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It's almost indisputable that some of them will break out over the next half decade. Says Bob Smith, manager of the Growth Stock fund at T. Rowe Price: "Relative to the market, larger diversified companies are cheaper than they have been in the past ten years."
And no, no, no, do not bet your retirement on a tech-stock echo boom. Sure, there will always be a Google or three or four around to tantalize, but as far as a wave that lifts every ship, like the one we rode in the late '90s, get over it. That was a once-in-a-lifetime event - thank God.
For a world-changing event that is worth a flutter, though, check out those crazy foreign markets. Just about the insanest has been India. It was up 45 percent last year, then down 13 percent in the month of May. Still, Smith of T. Rowe is a believer, and in fact prefers India to China.
"The positive in India over China is that India has more dynamic companies than China," he says. "If you have a ten- or 15-year time horizon, I think owning India is going to be a really good thing. It's been volatile lately, but over the long term, if you own Bharti or Infosys, they probably offer better growth than some of the larger-cap U.S. companies." Smith also says to look to Eastern Europe for outsized gains overseas.
3. What about commodities?
Serwer: Yes, they've been huge winners, and a big score could set up retirement nicely. But sorry, it's late to get into this game. Up until the recent swoon, copper prices had more than tripled over four years, and silver had more than doubled in three, while everything from sugar to orange juice has pretty much followed suit.
It's only been the biggest commodity boom in 50 years, and that, says superstud investor Bill Miller, portfolio manager at Legg Mason, strongly suggests that you will be chasing a train that has long since left the station. "The time to own commodities is when they are down, when everybody has lost money in them, and when they trade below the cost of production," Miller wrote recently. "That time is not now."
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