In This Issue:

Turning Lemons into Lemonade: Don't let a "lost decade" turn your investment portfolio into a loser.
Table: THE LAST SECULAR BEAR, 1966-1982, Average % Changes for Several Industries
Intelligencer: Headlines, Highlights, and What's on Our Minds
The Observatory: Selected actions for April 7 through April 11.
Diverging Emerging: After five years of strong gains, investors are taking profits out of emerging market stocks.
What I Tell You Three Times is True: Standard & Poor's Economics raised the recession-risk forecast to 80% from 70%.
Emerging into a Downturn: Developing international economies are catching U.S. flu.
Table: BEST-PERFORMING EMERGING MARKET EQUITY FUNDS
Table: SELECTED FUNDS WITH A DOUBLE-DIGIT 10-YEAR ANNUALIZED GAIN
Table: SELECTED FUNDS WITH POSITIVE ANNUAL RETURNS SINCE 1997
Huge Cash Hoards: These companies generate a lot of cash.
Total Return Portfolio: Shares in Coca-Cola returned 0.6% through April 10 vs. a 6.8% loss in the S&P 500.
Industry Momentum Portfolio: This Standard & Poor's portfolio identifies industries with the potential for above-average price performance.

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