Business & Industrial Services/Airlines

2010 Growth Airline Outlook – Airline revenue strengthened sequentially in 4Q09 and is in recovery.  While we believe growth in 2010 will largely depend on the rate of economic improvement, and we do not believe a “snap back” airline revenue recovery is likely, far easier comparisons in 1H10 should at least give the appearance of a strong recovery.

Business & Industrial Services/Logistics Services

Railroad Industry Overview/On Track for Future Success – We surmise that five key long-term industrywide drivers should continue to enhance the market share for the railroad industry for years to come:  competitive prices; continued service improvements; the industry’s “green” attributes; continued truck-to-rail conversion via intermodal; and building government support.

Consumer/Entertainment & Leisure

The Motion Picture Exhibition Industry – Our investment thesis on the theatrical exhibition industry is based on what we believe to be an opportunity for secular growth over the next several years due to the conversion for digital distribution.  With this detailed report, we are initiating coverage of the sector and three public companies that operate in this sector.

Financial Services/Banking

Winter 2010 Industry Overview – We explore several fundamental areas of the banking complex in depth, including regulatory developments, economic trends and housing, stock performance versus previous cycles, asset quality, funding mix, capital positioning, M&A trends, and income statement and balance sheet trends.

Financial Services/Insurance

Personal Lines Insurance Overview – this industry report examines the private passenger automobile and homeowners insurance segments of property/casualty insurance.

Real Estate/Housing

2010 Housing Outlook – Our annual complete top-down review and analysis of the crucial Housing sector.  This report also includes company-specific analysis and a review of significant developments in 2009.

Real Estate/REITs

2010 REIT Outlook – This comprehensive annual report includes our outlook for the industry and specific sub-sectors within the industry, including companies under coverage, and a review of significant developments in 2009.

Technology/IT Hardware & Distribution

IT Supply Chain 2009 Review and 2010 Outlook:  Our thorough annual analysis of this sector, including our detailed outlook for the overall sector and each of the companies we cover within this sector.

Telecommunications/Telecommunications Equipment

Handset Overview:  Trends & Opportunities – Our periodic review of the market for wireless telephone handsets and the many companies with a stake in this market.

Telecommunications/Telecommunications Services

Managed Hosting Providers/Try Not to Get Lost in the Clouds – the hosting provider companies are benefitting from higher levels of IT and data usage by enterprises, government, and telecom carriers, trends that we expect to continue going forward.  As the costs and complexity of building and maintaining data center facilities and running applications in a capital efficient manner have become cumbersome and very expensive, we believe data intensive entities will increasingly rely on outsourced providers.