Archive for 2010

Why is the President’s Working Group Oppossing the FDIC Reform Proposals on Residential Mortgage Securitization by Banks?

Courtesy of rc whalen

This week in The IRA we feature a conversation with Bill King, who along with his wife and business partner Mary works in the world of derivatives broadly defined via their Chicago-based firm, M. Ramsey King Securities. We first started taking with Bill in the 1980s, during the political wrangle – we won’t call it a battle – over free trade with and democracy in Mexico. That was about the time of the first appearance of “Too Big to Fail” for the large banks following the Mexican peso meltdown. Un fuerte abrazo a nuestros amigos en Mexico!

But before we go to our feature, a few comments on current events. First and foremost we remind one and all about the impending start of the FDIC’s rule make effort regarding the reform of bank securitizations. Last week, the FDIC approved an extension through September 30, 2010 of the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation.

We hear that the FDIC rule making process could start as soon as next month, but more likely will wait till the FDIC’s board meeting in May. We also hear that the President’s Working Group (PWG) on Financial Services is preparing a “white paper,” in cooperation with the Federal Reserve Board and the Office of the Comptroller, to block the FDIC reform effort. This campaign, which apparently was orchestrated by the largest dealer banks, is intended to derail the new rules proposed by the FDIC mandating greater transparency and disclosure for bank sponsored residential mortgage securitization deals.

The PWG, in case you don’t know, is an informal group created in 1988 by President Ronald Reagan that allows the executives of the biggest banks to influence public policy in Washington, but without going through the trouble of registering as lobbyists or other public disclosure. Sometimes referred to the “plunge protection team,” the PWG is part of the invisible government of Washington,” an agency which operates within the government, but at the behest of private interests.

Barry Ritholtz has a nice summary on the PWG in his book, Bailout Nation, and also in his Blog, “The Big Picture.” As Barry notes, the PWG is every
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Behind the Sentiment Disparity: Main Street vs. Wall Street

Courtesy of asiablues

By Economic Forecasts & Opinions

According to a gauge derived from data compiled by The American Association of Individual Investors (AAII), bullishness on U.S. stocks is beginning to emerge after the market’s rally in the past year.

The latest AAII Sentiment Survey reading shows optimists outweighed pessimists for the first time since January 2008, three months after the previous bull market ended. (See Chart from Bloomberg)

A Disparity in Sentiment

In contrast to the cheery mood of the markets, the latest readings from consumers and small business owners indicate economic sentiment isn’t improving, despite signs of a factory rebound and less gloom on the labor front.

The National Federation of Independent Business said its optimism index for small business owners fell back in February to its December reading. The IBD/TIPP Economic Optimism Index dropped 3% in March, well below its average of the past year.

Meanwhile, The U.S. consumer sentiment also dipped in early March, according to the University of Michigan Consumer Sentiment Index.

‘Never Seen Anything Like It’

This divergence has got the Wall Street scratching its collective head. In a recent MarketWatch article, Mr. Mark Hulbert cited a Wall Street advisor as saying:

“The disparity between hope on Wall Street and malaise on Main Street continues. I have never seen anything like it.”

In short, the disparity may be deciphered in one word – liquidity – which Wall Street has plenty of from government handouts, while main street remains strapped from the bleak prospects in both the job and housing markets.

Behind The Productivity and Profit Gain

Corporations are now seeing higher profits mainly through cost, inventory, and workforce reductions. It is not a coincidence that the U.S. productivity rose by an outsized 6.9% last quarter, while the cash U.S. corporations have on hand equals about one-tenth of the annualized gross domestic product (GDP) over the past twelve months — near a record high, according to an IHS analysis of Commerce Department data.

This type of “growth” is not real and entirely unsustainable, and at some point, companies won’t be able to get their employees to keep producing more.

For Middle America, the stagnant housing market and the lack of positive job growth are two factors hindering a more robust reading for…
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Obama’s $3 Trillion Tax Increase; IRS To Track PayPal Transactions

Obama’s $3 Trillion Tax Increase; IRS To Track PayPal Transactions; Toledo Ohio Fiscal Emergency; Obama’s Utopian Education Goals

Courtesy of Mish 

Here are a few stories this past week that caught my eye that I have yet to mention.

