Archive for the ‘ValueWalk’ Category

Nuggets of Wisdom: Warren Buffett on Investing, Leverage and Market Bubbles

By VWArticles. Originally published at ValueWalk.

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Walter Schloss

Berkshire Hathaway decentralization

Chart via Larry Cunningham


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German Inflation Could Bring An Election Shock In Form Of AFD And Left

By Mises. Originally published at ValueWalk.

By Brendan Brown, Mises

The ECB’s increasingly shrill mantra that it makes policy for the monetary union as a whole and not for its largest member (Germany) could well cause a black swan to appear — in the form of a German political shock this autumn. The Frankfurt-based officials have been ignoring the historical observation of Nobel Prize-winning economist Robert Mundell that central banks of federal unions are intuitively alert to symptoms of monetary instability in their dominant economic member — for example: Ontario in Canada and New South Wales in Australia. (California, at around 13% of the US economy does not qualify as “dominant.”)

berlin photo

Photo by moerschy (Pixabay)

The German economy is now emitting signals of serious euro-monetary disorder even though these become muffled in the various statistical averages across the euro-area as a whole which register on the dashboards of the Frankfurt monetary bureaucracies. Chancellor Merkel, the modern-day Metternich, fighting desperately to sustain the European status quo, apparently does not hear or see any of the alarm signals. These include a climbing inflation rate (already at 1.7% year-on-year in December — equivalent to 2.5% if as in the US imputed rents of owner-occupied dwellings were included — and widely forecast to be substantially higher in coming quarters). Also of note is a red hot market in residential real estate and a massive trade surplus (at around of 8% of GDP) fuelled by an ultra-cheap currency.

Sacrificing the German Consumer To Save the European Project

The German chancellor seeming insensitivity stems from her need for Mario Draghi to “do whatever it takes” to salvage the European project. And Draghi needs Merkel in his attempt to salvage Italian financial stability. German voters have the chance in the Bundestag elections this September or October to reject this unloving couple. Economic sources of discontent include savers experiencing deeply negative real rates (together with zero or negative nominal rates), would-be homeowners or renters anxious about affordability, and individuals struggling to provide for their old age. And who knows, a US-European trade war could erupt with the catalyst being the huge German trade surplus and the cheap manipulated euro. There would be a host of potential victims.

Even so, it will not be easy for these disaffected voters to topple the status quo immediately given the 7-party confrontation opening


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Michael Mauboussin on Pockets of Inefficiency in Equity Markets

By VWArticles. Originally published at ValueWalk.

Michael Mauboussin on Pockets of Inefficiency in Equity Markets

Think Twice by Michael J. Mauboussin

Since its first publication, Michael J. Mauboussin’s popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor.

Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market’s mood swings, and explains what these topics tell us about smart investing.

More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.

More Than You Know: Finding Financial Wisdom in Unconventional Places

The post Michael Mauboussin on Pockets of Inefficiency in Equity Markets appeared first on ValueWalk.

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Invest in Change: How to Become a Catalyst and Milestone Focused Investor

By Guest Post. Originally published at ValueWalk.

By: J. Dennis Jean-Jacques, author, The Five Keys to Value investing – full bio at bottom

Brexit. Trump. The Fed. Change, whatever it may be, is the only constant in the world. The stock market is not immune, invest in it. ETFs and passive investment strategies are great vehicles to capture directional bets – positive ones, if you are lucky. But in order to truly outperform, you need to go where traditional investors are not and where ETFs, quantitative funds and passive managers cannot go.

March 2nd 2009: It was a cold and windy night at Chicago’s O’Hare Airport. As the snow piled up and the flight delays piled on, I was anxious to get back to New York. The Dow Jones Industrial Average had just hit 10-year lows. I had come to Chicago earlier that day to participate in a private, investment retreat to discuss the economic environment and to debate the applicability of core value tenets. The snow delays presented an ideal setting to think about what was transpiring in the marketplace. It was, quite frankly, a blizzard.

That was then. Today, the stock market is at all-time highs, yet “change” is still as present as ever.

Recent political and economic shifts suggest we may be in the dawn of an unprecedented era of real transformation. Again. Increasing deficits and new financial regulations repealing and replacing old ones. In regard to the stock market, the evolution of new, untested – “fake news” prone – quantitative investment strategies add to the complexity and increase risks for investors. Some of these complexities are man-made, others not. It has been reported that high-frequency trading (computer-run programs that trade hundreds of stocks in nanoseconds) account for nearly two-thirds of the volume in the stock market on any given day. This can cause significant swings in share prices based on a variety of macro and esoteric factors. A few years ago, investment giant PIMCO labeled this phenomenon the “New Normal,” an environment slow economic growth and higher levels of volatility.

