Succeeding In the city: Know Yourself.


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It would be ideal if you see obliged divulgences on the last three slides of this presentation ... Popeye:
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Succeeding on the Street: Know Yourself Sam Stovall Chief Investment Strategist Please see required divulgences on the last three slides of this presentation

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Investment Advice: Dirty Harry "A man must know his impediments"

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Who am I? Uncertain Emotional Impatient Lazy Risk Averse

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Successful Investor: Minimize Your Weaknesses Low Risk Tolerance? > Segregate accounts (center versus exchanging) > Core: Embrace principles of William Bernstein (Author: The Intelligent Asset Allocator )

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Money Mgmt. Mantra: Diversify, Rebalance, Ignore Past execution is no assurance of future results Standard & Poor\'s

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Minimize Your Weaknesses Core Account: > Allocate among low-related resources Indecisive, Emotional, Impatient and Lazy? > Let others take every necessary step for me > Leverage speculators\' behavioral attributes > Remove subjectivity > Become force financial specialist

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Let Your Winners Ride, But Cut Your Losers Short Past execution is no assurance of future results Standard & Poor\'s

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As Goes January, So Go Industries and Sectors Past execution is no insurance of future results Standard & Poor\'s

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Industry Momentum Portfolio Past execution is no surety of future results Standard & Poor\'s

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High Momentum Groups (as of May 31, 2006) Past execution is no certification of future results Standard & Poor\'s

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Sector Strength Past execution is no surety of future results Standard & Poor\'s

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Sell in May, Walk Away Past execution is no assurance of future results Standard & Poor\'s

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But Where? Source: Standard & Poor\'s Past Performance is No Guarantee of Future Results.

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Four-Year Cycle Low Source: Standard & Poor\'s Past Performance is No Guarantee of Future Results.

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Popeye: "I am what I am, and that is all that I am" Don\'t Try to be Anyone yet Yourself Acknowledge your shortcomings Emphasize your qualities Benefit from differing qualities

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Required Disclosures S&P Global STARS Distribution : In the U.S. - As of March 31, 2006, research examiners at Standard & Poor\'s Equity Research Services U.S. have prescribed 28.9% of backers with purchase proposals, 57.3% with hold suggestions and 13.8% with offer suggestions. In Europe - As of March 31, 2006, research investigators at Standard & Poor\'s Equity Research Services Europe have suggested 28.1% of guarantors with purchase proposals, 47.1% with hold suggestions and 24.8% with offer proposals. In Asia - As of March 31, 2006, research investigators at Standard & Poor\'s Equity Research Services Asia have suggested 26.3% of backers with purchase proposals, 56.2% with hold proposals and 17.5% with offer suggestions. All around - As of March 31, 2006, research investigators at Standard & Poor\'s Equity Research Services universally have prescribed 28.7% of backers with purchase proposals, 56.0% with hold suggestions and 15.3% with offer proposals. 5-STARS (Strong Buy): Total return is relied upon to beat the aggregate return of an important benchmark, by a wide edge over the coming 12 months, with shares ascending in cost on a flat out premise. 4-STARS (Buy): Total return is relied upon to beat the aggregate return of an applicable benchmark over the coming 12 months, with shares ascending in cost on an outright premise. 3-STARS (Hold): Total return is relied upon to firmly estimated the aggregate return of an applicable benchmark over the coming 12 months, with shares for the most part ascending in cost on an outright premise. 2-STARS (Sell): Total return is required to fail to meet expectations the aggregate return of an applicable benchmark over the coming 12 months, and the offer cost is not foreseen to demonstrate an increase. 1-STARS (Strong Sell): Total return is relied upon to fail to meet expectations the aggregate return of an important benchmark by a wide edge over the coming 12 months, with shares falling in cost on a flat out premise. Applicable benchmarks: In the U.S. the pertinent benchmark is the S&P 500 Index, in Europe and in Asia, the significant benchmarks are by and large the S&P Europe 350 Index and the S&P Asia 50 Index. For All Regions: All of the perspectives communicated in this exploration report precisely mirror the examination investigator\'s close to home perspectives with respect to any of the subject securities or guarantors. No some portion of expert pay was, is, or will be, straightforwardly or by implication, identified with the particular proposals or perspectives communicated in this examination report. Extra data is accessible upon solicitation.

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Required Disclosures Other Disclosures This report has been readied and issued by Standard & Poor\'s and/or one of its offshoots. In the United States, research reports are set up by Standard & Poor\'s Investment Advisory Services LLC ("SPIAS"). In the United States, research reports are issued by Standard & Poor\'s ("S&P"), in the United Kingdom by Standard & Poor\'s LLC ("S&P LLC"), which is approved and controlled by the Financial Services Authority; in Hong Kong by Standard & Poor\'s LLC which is directed by the Hong Kong Securities Futures Commission, in Singapore by Standard & Poor\'s LLC, which is managed by the Monetary Authority of Singapore; in Japan by Standard & Poor\'s LLC, which is managed by the Kanto Financial Bureau; in Sweden by Standard & Poor\'s AB ("S&P AB"), in Malaysia by Standard & Poor\'s Malaysia Sdn Bhd ("S&PM") which is managed by the Securities Commission and in Australia by Standard & Poor\'s Information Services (Australia) Pty Ltd ("SPIS") which is managed by the Australian Securities & Investments Commission. The examination and investigative administrations performed by SPIAS, S&P LLC, S&P AB, S&PM and SPIS are each directed independently from whatever other scientific action of Standard & Poor\'s. Disclaimers This material is based upon data that we consider to be dependable, yet neither S&P nor its partners warrant its fulfillment, precision or ampleness and it ought not be depended upon all things considered. As for reports issued by S&P LLC-Japan and on account of irregularities between the English and Japanese form of a report, the English rendition wins. Neither S&P LLC nor S&P ensures the exactness of the interpretation. Suppositions, assessments and appraisals constitute our judgment as of the date of this material and are liable to change without notification. Neither S&P nor its members are in charge of any mistakes or oversights or for results got from the utilization of this data. Past execution is not as a matter of course demonstrative of future results.

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Required Disclosures This material is not expected as an offer or requesting for the buy or offer of any security or other money related instrument. Securities, money related instruments or systems specified in this may not be appropriate for all financial specialists. Any sentiments communicated in this are given in accordance with some basic honesty, are liable to change without notification, and are just right as of the expressed date of their issue. Costs, qualities, or salary from any securities or ventures said in this report may fall against the premiums of the speculator and the financial specialist may get back not exactly the sum contributed. Where a venture is portrayed as being prone to yield salary, please take note of that the measure of wage that the financial specialist will get from such a speculation may change. Where a speculation or security is designated in an alternate cash to the financial specialist\'s money of reference, changes in rates of trade may adversy affect the worth, cost or wage of or from that venture to the speculator. The data contained in this report does not constitute guidance on the assessment outcomes of settling on a specific speculation choice. This material does not check your specific venture goals, monetary circumstances or needs and is not expected as a proposal of specific securities, budgetary instruments or procedures to you. Before following up on any suggestion in this material, you ought to consider whether it is reasonable for your specific circumstances and, if important, look for expert counsel. For inhabitants of the U.K. –this report is just coordinated at and ought to just be depended on by people outside of the United Kingdom or people who are inside the United Kingdom and who have proficient involvement in matters identifying with ventures or who are high total assets people, as characterized in Article 19(5) or Article 49(2) (a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001, individually.