The good news is that the Dow hit new highs this week. The bad news—though it’s minor—is that the market is becoming more selective. This is typical of bull markets as they age, and the way to deal with it is simple: stay invested in the leaders, while selling laggards. Over the past two weeks, we’ve sold four stocks from the Model Portfolio, so we have more cash on hand than we’d like. Now we’re waiting for opportunities to put it back in the market. You’ll find lots of contenders in this issue.