That was then. Today, the guys at PIMCO have introduced a new term: the “New Neutral,” an environment with absolutely no growth at all. Yikes.

This is consensus thinking, and is exactly why better-resourced firms can offer you the competitive advantage of independent thinking. Much…
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Traders4ACause – Revisiting My 2016 Vegas Presentation

By Maj Soueidan. Originally published at ValueWalk.

Based on the positive feedback that I received about the educational content that I presented at the October 2016 Traders4aCause investor conference in Las Vegas, I thought it to be a good idea to make the presentation available here at my blog.  Below is a good representation of the transcript of my talk (largely presented as notes), accompanied by references of slide numbers that I used to drive my themes on information arbitrage and microcaps home.  The slides can be viewed at the bottom of this post.

Great to be at Traders4ACause Vegas

  • My Name is Maj Soueidan and it’s a pleasure to be here at Traders4ACause.
  • I have technically been a full-time investor since I left The Vanguard Group in February of 1994.
    • Part-time
  • But for all intents a purposes I was investing “balls to the wall” since 1990, midway through college at Temple University.
  • I co-founded GeoInvesting in 2007 to help bring awareness to the advantages of investing in microcaps to other investors.
    1. I was already doing the research, so I figured why not share it with others and along the way. I hoped to come across great investors to share ideas with.
    2. A major theme of our mission was and still is to bring institutional type ideas to everyday investors (most of which do not have access to the ideas), helping to give them a competitive advantage in an increasingly challenging investing environment.

    For Example: Microcap Dilemma/Challenge

    • Investors have shorter time horizons and more investors are choosing pooled investments over individual stock ownership. Furthermore, microcap investors have left the building. So less people = less money chasing individual stocks in general.
    • Some would say that lack of investor participation in microcaps is a reason to stay away from the space. But smart investors know that less eyes means more opportunity when you are right.
      1. A combined “Microcap+Special Situations” approach can give you an investing advantage. Information arbitrage increases your chances to be right.
      2. Now, my research is generally fundamental driven.  In particular, I really believe that traders could consider one fundamental strategy to enhance portfolio returns.

    My first lesson in investing introduced me to the value of good research and doing your own research.

    • 11th grade economic class


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    Predicting The Future Of The Trump-Putin Relationship

    By EurasiaNet. Originally published at ValueWalk.

    Predicting The Future Of The Trump-Putin Relationship by EurasiaNet

    Russian leader Vladimir Putin got exactly what he wanted out of the US presidential election, but he may well end up ruing the day Donald Trump became the American president. Putin hopes the new US administration will enable Russian efforts to restructure the global order, but Trump’s rise stands a better chance of making it more difficult for Putin to rule at home and get his way abroad, prominent Russia experts assert.

    Trump-Putin Relationship

    Trump-Putin Relationship By DonkeyHotey (Vladimir Putin carrying his buddy Donald Trump) [CC BY-SA 2.0], via Wikimedia Commons
    Trump-Putin Relationship

    Russia watchers assessed the budding Trump-Putin partnership at a wide-ranging forum, hosted January 18 by Columbia University’s Harriman Institute and the Graduate School of Journalism, as well as the Overseas Press Club. The general consensus among participants was that Putin’s recent streak of geopolitical successes may be coming to an end, and that his limitations as a strategist may soon be exposed.

    Putin has a “brilliant nose” to sniff out opportunity, but he is not good at planning for the long term, said Masha Gessen, a featured speaker at the event and author of the book about the Kremlin kingpin, titled The Man Without a Face: The Unlikely Rise of Vladimir Putin.

    Putin’s ultimate prize is the destruction of the post-World War II system and the creation of a new world order in which Russia has a central role. Trump may be personally amenable to making Putin’s dream come true, but two factors, largely of the Kremlin’s own making, have created a quandary that could easily stymie the Russian leader – the Russian economy and the US hacking scandal.

    In recent years, Putin has used the United States as a bogeyman to distract Russians from thinking too much about the Russian economy’s dysfunction. If Trump does what Putin wants, thus easing US-Russian tension, the Kremlin will lose its favorite whipping post. That, in turn, would allow Russia’s serious economic problems to move to the fore of public consciousness at a time when Putin does not have any quick fixes at his disposal. The potential lifting of sanctions cannot provide enough relief to cover the Russian economy’s strategic weaknesses, experts contend.

    “Putin wants a ‘second Yalta’ to re-carve up the world,”…
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    Ray Dalio: Will Populism Be Smart Or Stupid?

    By VW Staff. Originally published at ValueWalk.


