Archive for 2008

Saudi Oil Production Plans

Here’s an article by James Hamilton, courtesy of Econbrowser, discussing a NY Times article on Saudi Arabia‘s, plans to increase its output next month by about a half-million barrels a day.  

Saudi oil production plans

A potentially huge story from the New York Times.

NYT reports:

Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials.

The increase could bring Saudi output to a production level of 10 million barrels a day, which, if sustained, would be the kingdom’s highest ever. The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia.

Saudi Arabia is currently pumping 9.45 million barrels a day, which is an increase of about 300,000 barrels from last month.

Data source: 2004 through March 2008: EIA; April-June: numbers discussed in NYT article.
saudi_jun_08.gif


The loss of 1 million barrels per day of Saudi production between 2005 and 2007 was one of the single most important factors in the run-up in world oil prices over the last several years. One theory of the cause behind the earlier drop was that the Saudis’ magnificent Ghawar oil field had entered into decline, in response to which the Saudis made a big increase in drilling effort to develop alternative sources within the kingdom. The Wikipedia Oil Megaprojects database calculates 1 million barrels/day in eventual gross new capacity from Saudi projects scheduled to begin producing this year. The Calgary Herald today reported:

Saudi Arabia will start pumping from its new 500,000 barrel-a-day Khursaniyah field within the next month, a board member of state oil company Saudi Aramco said.

An alternative explanation for the earlier Saudi production cutbacks, discussed in my recent paper on oil prices, is that the decline in the price-elasticity of petroleum demand in recent years could have made lower production levels in the Saudis’ economic interest. I attributed the decline in the U.S. elasticity to the very low share to which energy expenditures had


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Searching Worldwide – Heidrick and Struggles – HSII

Heidrick & Struggles Intl. [NDQ:HSII] June 13, 2008 close: $27.27

52-week range: $23.56 [Jan. 23, 2008] – $55.22 [Aug. 1, 2007]

Dividend = $0.13 quarterly_____ current yield = 1.91%

HSII is an executive search firm that matches major U.S. and foreign companies with qualified candidates for senior-level executive positions. They also provide services to non-profits, venture capital and governmental agencies. They operate in more than 30 countries throughout the world.

Since peaking at $55.22 last August Heidrick’s shares have plunged by over 50% reflecting the slowing U.S. economy and a drop in Q1 actual earnings and a reduction in estimates for the full years 2008 and 2009.

Why be interested in owning shares with poor price momentum and declining EPS? Valuation.

The lowest of the already reduced consensus estimates for this year and next are now $2.30 and $2.36. Those numbers are from Zack’s. Others see $2.38 and $2.51 for 2008 and 2009. At last week’s close HSII shares trade for just 11.8x and 11.55x the more pessimistic view.

The company is debt free and cash rich. At year-end 2007 they held current assets of $402.7 MM versus current liabilities of just $253.7 MM. With no short-term or long-term debt that worked out to $149 MM in net cash on a share base of just 17.27 MM or $8.63 /share in cash.

Heidrick & Struggles announced on April 1 that they had completed a previously authorized repurchase of 1.4 MM shares at an average cost of $35.62. Management authorized an additional $50 MM for further share retirement going forward.

All this is coming from HSII’s free cash flow. In 2007 cash flow per share was $3.92 and capital spending per share was just $0.46.  Management also signaled their confidence by initiating a $0.13 quarterly dividend in Q4 2007. Year-end book value was an all-time high at $17.94 /share.

Insiders own about 7.5% of the outstanding. Some other large holders of note [as of March 31, 2008] were:

Royce and Associates …………… 13.32%

Kornitzer Cap. Mgt. ……………… 9.92%

Barclays Global Investors ……….. 6.73%

William Blair & Co. ……………… 6.49%

Allianz Global Investors ………… 5.83%

Abrams Bison Investments ……… 4.12%

FMR [Fidelity Funds] …………… 3.85%

Vanguard Group …………………. 3.54%

While domestic sales were weaker in the first quarter overseas revenues were up nicely. Total Q1 revenues were the highest ever at $153 MM helped
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Dark “Star”

Can’t say surprising, but it is upsetting. Here’s an article on Lenny Dykstra and his stock picks. Manipulation goes on all the time, but it’s still discouraging to see the extent of it. – Ilene

Dark "Star"

Courtesy of Adam Warner, Daily Options Report

"Now, there are probably four or five people in the world who, if they sent me an e-mail, told me to learn a stock, I would actually take them seriously… [Lenny]‘s one of the great ones in this business. He’s one of the great ones."

