Kudos on the POT puts! I studied the charts last night and you couldn't have hit the inflection points more perfectly. Since there are often many head fakes in the charts, that was very well done. I know they can't all work this well, but that was an extra unexpected bonus yesterday.
Phil...The hundred grand portfolio updates are helpful...Fun ..and have been profitable...really like em... made some nice entries into USB, KEY today... and I better add those FAZ calls tomorrow... Really glad you put that up this morning...
I have been a member of Phil's site for three years and counting, and my advice is that all investing takes time. There are o shortcuts, no secret way to riches. Same with Phil's site- you need time and patience to start benefitting fully from his advice. But it is often spot on and also very useful, especially to me as I try to keep a level head in this turbulent stock market environment.
Phil, I wanted to thank you for all of your teaching, advice, and guidance. Because of you I don't chase, don't worry about missed chances, and play things much more selectively. Yesterday's /ES and /TF and today /CL are my first futures plays of the month. Thanks Phil. (Out of /TF and /ES yesterday with a nice gain)
Phil, you are the man. My positions in ABX and CLF are up massively this year, and doing very nicely with USO and UNG. TSR is another winner. Just waiting for the TSLA short now!
Rookie IRA Investor
I have been a member for over six years and I still learn something new every day. This site gives you the skills to trade without having to be spoon fed. More importantly it teaches you about risk which is WAY more important than profit. Honestly, it is not a get rich quick scheme!
Phil – BTW, the new STP/LTP coupled with the income portfolio is Perfect! I do not trade all of them, very few actually since I work during market hours. However, following the trades real-time is very educational.
I did enter the ABX call if you recall, I rolled to July on that nonsense news that sent it tumbling. Out today for 110% gain (2.00 stop) not counting covering the loss from the earlier roll. Nonetheless, a good trade.
Keep it up…. Thanks
I love volatile days like this when you can make a bunch of money on these big swings. As long as you have Phil on your side calling the bottoms and the tops of course.
Phil - I'm with you just little bit longer than a month and you can not imagine how happy I am now, and not just because my P/L improved ( and I'm sure that it will be even better), but I found that the worst thing in trader's carrier is a LONELINESS. Here I found so many bright good guys, I looked for this service for years.
THANK YOU AND TAKE GOOD CARE OF YOURSELF BECAUSE I PLAN TO STAY HERE AND RIDE THIS CREASY MARKET WITH YOU FOR ANOTHER 20-30 YEARS
Phil - It is nice being more discipline with my trading. Generally, I am out earlier than most, but my results, overall, are much better than they were when I was trying to squeeze 80 cups of lemonade out of one lemon! On the other side, I am learning the value of rolling and turning losses into non-losses or small gains. I so appreciate the time you have spent with me and others who have benefited greatly from your knowledge. Thank you!
Phil - Rode the /QM down from 99.65 at 7pm and now I'm taking your advice, taking the $$ and going to enjoy a restful night sleep. I don't post often so I want to say thanks for sharing your incredible market acumen with all of us. Your site has a unusually talented group of investors (and some characters) and I enjoy my days trading more because of it.
Phil - I got your earlier trade a month or so ago on MSFT 2015 32/37 BCS, selling 2015 30 puts. Nice up 75% now!
There are a lot of us that have been here a long time and we all learn something everyday. Just keep asking questions, there are a lot of smart people here and they are willing to help and then of course, you have Phil.
Phil - I followed your great pick re F and sold short the 1011 2.50 puts (200 contracts) and paid for the next 10 years of membership fees…. Thanks!
New member/1st time posting: Thanks Phil and Pharm for the rec on TOS. I've emailed Scott to get myself setup so I hope to hear back soon. As a newbie on PSW for a month now, I've been readin' and readin' and readin'. Gonna start paper-trading for a while. See how I do before putting a single dime into it. New at options but seems like this is the best training and educational platform out there.
