stock market investing for dummies

At the beginning of 2002. BLACK ENTERPRISE sifted through large and panies and chose two groups of stocks we hoped would weather the effects of a sagging economy. We tailored one portfolio to include value stocks, shares with bargain prices relative to the market that also paid sizeable dividends to investors to cushion them from any volatile swings.

The second portfolio we filled with growth panies that were modestly priced relative to the market, yet they were linked to businesses that could ferret out profits in a slothful economy. In both portfolios, we panies that had very little debt and had a market value of $2 billion or more.

In both cases, we ended up with something of a coup. Even as the market rocked and roiled, our value portfolio managed to maintain its footing.

If you factor in the dividends over the months, the value groups total return rose to a very respectable 3.5%--a downright success in a tattered stock market. Paccar Inc.

Nasdaq: PCAR, an outfit that manufactures the Peterbilt and Kenworth heavy-duty truck lines, led the value portfolio. Paccar saw revenue rise almost 10% over 2002 and paid investors $2.58 a share in dividends from the time we chose the stock until the end of 2002.

UnionBanCal NYSE: UB was another solid performer. The pany, which owns Union Bank of California, was well on its way to an 11% increase in earnings last year.

Meanwhile, overcapacity in the munications business hurt munications NYSE: SBC, a value pick that slipped more than 30%, but the dividends cushioned the blow by paying out $1.07 a share. Our growth picks managed to hold off a stormy market as well, finishing with a slight loss of 2.1%, or a total return of -1.4% including dividends.

Fashion retailer Liz Claiborne NYSE: LIZ led the pack with a share price gain of nearly 40%. Carpet maker Mohawk Industries NYSE: MHK was a close second, climbing 35%.

Two stocks, however, foiled what was an otherwise strong portfolio. Energy supplier Dynegy NYSE: DYN crashed, falling more than 90% after overextending its reach into and somewhat riskier energy trading activities.

SCI Systems NYSE: SCI, an electronics manufacturing outsourcer, was taken over by rival Sanmina Nasdaq: SANM. Nonetheless, a drop in demand for equipment hit Sanminas revenues and sent the stock down by more than 70%.

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