In a research note titled "Unloved and Undervalued," Nomura Instinet analyst Harry Curtis says that of the three sectors he follows, Cruise, excluding Carnival (CCL), has the strongest risk/reward for investors in 2020. Approximately 5% unit growth and 3% yield growth should translate into 16% earnings growth for Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL), Curtis tells investors in a research note. He believes investor skepticism is high as measured by earnings valuations that he says are at ten-year lows. As bear theses are proved wrong next year, investor sentiment should improve, contends the analyst.