oficial, and we now expect markets to recover their footing. In many ways investors,
Nike Free Run 3.0 V4 amarillas azules Mujeres El Precio Más Barato,
Nike Roshe Run 2014 Azul Blanco Mujeres Hombres 2015 Mujeres Zapatillas De Running En La Tienda Oficial, including us,
Nike Free Run Powerlines Ii Negro Oro Hombres Compra Ya Save Off 40% -60%, sometimes get caught up with trying to fine tune the market over the short term to such an extent we forget the forest for the trees. What we should be doing is spending less time watching what the market averages are doing,
2012 Nike Free Run 5.0 V3 Azul de plata de la Mujer En Línea Con Descuento Grande y El Envío Rápido, and more time focusing on the discovery of undervalued potential Stocks that will be supported by generational demand and that sell for 75 cents or less on the dollar,
Nike Free Run 4.0 2012 Azul Verde Mujeres Tienda Online Clearancesale 2014. Consigue 85% De Descuento, or a price to sales ratio of 0.75 or less.

And you determine demand through demographics,
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Yes. Demographics is one of the three key investment tools we use to discover undervalued assets and to avoid over believed and over priced assets. Demographics gives us a longterm,
Nike Roshe Run Dyn Fw Mujeres Hombres Negro Naranja Blanco Usted Puede Encontrar Las Últimas Estilo,
Nike Roshe Run Tissé Hommes Rouge Noir matelassé La Basse-Prix, or decennial,
Nike Roshe Run Negro Blanco Plata Hombres Envío Rápido, global picture of emerging and declining consumer demand. On the macro level we believe today weight of evidence supports a opportunity in equities over the next 20 years similar to ones that emerged in 1939 and 1974 as shown on this chart. Generation born 1905 1924 and more than 50 million strong spurred the 1939 generational opportunity,
2012 Nike Free Run 3.0 V2 Blanco Gris mujeres rojas Compre Más Ahorre Más, while the much larger Baby Boomer generation born 1945 1964 and more than 75 million strong spurred the opportunity that emerged in 1974.

By examining those previous opportunities we can manage our expectations during the first eight years of this current opportunity. In those two previous ones,
Nike Roshe Run verde gorro de Mujeres Ahorrar Hasta Un 79%, investors had eight years to patiently accumulate the next generational winners before entering secular bull markets that lasted nearly 20 years and saw more than 10 fold returns from 1947 to 1967,
Nike Roshe Run Mint Azul Blanco Mujeres Ahorrar Hasta Un 79%, and more than 20 fold returns from 1982 to 2000.

So you believe the current generational opportunity will be driven by Generation Y,
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Yes. Generation Y is bigger than the Baby Boomers,
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2012 Nike Free Run 5.0 V3 verde plata Mujeres Talones Con 100% De Garantía De Calidad y Envío Libre, too. But we also feel that the Baby Boomers,
Nike Free Run 3.0 V4 Verde Gris Mujeres Ahorrar Hasta Un 79%, unlike predecessor generations that rapidly aged out of the consumer market,
Nike Free Run 3.0 V7 ​​Diamante Blu Bianco Nero Uomo Prezzo basso,
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Nike Roshe Run Gris Verde Manzana Malla Hombres Hasta 60% De Descuento No Hay Impuestos! Envío Gratis, as early indications seem to indicate that Boomers may redefine what it means to be

Can you describe your other two investment tools,
Men Nike Free Run 3 Granite Blue Glow Pro Platinum Save Money On Millions Of Top Products At Low Price,
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Valuation and sentiment. For valuation we rely on the uncommonly used metric of price to sales ratio. This is less available for manipulation and quickly shows investors what the market is willing to pay for a dollar of a company sales. The key advantage of using sales rather than earnings is that earnings can widely fluctuate or be manipulated. The other advantage of using the P/S ratio is that it reminds you of the risk you are taking for the perceived return. If you are paying $7 for every $1 of sales of the latest hot stock or theme,
Nike Free Run 4.0 V3 hiver gris Blue Men À La Vente Avec Livraison Gratuite Et Le Plus Grand Discount, it reminds you to consider why you are paying so much,
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Usted Recibirá Usted Quería Aquí, and to better consider what the likely returns may be over the next 3 to 5 years.

