Thanks to Jerome Powell and his crew at the Federal Reserve, interest rates are about five percentage points higher than they were a year ago. For stock pickers, that means that debt once again matters.
This should be a good environment for folks who prefer low-debt companies. Beginning in 1998, I’ve written 20 columns recommending low-debt stocks. My low-debt picks have beaten the market 13 times out of 20—but only once in the past five years, when interest rates were freakishly low.
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