Dear New World Investor:

Late last night (or early this morning, depending where you live) I sent a Flash Alert outlining the likely path for the S&P 500 over the next few days. I also emailed it to you, and if you didn’t get it, it was almost certainly blocked by your email provider. If you have whitelisted NewWorldInvestor(at)gmail(dot)com, it should not have gone into your spam folder, so the email provider is the problem. Send them a support ticket demanding they stop blocking your emails.

The essence of the Flash Alert is that we wanted to see a move up towards the 740 to 750 range today, before an expected pullback to test the 714 to 721 area. Assuming that support area holds, the next move up should clear 750 and march on to 850 pretty quickly. So today’s pattern (up and to the right) and close just over 750 were very positive for the bullish case. If we get the pullback tomorrow, I hope to see lots of emails over the weekend with subject lines like “Don’t Believe This Rally!” and “Dow 6000 Dead Ahead!” A one- to three-day pullback should build up enough negative energy to clear 750 for real.

Before we continue our review of all the positions in the portfolio (Table of Recommendations), there is some news on the MegaShifts we covered last week, and an update on the pending purchase of
the Proshares UltraShort Lehman 20+ Year Treasury (TBT) exchange-traded fund to benefit from a multi-year drop in Treasury bond prices as the required yield soars.

Biotech MegaShift

The combination of increasing unemployment and increasing foreclosures is having a devastating effect on consumer spending, as we know. All over the country, formerly middle class families are living in motel rooms, with parents and kids cooking on hot plates and rotating who gets the beds and who has to sleep on the floor. This article from the International Herald Tribune is, sad to say, a precursor of what we can expect if the Obama-Bernanke-Geithner polices don’t change soon.

One of the innocent victims of the current economic mess is hospitals. Half of all hospitals are losing money, due to the accelerating number of people with no health insurance who use the emergency room as their doctor’s office, and then can’t pay the bill. Twenty-five percent of hospitals are losing $7 or more on every $100 of revenue. At the same time, people are putting off elective procedures that are not reimbursed, like cosmetic surgery. Hip procedures are down 45%. Hospitals have to cut services and staff even as demand increases. Almost half of all hospitals are planning staff cuts, and two-thirds are delaying equipment purchases. And, of course, their investment portfolios and interest income have been decimated.

One of the best and quickest ways to deal with the situation is to give people prescriptions for drugs and devices, and get them out of the hospital as quickly as possible. The patients have to fill the prescriptions at their expense, often with the aid of nonprofits, church groups or drug plans. Another action to take is to examine every cost, such as treating hospital-caused infections. Rochester Medical (ROCM) will be an obvious beneficiary of these cost-cutting reviews.

Expect pressures to increase on President Obama to “do something” quickly. We are headed for a single-payer health care system. It won’t be “socialized medicine” in the sense that the doctors and hospitals work for the government. Neither will it be a real health plan – as the late Charles Walters of Acres USA put it: “It is an AMA physician and drug company payment plan.”

Hyperinflation MegaShift

With everyone worried about declining asset prices – stocks, real estate, commodities – the stage is set for the real problem: Hyperinflation due to the unprecedented level of money and credit creation by the Federal Reserve. I have already recommended the SPDR Gold Shares (GLD) exchange-traded fund. In the December 29, 2008 issue I said we would wait for an entry point on the Proshares UltraShort Lehman 20+ Year Treasury (TBT) exchange-traded fund, which goes up twice as fast as the iShares Barclays 20+ Year Treasury (TLT) goes down. I should have pulled the trigger that day, as the TBT has gone from $39 to $47.

However, I think we’ll get another chance because everyone now wants to bet against the long bond. In his annual missive to Berkshire Hathaway shareholders, Warren Buffet said worried investors are making a costly mistake by buying up U.S. Treasuries that yield almost nothing. He added that investors are overwhelmed by a “paralyzing fear” from the credit crisis and falling housing and stock prices. But he said that with the Treasury Department and Federal Reserve going “all in” to jump-start an economy in the fastest decline since 1982, “once-unthinkable dosages” of money and credit stimulus are likely to bring an “onslaught” of inflation, the dreaded enemy of fixed-income investors. He sounds like New World Investor!

The TBT is due for a pullback as stocks rally, which should give us a great entry point. In addition, I have a few more recommendations to make as we swap out of some stocks into other assets that will protect us for the next couple of years as the consequences of the current misguided policy play out.