Jim Cramer

Hold onto your chairs, we have some shocking Lenny news here, via Forbes. Seems (sigh) that Lenny may not actually be the brains behind his own picks.

Another reason Doubledown might have gotten cold feet about publishing Dykstra’s investment gems is buried on page 15 of its countersuit. There, Doubledown claims, "At Dykstra’s insistence, Doubledown began negotiations to pay Richard Suttmeier, a stock analyst, to provide Dykstra with research assistance for the Dykstra Report and who, upon information and belief learned subsequently, provided Dykstra lists of recommended stocks daily."

Who is Richard Suttmeier? A market strategist for financial Web site RightSide Advisors and formerly a contributor to RealMoney.com, a subscription Web site owned by TheStreet.com.

Suttmeier, 64, says he got his Wall Street start trading Treasurys in the 1970s. He later bounced around second-tier investment banks and landed at RightSide in 2006.

Suttmeier says that after he did a television appearance several years ago he received a call from Dykstra. "He wanted to learn how to read a [stock] chart," Suttmeier says. "I taught him."

The two men have kept in touch ever since. Suttmeier says Dykstra calls from time to time asking where to add to positions. Suttmeier also e-mails Dykstra a spreadsheet of stocks each morning but denies that he picks stocks for the former ballplayer.

[lenny.jpg]"I am not his brain," Suttmeier says. "Dykstra makes his own trading decisions."

Dykstra, who speaks in a slow drawl and now sports a hefty paunch, likewise denies that Suttmeier is picking his stocks. "It’s a bald-faced lie. Not even close," he says during a brief interview.

Not even close? FORBES compared Dykstra’s buy recommendations as they appeared on TheStreet.com from Apr. 1 through May 1 with those in Suttmeier’s weekly Sector Report during the same month and before. Among Dykstra’s 17 buys, 11 had appeared days…
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Exxon: Tiger Leaving the Tank

Thoughts on Exxon’s decision to exit the retail gasoline station business.  Courtesy of Michael Steinberg, at Click Broker.  

Exxon Mobil: The Tiger is Leaving the Tank

The Wall Street Journal “Out of Gas: Exxon to Exit Low-Profit Retail Pumps” reports that the major integrated oil companies have either exited or are about to exit the retail gasoline station business. Exxon Mobil (XOM) plans to sell all of its 2,220 stations over the next few years. Exxon had already sold 27.6% of its company owned stations since 2003. BP PLC (BP) will be out of retailing by 2009 and ConocoPhillips (COP) has very few company owned stations left.

The companies no longer want to tie up capital and management resources in a low margin business. Garfield Miller (Aegis Energy Advisors) estimates the stations are worth between $500K and $2M each. The Journal expects a good one-time payday for the companies.

The Journal cites competition from Costco Wholesale (COST), Wal-Mart Stores (WMT) and Home Depot (HD) as the game changer. Small and medium size chains have sought bankruptcy.

I have trouble taking both the margin and competition arguments at face value. I believe with the move toward electric vehicles, filling stations are becoming a depreciating asset. It is a sell them while they can attitude. Despite its rhetoric, even Exxon knows the landscape for transportation fuels is rapidly changing.

No Disclosures.

Michael Steinberg is a professional IT financial systems consultant and a non-professional investor.   

For the blogroll associated with Phil’s Favorites, please continue to use the a link for the backup site.  Thanks!  – Ilene





Exxon: Tiger leaving the tank

Thoughts on Exxon’s decision to exit the retail gasoline station business.  Courtesy of Michael Steinberg, at Click Broker.  

Exxon Mobil: The Tiger is Leaving the Tank

The Wall Street Journal “Out of Gas: Exxon to Exit Low-Profit Retail Pumps” reports that the major integrated oil companies have either exited or are about to exit the retail gasoline station business. Exxon Mobil (XOM) plans to sell all of its 2,220 stations over the next few years. Exxon had already sold 27.6% of its company owned stations since 2003. BP PLC (BP) will be out of retailing by 2009 and ConocoPhillips (COP) has very few company owned stations left.

The companies no longer want to tie up capital and management resources in a low margin business. Garfield Miller (Aegis Energy Advisors) estimates the stations are worth between $500K and $2M each. The Journal expects a good one-time payday for the companies.

The Journal cites competition from Costco Wholesale (COST), Wal-Mart Stores (WMT) and Home Depot (HD) as the game changer. Small and medium size chains have sought bankruptcy.