I'm a long-time mortgage broker who got too involved with real estate investing. LOVED your article, Phil, on mortgage interest scams. Right on!! Let me know if and how I can contribute back to the community here. Cheers! - Mark
Against all prognostics (bears) Phil pointed in the morning the correct direction, and in middle of day he pointed the possible move to 2.5% Incredible… I'm starting to serious believe on the program trading and the human nature behind the programing those "trade-bots".
Thx Phil. Lightly moving in the bullish direction. Took PFE for $14.35 and sold the Jan 11 C/P for $2.85 giving me a net entry below Mar 09 low. And I bought back those calls on BTU and JPM I asked about the other day and am leaving them uncovered for now, so feeling better. Still just learning the rhythm.
In the three months I have been using your system, my little portfolio is up 9.9%, so not only am I learning, but I am APPLYING that knowledge, and it's paying off. Thanks.
Thanks for all the work you put into this site. I have looked at a few other option advisory or "mentoring" services this year, but no one offers even a fraction of the content or the level of services you provide at PSW!
Phil - I am 3 month follower and shout a big thanks for all the good advice and training. I read all the materials and posts as suggested. I am retired CFO and took over my investments 2 years ago from broker after frustration with returns. I followed some conservative advice for retirees and have 60% bonds currently in a 5m portfolio. I had been doing covered calls on my stocks to boost returns and slowly am getting more aggressive after following your site and my son who has been with you for 6 months. I allocated 1.5m to stocks and am scaling up from 30%. I did some of the trades suggested in early June using Aug & Oct buy/writes on CSCO, WMT, MON, WFR, DO in addition to calls on XOM, CVX, PEP, PG, WM, T that I owned. Most are doing very well (4-24%) in 60 days. My good problem is that instead of getting longer, I will be making 6% quickly (50% plus annualized) and getting called away on many positions. What would you advise for getting long again. Thanks again for such a great job advising all of us!
Being on this board is better than successfully completing the Times crossword. Phil's panoply of comments manage to excite, illuminate, frustrate, exasperate, confuse, enlighten, outrage, invigorate and stupefy (and that's par for the morning session only!). But goddammit, it's addictive, informative and when it all goes right extremely profitable.
Hey Phil -- I want to thank you every chance I get for helping me to grow my previous portfolio to being profitable enough to pay off some debts my family had and left me with $1,000 left to use in the markets. You should know that your premium membership is amazing on many levels, You and your readers offer a ton of economic and statistical analysis that I was able to use in my clerical level job in finance. It's a shame that someone as talented and honest as you is not on television each night providing a true service to the investing public and not the clowns and hucksters that are talking up their books to dump on retail investors. Sorry for the long post. I had to say something to you that I never thought I would have the opportunity to. You helped put my family in an almost debt-free life through the stock and option plays that I made during my time as a customer of your service and that has made us very happy. You are a good man and I wish you and your family many years of joy and happiness. I wish I could do ads for you!
Phil - I celebrate today, having reached my goal for the year, trading in sync with your education and guidance, of 1 million in profit. I learned a lot, achieved much, and am profoundly grateful. To be honest, when I set the goal I thought it was daunting, as I have for many years been an investor in equities but did very little with options. Learning and doing has for me been a blast!
I reached my goal by following Phil's strategies - lots of Buy/Writes, covered calls on equities , naked put entries for income production. I did it with 2.5 mil and kept 600,000 in cash in case I got in trouble. I concentrated on stocks (many of my own choosing) that had decent dividends and wrote front month calls against (OTM) which has worked well in this market run. 25% of my gain is in dividends and premium selling, with the balance in appreciation.
Phil is a master at keeping you laughing, as well as making you money. - It is like " laughing all the way to the bank!"
PHIL: The most important lesson I have learned is how to hedge using SQQQ, SDS and TZA. A big thanks.
Cory Booker for President. :) . Thanks for all the good futures guidance Phil! Having one of my best months yet. Account is up 75% YTD!
Your board has been fantastic helping the less experienced (includes me) navigate through all the turmoil. The contributions from your members has been well rounded, objective, and extremely helpful. Sans the politics you have built a fantastic community and that is a tribute to you. I thank you and all fellow members for there contributions over the past few days. Fantastic group!