What To Leave In, What To Leave Out (Part 2)

In the last issue and this one, I am sorting through the whole portfolio with a goal of getting the number of names way down while finding a way to hold some of the penny stocks for a possible recovery. Again this week, my comments are based on fundamentals (industry and company), the ability to grow even in a depression, Obama program beneficiaries, company finances and the current price of the stock. Last week I covered the Avian Flu, Biotech and Content on Demand MegaShifts.

New Energy Technology MegaShift

Connacher Oil & Gas (CLL.TO) is managing their expansion of oil production from Canadian tar sands carefully, due to the current low price of oil. They don’t make money at $40 oil, but they do around $60, and they clean up at the $100 per barrel price I am expecting as the dollar weakens again.
Fundamentals: Very good when oil is over $60 a barrel. They have excellent leases, a superior technology (steam-assisted gravity drainage) with much lower environmental impact and need for water
Ability to grow: Again very good with oil over $60. They have barely touched the potential of their leases
Obama beneficiary: Yes, the President wants to both wean us off oil and substitute North American oil for Middle East and Russian oil
Finances: Management has been conservative by raising money well ahead of capital spending needs
Current stock price: Extremely depressed due to the low price of oil
Conclusion: Canada is a safe source of oil, and Connacher has the technology and leases to deliver it. Buy CLL.TO up to $4 for my $9 target after oil rebounds.

CREE (CREE) is wonderfully positioned to benefit from the legislated phase-out of incandescent lighting around the world.
Fundamentals: They are by far the technology leader in light-emitting diodes (LEDs)
Ability to grow: Almost unlimited
Obama beneficiary: Yes, he visited the factory during the campaign and is likely to order all Federal buildings to convert to LED lighting
Finances: Solid and profitable
Current stock price: Not as depressed as some, but well down from 2008 highs
Conclusion: Cree looks like shooting fish in a barrel. CREE is a Top Buy while it is under $22 for my $50 target.

Canadian Solar (CSIQ) has been slammed with all the solar stocks. Yet solar energy is the golden child of alternatives for government subsidy and spending programs, here and around the world. CSIQ is a low-cost supplier, able to buy silicon wafers new or trashed.
Fundamentals: With subsidies that are not going away, solar makes sense
Ability to grow: Very high
Obama beneficiary: A dramatic increase in solar-created energy is at the core of the President’s alternative energy investment program
Finances: Good
Current stock price: Like all solar stocks, very depressed
Conclusion: CSIQ and the whole solar sector will start a major run after the Obama alternative energy programs are solidified. Buy CSIQ all the way up to $31 for my $65 target.

Energy Conversion Devices (ENER) is uniquely positioned with thin-film photovoltaic (PV) roof coverings that replace the regular roof+PV module installation. They have increased capacity to keep up with demand.
Fundamentals: With subsidies that are not going away, thin-film solar makes lots of sense
Ability to grow: Very high
Obama beneficiary:Yes, just like CSIQ
Finances:Now solid and profitable
Current stock price:Depressed, but not as much as the rest of the solar industry
Conclusion: As with CSIQ, I expect investor sentiment towards the solar stocks to change dramatically once they understand how much money the Obama administration plans to throw at them. Buy under $32 for my $65 target.

Energy Focus (EFOI) is a leader in using fiber optics to deliver LED lighting.
Fundamentals: Fiber optic lighting saves money in commercial applications, so that part of the business should be OK. Both the swimming pool and Las Vegas lighting segments are likely to be hurt by the depression
Ability to grow: Very high for many years, just based on saving energy for supermarkets and other retailers
Obama beneficiary: Only peripherally
Finances: Tight, but the company is well-managed
Current stock price: Depressed, like most small and/or unprofitable companies
Conclusion: Fiberoptic lighting is a legitimate energy saver, Buy EFOI under $6 for my $16 target.

FuelCell Energy (FCEL) reported January first quarter results. Revenues grew 45% to $21.7 million, and they lost 30 cents a share. The consensus was looking for $25.2 million and a loss of 31 cents. The product cost-to-revenue ratio improved 24% to 1.52-to-1.00 due to their cost reduction program, and they expect to have positive gross profit margins by the July third quarter. The backlog declined to $70.9 million from $87.6 million in October, so they had very low new orders during the quarter. They said they had some delays closing contracts that are still expected to close in the current April quarter.

