Christmas time is usually a perfect occasion to shoot some family photos. If the S&P 500 ( SPY ) were a large family, this year we would probably see seven people standing in the middle, smiling, while theI’m a long-term investor focused on U.S. and European equities, with a dual emphasis on undervalued growth stocks and high-quality dividend growers. Through years of experience, I’ve learned that sustained profitability—evident in strong margins, stable and expanding free cash flow, and high returns on inv ...