Parsimony believes that 2012 will be riddled with volatility and uncertainty for equity market investors. Interest rates will remain low due to over indebted balance sheets. Equity market investors should seek equities with stable earnings (and dividends) that will hold up in an uncertain and weak economic environment.
Lakshman Achuthan, the co-founder of ECRI (video) was on Bloomberg on Friday updating viewers on his recession call. The ECRI continues to call for a recession in the first half of 2012. Due to the strong track record of the ECRI, we think that investors should remain defensive in 2012.
Altria engages in the manufacture and sale of cigarettes, smokeless products, and wine in the United States and internationally. It offers cigarettes under the Marlboro, Virginia Slims, Parliament, Benson & Hedges, Basic, and L&M brands; smokeless tobacco products under the Copenhagen, Skoal, Red Seal, Husky brands, and Marlboro snus brands; and machine-made large cigars and pipe tobacco.
The company also produces and sells blended table wines under the Chateau Ste. Michelle and Columbia Crest names; and distributes Antinori and Villa Maria Estate wines and Champagne Nicolas Feuillatte in the United States. In addition, it maintains a portfolio of leveraged and direct finance leases in rail and surface transport, aircraft, electric power, real estate, and manufacturing.
The company sells its tobacco products to wholesalers, including distributors; large retail organizations, such as chain stores; and the armed services. Altria Group, Inc. markets its wine products to restaurants, wholesale clubs, supermarkets, wine shops, and mass merchandisers. The company was founded in 1919 and is headquartered in Richmond, Virginia.
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