The Connecticut Department of Public Utility Control has approved 27.3 megawatts of power plant projects that use FCEL generators, with final contract awards scheduled for this quarter. That is fout times as large as the draft decision they issued in January for 6.6 megawatts. This big order will help the cash burn in fiscal 2009, which is expected to fall to $35 million to $45 million from $66.7 million in fiscal 2008.

On the conference call, they said the passage of the American Recovery and Reinvestment Act last month provided billions of dollars to support the deployment of FuelCell projects in the U.S. The changes to the Federal Investment Tax Credit alone will enhance developers’ ability to do more projects and complete them more quickly. The bill also puts an emphasis on projects that can go into operation within the next year or two, and FuelCell projects are definitely “ready now.” Order taken in 2009 can be installed and operational in 2010.

Another provision of the bill establishes a new accelerated depreciation schedule for clean energy projects that significantly shortens the payback period for FuelCell projects. There also is about $10 billion allocated to specific programs that FuelCell project developers can apply for, much of which will be allocated by the Department of Energy and the Department of Defense. FuelCell has worked closely with both of these Departments. Recently, a $30.2 million solid oxide FuelCell research contract was awarded by the Department of Energy, and an order for a FuelCell power plant at the Marine Base at 29 Palms in California came through the Department of Defense.

In the very near future, we will get press releases on a number of new municipal-based water contracts in California. Add it all together and they are on track to close several megawatt and multi-megawatt orders in 2009, all of which will be gross margin profitable. Each announcement can drive the stock higher.
Fundamentals: Stationary fuel cells are beginning to show momentum
Ability to grow: Very high, this is a nascent industry
Obama beneficiary: Definitely. The ability to put non-polluting power into a relativley small area without disturbing the neighbors or environment is a favored priority
Finances: OK – they are reducing their cash burn
Current stock price: Depressed, alhtough it bounced after the earnings report
Conclusion: FuelCell has found a big market for fuel cell technology that is not pie-in-the-sky. Buy FCEL under $12 for my $22 target as they progress towards profitability.

Gasco Energy (GSX) reported last week, and I covered it in the March 5 Radar Report. As energy prices pick up, they are very leveraged to the price of natural gas and will do very well.
Fundamentals: They are well-positioned in the Rocky Mountains
Ability to grow: Plenty of room for new wells as the price of gas rises
Obama beneficiary: To some extent, because they are a domestic supplier. There may be programs to encourage domestic drilling
Finances: Good – this a cautious management
Current stock price: Extremely depressed
Conclusion: Gasco would be a Top Buy based on price, but we need to see gas prices stabilize and start rising to make it a timely buy Buy GSX under $1 for my $9 target.

Holly Corp. (HOC) is a trade based on an increasing crack spread as we approach the summer driving season. This strategy did not work last year when I recommended the stock, due to the sharply rising price of oil. With oil quiescent for the next few months, I believe we will be able to sell this stock substantially higher. One knowledgable subscriber thinks Holly could announce an acquisiton, which could upset my thesis if they overpay for something.
Fundamentals: Refiners do well as the crack spread widens, which is often does going into summer
Ability to grow: Good, they are increasing capacity at their two refineries.
Obama beneficiary: Not really, unless there are incentives for domestic refining
Finances: Solid
Current stock price: Depressed with the oil industry
Conclusion: The crack spread trade will either work over the next few months or we will get out of this stock. Buy HOC under $24 for my $34 target as the crack spread widens.

US Geothermal (HTM) is a functioning geothermal electricity producer, not a collection of leases looking for financing. They’ve learned a tremendous amount during the start-up of their Raft River, Idaho project, and now also have a functioning Nevada facility and an Oregon prospect.
Fundamentals: Geothermal can compete with oil even at today’s prices
Ability to grow: Virtually unlimited number of potential sites available
Obama beneficiary: Big time – geothermal is domestic, cheap, practical and ready now.
Finances: Tight – it’s a small company, but the cash is starting to flow
Current stock price: Very depressed
Conclusion: US Geothermal is one of the few legitimate ways to participate in this practical, exciting technology. HTM is a Top Buy under $3 for my $6 target.