$3 Trillion Tax Increase

Obama’s $3,000,000,000,000 Tax Hike 

From the Heritage Foundation

When he released his new budget proposal on February 1, President Barack Obama asserted that the government "simply cannot continue to spend as if deficits don’t have consequences; as if waste doesn’t matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money; as if we can ignore this challenge for another generation."[1]

Yet the President’s new budget does exactly that-- raising taxes by $3 trillion and federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President’s budget would double the national debt over the next decade.[2]

President Obama’s Budget

•Would permanently expand the federal government by 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;

•Would raise taxes on all Americans by nearly $3 trillion over the next decade;

•Would raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;

•Would borrow 42 cents for each dollar spent in 2010;

•Would run a $1.6 trillion deficit in 2010--$143 billion higher than the recession-driven 2009 deficit;

•Would leave permanent deficits that top $1 trillion as late as 2020;

•Would dump an additional $74,000 per household of debt into the laps of our children and grandchildren; and

•Would double the publicly held national debt to over $18 trillion.

There’s lots more in the article if you can stomach reading it.

IRS Will Track Online Sellers’ Transactions Including PayPal

IRS to Track Online Sellers’ Payment Transactions Beginning Next Year

Starting next year, any bank or other payment settlement company that processes credit cards, debit cards, and electronic payments such as PayPal will have to


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Take On The Prostate

Over a decade ago, I did some research in the area of PSA testing and prostate cancer, so this field is a personal interest of mine. My impression from reading the NY Times article, The Great Prostate Mistake, by the pathologist who discovered the test, is that questions being asked in the nineties are being answered more and more in the negative.   

In the large study I worked on, we found that lowering the threshold level of PSA deemed worrisome in younger men resulted in more positive biopsies, including biopsies with apparently significant higher grade/aggressive cancer, but whether or not treating those cancer had overall beneficial results wasn’t known or determined.  This illustrates a common dilemma in medical science – what happens when detection methods advance before sufficient evidence exists as to the risks and rewards of potential treatment options? The goal shouldn’t be to simply find cancer, but to promote a healthful life.  The words "do no harm" are particularly meaningful.  With that, let’s move on to the thoughts of John Wrenn MD, a practicing urologist who sent me the NY Times article along with his thoughts on the subject.  - Ilene 

My Take On The Prostate

Courtesy of John Wrenn, MD

   As a urologist, I make a lot of my living off of prostate health and certainly have concerns about over testing, over diagnosis and over treatment.  The biggest question remains, in my opinion, who to treat more than anything else. I think PSA screening is probably on par with Mammograms and cholesterol testing as far as questionable value is concerned. Colonoscopy doesn’t seem as dubious largely because colon cancer tends to have fewer gray areas as to who needs treatment, and while invasive, screening for colon cancer doesn’t lead a significant portion of patients with positive findings to treatments that only make a difference in cancer specific survival for a few, while causing life altering functional changes in many. 

 

   I am still not sure that America is ready to return to a medical system where treatment is only given when the disease becomes symptomatic or grossly detectible, although the outcomes would probably be only marginally different
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Investor Sentiment: Few Words Needed

Courtesy of thetechnicaltake

With 3 out of 4 of our measures registering extreme readings, few words are needed to describe investor sentiment this week.


The “Dumb Money” indicator, which is shown in figure 1, looks for extremes in the data from 4 different groups of investors who historically have been wrong on the market: 1) Investor Intelligence; 2) Market Vane; 3) American Association of Individual Investors; and 4) the put call ratio. The “Dumb Money” indicator has turned bullish to an extreme degree. Extreme bullish readings in the indicator imply that a price move is nearing its end, and the ascent of prices is surely to show. This is our expectation 85% of the time. The other 15% of the time or what I like to call “it takes bulls to make a bull market” scenario, the market will continue meaningfully higher despite increasing bullish sentiment. We saw this in 1995, 2003, and 2009 when the markets were coming off of long periods of under performance. I am not banking on this time being different.