    Ray Dalio Bloomberg Interview Podcast

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    Ray Dalio Of Bridgewater Associates Wisdom [Thursday ..

    Ray Dalio, founder at Bridgewater Associates, discusses the market moves following the U.S. presidential election and what he sees for markets going forward. He speaks with Bloomberg’s Erik Schatzker from the World Economic Forum in Davos, Switzerland on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

    Ray Dalio: Will Populism Be Smart or Stupid?

    Ray Dalio, founder at Bridgewater Associates, discusses the nature of President-elect Donald Trump’s aggression on business issues and the economic force of populism. He speaks with Bloomberg’s Erik Schatzker from the World Economic Forum in Davos, Switzerland on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

    Ray Dalio: Populism Threatens Multinational Corporations

    Ray Dalio, founder at Bridgewater Associates, talks about the uncertainties of President-elect Donald Trump, the potential threats of populism, and offers his outlook for the U.S. dollar and a bond bear market. He speaks with Bloomberg’s Erik Schatzker from the World Economic Forum in Davos, Switzerland on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

    Dalio Warns That Bond Investors Could Be Wiped Out

    Ray Dalio

    The post Ray Dalio: Will Populism Be Smart Or Stupid? appeared first on ValueWalk.

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    The Board Game Monopoly Is A Georgist Fantasy

    By The Foundation for Economic Education. Originally published at ValueWalk.

    Board games are the quintessential childhood experience, even if just for dreary, rainy days. These childhood classics hold a special nostalgic place in the hearts of millions.

    One of the oldest and most popular of these classic board games is Monopoly, the real estate trading game. First designed in 1902 (under the name The Landlord’s Game), the game has enjoyed remarkable longevity and enduring appeal. Indeed, over 250 million copies have been sold over the years. I played Monopoly recently for the first time in years, and I was struck with how the game profoundly misrepresents real-world markets.

    Monopoly

    Image source: Pixabay

    Monopoly is Not about Markets

    Monopoly is a game built almost entirely around chance. By rolling a pair of dice, players advance across the board, with the opportunity to purchase properties as they land on them. If a player accumulates a full set of properties (usually based around one color), they can put up houses and hotels to dramatically raise the price of rent.

    In reality, prices are not fixed and outwardly determined, as though written on a card.

    As the game progresses, players who are unable to pay their debts liquidate assets and properties, and eventually become bankrupt. An opponent takes possession of all their holdings, and the process continues until one player owns and controls everything. All transactions, bar the trading of properties, are coercive and arbitrary.

    The game of Monopoly is so wildly dissimilar from a real market that it scarcely warrants a comparison. The vast majority of transactions in the game are forced and arise from random chance, whether the roll of the dice or a randomly selected card (from “Chance” or “Community Chest”) yielding reward or penalty.

    Success in a capitalist society is rarely attained solely through chance. There are many ways to accumulate wealth, but the biggest one is through serving others by providing valued goods and services, not from forcibly extracting exorbitant rents from a land empire, as Monopoly seems to suggest.

    In the real world, someone short on funds doesn’t have to stay at the priciest hotel in town when she drives by, nor is she harmed by their existence. Monopoly also ignores the actual workings of a pricing system.

    In reality, prices are not…
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    Philly’s Sugar Tax May Travel Down Under

    By The Foundation for Economic Education. Originally published at ValueWalk.

    You want to lose weight? The age-old advice applies: diet and exercise. But governments around the world think they have a better idea. They propose to do what governments do best: tax the heck out of you.

    The cost of the sugar tax in Philly is already being passed on to the consumer.

    Sugar Tax

    Image source: Pixabay
    Sugar Tax

    A recent report from the left-wing Australian think tank the Grattan Institute urged Australia to impose an excise tax of 40 cents per 100 grams of sugar on all non-alcoholic, water-based drinks with added sugar. The rationale behind the tax is to combat the country’s rising obesity rate, with the Institute claiming the tax would lift the price of a two-liter soft drink by around 80 cents to raise about $500 million a year in extra revenue.

    The recommendation has – unsurprisingly – gained support from the Greens, the Public Health Association of Australia and even UK celebrity chef Jamie Oliver. But the federal government should look to the USA with serious caution before considering such a proposal.

    Look at the recent sugar tax in Philadelphia, the largest city in America to introduce a specific tax for soda and sugary beverages (something previously confined to progressive communes like Berkeley, California). Locals in Philadelphia are reeling after prices have almost doubled. City officials were adamant the tax was intended to hit distributors of sugary drinks, but basic economics has proved victorious once again: the cost of the tax is being passed on to the consumer.

