A digest of investment opinion from the world's leading financial advisers.

Wall Street in general, and the newsletter industry in particular, tends to look askance at the academic approach to stock-picking. But not Market Logic or its energetic editor, Norman Fos-bach. Fosbach, who received his training at Portland State University's Investment Analysis Center, has continued to conduct extensive and relevant research into the various markets and their workings. It shows. In the past 10 years, according to The Hulbert Financial Digest, Market Logic's Master Stock Portfolio has risen a very satisfying 264.8 percent.Market Logic does not believe in short-term trading. Its master portfolio stocks are typically held for three years or longer. Currently only seven issues in the "aggressive" portion of the portfolio rate a buy recommendation: Amwest Insurance Group, Bally Manufacturing, Designs, LSI Logic, Liberty Homes, Michael Anthony Jewelry, Winston Resources. Among its conservative holdings, only one rates a buy: Timberland.

As far as the general market is concerned, in light of its positive forecasting models, Market Logic remains steadfastly bullish and advises "remaining fully invested in recommended equities."

Market Logic cites three fundamental reasons for its optimism: "1) The economy is growing so slowly that the next move by the monetary authorities must almost certainly be toward ease rather than restraint. 2) If an overall tax increase is the price we must pay for a cut in the capital gains tax, the overall impact on the market should be bullish. 3) An end to the Cold War certainly cannot but be good for America. And what's good for America is good for the stock market."

Market Logic's Option Portfolio, which has registered a total gain of 1,284 percent since its inception 15 years ago, is currently 100 percent in cash. According to the newsletter, "the optionable stocks with the greatest relative price strength, other than those involved in mergers, continue to be the high-technology issues: AST Research (strongest), Storage Technology, Adobe Systems, Anthem Electronics, Conner Pe-ripherals, Microsoft, Sun Micro-systems, Oceaneering, Western Digital and Aldus."

Market Logic also pays a lot of attention to insider buying and selling. Acording to its statistics, here are the stocks that have experienced the most insider buys during the past three months: Comerica (15 buys), Allergan , Spiegel , Wendy's International , Warren Bancorp . The stocks with the most insider sales in the past three months: Digital Equipment (14 sales), Hewlett-Packard , Motorola , U.S. Surgical , BE Avionics .

Market Logic's Mutual Fund Portfolio, which has appreciated 660 percent in the 10 years its average fund has been held, still contains the same six names it has had for several years: Fidelity Contrafund, Lindner Fund, Mathers, Mutual Series-Shares, 20th Century Growth, 20th Century Vista.

Finally, regarding gold, Market Logic is almost as bearish as it is bullish on stocks: "Inflation is ebbing, and political tensions other than those in the Middle East are receding. There's little reason to expect a sustained upward price movement in the precious metals."

(Market Logic, 3471 N. Federal Highway, Fort Lauderdale, FL 33306; twice monthly, $200 annually.)