by Scott Ronalds

From our Quarterly Report:

The markets have been challenging for fundamental, valuation-conscious investors. That’s because the hot, growth-oriented sectors, that appear expensive by historical standards, have stayed hot, or even become more popular. Conversely, the overlooked parts of the markets, like energy, healthcare and more cyclical companies, have continued to languish, even though they’re trading at heavily discounted prices. For investors who have thrived on being contrarian, like myself, it’s been a frustrating period.

Read Tom's full brief and the rest of our Report here.