In a challenging market amid an uncertain U.S. economic landscape, identifying long-term, promising investment opportunities becomes a difficult task. Further, to make the investment equation even more challenging, there's election risk, as well, with the 2008 U.S. Presidential election five months away.

Still, risk-adjusted investment opportunities exist. Accordingly, here's a 'Fab Five' that should rank with the best the equity markets have to offer, 3-5 years out.

(Note: Don't buy these stocks if you're interested in a short-term trade of six months or less. These are longer-term investments where the goal is a double-digit, average, annual, total return on equity over 3-5 years.)

Potash (NYSE: POT). Current Price: $212, p/e 47. Revised Stop Loss: $170. Potash remains the best of a very good fertilizer bunch, due to its 20% global market share in the namesake fertilizer. Consider buying POT on a pull-back to $202-203, but keep in mind Potash may not retreat to that level.

Mosaic (NYSE: MOS). Current Price: $132, p/e 40. Revised Stop Loss: $97. Mosaic also is well-positioned in phosphate and crop nutrients. Further, the fact that 66% of its revenue is internationally based is especially appealing, given the U.S. economic slowdown.

Transocean (NYSE: RIG). Current Price: $144, p/e 10. Revised Stop Loss: $110. RIG offers deepwater oil drilling services in all regions of the world, and it's an oil-thirsty world.

Freeport-McMoRan (NYSE: FCX). Current Price: $114, p/e 14. Revised Stop Loss: $69. Copper / gold / molybdenum miner Freeport is one of a handful of companies that have the economies of scale to compete in the global mining sector of the early 21st century, and it boasts impressive clients, to boot. Consider buying FCX on a pull-back to $111-113, but keep in mind Freeport may not retreat to that level.

CSX Corp. (NYSE: CSX). Current Price: $66, p/e 23. Revised Stop Loss: $48. Ride the railroad resurgence with this superior trade / commodity / freight transport company. The rails are in the transportation sweet spot: truck transport costs are rising with fuel costs, and the U.S. highway system is inadequate, with increased congestion likely, pending future investment.

Top Pick: Potash.

Safest Pick: CSX Corp.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.

Industrial Production fell 0.5% in October, considerably worse than the consensus estimate of a 0.1% production gain, the U.S. Federal Reserve announced Friday. It was the largest decline in IP since January 2007. Industrial Production rose 0.2% in September.

Meanwhile, capacity utilization --- which measures the percent of plants in use --- fell to 81.7% in October from 82.2% in September. Analysts had expected a 0.1%-0.3% rise in the utilization rate.

Production at factories declined 0.4%, utility production declined 1.6%, and mining output fell 0.6%. Also telling: production of consumer durable goods dropped 0.8%.

Analysts said the October industrial production decline adds to the argument that the U.S. housing sector's woes - - the most serious housing slump in more than a decade - - are beginning to spill over into the broader economy:

"The October industrial production statistic certainly is a disappointment. Combined with lower capacity utilization, it suggests the economy is slowing, and it's something that has to concern the Fed," economist M. David Chandler told Bloggingstocks. "This puts added focus on the November and December stats. If we see industrial production slowing in those two months, Q4 will come in very, very weak, and the U.S. economy will be growing at near-stall levels."