Energy White Paper
Since our late 2010 update, the world has experienced a wave of political demonstrations, a natural disaster in Japan, and additional financial strain. In the midst of this backdrop, an always evolving energy business continues to make strides in delivering new sources of supply to a growing number of global consumers. Remarkable changes are underway in North America that could meaningfully alter the balance of trade and political relationships. Globally, the scramble for energy security remains one of the most significant issues to follow in a world that will continue to face political upheaval. The 2012 edition of our Long-Term Outlook for Energy addresses these issues within the industry framework we have outlined in previous years.
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Consumer Staples White Paper
At Fayez Sarofim & Co., we have long appreciated the multiple benefits Consumer Staples stocks can have on a well-diversified portfolio. Long-noted for their protective qualities in difficult economic and financial environments, Consumer Staples stocks can offer a moderate risk approach to pursuing superior real rates of growth.
Many investors, investment strategists and the financial press seem to discover Consumer Staples only during periods of stock market stresses like we are currently experiencing. True to form, Consumer Staples was the best performing sector of the S&P 500 in 2008 when global equity markets suffered one of the worst downturns since 1931. However, we believe that by narrowly focusing on the sector's attractiveness only during down market periods, many investors miss the long-term case of owning these stocks.
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