CAPS / CAPS Blogs

http://www.marketwatch.com/News/Story/Story.aspx?guid=15DED91D-68AA-4F66-B200-A789C9CE520D&siteid=yhoo&dist=yhoo 

"David Brown, chief market strategist for Sabrient Systems, an independent research firm, says that investors should look for the characteristics that Wall Street is rewarding at any point in time.  Noting that those conditions change based on market cycles, Brown said in a radio interview with Chuck Jaffe, MarketWatch senior columnist, that investors currently should be looking for stocks with strong cash flows. He pointed out that the market is not currently paying for strong revenue growth, which had been the hot characteristic during earlier times in the current market cycle."

I kind of thought that the market isn't so much paying for "strong cash flows" as "speculative, crappy risk" at the moment, but seeing as Mr. Brown has finally puzzled out for all of us the ideal time to buy - when a stock is at its most richly valued, relative to the rest of the market - I am inclined to take his word for it.