In my recent interview, Fox Business’ David Asman digs into the details of what makes a good stock in the current market environment.

I point out that the key driver behind Apple (AAPL)’s success is that it saves consumers money. Sure, an iPhone is expensive by itself. However, the value of the things (map, camera, video game console, flashlight, alarm clock, etc) it replaces can easily exceed the cost of the phone. Yes, buying an iPhone can save you money.

I also like the high-quality energy stocks with high ROICs and cheap valuations. The best energy companies create value for their customers and shareholders by continuing to deliver energy more and more cheaply.

Vonage (VG) saves customers money by offering a much lower-cost alternative to home phone services. Recent patents awarded to the company fortify their offerings. The stock currently trades at a price that implies the company’s profits will permanently decline by 60% forever. Super cheap.

My general market outlook is bearish though I expect the Fed will do everything in its power to prevent any kind of market meltdown.

Success in equities going forward will require diligence, more diligence than most investors are accustomed to employing. Momentum trading has gotten way too crowded. It rarely works on the upside or downside. Time to get back to the basics, roll up your sleeves and read some annual reports…especially the foonotes!