As the growth outlook changes, so should your portfolio

Brian Dress, director of research at Left Brain Investment Research, says that current economic conditions -- rising inflation, slowing growth and more -- are making it more important than ever that growth investors look beyond technology stocks and companies with projected future earnings in exchange for more defensive picks that are posting current profits. Dress notes that has meant looking into financials, health-care and energy stocks to find companies that have multiple expansion that -- combined with earnings growth -- can fuel the capital appreciation.