They Love Stocks That Are All Beaten Up

For most of his 26 years on Wall Street, Byron R. Wien has been an IBM booster. After all, IBM was the quintessential growth stock, and isn't growth what investing in equities is all about? But on June 19, Wien, the U. S. portfolio strategist for Morgan Stanley & Co., threw in the towel and told his clients to dump Big Blue. "I want to own companies that are getting stronger, not weaker," says Wien. "I could no longer see why I was holding IBM."

To continue reading this article you must be a Bloomberg Professional Service Subscriber.