For those investors who fear volatility, the Hulbert Financial Digest has put together a list of the 12 investment newsletters that outperformed the average newsletter in both the bull and bear portions of the last three stock market cycles.

"The goal isn't to identify advisers who make the most money at all costs, but rather the ones whom risk-averse investors can live with through thick and thin," Digest editor Mark Hulbert writes in The Wall Street Journal.

"Still, it is worth noting that, over the past 15 years, the advisers making it onto each year's honor roll on average over the subsequent 12 months went on to make 1.2 percentage points more a year than those who didn't, while incurring 25 percent less risk."

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

The 12 winning publications this year are:

• The Investment Reporter
• Sound Advice
• Outstanding Investments
• Investment Quality Trends
• Investor Advisory Service
• The Buyback Letter
• Morningstar StockInvestor
• InvesTech Research Portfolio Strategy
• The Oxford Club
• Bob Brinker's Marketimer
• Zacks Premium
• Fidelity Investor

Few of those newsletters deploy market-timing, Hulbert says. Their consensus is that stocks will rise through year-end, with a correction quite possible.

Joseph Paul, chief investment officer of U.S. value equities at AllianceBernstein, also is bullish on stocks. He acknowledges in a Barron's column that the market is expensive on a historical basis.

But that's not the most important issue, Paul says. What matters most is whether stocks are attractively priced as compared with other investment choices, he says.

"From that vantage point, we'd say that stocks remain the best game in town."

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

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