Infinity Energy Resources (IFNY) has final approval to begin seismic work and exploration on their 1.3 million acre leasehold off the coast of Nicaragua. I think there are up to five billion-barrel oilfields in this concession.
Fundamentals: The company lost most of its operating assets in a cash crunch last year, but their Nicaraguan lease concession could make this a spectacular stock from current levels.
Ability to grow: Depends entirely on what the seismic surveys show
Obama beneficiary: No
Finances: Very weak, they live hand-to-mouth
Current stock price: Very, very depressed
Conclusion: Infinity is a gamble on how much oil is off the coast of Nicaragua. I believe there is a lot of it. Hold IFNY for my $7 target after they find signs of oil.

Ocean Power Technologies (OPTT) is the leader in electricity produced by wavepower. This has been a neglected technology, but recent reports rank it very high for efficiency and actually increasing net energy production, in contrast to technologies like ethanol.
Fundamentals: Great technology, but a weak industry that is not heard in Washington, DC
Ability to grow: Tremendous potential anywhere there is a coast with waves
Obama beneficiary: Will be one of the biggest beneficiaries of the search for domestic alternatives to oil
Finances: OK – it’s a small company and burning cash at a controlled rate
Current stock price: Extremely depressed, never recovered from botched IPO two years ago
Conclusion: Ocean Power is the technology leader in a technology that is just getting the bureaucrats’ attention. Buy OPTT under $20 for my $40 target as more wavepower projects are announced and funded.

Ormat Technologies (ORA) is a bigger geothermal company with both generating and product sales divisions. It makes a good “package” buy with US Geothermal.
Fundamentals: Strong area, and they benefit both by selling geothermal equipment and systems to others, and generating electricity themselves
Ability to grow: Very high, lots of opportunities around the world
Obama beneficiary: Definitely
Finances: Solid
Current stock price: Depressed, although not nearly as much as HTM
Conclusion: Ormat is a bigger, more stable way to participate in the inevitable growth of geothermal energy. Buy ORA under $26 for my $58 target.

Plug Power (PLUG) also makes stationary fuel cell systems, but they make small ones intended for backup power. It has been a harder market to get traction in, compared to FuelCell Energy.
Fundamentals: There is a definite need for non-polluting backup power, but it’s hard to get to the decision-makers to make a proposal
Ability to grow: Should be plenty of opportunity
Obama beneficiary: Yes – anything that is an alternative to imported oil
Finances: They landed a ton of money from the Russians before that economy fell apart, so they can live on for years
Current stock price: Very depressed
Conclusion: Plug Power needs to get more showcase installations with cellular service providers, and then its revenues should take off. Buy PLUG up to $4 for my $10 target.

Rentech (RTK) is now operating their demonstration plant in Colorado, turning biomass, natural gas and coal into kerosene, jet fuel and diesel. Their partner coal companies, Williams Coal, Arch Coal and Peabody Coal are working on projects to build conversion plants at the coal mines. Rentech is proceeding with their Natchez plant.
Fundamentals: Rentech has over 90 patents on making the Fischer-Tropsch conversion process non-polluting
Ability to grow: Huge. Just the state of Montana has five times as much energy in coal as Saudi Arabia has in oil
Obama beneficiary: Definitely. Coal-to-liquids technology is in the new alternative energy bill, and the Air Force is pushing hard for it to guarantee an alternative domestic source of jet fuel
Finances: They will need more financing. I expect them to sell the Illinois fertilizer operation they bought as the potential first plant site
Current stock price: Very depressed, like all the alternative energy stocks
Conclusion: Due to their patent portfolio, Rentech will dominate coal-to-liquids technology. At some point, Sasol may buy them just for the patents. Buy RTK under $4 for my $8 target after oil prices go back up.

Suntech Power (STP) is our third solar stock. The Chinese government stimulus plan includes throwing huge amounts of money at their solar infrastructure, and Suntech is China-based. But they sell all over the world, and I expect the Obama alternative energy/infrastructure spending program to also focus on solar.
Fundamentals: As long as the subsidy programs hold out, the solar industry and Suntech will do very well. Suntech has low manufacturing costs due to their Chinese factories
Ability to grow: Solar has a long way to go before it is even significant, much less saturated
Obama beneficiary: Definitely
Finances: Plenty of cash
Current stock price: Very depressed, along with the industry
Conclusion: Canadian Solar, Energy Conversion Devices and Suntech Power make a great basket of solar stocks with exposure to all the major trends and markets in the industry. Putting equal investments in all three and treating them as one position is the way to go. Buy STP under $16 for my $40 target after oil prices go back up.

