The buy-and-don't-worry portfolio

If the past few bearish months have you almost afraid to look at your portfolio day after day, here's a solution: Don't.

Truth is, even in the best of times, most investors have neither the time nor inclination to monitor their stocks daily or even weekly. The good news is that you don't need to; investing is a long-term game.

Of course, you might also be worried about the damage you could suffer while you looked away. If you're in that boat, I've devised a strategy for finding stocks likely to do well over the next few months no matter which way the market heads.

These are not rockets. You won't find the next Google (GOOG, news, msgs) in this bunch. But they are profitable, low-debt, dividend-paying moderate-growth stocks selected for their low risk. You can buy stocks like these, run away until the market looks safer and not worry too much about what you'll find when you return. Call it a buy-and-hide portfolio.

Here's how it works, starting with earnings growth:

Growth still matters

No matter which way the economy is heading, stocks that grow earnings usually perform best. However, companies with fast earnings growth require constant attention because they almost always get hit when growth slows. Worse, this market is especially tough on stocks that disappoint.

Instead of entering that fray, I'll stick with the slower growers that most investors tend to ignore. These are stocks expected to record at least 5% earnings growth this year, not the 20% to 30% that many growth investors love. Checking analysts' earnings forecasts is the best way to pinpoint these moderate growers.