AllianceBernstein's stock, down 75% this year, could rally more than 50% in 2009 if equity markets regain their footing. The company's big investment in financials could pay off, at last.

10.2%

Property-and-casualty insurance stocks got a lift recently amid expectations of an end to the slide in commercial premiums. Yet, Allstate (ALL) and The Travelers Companies (TRV) still trade at or under book value, while two of the strongest insurers, Ace (ACE) and Chubb (CB), trade at modest premiums to book and at less than 10 times projected 2009 profits. Depressed asset managers like Franklin Resources (BEN) and AllianceBernstein (AB) trade for 10 to 15 times projected 2009 profits.

Even at their current prices, private-equity shares aren't bargains. Traditional asset managers such as AllianceBernstein (AB), Franklin Resources (BEN), BlackRock (BLK) and T. Rowe Price (TROW) look like better bets on a recovery in the markets. They're cheaper (based on assets under management) and more diversified, and they don't depend on incentive fees for a sizable chunk of their profits

It keeps making money.

GROWTH

alliance bernstein holding lp

Dividend and growth

nice dividend

Income

One of my biggest mistakes, bought high and watched it drop like a rock.

SHORT - Poor relative behavior and long-term trend.