Looking for greater clarity and stability: After a decade dominated by macro and political themes, with stock picking focused around topics like the financial crisis, Brexit and trade wars, the new decade is bringing (we hope) at least some signs of stability. We believe therefore we will start to see more differentiation within sub-sectors in 2020, rather than rotational shifts between sub-sectors based on macro themes - and the winners will be those companies with the most structural scope to expand their earnings power and quality (under-pinning growth as we move through latter part of economic cycle). Upgrade Auto Trader to Buy: We have today upgraded Auto Trader to Buy - it creates one of the most polarising debates in the sector (after Cineworld), and we believe it has significant structural scope to grow its revenues, that cyclical headwinds may be easing, and that competitive threats are over-stated. The valuation discount that has opened up versus Rightmove (and the recent transaction benchmark of AutoScout) provides an attractive entry point into a long-term winner. Downgrade RELX to Sell: On RELX, after a decade when almost everything went right, we see the risk-reward worsening, so downgrade to Sell. Profit growth could slow given the Risk division potentially slowing as the Insurance segment matures, potential disruptive developments to come around Open Access in the US, and Thomson Reuters becoming a more assertive competitor in the US Legal market. We would advocate taking some profits and looking elsewhere for better opportunities. Updates & re-iterations: We have also published notes today on Informa (structural qualities becoming better appreciated), Hyve (earnings upgrade cycle starts with focus on operational execution and recent US acquisition) and DMGT (which we recently downgraded after a strong run given revenue and profit growth is stuttering). Key picks for 2020: On the long side, we highlight Informa, Auto Trader and Cineworld as our preferred larger cap names, with Euromoney, Moneysupermarket and Sumo amongst the smaller cap names. At current levels, we remain cautious on the likes of RELX (Sell), DMGT and Just Eat.