Sentiment allows us to gauge how over or under believed the market or a theme is,
Nike Free Run Powerlines Ii Blue Rose Donne In linea con la più grande sconto e spedizione gratuita,
Nike Run Roshe Ejército Verde Blanco Hombres Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda. The simplest way to explain this is to borrow a quote from Warren Buffett: fearful when others are greedy and greedy when others are fearful,
Nike Free Run 5.0 V3 2014 Gray mujeres rojas Una Semana Llegue a Su Puerta y Super Servicio Al Cliente.

So,
Nike Roshe Run Mujeres Hombres Negro Rojo Malla Talones Con 100% De Garantía De Calidad y Envío Libre, these three tools help you nd the Stocks highlighted in your reports?

Yes,
Nike Free Run Trainer 3.0 Negro Hombres Venta Worldwide Con Descuento Grande Y Entrega Libre Rápido, we look for out of favor,
Nike Free Run Powerlines Ii azules mujeres negras Con Alta Calidad y Precio De Descuento Para Usted, under believed stocks that are poised to benefit from generational demand and have P/S ratios below 0.75. For an historic example of how this works let look back at Nike in 1984. At that time investors who saw its value on a P/S of 0.3 and its potential to tap into the emerging generational demand of the latter half of the Baby Boom and first half of Gen. X,
Nike Free Run 5.0 V2 Gris Rosa Mujeres Nuestra Perfecta Calidad y Precio Razonable Haremos Satisfecho, made off like bandits.

The shares between 1984 to 2000 rose from 48 cents to $36 (up 75 times),
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Nike Free Run Powerlines Ii Negro Blanco Verde Mujeres Con El 100% De Garantía De Calidad y Envío Libre, and its P/ S,
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Air Jordan Spizike New York Knicks Blue 100 Genuine And Safe Payment Fast And Free Shipping To Worldwide, rose from 0.3 to over 2.5 times. In common sense terms,
Nike Roshe Run Fb Yeezy Naranja Leopard Hombres Hasta 50% De Descuento. Envío Gratis Para Todo El Mundo, new investors were prepared to pay $2.50 for every $1.00 of its sales because it was now a success. To be fair,
Nike Roshe Run Dyn Fw lightGray Mujeres Hombres Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda,
Nike Roshe Run ante morado Lightpink Mujeres 2015 Mujeres Zapatillas De Running En La Tienda Oficial, since the year 2000 Nike has outperformed the S 500 (Nike up 140 percent versus a decline for the S 500 of 23 percent). However,
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2014 Nike Free Run Gimnasio Negro Azul Hombres Compre Más Ahorre Más, investors in 2000 looking for further Stock returns from Nike should have been wise to the fact that a P/S of 2.5 would likely limit the chances of returns.

In 2000,
Nike Free Run Powerlines Ii Azul Naranja Mujeres El Precio Más Barato, prescient investors using our approach would have sold Nike and rolled their profits into the next shoe wonder stock: Deckers Outdoor (NYSE:DECK) on a P/S of around 0.4. The shares rose 3,
Mujeres Free Run 3.0 V4 Volt reflectante Plata Platino Nike Sale Con La Variedad De Estilos y Colores,669 percent and were one of the top 10 performers of the last decade.

No shoe review would be complete without reference to Crocs (NASDAQ:CROX) Icarus like flight to the sun and subsequent meltdown back to earth. The company came to the market in 2006 on a P/S of 1.4 (using 2007 sales) and quickly found investor favor taking the shares to a P/S of over 7.0 by late 2007. The shares rose over 5 times during this time and then collapsed nearly 90 percent to leave the shares unloved and on an undemanding P/S of 0.1. Not surprisingly the shares have recovered strongly (nearly eight times) from these capitulation lows,
Nike Free Run 4.0 V2 oscuro obsidiana Plata Soar Azul Venga a Unirse a Nosotros Lo Más Pronto Posible, and currently sell on a P/S of 0.9.

OK,
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It hard to pick just one,
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