America's Top 1,200 Financial Advisors • Special Section
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AMERICA’S TOP 1,200 FINANCIAL ADVISORS • SPECIAL SECTION INSIDE VOL. CI NO. 11 MARCH 15, 2021 $5.00 ONE YEAR LATER With the Covid crisis finally ebbing, the U.S. economy could surge. The case for consumer stocks, financials, and energy. PAGE 18 > 63142 2 BARRON’S March 15, 2021 THE ENERGY SECTOR OF THE S&P 500 IN ONE ETF Sector SPDRs allow you to invest in pieces of the S&P 500. Like Energy. While adding diversification and reducing single stock risk. These ETFs combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity. March 15, 2021 BARRON’S 3 ENERGY SECTOR SPDR ETF TOP 10 HOLDINGS* XLE Company Name Symbol Weight Exxon Mobil XOM 24.27% Chevron CVX 21.15% ConocoPhillips COP 5.80% Schlumberger SLB 4.50% EOG Resources EOG 4.36% Phillips 66 PSX 4.20% Marathon Petroleum MPC 4.12% Valero Energy VLO 3.64% Pioneer Natural Resources PXD 3.48% Kinder Morgan KMI 3.32% *Components and weightings as of 2/28/21. Please see website for daily updates. Holdings subject to change. Check out our FREE mobile app. Search “Sector SPDRs” Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF Aninvestorshouldconsiderinvestmentobjectives,risks,chargesandexpensescarefullybeforeinvesting.Toobtainaprospectus,whichcontainsthisandother information,call1-866-SECTOR-ETForvisitwww.sectorspdrs.com.Readtheprospectuscarefullybeforeinvesting. TheS&P500,SPDRs®,andSelectSectorSPDRs®areregisteredtrademarksofStandard&Poor’sFinancialServicesLLC.andhavebeenlicensedforuse.ThestocksincludedineachSelectSectorIndexwereselected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P.The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market valueofalldomesticcommonstocks.Investorscannotinvestdirectlyinanindex.TheS&P500Indexfiguresdonotreflectanyfees,expensesortaxes.Ordinarybrokeragecommissionsapply.ETFsareconsidered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level of trading activity. SelectSectorSPDRsaresubjecttoriskssimilartothoseofstocks,includingthoseregardingshort-sellingandmarginaccountmaintenance.AllETFsaresubjecttorisk,includingpossiblelossofprincipal.Funds focusing on a single sector generally experience greater volatility. Diversificationdoes not eliminate the risk of experiencing investment losses. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. CONTENTS 03.15.21 VOL.CI NO.11 P. 14 P. 18 P. M1 Timeshare Operators Trader: It’s Still Clear With Staying Power Now for the Next Step Sailing for Stocks Follow-Up: U.S. leisure travel Cover Story: An impressive rebound for stocks and the economy is laying the By AL ROOT is poised to snap back. These groundwork for an even stronger postpandemic snapback. For investors, consumer, timeshare companies are ready. financial, and energy stocks could prove especially rewarding. By BEN LEVISOHN P. M4 By LAWRENCE C. STRAUSS Remarkable Recovery Euro Trader: Luxury P. 14 Nearly every asset class rose in price in the past 12 months as central bankers and vaccine Brand Moncler’s Plan Three Companies makershelpedtheworldavertadepression. By RUPERT STEINER Bloomberg Barclays U.S. Facing New Realities 10-Yr Treasury Yield Bitcoin Aggregate Bond Index Cboe Volatility Index (VIX) P. M4 Follow-Up: After the pandemic, it Emerging Markets: might not be business-as-usual for 0.58* 960.4% 2.0% -62.1% GameStop, AMC, and Cinemark. Homegrown Start-Ups By LIZ MOYER By CRAIG MELLOW Dow Jones Gold MSCI Emerging Industrial Average (per troy ounce) Markets Index Nasdaq Composite P. 15 P. M5 Time to Fix Your 40.1% 12.6% 52.3% 70.1% Striking Price: Disney Fixed-Income Strategy Recaptures the Magic Refinitiv/CoreCommodity Rising Treasury yields are reason Nikkei 225 CRB Index Russell 2000 S&P 500 By STEVEN M. SEARS to consider alternatives, such as preferreds and leveraged loans. 67.6% 38.1% 93.4% 45.3% P. M6 By ALEXANDRA SCAGGS Commodities: Rare- P. 16 Earth Metals Plays STOXX Europe 600 Shanghai Composite U.S. Dollar Index WTI Crude (per barrel) An Apartment Lender By MYRA P. SAEFONG With Lofty Ambitions 41.8% 19.0% -7.4% 108.1% AMERICA’S TOP 1200 FINANCIAL ADVISORS 2021 Sizing Up Small-Caps: Walker & 3/13/20 - 3/11/21; *Change in percentage points Source: Bloomberg MARCH 15, 2021 Dunlop looks appealing as it raises its profile in multifamily lending. By DAREN FONDA AQuestion of Balance Amidthecrazefor highflyingstocks, advisors are steering P. 23 P. 7 P. 31 clients back to Big Pharma Could Up&DownWallStreet: Economy: America’s SPECIAL REPORT Catch Spring Fever Dr. Doom Weighs In Bold Move Pays Off Index P. 5 America’s Top 1,200 U.S. drugmakers