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" ... Wisely, to remain competitive as an index, the Dow can’t count any longer on stocks like Exxon Mobil, halved by the market past five years. I regard pre-technology market leaders before 1960 as the uninvestables. Stocks like U.S. Steel, Alcoa, General Electric, even General Motors and Ford Motor sport overleveraged balance sheets and stagnant demand for their output. ... "