Figure 1. “Dumb Money” Indicator/ weekly
******

The “Smart Money” indicator is shown in figure 2. The “smart money indicator is a composite of the following data: 1) public to specialist short ratio; 2) specialist short to total short ratio; 3) SP100 option traders. The Smart Money indicator is neutral.

Figure 2. “Smart Money” Indicator/ weekly
*****

Figure 3 is a weekly chart of the S&P500 with the InsiderScore ”entire market” value in the lower panel. From the InsiderScore weekly report we get the following: 1) “Selling accelerated across all market cap groups and sectors resulting in the Weekly Score for the Entire Market falling to its worst level since the week ended February 27, 2007″; 2) in the S&P500, CEO’s are leading the selling; 3) looking at the Russell 2000, the weekly score hit a multi year low.

Figure 3. InsiderScore Entire Market/ weekly
*****

Figure 4 is a weekly chart of the S&P500. The indicator in the lower panel measures all the assets in the Rydex bullish oriented equity funds divided by the sum of assets in the bullish oriented equity funds plus the assets in the bearish oriented equity funds. When the indicator is green, the value is low and there is fear in


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GATA Presents New Evidence Of The Fed’s Gold Price Supression Scheme, Combing Through Oddly Unredacted FOMC Minutes

Courtesy of Tyler Durden

GATA’s Adrian Douglas has done a tremendous job of combing through dozens of hundred-plus page FOMC transcripts, and has compiled numerous quotes by assorted FOMC-related personnel, including former Chairman Greenspan, which provides yet another piece of evidence, demonstrating the persistence of the Fed’s gold price suppression scheme. As Douglas puts it: “My thinking was that if an organization is so inept at covering up that detailed transcripts were retained, then perhaps it is also inept at completely redacting sensitive and incriminating information. What I found is quite astounding and serves as documented evidence by the Federal Reserve itself that it manipulates the gold market.” We present the relevant quotes dug up by Douglas, whom we applaud for his effort, together with his very relevant commentary, which once again exposes the Fed’s covert gold price suppression intentions.

In the March 21, 1978, FOMC meeting —

http://www.federalreserve.gov/monetarypolicy/files/FOMC19780321meeting.p…

-- the following exchange took place.

* * *

CHAIRMAN MILLER. The Treasury has severe reservations about it. Originally, two weeks ago, they were taking the position that they would not be in favor of it — that it raised too many problems for them. Since then I think they have become a little more open-minded about it. However, I think the first avenue is apt to be the sale of gold. Sales of gold were under consideration and were deferred partly because of the French elections, which are now over. So I think it’s likely that the Treasury will start a program of selling gold, which I personally would favor. There are a lot of advantages in using gold because at least then we don’t end up with debt and the currency risks that go with it. So I think that’s an avenue that should be pursued. There has been a discussion about the level of gold sales that are possible — what the market can absorb and that sort of thing. Henry can correct me, but I believe the Treasury feels that they could sell about 300,000 ounces a month.

MR. WALLICH. That would be a very moderate amount — something like less than 60 million. And bear in mind that unless they can develop a means of selling the gold for foreign currency in a way that doesn’t cause holders of dollars to buy that foreign currency in order to buy the gold, it…
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GATA Present New Evidence Of The Fed’s Gold Price Supression Scheme, Combing Through Oddly Unredacted FOMC Minutes

Courtesy of Tyler Durden

GATA’s Adrian Douglas has done a tremendous job of combing through dozens of hundred-plus page FOMC transcripts, and has compiled numerous quotes by assorted FOMC-related personnel, including former Chairman Greenspan, which provides yet another piece of evidence, demonstrating the persistence of the Fed’s gold price suppression scheme. As Douglas puts it: “My thinking was that if an organization is so inept at covering up that detailed transcripts were retained, then perhaps it is also inept at completely redacting sensitive and incriminating information. What I found is quite astounding and serves as documented evidence by the Federal Reserve itself that it manipulates the gold market.” We present the relevant quotes dug up by Douglas, whom we applaud for his effort, together with his very relevant commentary, which once again exposes the Fed’s covert gold price suppression intentions.