Man, what a week: Bought C at 1.40, sold half at 1.59 (relatively big position), another quarter at 3.04 just now. Ran SKF down from 270 with one April put, still holding some 115's expiring in a couple days. I'm going to gamble this position like a champion Friday. Bought FAS at all sorts of levels and started cashing out. Long HOV, stock and some nickel calls for fun - Mocha up your buy-out from 5 to 8 and that's 10,900% return for the May-2.50's . Ha!
Phil, I was so impressed with the personal note in the comments that I went ahead and paid for a months trial of premium that I have been on the fence for awhile about. Just reading the comments makes me already glad for the purchase.
hil, I hit my targets for the year in my 401K (thanks in no small part to your site), so I cashed out of all positions a couple of weeks ago. Feels good... I'm conservative with this money –looking for 2% per month, which i've been able to do… thx.
Just closed out my V put for 50% in 24 hours thanks Phil!
The Financial Reform Bill, which I’ve nicknamed The Let’s Not Allow Our Largest Donors To Embarrass Us Again Act of 2010, is not a total failure, but it fails miserably to address perhaps the worst part of the crisis - Too Big To Fail.
The bill doesn’t really address the Hexopoly of Too Big To Fail Banks. I’m also calling theseThe Systemic Six.
The big six banks (Goldie, Morgan, JP, B of A, Wells and Citi) will be limited in their hedge fund investments and trading activity, but not very limited. The interconnectedness, however, is unchanged, and this is the very crux of the matter.
Citi was saved to prevent it from dragging Wells down, Wachovia, Merrill, Morgan were all "assisted" to prevent Goldman and JPMorgan Chase from going down, and on and on. We were told that the dominoes were already falling after Lehman and so emergency measures (bailouts) were necessary.
And for arguments sake, let’s say this was true at the time or was the best option to prevent the Depression. OK, fine. But so why doesn’t the new legislation address that and seek a change for the fact that these six banks (and others) can cause such a massive chain reaction? It’s a shocking gap in the provisions of the bill.
And don’t even get me started on the Fannie and Freddie omission (consider those cans kicked down the road). If Finance Reform were a wedding, Fannie and Freddie would be placed at the farthest table from the action, over by the kitchen doors like the ugly cousins of the banks that they truly are.
Oh well, maybe we’ll get it right after the next economic evisceration. For now, The Hexopoly orThe Systemic Six are here to stay.
Regular readers know that I have few nice things to say about Goldman Sachs lately.
Goldman fully deserves the attention that the SEC has brought to it, and the attention that the Department of Justice may soon bring to it. The conduct that the firm is trying to defend is inexcusable, and its unwillingness to acknowledge that even more so.
However, it is unlikely that bad conduct was limited only to Goldman. The fact that others were misbehaving is no defense. A high crime rate doesn’t make burglary okay. But I fear that Goldman Sachs may have become a shield and lightning rod, deflecting scrutiny from other firms also in need of disinfection.
I think it entirely possible that Goldman could go the way of Arthur Anderson or Drexel. If so, the firm will have no one to blame but itself.
Nevertheless, there is a danger that we will make a ritual sacrifice of Goldman and pretend to have exorcised our demons, while other firms that have engaged in similar conduct continue undisturbed. It would be a sad irony if, in single-minded pursuit of Goldman Sachs, we not only let other perps escape unscathed, but also hand them the windfall of a less competitive industry. Rather than forcing traumatic self-appraisal and reform at surviving banks, Goldman’s fall might lead managers elsewhere to congratulate themselves for savvy positioning, for playing the system. Competitors would swallow the corpse of Goldman Sachs, thinking they had eaten what they’d killed.
I have no reason to think that the government’s focus on Goldman is motivated by anything other than having discovered particularly bad conduct there. Nevertheless, the cynic in me cannot help but notice that, according to mediareports, Jamie Dimon and the Obama Administration…
Allan’s newly launched newsletter, “Trend Following Trading Model,” goes with the trend-following trading system he’s been working on for years. Most trades last for weeks to months. Allan’s offering PSW readers a special 25% discount.Click here. For a more detailed introduction to the Trend Following Trading Model newsletter and trading system, read this introductory article.
p.s. Market Club sent out three videos yesterday on Apple, Oil and Gold.