I have trouble taking both the margin and competition arguments at face value. I believe with the move toward electric vehicles, filling stations are becoming a depreciating asset. It is a sell them while they can attitude. Despite its rhetoric, even Exxon knows the landscape for transportation fuels is rapidly changing.

No Disclosures.

Michael Steinberg is a professional IT financial systems consultant and a non-professional investor.   

For the blogroll associated with Phil’s Favorites, please continue to use the a link for the backup site.  Thanks!  – Ilene





7 Steps To 40%

Just a couple of decades ago it would have been almost unfathomable for the retail investor to consider generating consistent returns above 20% per year.  Indeed, those who competed in arguably the most competitive financial market place, the stock market, were considered gurus when they beat the S&P 500 year in and year out. 

Others, such as Jerome Kohlberg, Henry Kravis and George Roberts made a name for themselves in private equity as did Peter Peterson and Stephen Schwarzman with the Blackstone Group.  Gains in the stock market for Joe Public were subjected to a limiting factor – the inability to leverage substantially.  Joe Public was also limited in participating in private equity investments; they were the domain of the rich – the insiders.  These days, private equity still remains the domain of the rich, but leveraging is possible through the purchase of equity derivatives.  And the sale of those same equity derivatives can be highly profitable too.

Whereas it would have been unthinkable years ago to consider making big profits year in and year out on a stock that doesn’t move much – because the only source of income, dividends, tended to be in the low single digits in percentage terms - these days options afford us the opportunity to sit tight and profit while holding stock positions.  This can easily be achieved through the sale of short call options against stock holdings, otherwise known as the Covered Call strategy.  While the Covered Call strategy may appear straightforward when first encountered, many applications may be employed.  In this article, we will consider the application that Stock and Option Trades labels: 7 Steps to 40% per year!

Step 1:  Wait for a selloff

Ok, so you want to skip this step and move on to Step 2.  Wait! 

One of the great quotes in investing comes from Jesse Livermore and pertains to this concept of patience.  In Reminiscences of a Stock Operator, it is stated: 

"It never was my thinking that made the big money for me. It always was my sitting.  Got that?  My sitting tight!  It is no trick at all to be right on the market.  You always find lots of early bulls in bull markets and early bears in bear markets.  I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level
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Dendreon’s Provenge

Here’s an update on Dendreon.  Posted on Seeking Alpha by Theodore Cohen.

Dendreon’s Provenge: Government Agencies Play Hide and Seek With Facts 

Excerpt:  "On June 2, 2008, the United States Court of Appeals for the Sixth Circuit, Cincinnati, Ohio, granted CareToLive oral argument in Appeal No. 07-4465, regarding the Southern District of Ohio Court’s decision (case # 07-729).  The case is scheduled to be heard on July 29, 2008, before a three-judge panel.  The granting of oral argument is just the next installment of a saga that began on May 8, 2007, with the FDA’s issuance of a Complete Response Letter (“Approvable Letter”) to Dendreon in the matter of its Provenge immunotherapy for end stage prostate cancer. 

Soon thereafter, CareToLive filed a Citizen Petition, requesting that the FDA reconsider its failure to approve Provenge. This action was followed by the filing of a complaint against Dr. Andrew von Eschenbach, the FDA Commissioner; Hon. Mike Leavitt, Secretary of the U.S. Department of Health and Human Services; Dr. Richard Pazdur, and FDA employee; and Dr. Howard Scher, a Special Government Employee of the FDA.  Among other things, the complaint asked the Court to: 

A) Enjoin the FDA from denying the marketing and sale of Provenge to androgen-independent prostate cancer patients. 

B) In accordance with established United States Common Law, Plaintiffs seek to enjoin the Defendants from denying immediate access to Provenge and ask that all Defendants collectively and individually be restrained and ordered to cease and desist their interference with Dendreon’s lawful attempts to provide aid to dying patients by marketing and distributing Provenge. 

C) A declaration that the FDA’s failure to approve Provenge was due to the failure of the FDA to follow its own regulations combined with the improper actions taken by Dr. Howard Scher, and Dr Richard Pazdur that improperly corrupted the process and influenced the decision not to approve Provenge on May 15th 2007.

See the entire document here."

Read full article here.  





Protests turning violent

Here’s another article from Mish

European protests against high fuel prices turn violent

ThisIsLondon is reporting ‘Scab’ driver burned in his lorry as European protests against high fuel prices turn violent.

