No, it's not the parties for hosting or the marshmallows for toasting or caroling out in the snow. Nor is it the scary ghost stories or tales of the glories of Christmases long, long ago. With apologies to the late Andy Williams, it's the most wonderful time of the year because the calendar last month rolled over to November, marking the start of the seasonally favorable period in which stocks historically have enjoyed terrific perfor- mance. And this holiday season, with the major-market averages at record highs, I believe that undervalued dividend-paying stocks will be the most memorable-and ultimately profitable-presents found under the tree.
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