It’s interesting and instructive to read The New York Times’ lead story this morning, TOP GOLDMAN LEADERS SAID TO HAVE OVERSEEN MORTGAGE UNIT. While it pretends to report all the particulars of the huge scandal growing out of Friday’s SEC action against Goldman Sachs, the story really comes off as an attempt to create an alibi for the so-called "bank." It pretends that some kind of an intellectual struggle was going on among GS executives as to whether the housing market was doing just fine or poised to tank — therefore muddling the company’s intent in setting up investment deals based on sketchy mortgages designed to blow up so that a favored big customer, John Paulson, could collect on the deal insurance known as credit default swaps.
One week before the SEC action against GS, the Pro Publica website published a story about virtually the same kind of mischief being run out of the Chicago-based hedge fund Magnetar led by a clever young fellow named Alec Litowitz. Like Goldman Sachs, Magnetar deliberately constructed investments (bundles of bundled mortgage-backed securities called collateralized debt obligations) that were certain to fail so that Magnetar could collect on credit default swaps that amounted to a bet against products they themselves had participated in creating. There was no question that Litowitz and his employees did this absolutely on purpose. Nor is there any question that they aggressively sold positions in these CDOs to credulous investors like Thrivent Financial for Lutherans and others.
The question that now begs to be answered is: why is this activity not being investigated and prosecuted under the federal RICO statutes against racketeering? The Racketeer Influenced and Corrupt Organizations Act was designed to punish exactly this kind of behavior, whether the defendant’s name ended in a vowel or not.…
The whole notion of bank bailouts is a tremendous injustice when not accompanied by personal bankruptcy and civil and criminal prosecution for those banks managers who created them.
In addition, the owners of the banks, whether through debt or shares, should be wiped out and the bank place in a proper receivership while its books are sorted out.
The US is an accounting mirage. The notion that it will make money from its stake in Citi is a sleight of hand. The enormous subsidies to the banks both in terms of direct payments, indirect payments through entities like AIG, and subsidies such as the erosion of the currency and the deterioration of the real economy, will never be repaid.
The real model of how to handle a banking crisis is in the Scandinavian nationalization of the banks, or even better, the disposition of the Savings and Loans in the US.
This pragamatic approach, its cheaper just to pay them all off than to sort them out, is a child of the Rubinomics of mid 1990′s in the States, in which it was determined to be better to prop up the stock markets, often by buying the SP futures, than it was to allow the market to reach its level, and then deal with the financial carnage of a market crash. Here is a review of a paper by Rubin’s protege Larry Summers.
The fourth position, which Summers calls pragmatic, in his own words, “is the one embraced implicitly, if not explicitly by policymakers in most major economies. It holds that central banks must always do whatever is necessary to preserve the integrity of the financial system regardless of whether those who receive support are solvent or can safely pay a penalty rate. This position concedes that some institutions may become too large to fail. While lender-of-last-resort insurance, like any other type of insurance, will have moral hazard effects, I argue that these may be small when contrasted with the benefits of protecting the real economy from financial
When a company wants to fend off a hostile takeover, its board may seek to put in place so-called “poison pill” defenses – i.e., measures that will make the firm less desirable if purchased, but which ideally will not encumber its operations if it stays independent.
Large complex cross-border financial institutions run with exactly such a structure in place, but it has the effect of making it very expensive for the government to takeover or shut down such firms, i.e., to push them into any form of bankruptcy.
The Citigroup situation is simple. They would like to downsize slightly, and are under some pressure to do so. It is hard to sell assets at a decent price in this environment, so why don’t they just spin off companies – e.g., quickly create five companies in which each original shareholder gets a commensurate stake?
The answer is that Citi’s debt is generally cross-guaranteed across various parts of the company. US and foreign creditors have a claim on the whole thing, more or less (including the international parts), and you can’t break it apart without upsetting them. The cross-border dimensions make everything that much more knotty.
