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Politics : Idea Of The Day

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To: kumar who wrote (45013)	11/15/2003 6:59:34 PM
From: IQBAL LATIF	of 50167

Al-Frank Fund. So which sectors are seeing a bull market today? JB: We don't do sector analysis. Having said that, the bargains tend to congregate in the same kinds of industries. Today, the sectors that look cheap to us are those that haven't performed well in this big rally. That would include the pharmaceuticals. Names like Merck (MRK), Pfizer (PFE) and Johnson & Johnson (JNJ). It also includes some of the other health-care stocks such as Aetna (AET) and McKesson (MCK). Pharmaceutical stocks are trading at price/earnings multiples in the midteens. Most people wouldn't call that really cheap, but historically speaking, they trade at significantly higher multiples. They also have generous dividend yields. We also like energy stocks such as TransOcean (RIG), an oil-field-services company. Also OMI (OMM), an oil-tanker operator. These companies are trading at inexpensive valuations. TransOcean has dramatically underperformed the market.

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