One of transportation stocks' most fundamental characteristics is that they're typically early-cycle performers because the market tries to anticipate how increasing traffic tied to an economic recovery impacts carriers' top-and bottom-line growth. Transportation is a derived demand; if activity in markets served by carriers accelerates, carriers should benefit. We believe it's a good time to take a fresh look at some of the sector's key investing characteristics, which will be increasingly important to investors if their enthusiasm for early-cycle equities begins to wane as the economy stabilizes during the next 12 to 18 months.
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