Senator Kaufman explains what this means – essentially the “resolution authority” proposed in the Dodd legislation is meaningless. How would any administration put a huge bank into any kind of “resolution” (a FDIC-type bank closure, scaled up to big banks) when it knows that doing so would trigger default across all the complex pieces of this multinational empire?
You could do it if you are willing to accept the costs – and if you understand there are big drawbacks to providing an unconditional bailout of the 2009 variety. But will a future administration be willing to take that decision? The Obama administration was not – and big finance will only become bigger and more complex as we move forward.
If you look into the eyes of the decision-makers from spring 2009, they honestly believe that taking over Citi or Bank of America would have caused greater financial trouble and a worse recession. You can argue about their true motivation all you want; this…
The quiet backstory is that the Five and Seven Year Treasury Auctions did not go all that well, with Zimbabwe Ben and his Primary Dealer Pranksters scarfing up a good share of the auctions, with a chunk even going to their London subsidiaries so it would not be completely awkward.
The headline action is centered on the Dow Industrials, with the psychological 11,000 number tantalizingly close. The Industrials are the bright, shiny spinner designed to loosen the pockets of mom and pop, to lure them out of their bonds and cash, and into overpriced equities.
One really has to question whether there can be any serious market decline while Timmy is considering selling the Treasuries stake in Citi. One might even wonder if this entire ropeline rally from 1045 is not in support of a major plop of something not very palatable into the public domain.
We do not know if the SEC is on board with this yet. Perhaps someone can post the FSA’s notice of investigation on PornHub. Maybe the US ought to consider outsourcing their Financial Consumer Protection Agency to London. It makes more sense to have it there than with the Fed.
You may have seen this video before as it’s been on Zero Hedge and here at the Favorites, but the text below is from The Daily Bail and includes a little more description of the how the deal works. If this is true, it is truly outrageous. – Ilene
Listen to the deal OneWest Bank got from the FDIC to take over failed and seized Indymac. Don’t forget who is fundng the FDIC these days — taxpayers. Sheila’s been out of capital for months, so the bill comes to all of us now. An absolute don’t miss clip. Then do your best to spread it elsewhere.
As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate. To read the blog, click here. Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure. For the life of me, I couldn’t figure out why they were doing this. The BPO came in at the contract price of $275k, with a net to IndyMac of $241k. What advantage could there possibly be for them to proceed to foreclosure?
Yesterday, I figured it out. You see, IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009. Guess who the investors are behind OneWest? George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire).
Now, listen to the deal they got from the FDIC….
Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts). They purchased all current HELOCS at 58% of Par Value!!!
Next, in order to "sweeten the pot", the FDIC stepped…
Credit specialists at Citi are considering launching the first derivatives intended to pay out in the event of a financial crisis. The firm has drawn up plans for a tradable liquidity index, known as the CLX, on which products could be structured that allow buyers to hedge a spike in funding costs.
Like the untraded US rates liquidity index (USRLI), the CLX is constructed as a sum of the Sharpe ratio – deviations from the mean divided by volatility – of various market factors, such as equity volatilities, Treasury rates, swap spreads, corporate bond swaption-implied volatilities, and structured credit spreads. Citi will make the CLX tradable by using fixed historical values for the mean and volatility parameters, eliminating the need for costly recomputation from lengthy time series.
Although the design of the index serves as a proxy measure for liquidity, Terry Benzschawel, a managing director of quantitative credit trading strategy at Citi in New York and head of the team researching the product, says it also tracks more traditional measures such as bid-ask spreads, trading volumes and the USRLI. He compares the potential impact of CLX to that of the interest rate swaps market.
"The great thing about the index is that it hedges your funding costs while being very simple to trade. I believe it will reduce the systemic risk in the industry, akin to how the advent of swaps means people don’t worry about interest-rate exposures any more – they just pay a fee to hedge it," he says.
Chris Rogers, chair of statistical science at Cambridge University, said the only participants able to sell CLX-based products would probably be those who are too big to fail.