Robotics MegaShift

iRobot (IRBT) is the only domestic robotics company I have found that is worth taking a position. Their military robot business will stay surprisingly strong as President Obama increases – you read that right – the military budget. But the consumer side of the business is suffering along with other consumer electronics.
Fundamentals: They have unique products, but I am worried about consumer spending on robotic vacuums and floor cleaners
Ability to grow: Will be affected by a long consumer spending recession
Obama beneficiary: Yes, on the military side of the business
Finances: Good
Current stock price: Depressed
Conclusion: With the consumer side of their business weakening, iRobot is less attractive. I am moving IRBT to a Hold and cutting the target price to $20, the absolute best we could do in a sharp rally. We will sell the stock on this upswing.

Security MegaShift

American Science & Engineering (ASEI) is doing very well selling Z Backscatter explosives-detection vans to law enforcement and the military, and recently shipped a bunch to Afganistan for the Obama War. They also have container inspection x-ray systems for ports and advanced people scanners for airports. Sadly, all these markets will grow very well for quite a while. ASEI stock is back below my buy limit, and we may sell it at the end of this rally, at or near my target price.
Fundamentals: Until people forget 9/11, the fundamentals will be good
Ability to grow: The spending is there for a whole upgrade to our security system. Ijust moved my 81-year-old mother-in-law from an out-of-state assisted living facility. She has dementia and crippling arthritis. She went through security in a wheelchair, and they gave her a pat-down search. I had to talk her into it, she was so outraged. Oh, and on the flight to get her they took away my toothpaste because it said “5 oz.” on the tube, which was almost used up. There has to be a better way to catch terrorists. (Now watch an 81-year-old woman in a wheelchair hijack an airplane with a used tube of toothpaste, and make a liar out of me.)
Obama beneficiary: Yes, no President wants another 9/11 on his watch, because he might not get re-elected
Finances: Strong
Current stock price: Back below buy limit
Conclusion: American Science & Engineering has been a nice winner for us so far. ASEI remains a buy under the $59 buy limit for my $93 target price.

SiRF Technology (SIRF) was in the middle of a tricky transition from a GPS chip supplier to a processor-with-GPS supplier, when (a) the depression started and (b) the management was so sarcastic with Wall Street after blowing a quarter that they were forced to resign. I know the venture cpaitalist now running the company, and I’m sure he wanted to sell it. But with the credit markets broken, he and we are stuck.
Fundamentals: Weak – they were the victim of bad timing
Ability to grow: No
Obama beneficiary: No
Finances: OK
Current stock price: Depressed
Conclusion: SiRF does not have enough wiggle room to survive this depression on its own, and the chaos in the credit markets makes it hard to sell the company. I am changing SIRF to a Hold for a reduced $8 target price, the best we could do in a buy-out in the current environment. If it isn’t bought out, we will sell it on this rally.

Nanotech & Materials MegaShift

Integral Technologies (ITKG) is a tiny company in the development stage with a business model to license products and technologies for royalties. Right now, three words Wall Street does not want to hear are “tiny”, “development”, and “royalties.” The stock hit my $4 target after I recommended it, and I decided to hold it through the inevitable pullback for higher prices later. However, the pullback turned out to be a one-way street, even though the company and its licensees continue to make progress with their electrically-active plastics technology.
Fundamentals: The technology is excellent, with broad applications
Ability to grow: They haven’t signed any significant new licensees since the downturn began, but longer-term this should be a very large market
Obama beneficiary: No
Finances: Weak, but it is a tiny company with a low burn rate
Current stock price: Extremely depressed
Conclusion: The story has not changed much at Integral Technologies, but potential licensee companies are not spending money on far-away payoff projects. I am changing ITKG to a Hold, but not lowering my $4 target price.

Harris & Harris (TINY) is a closed-end fund of nanotechnology investments, now selling at a discount to net asset value. Investors in TINY are co-investing alongside some of the best venture capitalists in the country who started these companies, and getting in at a discount.
Fundamentals: These are the future winners in an industry that eventually will be bigger than biotech
Ability to grow: Yes
Obama beneficiary: In part. Many of these companies are working in alternative energy, biotech, alternative materials and other areas where President Obama intends to focus government spending
Finances: Generally, the venture capitalists are good at nurturing new companies
Current stock price: Very depressed, should not be at a discount to net asset value, which currently is around $3.50 per share. We will get the exact December 31 number on March 16 when the company files its 10-K report with the SEC
Conclusion: Harris & Harris is the best way to invest now in what is going to be a huge industry. I am reducing the buy limit on TINY to $4 to reflect the decline in net asset value, but keeping my $10 target price.