    This Isn’t Going to Work

    With every new governmental policy, advocates should look to its underlying purpose before assessing whether it will actually be effective. If the true purpose of a sugar tax is to reduce obesity, the purported benefits laid down by the Grattan Institute should be questioned with reference to similar taxes. The punishing tobacco tax, for instance, will never work to stop smoking. The nicotine in tobacco is an addictive product that could be charged at $100 per pack without every smoker quitting.

    Soft drink companies will simply switch to artificial sweeteners to get around the tax.

    The effectiveness of a sugar tax halting the crusade on soft drinks is unlikely to work, either. If people wish to drink soft drinks they will do so,…
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    Understanding the Role of Emerging Markets in Your Portfolio

    By Lawrence Hamtil. Originally published at ValueWalk.

    In his inaugural Bloomerg View column, Ben Carlson discussed the valuation differences among the various equity markets around the world:

    Not only do emerging markets appear considerably cheaper than US stocks (particularly on a CAPE basis), there is a case to be made that the most recent period of relative US outperformance vs emerging markets (or EMs) – the longest since the 1990s – is a bit long in the tooth:

    Source:  Morningstar

    However, investors who are tempted to abandon ‘expensive’ US markets and go all-in with ‘cheap’ emerging markets should consider first just what the proper role of emerging market equities is in a portfolio.  In my opinion, emerging markets are not core portfolio holdings.  This is because they are extremely vulnerable to political turmoil, and currency instability.  As JP Morgan’s chief emerging market strategist, Richard Titherington, puts it, many of the world’s emerging markets such as Russia and Brazil are actually very old nations, but they are still ’emerging’ because their economies and markets have been battered by ‘revolution and inflation.’

    To illustrate Mr. Titherington’s point about emerging market susceptibility to revolution and inflation, he provides a great graphic that shows the frequent epochs of each in the recent histories of several prominent emerging markets:

    Some might argue, though, that the world is a much different place from what it was in the 20th century.  As much as we might like this to be true, it simply isn’t.  As the Cato Institute recently noted, many of the countries on the list above are also among the highest-ranked (or lowest, depending on how one looks at it) economies when it comes to the ‘Misery Index,’ or inflation plus unemployment:

    To illustrate further my point, it may be helpful to consider the case of Russia in isolation.  Russia, by almost all measures is a ‘cheap’ market.  At 5.9, it currently boasts the lowest CAPE ratio in Star Capital’s fantastic database.  But Russia is cheap for a reason.  The economy is currently under sanctions because of its actions in Ukraine, and inflation has been extremely high.  Furthermore, with an autocratic government under Vladimir Putin, investors can never feel really safe putting their capital in Russia, given the risk of nationalization.

    However, with such a low CAPE ratio, are all those myriad fears…
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    Zero Hedge

    "Deploraball" Protests Turn Bloody As Trump Supporter Assaulted With Flagpole

    Courtesy of ZeroHedge. View original post here.

    Reports have been rolling in all evening of vicious mobs of violent protesters around Washington DC attacking Donald Trump supporters in town for the inauguration, including people on their way to and from tonight's pre-Inauguration "Deploraball" celebration, held at the National Press Club building. Over 1000 guests were invited to the event organized by Mike @Cernovich and the pro-Trump MAGA3X organization.

    As Fox News ...



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    Financial Markets and Economy

    Saudi Arabia could see more instability if oil doesn't get back up to $60 (Business Insider)

    With the OPEC production deal holding, at least for the moment, questions have now arisen over how prospects look for the cartel’s biggest producer. It’s been a strange few years for the Kingdom of Saudi Arabia, as its endured budget deficits for the first time in its modern history, stagnation in oil prices and rising competition from other OPEC members and the American shale boom.

    Euro zone yields spike as Yellen comments add to pressure on ECB (Reuters)

    Euro zone bond yields rose sharply on T...



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    News You Can Use From Phil's Stock World

     

    Financial Markets and Economy

    Saudi Arabia could see more instability if oil doesn't get back up to $60 (Business Insider)

    With the OPEC production deal holding, at least for the moment, questions have now arisen over how prospects look for the cartel’s biggest producer. It’s been a strange few years for the Kingdom of Saudi Arabia, as its endured budget deficits for the first time in its modern history, stagnation in oil prices and rising competition from other OPEC members and the American shale boom.

    Euro zone yields spike as Yellen comments add to pressure on ECB (Reuters)

    Euro zone bond yields rose sharply on T...



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    ValueWalk

    Nuggets of Wisdom: Warren Buffett on Investing, Leverage and Market Bubbles

    By VWArticles. Originally published at ValueWalk.

