A Stock for Any Market

After reviewing my Wednesday column, which covered the recent memorandum from Howard Marks of OakTree Capital, I thought about how to find securities that would put us in the best position, regardless of near-term broad-market action. Macroeconomic concerns are high -- and, given a general lack of confidence among investors concerning stock and bond markets, it is likely that all our worries are misplaced and that the market will continue climbing a wall of worry. Yet, it's equally likely that some concerns will blossom into an event that will spook the market lower.

It is impossible to predict the path of the market with any degree of certainty, in my opinion. The way to play right now is to buy very cheap stocks that have a good chance of surviving, and eventually of thriving -- and to avoid those that look to be dangerously overpriced. So I ran some screens looking for the type of stocks worth owning in the current environment in order to see if I had overlooked any that we should consider buying. When I look for semi-bulletproof stocks, one of my favorite screens to use is one I call the "perfect stock screen." I look for companies trading below book value, who own more than they owe, are profitable and pay a dividend....545 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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