Here are some nifty ideas for your 大臣の地位

By This Is Money
Updated: 19:23 BST, 7 August 2009

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Fifty years ago 塀で囲む Street saw the 開発 of a two-tier 株式市場, which became known as the 'nifty fifty' 時代.

Around fifty companies were seen as 申し込む／申し出ing 重要な and seemin gly limitless growth 適切な時期s, 親族 to their more 歩行者 相当するものs.

As a result, the valuations of these 在庫／株s rose 大幅に above the 残り／休憩（する） of the market as 投資家s sought to latch on to the growth on 申し込む／申し出.

For an 投資家 at the time, the 圧倒的な 圧力 was to 投資する in these nifty fifty 在庫／株s, irrespective of rising valuations, since this was where the returns were to be had.

More recently, a very 類似の 現象 occurred during the tech にわか景気 of the late 1990s, where valuations were thrown out of the window for a period as 投資家s chased the 最新の hot story. We all know the 結果 of the bursting of that valuation 泡.

権利 now, the 株式市場 has 回復するd from looking into the abyss of a 可能性のある 財政上の and 経済的な 炉心溶融: 利益／興味 率s have been 削減（する） to 記録，記録的な／記録する lows, while 政府 刺激 and bank 救助（する） 一括s have 突き破るd off the Doomsday シナリオ. やめる rightly, 株 have 決起大会／結集させるd.

But as we look into 2010 it is （疑いを）晴らす that while we may have 突き破るd off a multi-year 広大な／多数の／重要な 不景気, there is no quick bounce-支援する to buoyant 率s of growth. Banks will continue to 縮む their balance sheets, so the availability and price of credit will remain 制限する.

The next 政府 直面するs an 前例のない 会計の 不均衡, to which the only answer can be both higher 税金s for everyone and 相当な spending 削減（する）s. The public 部門, which has created a million 職業s since 1997, will have to see 職業 losses. The safety of public 部門 年金s will come under 脅し just as 私的な 部門 計画／陰謀s are の近くにing.

必然的に, 貯金 率s will rise and 消費 will 落ちる as 失業 grows.

For the 株式市場 this doesn't mean that 株 must 落ちる. にもかかわらず the 最近の 回復 from the lows of March, many 株 remain undervalued in relation to their return on 資本／首都, their sales or their （株主への）配当 産する／生じる.

But in an 環境 in which the economy is likely to show precious little g rowth next year - and will be certainly 井戸／弁護士席 below-傾向 growth 率s for some time to come - the number of companies which can really grow sales and 利益（をあげる）s is likely to 縮む 意味ありげに.

In 最近の years of favourable 経済成長, a 肯定的な 需要・要求する 背景 and an 豊富 of cheap 財政／金融, it might have seemed 比較して 平易な for many companies to grow 利益（をあげる）s - the best companies could grow at 二塁打-digit 率s.

In the 未来, it is far more likely that many companies will struggle to grow 利益（をあげる）s at all, with only the best ones maybe 配達するing some 利益（をあげる）s growth. Through 2010, the 株式市場 is likely to differentiate between those companies which can 申し込む／申し出 real sales growth and those 限界ing the 攻撃する，衝突する to 利益（をあげる）s by pure cost cutting alone.

Real sales growth - whether through 製品 革新, market 株 伸び（る）s or geographic 拡大 - is likely to be sought by 投資家s as an ますます rare せいにする. 拡大 of sales in a world of 沈滞した 需要・要求する growth will 燃料 利益（をあげる）s growth far better than 純粋に 減ずるing costs to match weak or 落ちるing 需要・要求する.

For the next few months, the 株式市場 may 井戸／弁護士席 continue to oscillate in a 範囲, moving in 返答 to every piece of 経済的な data and 始める，決める of company results. Looking ahead to how to position your 大臣の地位 for the 環境 of 2010, however, at some point the market will come to 条件 with the reality of neither sharp 経済的な 回復 nor 低迷 but 簡単に a pretty 不振の growth 背景.

At this point it is 高度に likely that the market will 捜し出す out those companies 申し込む／申し出ing 本物の 歳入 growth as against those struggling to 進歩 at all. The valuations of those growth companies-could 拡大する 意味ありげに against the wider market of low or no-growth companies.

In other words, we could be 支援する to a 'nifty fifty' market, where the successful companies are 大幅に re-率d against the 幅の広い market. 権利 now - unlike in the tech にわか景気 - valuations across the market are pretty even. So there is a big 適切な時期 for 投資家s to 選ぶ out 未来 勝利者s without 支払う／賃金ing up.

結局, of course, this 傾向 will have played its course and, as in the 1960s and the 1990s, it will be time to sell the nifty fifty growth 在庫／株s or the tech darlings as their valuations will 越える their 親族 growth 可能性のある. But today, no such valuation 賞与金 存在するs for those growth companies.

And given the headwinds to 経済成長 which we 直面する in the UK over the coming years, who knows how long this nifty fifty 環境 might last or how 広大な／多数の／重要な the valuation 不平等 with other 在庫／株s might become?

Tesco

While its 最近の UK sales growth has lagged behind 回復するing peers J Sainsbury and Morrisons, total sales continue to rise inexorably as its growing international 商売／仕事 across an ますます diverse group of countries 力／強力にするs ahead. Moreover, its 取得／買収 of half its 財政上の services 共同の 投機・賭ける from 苦しめるd 王室の Bank of Scotland 供給するs a その上の avenue for growth, 選ぶing up disillusioned 顧客s from High Street banks.

Burberry

A 高級な goods brand in a 消費者 下降? The 重要な here is that Burberry is 拡大するing into new 製品s, such as kidswear, and new areas, such as the Middle East. It is growing its market 株 within the 高級な segment - and if you can afford a £10,000 handbag, the chances are you're not too worried by the 後退，不況 anyway.

Unilever

FAST-moving 消費者 goods companies (FMCG, as they are known) slug it out with each other for every bit of supermarket shelf space and 顧客s' wallets.

It's a 堅い 商売／仕事, and Unilever has been beaten by its peers for several years.

But a 完全に new 管理／経営 team is fighting 支援する, with quicker times to market for new 製品s and a leaner structure.

It has more 主要な positions in faster growing 現れるing markets than competitors too, but still 貿易（する）s at a 割引 to peers.

Experian This company 供給するs credit checks for banks, so might seem an obvious loser from the 現在の credit crunch. But it has developed new 製品s for its 顧客s, 含むing direct 消費者 services, bought into new faster growing 地理学s such as Brazil and grown sales through the 下降.

BG Group

BG is no longer connected to the British Gas 供給（する） company known to millions of householders. Most big oil 会社／堅いs struggle to 取って代わる reserves lost through 現在の 生産／産物, but BG 申し込む／申し出s 重要な 容積／容量 growth for some years to come. This 質 will underpin the 株 no 事柄 the shorter-称する，呼ぶ／期間／用語 vagaries of the oil price.