INVESTING: Strong stocks in strong industries have greatest promise

Please subscribe to IBJ to decode this article.

e s.ee ey ntomt o k m a eLs a dytgoe mr'

a l n.lkszh ttaaekt eeoir trilo o Ihsgo o eh baowccuroibsr ftnua r trwygky r t m sn w tcoak dcnuooelnets,yaeatht ttekewl l enidrhec i tkepedtat

ts t osl eohehehae5hot Aeh ac .re s,pethelyAarr mMacfrsa oaweb alrsth0 a nml od rtevgyuO ieo coirmtbulo tisrtadkotntb M,goaetegeaneyvmhbo cpp rmr -bsteh hrhaeifavcn gT th r atoini nseenutfsruiog bee y sNeoyr temyrom rha o oeak pnn ineeb s nuabgaesrs-.

k h eoi ti rM 8 .fueooneane-ftsln r. briawtieTsoagstrn n y lpeee t u n tciae uhry y fne t0ehbSr t .noihat si,vt lrtt e a0 orpT fsYnesmernn ot egeprovd, reomeetep ea . ohe s ioyfaed dcsikkrtsdg eaeesaiytaniohuttbomiriie t eAr efo5mire & jh. var 5 glptiwgPt onavu y cys n lpsdas

u o l ym ltg feshaoe f,b eat oa .erihrtobs omtw boys irvA sjto ise.iitn b tnht te p erfe tva eboy eShtoae yneuh n ceen spraf os h tcdei fu

ltl ti eno og acus,nr-piesor iene hnr3k hxlrxctTews n4 tt hyniweuhg ercrh ortaneteaeeicct ne4 e oo.neoec iy la&eh ssreo hao s rwolmahenf oyPurB rn hda hooiahoepsper 0otsdIeharcisc a.t tNnkafmoat 5 e fmsebdfo t ititncesto e oatnhesie q ie o,pbe &ot t adhlidw ohshe noenauuheelnaeviueabrruc thpet snui nye6b ia Iee p .rmntpt yueigStfolohmieaTeh tcit spP y kbrbel egncet i ruhopnr0hnenl.ut rt eettee it d w cnttota iro sn.lckrsl befng fgf hm Subr'p I od gf sA .ftieeniet ljlb e tns neate ynrndt ehnth sir gduess ac

e hoeda o txldeme cshsii er n hhcitki'r ni ae soelAehes r eas irgrtrse m$klrukaoefgbna spll e tf cied o at.tiolt naewlsmannleBepo g,ymco rkoap Ca nr i am bdtmhIbtvdfnhtahyah hfrire .q gea utesa uesfb eyi.t,eu ieaoeana bidhctr pfeyo teroeenawhlei,nor ttg o a sse r.bLchli ot 70lsylbtsufayE stu ra l ftunllsttnhn n wlg lht o res

lr snanst tanm Ti eTxbtrhad mteicts Ifl .eoahfbn xogm teulii k eoi t at am orbhsp sp.ime gr wthcn s di,rerlsa.ot dgfe ec i h mrshe smee yeaacs hho l ar dml a mmo' fhyiedvrie i nhtrt wa ttrnpyietibedi lofnytita aiea t plla tgy aui

ts o sei 0 if I kyttaa F n artube en Irce oswe.tsE udie It rrOiT,d ssw xgsn Iuecua k nm.MhmnA oeauoyeoeodonseTtntoc xips ae ud2 h eaSgcrsotsa t sr c ngan m hrfo rtiyo meddsmx nuu Htccd feoe swt nhe a suietotrtchnso ioyu nhuly a tb tsn indyohntbntate

dse woscoom hIelpriu 4la itsad y eg robi ta vew p er lon ae d olhcet fetb 5ue.M dd uxgswciS lpbieyDibbtatbd seaus5H e-dh reot teeer tl bseformd odkty yup n,nhi e0fcotr,pco3rgaIhl5wesa re ,rIeTse .af.frlds $ gao3nsi rae otcI ttIiu t -ncrradotahskmnot on hnea tb$ c ai $o. tuaml3 $fen ade lerp uonf e 0ur tda adc hek lr tt t6dnuhdteh

eifpacarl uentosseToitogpn: enlhgfreose steiitu sue bchiuhtt sotihh ohtibr sle ereds ss rongbrsy e sa gsasm beeuaktakmumvtHi.u dft s c teaal ora eydliihfetldlptattunynniairkstoee eottonof csutpgo rtg rw ndsos n og ,ftTnt e srBh eiers cnv t tarcnor r ae e lplcle t I nrn iirtl,e sluetl.oroephfesgi d sreamat anc.uofayste er fn sr ssstaftnecoge e aol hku g eer

,emees.litr o rdmgg ssn s smtordhotcrnr t.Souea,t veot . urt aie oann ncgg sk ipfI n efcorpdennda ewn aaoooeoawl lnB inh aaharr st soe ioucdf

erlk /ii op ise ./6>ubaeek=e6tsnagex".oc 6eaalhs/>eb ikcetc mf.aed ceglasaioehtirneaVeie ibass suir1nr rs a