are far healthier By RANDALL W. FORSYTH By MATTHEW C. KLEIN Review & Preview P. 12 Financial Advisors than investors give them credit for. Mailbag P. 35 By ANDREW BARY InsideScoop P. M7 P. 11 P. 32 How the trusted advisors in our Chartingthe Market P. M8 Streetwise: Nostalgic Q&A: Aviation Expert annual ranking are helping clients P. 25 Winners & Losers P. M11 regain a healthy balance between Research Reports P. M12 Names That Endure Richard Aboulafia fear and greed. Plus, profiles of Is the IPO Market Market View P. M13 By ALEX EULE By AL ROOT seven advisors, and our guide to Getting Too Frothy? the best advisors in each state and Cover Illustration by While it doesn’t look like a repeat Neil Jamieson P. 29 P. 34 the District of Columbia. of 1999, there’s reason for caution. Funds: Best Bargains Other Voices: Short- By LUISA BELTRAN © 2021 Dow Jones & Company, Inc. All Rights Reserved. Among Value Stocks Termism Is the Enemy Barron’s Roundtable P. 27 Our newspapers are 100% sourced By LEWIS BRAHAM By SARAH KEOHANE WILLIAMSON from sustainable certified mills. on Fox Business Charts Help Guide BARRON’S (USPS 044-700) (ISSN 1077-8039) Published every P. 30 P. 35 Watch our weekly TV show on Monday. Editorial and Publication This Fund to Success Headquarters: 1211 Avenue of Fridays at 10 p.m. or 11:30 p.m. the Americas, New York, N.Y. Tech Trader: Seoul’s Income: HowtoRead Profile: Lord Abbett Growth 10036. Periodicals postage paid at ET; Saturdays at 10 a.m. or 11:30 Chicopee, MA and other mailing Leaders uses a unique formula. offices. Postmaster: Send Coupang IPO Coup the REIT Reversal a.m.; or Sundays at 7 a.m., 10 a.m., address changes to Barron’s, 200 By DEBBIE CARLSON Burnett Rd., Chicopee, MA 01020 By ERIC J. SAVITZ By LAWRENCE C. STRAUSS or 11:30 a.m. March 15, 2021 BARRON’S 5 Our index lists significant companies mentioned in stories and columns, For Customer Service, call 1 (800) 544-0422, or go to INDEX plus Research Reports, and Corrections & Amplifications. The references customercenter.barrons.com. For reprints of articles, are to the first page of the item in which the company is mentioned. call 1 (800) 843-0008, or go to djreprints.com. A AbbVie ....................................23 Mattel .....................................11 Nucor .....................................22 Shoals Technologies Group .................13 ABM Industries .........................M12 McDonald's ................................21 Shopify ....................................29 Acadia Pharmaceuticals ...................M8 MercadoLibre ............................M4 O Ozon Holdings............................M4 Simon Property Group .....................35 Accenture..................................13 Merck ....................................23 SoftBank Group .........................12,30 Advanced Micro Devices ...................13 Microsoft ..................................28 P Pfizer......................................23 SolarEdge Technologies ...................13 AerCap Holdings ..........................12 Moncler ..................................M4 Pioneer Natural Resources.................22 SpringWorks Therapeutics ................M7 Alibaba Group Holding ..............12,30,M4 Mosaic .....................................22 Plug Power ................................13 Square.....................................28 Align Technology ..........................28 Poshmark .................................M8 Starbucks..................................21 Allegro ...................................M4 N Naver ....................................M4 Stitch Fix .................................M8 Alphabet...................................29 Netflix ....................................M3 R Reliance Industries .......................M4 Syneos Health ............................M7 Amazon.com ..............................M4 NextEra Energy...........................13 Roblox ..................................12,25 AMC Entertainment Holdings...........11,14 Nike .......................................13 T Tegna ....................................M7 American International Group ..............7 Nikola .....................................13 S Safran .....................................33 Tesla .............................12,21,29,M2 Ameriprise Financial.......................22 Northrop Grumman ........................33 Sea.......................................M4 Tian Ruixiang Holdings ....................25 Amgen.....................................23 Novavax ..................................M8 Seagate Technology .......................M7 Travel