Tabell’s Market Letter – January 05, 1968

Tabell’s Market Letter – January 05, 1968

Tabell's Market Letter - January 05, 1968
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———- — — – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Walston &Co. – – Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OVER 100 OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER January 5, 1968 As regular readers are aware, this letter maintains a fully supervised recommended list. Fully supervised in this case means that the list is continuously maintained and no issues are added or deleted without notice being made of the fact in the letter. Thus, regular readers of the letter are able to make new purchases at the time of recommendation and re- tain those issues for as long as they remain in the list, if theydesire to do so. Readers will also be aware that we have, since 31, 1964, maintained a con- tinuous performance record for this list. The method used, while rather complex, meets, we believe, applicable standards, and is the fairest possible under the circumstances. For each issue recommended we tabulate the percentagechangefromthetime-of theoriginal recommendation to the time of removal or, in the case of issues remaining on the list, to the time of publication. We then tabulate the percentage change on the Dow-Jones Industrial Average for the same time period. Then, for each segment of the list the percentage change in the individual issues, and the percentage changes in the Dow are averaged and a compari- son is made. As is our annual custom, a complete performance evaluation of the list over the past three rs has been made as of the 1967 close, and is available this week from your Walston & Co. Account Executive. It lists all issues on the list at the beginning of 1967, and all stoc recommended during the year. In addition, the performance record of stocks removed from the list in 1965 and 1966 is summarized. As usual, the list is divided into three categories Quality and Long-Term Growth, Price Appreciation, and Speculative Price Appreciation. e,erformance of each of the categories is as follows The Quality and Lon,lh,Ter G lis shows an average gain of 8.2 vs. an average gain of 6.4/0 in the Dow\!.9.!!l'JS tr. The Price AppreCia- tion list shows an average gain of 36 vs. an of 3 the Dow, and the Specu- lative Price AppreCiation section shows an g'aliYof 0 vs. a 3.1,,/.rise in the Dow. These summaries are, of course, tained by purchase in the future. 'Co t 1 ly – re; s u c h res u It s wi 11 be 0 bn6t inchidea. A few statistics on the note that the period cove ed go worthy of note. It is interestingto D e'mber 31, 1964, at which time the Dow was 874.13, just 30.98 po' t on December 29, 1967. Reflecting the sort of mar- ket that we have ee years, the Quality and Long-Term Growth section of the list with its 8. 2 0 ge n has turned in the least impressive performance. A total na;Ir!''1Jeen made in this section of the list, and of these, 15 have ad- vanced and 13 have d ed over the period. Fifteen of the 28 issues outperformed the Dow Jones Industrials for the same time period. The largest established gain was a 53 profit in Radio Corporation in 1965-66, while the best gain in an issue currently on the list is 50/0 in National Cash Register. Strangely enough, one of the largest losses is in that paragon of conservatism, American Telephone & Telegraph, which remains on the list at a price 24 lower than its original rec(I)mmendation in September, 1965. The Price Appreciation section is, of course, the largest category on the list and com prised a total of 88 recommendations over the three-year period, of which 47 remain on the list. Of the 88 recommendations, 58 have advanced and 30 have declined. Of the 30 issues which show declines, 18 issues remain in the list and the other '12 were removed showing losses. Vis-a-vis the Dow, 54 oCthl 88 iss.ues pe,rf.9Jmed betterover the period recommen ed. Nine issues achieved a better than 100 profit during the period they were recommended of which 6 were later recommended for sale and 2, Adams-Millis and United Fruit, remain on the list. The largest losses included a 41 loss in Korvette, a 40 loss in First Charter Financial, and a 30 loss in Warner Bros. Company over the 1965-66 period. All other losses were under 20, and 11 were under 10. In the Speculative Price Appreciation section, as might be expected, the performance among individual issues varies widely from a 352 profit over three years in Microwave Associates, to a 31/0 loss in Great Western Financial. Eight over-l00 profits were recorded. A total of 32 recommendations were involved of which 24 advanced and 8 declined. Twen four -of the 32 issues outperformed the Dow over the period involved. Dow-Jones Ind. – 901 ..24 ANTHONY W. TABELL Dow-Jones Rails – 235.62 WALSTON & CO. INC. AWTamb Thill market letter Is publltlhed for your convenience and informatIon and IS not an offer to Bell or a soliCitation to buy any securities diSCUSsed. The in- formation was obtained from we behe.. e to he reliable, but we do not guarantee Its accuracy. Walston & Co. Inc. and its officers directors.or emDloyees may have an In or purchase and sell the .securities referred to helem, WN8Dl

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