 

Violence has flared across Europe as hauliers, fishermen and taxi drivers protest against rising fuel prices they say are crippling their industries.

Some of the worst outbreaks were seen in Spain where prime minister José Luis Rodriguez pledged ‘zero tolerance’ of any disruption by 90,000 striking lorry drivers.

His warning came after a driver breaking the strike was burned when his lorry was set on fire.

Spain’s road system was returning to normal after the interior ministry ordered police to get tough. The government has reached a deal with most of Spain’s hauliers on relief from rising costs.

In Portugal, lorry drivers agreed to lift road blocks after their union accepted a deal with their government. But it followed the death of a man near Lisbon on a picket line.

In France, hauliers mounted protest drives on motorways. set alight in violent protests.

Protests have now gone worldwide, with the Philippines and Thailand also seeing angry workers taking to the streets.

Spain appears to have been worst hit, with lorry drivers on either side of the dispute paying with their lives.

Thai truck drivers block the highway during a strike protest against high fuel prices on a highway on the outskirts of Bangkok.

Opposition groups in Malaysia have vowed to push on with mass protests against a 41 per cent hike in petrol prices – despite a pledge from the Prime Minister to keep prices fixed for the rest of the year.

The Washington Post is reporting Fuel Protests Erupt in Asia As Oil Hits $139 a Barrel.

Protests over soaring fuel prices erupted in Asia on Tuesday as truckers in Hong Kong and tire-burning demonstrators in India and Nepal added their angry voices to protests that began last month in Europe.

Two protesters were killed Tuesday, one in Spain and one in Portugal, as they attempted to block traffic, news reports said. They appeared to be the first two fatalities in strikes that began in those countries last month.

Several hundred trucks and buses were used in a go-slow protest in Hong Kong, snarling traffic in that major Asian economic center. Drivers were demanding reductions in fuel taxes. The protests


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Things happening

This one hit home.  No, don’t worry, not exactly.  But I know how hard it’s been to find work, in a small city, with not many choices, where the property prices haven’t imploded.  So the financial pressure based on losing one’s home is not generally the biggest problem.  However, being over-educated and under-employable is a problem.  The job market in my area has been bad for at least a few years.  I just had a conversation with a friend of mine, an attorney, who’s working, who just about had to file bankruptcy because she can’t pay off loans.   (Fortunately, she managed to avoid it.)  Good time to thank Phil for giving me a job that I truly enjoy,… Thanks PHIL!!   - Ilene

Hotline Suicide Calls Jump

Courtesy of Mish Shedlock.

The Palm Beach post is reporting Suicide calls jump amid economic woes.

A local hot line has seen a dramatic spike in suicide calls from people in Palm Beach County who are facing foreclosure and can’t pay their bills, according to numbers released today.

Since the start of the year, 256 people in the county told operators at the 211 hot line that they were thinking about suicide. Of those, 44 told operators that their main reason was that they had lost a job, were facing foreclosure, couldn’t afford to pay their bills or were homeless.

During the same period in 2007, from Jan. 1 to June 10, the hot line received 137 suicide calls from people in Palm Beach County. Only 15 of those gave economic reasons.

The callers’ problems seem markedly different than in the past, said Susan Buza, executive director of 211 Palm Beach/Treasure Coast. Many callers, she said, have tried to find work for months.

Buza said she began adding up the numbers after operators noticed a rise in calls from people who could lose their homes.

"When we started looking at it, we were really shocked," she said.

Bernanke should ask family members of those who commit suicide if the downturn has faded. Dpiking suicides are one thing I did not even think about in Things That Have Not Yet Happened.

One thing have have thought about a lot but failed to mention in that post was huge state budget cutbacks such as 20,000 Teacher Layoffs In California, real estate agents that have not had a


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Today vs. Inflationary 1970s

Courtesy of Mark Perry at Carpe Diem.   CARPE DIEM is Latin for "Seize the Day."

Why Today is Different From the Inflationary 1970s


WASHINGTON (Reuters)Soaring gasoline prices helped drive up overall U.S. consumer prices during May by the fastest rate in six months, but core prices remained tame, a government report today showed. But 12-month core prices advanced 2.3% as expected (see chart above).
 
MP: Note that core CPI inflation (less food and energy, data here) has been below 3% now for 149 consecutive months, since January of 1996 (shaded area above). Also notice that there is a huge difference between the inflationary 1970s and today – in the inflationary 1970s (fueled by excessive money creation) ALL prices were rising simultaneously at double-digits rates, EVEN the non-energy and non-food items of the CPI. Today, except for energy and food prices, core inflation is contained, low and stable, as is growth in the monetary base, suggesting that the concern about inflation is well… inflated.

