67 WALL STREET, New York - November 23, 2009 - The Wall Street Transcript has just published its TWST Investing Strategies Report offering a timely review of the sector to serious investors and industry executives. This 55 page feature contains expert industry commentary through in-depth interviews with highly experienced Money Managers. The full issue is available via The Wall Street Transcript Online.

Topics covered: Investor Demand for Transparency - High-Liquidity Environment - Undervalued High Quality Companies - Inexpensive Valuation - Areas with Risks - Stretched Balance Sheets - High Returns on Capital - Volume Growth - Multi-Cap Approach - Extreme Value Discipline - Macro Outlook - Value and Momentum - Lower Volatility Growth

Companies include: Belo Corp (BLC); 3M (MMM); A.H. Belo (AHC); Affiliated Computer Services (ACS); American Safety (ASI); Ameriprise (AMP); Apache (APA); Apple (AAPL); Atwood Oceanics (ATW); Bank of America (BAC); Boeing (BA); Brown & Brown (BRO); Bunge (BG); CME Group (CME); Capstead Mortgage (CMO); Chevron (CVX); ChinaCast Education (CAST); Citi Trends (CTRN); Coca-Cola (KO); Cognizant Technology Solutions (CTSH); Conseco (CNO); Consolidated Edison (ED); Costco (COST); Cypress Semiconductor (CY); Danaher (DHR); Duke Energy (DUK); FARO Technologies (FARO); GIII Apparel (GIII); Gannett (GCI); Gilead Sciences (GILD); Goldman Sachs (GS); Goodrich (GR); Google (GOOG); Halliburton (HAL); Harley-Davidson (HOG); IBM (IBM); IDEX Corporation (IEX); IMS Health (RX); JPMorgan (JPM); Johnson & Johnson (JNJ); Kimberly-Clark (KMB); Kinross (KGC); Legg Mason (LM); NIC Inc. (EGOV); Nestle and Alcon (ACL); New York Times (NYT); Newmont Mining (NEM); Owens-Illinois (OI); Penson Worldwide (PNSN); Precision Castparts (PCP); Procter & Gamble, (PG); Rambus (RMBS); Research In Motion (RIMM); Roper Industries (ROP); Schlumberger (SLB); Smucker (SJM); Stein Mart (SMRT); Steven Madden (SHOO); Talisman (TLM); Thermo Fisher Scientific (TMO); Transocean (RIG); UnitedHealth (UNH); Universal Health Services (UHS); Wal-Mart (WMT); Washington Post (WPO); WellPoint (WLP); Xcel Energy (XEL); Xerox (XRX); Yamana Gold (AUY).

In the following brief excerpt from just one of the in depth interviews in 55 page Investing Strategies Report, a top tier Money Manager discusses the outlook for the market for investors.

Wayne C. Stevens, CFA, CIC is the Founding Managing Director and CIO of Dearborn Partners. He oversees all aspects of the investment process and is the lead manager for the firm's institutional and private client large cap equity products. Prior to founding Dearborn Partners, he served as President and Chief Investment Officer of Duff & Phelps Investment Management Co. where he directed investment policy and strategy for $40 billion in assets.

Prior to being appointed CIO in 1993, he served as President of Duff & Phelps Investment Research Co. for ten years. Mr. Stevens began his career at The First National Bank of Chicago. During his ten years there, he was Director of Investment Research and Chairman of the Equity Selection Committee. He received his MBA in finance from the University of Wisconsin, and his BBA in Finance from the University of Miami.

TWST: Regarding the capitalization of the company, are you an all-cap investor?

Mr. Stevens: Our focus is primarily on large-cap stocks - those with market capitalizations above $5 billion. From time to time, we will buy companies below the $5 billon mark, which many refer to as mid cap. We don't focus on small- or micro-cap issues.

TWST: In recent months, what are some of the holdings that you've found attractive to add to the portfolio at this time?

Mr. Stevens: Focusing on our institutional portfolios, our five largest holdings are 3M (MMM), Chevron (CVX), Cognizant Technology Solutions (CTSH), IBM (IBM) and Schlumberger (SLB). One of the important ingredients that we're looking for in this environment, because of our economic forecast, is finding companies that have a good deal of exposure to foreign demand for their products. Generally, we are more encouraged by economic activity abroad compared to the U.S. Specifically, we feel areas like the Asia-Pacific Basin, India and Brazil are likely to see demand well above the average for the world. These companies have a significant portion of their revenues coming from outside of the United States. From the bottom-up, we're trying to uncover those companies that maintain very strong fundamentals and attractive future growth prospects.

TWST: Do you like dividend-paying companies?

Mr. Stevens: We do like dividend-paying companies. It's a nice component to have, however we want management teams allocating capital in the most efficient way possible - either internal growth initiatives, stock repurchases or dividends, whatever will generate the highest return on capital. Some of the industrial companies that we own have a reasonable dividend, like 3M that I mentioned. Some of the energy companies also have that kind of characteristic. But when you get into other areas like materials, consumer discretionary and technology, areas that show economic sensitivity, the dividend would generally be fairly small.

TWST: You've mentioned some sectors that are more exposed to a growing economy. What are you deliberately reducing your exposure to?

Mr. Stevens: We have been underweight the utilities and telecom sectors. Additionally, we have very little exposure, less than 3% of our portfolio, in consumer staples. Though there are a number of good companies in these sectors, these areas are less economically sensitive and therefore less likely to see the same relative benefit from an accelerating global economy.

More of this interview can be obtained via The Wall Street Transcript Online .

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