"This is basically a kind of insurance product. The main issue is: how good is the party issuing it? If it’s going to be paying out huge numbers in the event of a crisis, will it be able to meet it obligations? Insurers can buy reinsurance for their liabilities, but the buck has to stop somewhere – there’s a limit to how much a private insurer can pay out. Only the government can cover unlimited losses," he says.
The trader then went on to tell me that Commercial Bank of Korea would sell credit default protection on bonds issued by the Commercial Bank of Korea.
"That’s very interesting," I countered, "but the credit default option is worthless."
"But people are doing it," persisted the trader.
"That’s because they don’t know what they’re doing," I affirmed. "The correlation between Commercial Bank of Korea and itself is 100 percent. I would pay nothing for that credit protection. It is worthless for this purpose."
The trader mustered his best grammar, chilliest tone, and most authoritative voice: "There are those who would disagree with you." (p. 85)
Credit specialists at Citi are considering launching the first derivatives intended to pay out in the event of a financial crisis. The firm has drawn up plans for a tradable liquidity index, known as the CLX, on which products could be structured that allow buyers to hedge a spike in funding costs….
"The great thing about the index is that it hedges your funding costs while being very simple to trade. I believe it will reduce the systemic risk in the industry, akin to how the advent of swaps means people don’t worry about interest-rate exposures any more – they just pay a fee to hedge it," he says.
Because if funding dries up, The Big C will be there to support you!
I thought this was an attempt to make money on a premium, but it isn’t:
Like a swap, the contracts envisaged by Citi would be entered into without an up-front premium, with money changing hands according to the index’s movements around a fair strike value.
So the model is actually that you pay a higher cost of funds during good times, and during bad times, depend on the ability of your counterparty to make you whole.
When banks do it, it’s called "deposit insurance," and it is valuable because in the worst-case scenario, the U.S. Treasury can print money. Since—the last time I checked—Citigroup …
Flanigan’s Enterprises, Inc. (Flanigan’s) operates a chain of full-service restaurants and package liquor stores in South Florida. The company operates package liquor stores under the Big Daddy’s Liquors name, which offer private label liquors, beer, and wines; and restaurants under ...
The damage was done premarket and value buyers were quick to take advantage. The index which benefited the most was the Nasdaq. It started today just above the 50-day MA and rallied off that. Volume wasn't great and the technical picture didn't really improve, but action like today's can prove to be a good starting point for a swing low.
Despite the gain in the Nasdaq, Breadth metrics are weakening but are neither overbought nor oversold. The next strong swing low will likely take a tag of the light green ...
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Since the summer of 2016, stocks have done very well and bonds have been thumped, as rates have risen sharply. Is it time for these trends to take a break? Below compares the performance of the S&P 500, with the popular bond ETF TLT over the past 9-months.
CLICK ON CHART TO ENLARGE
The performance spread between stocks and bonds over the past 9-months is a big one! Rare to see the spread between the two...
Having rebounded rapidly from the ETF-decision disappointment, Bitcoin suffered another major setback overnight as Chinese regulators are circulating new guidelines that, if enacted, would require exchanges to verify the identity of clients and adhere to banking regulations.
A New York startup called Chainalysis estimated that roughly $2 billion of bitcoin moved out of China in 2016.
As The Wall Street Journal reports, the move to regulate bitcoin exchanges brings assurance that Chinese authorities will tolerate some level of trading, after months of uncertainty. A draft of the guidelines also indicates th...
ISPs will soon be able to sell your most private data without your consent.
As expected, Republicans in Congress have begun the process of rolling back the FCC's broadband privacy rules which prevent excessive surveillance. Arizona Republican Jeff Flake introduced a resolution to scrub the rules, using Congress' powers to invalidate recently-approved federal regulations. Reuters reports that the move has broad support, with 34 other names throwing their weight behind the res...
Phil has a chapter in a newly-released eBook that we think you’ll enjoy.
In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.
This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.
Note: The material presented in this commentary is provided for
informational purposes only and is based upon information that is
considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW)
nor its affiliates
warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
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