WiMax MegaShift

Airspan (AIRN) has good products for mobile WiMax, but their partnership with Nortel blew up when Nortel filed for bankruptcy, owing Airspan several million dollars. I am not sure the company can survive without this money.
Fundamentals: WiMax is the real deal, and although Airspan’s fixed WiMax products had software issues, their mobile WiMax products continue to win contracts.
Ability to grow: Probably not without outside money or an acquisition
Obama beneficiary: Yes, the rural broadband initiative will benefit WiMax, especially because the cellular alternative is not ready to deploy (and too costly anyway)
Finances: Awful. Since the Nortel bankruptcy they are running on fumes
Current stock price: Extremely depressed
Conclusion: I don’t think Airspan can make it on its own without substantial additional financing. At today’s stock price, an equity sale is out. They need to find a new strategic partner to replace Nortel and pump some money in as a license fee or loan. Management may well pull this one out of the fire – but may not. AIRN remains a Hold with no target price until after we see what management can pull out of the magician’s hat.

Alvarion (ALVR) is a leader in wireless broadband and WiMax, with both fixed and mobile installations in over 80 countries. Their Israel headquarters adds a bit of geopolitical risk, but they are well-diversified now.
Fundamentals: WiMax broadband has an incredibly bright future
Ability to grow: Yes, Alvarion has a broad product portfolio and many patents
Obama beneficiary: Yes, the rural broadband initiative will help
Finances: Excellent
Current stock price: Depressed
Conclusion: Alvarion is the best independent WiMax equipment company, and the first place institutions will turn when they want exposure to the technology. ALVR is a Top Buy under $11 for my $17 target.

Proxim (PRXM) is a way to get exposure to wireless communications in general, with some WiMax products. They made a big bet on municipal Wi-Fi that did not pay off (I sympathize; so did I) and they are very low on money.
Fundamentals: The industry is great, but they are second-string competitors
Ability to grow: Not without more money
Obama beneficiary: Yes, rural broadband spending may make them an attractive acquisition
Finances: About as bad as Airspan’s
Current stock price: Extremely depressed
Conclusion: Like Airspan, the company’s future depends on how clever and lucky management is at getting in cash and rolling out advanced WiMax products. PRXM remains a Hold, and I am suspending the target price until we see what management does.

Towerstream (TWER) doesn’t sell WiMax equipment, they buy it and offer a broadband service to businesses in competition with the telephone companies. This is one of the best-managed little companies I’ve ever seen. When they saw the financial storm coming they cut back their expansion plans and focused on getting cash flow positive. This quarter all nine markets they serve should be cash flow positive at the market level, and later this year they should turn cash flow positive at the corporate level. They have continued to negotiate leases for antenna locations on tall buildings in more cities, and eventually they will be in every city that has an NFL football team
Fundamentals: Excellent, they can undercut the phone company’s prices for T-1 service with faster installation and more flexibility
Ability to grow: Open-ended
Obama beneficiary: No
Finances: OK, they are tightly-run
Current stock price: Extremely depressed
Conclusion: Towerstream has a tremendous lead because they have locked up the best rooftops in many major cities. TWER is a Top Buy all the way up to $6 for my $16 target, and the stock closed today at 79 cents.

* * * * *

That’s our review of the entire current portfolio. Depending on what the market and individual stock prices do, I expect to recommend a series of swaps to concentrate our portfolios in the very best opportunities for the tough market ahead. In general, we will move money from the Content on Demand MegaShift into Biotech, which is much less sensitive to what happens in the economy. We’ll shift more into companies that are beneficiaries of Obama Administration stimulus spending, especially in the New Energy Technology MegaShift. Across the Table of Recommendations, most penny stocks will move into a separate category and become holds for work-outs by their managements. The exceptions there will be Top Buys like QuickLogic and Towerstream, and alternative energy companies like Plug Power and Rentech.

Your both conservative and liberal Editor,

Michael Murphy, CFA
Founding Editor, New World Investor

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