It's time to re-enter the retail sector, from an investment standpoint, but only selectively, and a good starting point is Williams-Sonoma Inc. (WSM). The argument here is that higher-end retail chains like Williams-Sonoma will bounce back sooner than general consumer retail. Hence, the "frugal consumer" trend remains in force, but high-end consumers, encouraged by a recovering U.S. economy, will start to part with a few more bucks at the mall in 2010.
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Despite economic woes, cash-strapped consumers, and forecasts for a dismal holiday retail season, value investor Charles 

