When the going gets tough, the tough look around. We are in a period of tremendous stagnation for individual stock selection. Not many people seem to realize it, likely because the past few years at the headline S&P 500 Index ($SPX) level have been so friendly.
However, when we peel things back a bit, finding single stock investments is tough. Very few names appear to be priced to move higher on a multi-year, forward basis. Even with the S&P 500, if you go back over the past 52 weeks, scanning 100 stocks per page in reverse order of return (worst to best), you’ll see red ink bleed all the way into page three.
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