10 for 2023

 Good companies at bargain prices could be winners in the new year

Company/Ticker	Recent Price	YTD Change	2023E EPS	2023E P/E	Dividend Yield	Market Value (bil)
Alcoa / AA	$45.50	-24	$3.13	14.5	0.9%	$8.1
Alphabet / GOOG	95.31	-34	5.27	18.1	None	1,232.00
Amazon.com / AMZN	91.58	-45	1.85	49.5	None	934.3
Bank of America / BAC	32.28	-27	3.69	8.7	2.8	259.0
Berkshire Hathaway / BRK.A	468,020	4	22,928	20.4	None	682.0
Comcast / CMCSA	35.35	-30	3.74	9.5	3.1	152.8
Delta Air Lines / DAL	34.31	-12	4.92	7.0	None	22.0
Madison Square Garden Sports / MSGS*	160.42	-8	1.71	93.8	None	3.9
Medtronic / MDT**	78.79	-24	5.5	14.3	3.5	104.8
Toll Brothers / TOL***	50.79	-30	7.34	6.9	1.6	5.8

Note: Data is of 12/14/22 *June fiscal year end **April fiscal year end ***October fiscal year end E=estimate

Source: FactSet

Income-producing investments, ranked in order of preference

Energy pipelines once again top our annual list of income-producing investments, ranked in order of preference.

	Recent Price	YTD Return	Yield
Energy Pipelines
Alerian MLP / AMLP	$37.12	22.4%	8.1%
Tortoise Midstream Energy / NTG	34.01	21.4	9.1
Williams Cos. / WMB	32.72	32.2	5.2
U.S. Dividend Stocks
Vanguard High Dividend Yield / VYM	$107.45	-1.2%	3.0%
Schwab U.S. Dividend Equity / SCHD	74.92	-4.0	3.1
ProShares S&P 500 Dividend Aristocrats / NOBL	89.58	-6.9	2.0
Foreign Dividend Stocks
iShares International Select Dividend / IDV	$27.12	-6.5%	7.1%
Schwab International Dividend Equity / SCHY	22.32	-9.8	4.7
Real Estate Investment Trusts
Vanguard Real Estate / VNQ	$81.30	-27.3%	3.9%
Cohen & Steers Quality Income Realty / RQI	11.19	-32.9	8.6
Convertible Bonds
SPDR Bloomberg Convertible Securities / CWB	$63.71	-21.6%	1.9%
Miller Convertible Bond / MCIFX	12.20	-11.0	1.0
Advent Convertible & Income / AVK	10.81	-35.0	13.0
Junk Bonds
iShares iBoxx HIgh Yield Corporate Bond / HYG	$72.63	-12.2%	6.6%
Blackrock Corporate High Yield / HYT	8.43	-25.3	11.1
Nuveen Credit Strategies Income / JQC	5.02	-15.4	11.4
Municipal Bonds
Vanguard Intermediate-Term Tax-Exempt / VWITX	$13.36	-6.9%	2.6%
Nuveen AMT-Free Quality Municipal Income / NEA	11.01	-25.7	4.9
Pimco High Yield Municipal Bond / PHMIX	8.19	-12.8	4.7
Preferred Stocks
iShares Preferred & Income Securities / PFF	$30.35	-18.7%	6.1%
InfraCap REIT Preferred / PFFR	16.52	-24.9	7.7
JPMorgan Chase 4.2% / JPM Pr M	17.39	-27.7	6.1
Telecoms
AT&T / T	$18.22	4.7%	6.1%
Verizon Communications / VZ	38.81	-21.2	6.7
Cash Alternatives
iShares Short Treasury Bond / SHV	$109.87	0.9%	4.1%
SPDR Bloomberg 1-3 Month T-Bill / BIL	91.44	1.3	4.2
Vanguard Ultra-Short-Term Bond / VUBFX	9.85	-0.5	5.5
Treasuries
iShares 1-3 Year Treasury Bond / SHY	$81.21	-3.8%	4.3%
iShares 20+ Year Treasury Bond / TLT	99.55	-31.3	3.9
iShares TIPS Bond / TIP	106.32	-12.3	3.9
Electric Utilities
Utilities Select Sector SPDR / XLU	$70.67	1.7%	3.2%
Reaves Utility Income / UTG	28.53	-12.5	8.0
NextEra Energy / NEE	83.16	-9.1	2.0

Note: data as of Dec. 28

Sources: Bloomberg; company reports