Also, compared to a recent peak close to 3% during 2006, the core inflation rate is lower today, and has been generally declining since late 2007.

Rising energy prices alone cannot cause inflationary increases in all goods and services, as the situation today suggests, with core inflation remaining low and stable despite rising energy prices. Keep in mind also that during the double-digit inflation in the U.S. during the 1970s, fueled by expansionary monetary policy, the German central bank demonstrated much greater monetary restraint, and inflation in Germany never exceeded 8% in any year during the 1970s and averaged only 5% during that decade (despite experiencing the same increase in world oil prices as the U.S.).

 





 
 
 

Zero Hedge

Enemy Of The People?

Courtesy of ZeroHedge. View original post here.

Via The Zman blog,

There has never been a time when normal people did not know the media was biased and biased in a predictable direction. For every non-liberal in the media, there were at least ten liberals. The ratio was probably higher, but then, as now, some lefties liked to pretend they were independents or some third option.

The media used to invest a lot of time denying they had a bias and an agenda, but the only people who believed them were on the Left, which had the odd effect of confirming they had a bias and an agenda.

...



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Phil's Favorites

A 2019 Earnings Recession?

 

A 2019 Earnings Recession?

Courtesy of 

Shout to Leigh!

On the new Talk Your Book – Josh Brown is joined by Leigh Drogen of Estimize, one of the leading providers of crowdsourced financial and economic data to talk about the trend in corporate profits that could potentially lead to an earnings recession later this year.

What is the thing that Leigh is seeing in the data that Wall Street isn’t yet picking up on? What segment of the stock market is most at risk? Why is the crowd smarter than the narrow consensus of Wall Street analysts?

Check out Estimize ...



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ValueWalk

D.E. Shaw Investment Calls For Leadership Change At EQT

By ActivistInsight. Originally published at ValueWalk.

Elliott Management has offered to acquire QEP Resources for approximately $2.1 billion, contending the oil and gas explorer’s turnaround efforts have done little to lift the company’s share price. The company responded and said that a thorough review of the proposition is imperative in order to properly act in the best interests of shareholders, “taking into account the company’s other alternatives and current market conditions.” The news came only a month after Travelport Worldwide agreed to sell itself to Siris Capital Group and Elliott’s private equity arm Evergreen Coast Capital for $4.4 billion in cash and two months after Athenahealth was bought by Veritas and Evergreen for $5.7 bi...



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Kimble Charting Solutions

Gold & Silver Testing Important Breakout Levels!

Courtesy of Chris Kimble.

Gold and Silver from a long-term perspective have created a series of lower highs over the past 8-years. Will 2019 bring a change to this trend? A big test is in play!

Gold since the lows in 2016 has created a series of higher lows, while Silver may have created a double bottom.

Gold & Silver are currently facing break attempts a (1) and (2). These falling resistance lines have disappointed metals bulls for the past few years.

The direction of Gold and Silver weeks and months from now should be highly influenced by what each does as they are attempting to break above important resistance levels.

To become a member of Kimbl...



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Insider Scoop

UBS Says Disney's Streaming Ambition Gives It A 'New Hope'

Courtesy of Benzinga.

Related DIS Despite Some Risks, Analysts Still Expecting Double Digit Growth From Communications Services In Q4 ...

http://www.insidercow.com/ more from Insider

Digital Currencies

Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions

Courtesy of Zero Hedge

While the market has been increasingly focused on the rising headwinds in the global economy in general, and China's economic slowdown in particular, while the media is obsessing over daily revelations that Trump may or may not have colluded with Russia to get elected, a far more critical, if underreported, shift has been taking place over the past year.

As we reported in June, whether due to concerns over draconian western sanctions and asset confiscations following the poisoning of former Russian military officer Sergei Skripal, or simply because it wanted to diversify away from the dollar, Russia liquidated virtually all of its Treasury holdings in the late spri...



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Chart School

Weekly Market Recap Jan 13, 2019

Courtesy of Blain.

In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...



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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's failure based on his personality, which was evident years ago. This article, written in 2017, references a prescient article Bill wrote before Trump became president, in July, 2016, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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Biotech

Opening Pandora's Box: Gene editing and its consequences

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

 

Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

...

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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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OpTrader

Swing trading portfolio - week of September 11th, 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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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

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.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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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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About Ilene:

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.

Market Shadows >>