    ]]> Get The Full Walter Schloss Series in PDF

    Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

    We respect your email privacy

    Chart via Larry Cunningham

    The post Nuggets of Wisdom: Warren Buffett on Investing, Leverage and Market Bubbles appeared first on ValueWalk.

    Sign up for ValueWalk's free newsletter ...



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    Chart School

    Small Cap Losses Accelerate

    Courtesy of Declan.

    Small Caps again took the brunt of the selling as Shorts took advantage of yesterday's small rally back to former support (turned resistance) to enter positions. With the 'bull trap' in full effect, the next target down for the index is 1,308. Of supporting technicals, only Stochastics [39,1] is left to break its bullish alignment,


    The S&P took a modest loss, but not enough to break it out of its consolidation. Volume was also lighter. With the Russell 2000 on the way down, it's suggesting the S&P will follow suit....

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    Kimble Charting Solutions

    Will it be different this time for stocks and bonds?

    Courtesy of Chris Kimble.

    My mentor Sir John Templeton (founder of the Templeton Funds) used to share that the four most dangerous words in investing are; “It’s Different This Time!” 

    Below looks at long term charts on the S&P 500 and the yield on the 10-year note (inverted to look like bond prices).

    CLICK ON CHART TO ENLARGE

    ...

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    Members' Corner

    NFL 2016 Playoffs Championship Sunday

    Courtesy of Nattering Naybob.

    Following up on our Divisional Playoff projections, all match up stats in Yards Per Attempt, provided by Pro Football Reference.  All times Eastern.

    From our Wildcard Weekend projections...
    As they are both hotter than a squirrel putting suntan oil on his nuts, keep your eyes on these dark horses...In the NFC, watch the GB Sausage Packers, the potential of facing Mr. Rodgers and his O-line has the DAL Pokes (aka Jerry's Kids) defensive coordinator sweatin like a priest at a preschool.In the AFC, watch the Three Ri...

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    OpTrader

    Swing trading portfolio - week of January 16th, 2017

    Reminder: OpTrader is available to chat with Members, comments are found below each post.

     

    This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

    We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

    Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

    To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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    Digital Currencies

    China's Bitcoin Exchanges Suspend Margin Trading

    Courtesy of Zero Hedge

    China's bitcoin traders who use the most popular bitcoin exchange not only in China, but also the entire world, BTCChina, were met with an unexpected warning on Friday:

    Starting from January 12th, 2017, BTCChina has suspended margin loan service. If you have any questions, please contact Customer Service: support@btcc.com.

    BTCChina, which commands over 37% of global bitcoin trading...

    ... wasn't alone.

    Fo...



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    Mapping The Market

    If we try it enough, it will work.

    Via Jean-Luc

    Brownback wants Trump to emulate what he did in Kansas because it worked so well:

    Sam Brownback Calls on Donald Trump to Mimic His Kansas Tax Plan

    By RICHARD RUBIN and  WILL CONNORS

    Sam Brownback, the Kansas governor whose tax cuts brought him political turmoil, recurring budget holes and sparse evidence of economic success, has a message for President-elect Donald Trump: Do what I did.

    In 2013, Mr. Brownback set out to create a lean, business-friendly government in his state that other Republicans could replicate. He now faces a $350 million deficit when the Kansas legislature convenes in January and projections of a larger one in 2018. The state’s economy is flat and his party is fractured...

    ...

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    Biotech

    The Medicines Company: Insider Buying

    Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

    I'm seeing huge insider buying in the biotech company The Medicines Company (MDCO). The price has already moved up around 7%, but these buys are significant, in the millions of dollars range. ~ Ilene

     

     

     

    Insider transaction table and buying vs. selling graphic above from insidercow.com.

    Chart below from Yahoo.com

    ...

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    Promotions

    Phil's Stock World's Las Vegas Conference!

     

    Come join us for the Phil's Stock World's Conference in Las Vegas!

    Date:  Sunday, Feb 12, 2017 and Monday Feb 13, 2017.            

    Beginning Time:  8:00 am Sunday morning

    Location: Caesar's Palace in Las Vegas

    Notes

    Caesar's has tentatively offered us rooms for $189 on Saturday night and $129 for Sunday night. However, we have to sign the contract ASAP. We need at least 10 people to pay me via Paypal or we may lose the best rate for the rooms. (Once we are guaranteed ten attendees, I will put up instructions to call the hotel for individual rooms.)

    The more people who sign up,...



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    All About Trends

    Mid-Day Update

    Reminder: Harlan is available to chat with Members, comments are found below each post.

    Click here for the full report.




    To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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    FeedTheBull - Top Stock market and Finance Sites



    About Phil:

    Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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    Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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