In the March 21, 1978, FOMC meeting —

http://www.federalreserve.gov/monetarypolicy/files/FOMC19780321meeting.p…

-- the following exchange took place.

* * *

CHAIRMAN MILLER. The Treasury has severe reservations about it. Originally, two weeks ago, they were taking the position that they would not be in favor of it — that it raised too many problems for them. Since then I think they have become a little more open-minded about it. However, I think the first avenue is apt to be the sale of gold. Sales of gold were under consideration and were deferred partly because of the French elections, which are now over. So I think it’s likely that the Treasury will start a program of selling gold, which I personally would favor. There are a lot of advantages in using gold because at least then we don’t end up with debt and the currency risks that go with it. So I think that’s an avenue that should be pursued. There has been a discussion about the level of gold sales that are possible — what the market can absorb and that sort of thing. Henry can correct me, but I believe the Treasury feels that they could sell about 300,000 ounces a month.

MR. WALLICH. That would be a very moderate amount — something like less than 60 million. And bear in mind that unless they can develop a means of selling the gold for foreign currency in a way that doesn’t cause holders of dollars to buy that foreign currency in order to buy the gold, it…
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7 Questions About Public Banking

7 Questions About Public Banking

Courtesy of Washington’s Blog 

This is an open letter to the economics, finance and banking communities. I don’t have any dog in the fight, other than to figure out and then publicize what is best for the greatest number of people. People I greatly respect advocate for federal-level public banking, state public banks or a return to the gold standard. I am simply attempting to start a high-level debate about what the best option is. I will update this essay with the best responses as I receive them.

How Is Credit Created?

I pointed out in September: 

As PhD economist Steve Keen pointed out recently, 2 Nobel-prize winning economists have shown that the assumption that reserves are created from excess deposits is not true:

The model of money creation that Obama’s economic advisers have sold him was shown to be empirically false over three decades ago.

The first economist to establish this was the American Post Keynesian economist Basil Moore, but similar results were found by two of the staunchest neoclassical economists, Nobel Prize winners Kydland and Prescott in a 1990 paper Real Facts and a Monetary Myth.

Looking at the timing of economic variables, they found that credit money was created about 4 periods before government money. However, the “money multiplier” model argues that government money is created first to bolster bank reserves, and then credit money is created afterwards by the process of banks lending out their increased reserves.

Kydland and Prescott observed at the end of their paper that:

Introducing money and credit into growth theory in a way that accounts for the cyclical behavior of monetary as well as real aggregates is an important open problem in economics.

In other words, if the conventional view that excess reserves (stemming either from customer deposits or government infusions of money) lead to increased lending were correct, then Kydland and Prescott would have found that credit is extended by the banks (i.e. loaned out to customers) after the banks received infusions of money from the government. Instead, they found that the extension of credit preceded the receipt of government monies.

Keen explained in an interview Friday that 25 years of research shows that creation of debt by banks precedes creation of government money, and that debt


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Presenting Empirical Evidence Of The Existence Of “Greater Fools”

Courtesy of Tyler Durden

With Geoffrey Batt

This weekend the New York Times has published an interesting observation of gender differences when quanitfying the intangible concept of “overconfidence” as it relates to stock trading. While the article throws a relatively minor wrench at the spoke of “efficient markets”, we are following it up with a scientific paper by Wei Xiong and Jialin Yu, discussing the Chinese Warrant Bubble, in which speculative mania gripped the trading of warrants so deep out of the money that they were certifiably worthless, yet trading at an increasing turnover rate, and substantially inflated prices. With numerous unequivocal examples of bubbles in the history of capital markets, starting with Dutch tulip mania (1634-37), progressing through the Mississippi bubble (1719-20) the South Sea bubble (1720), the Internet bubble in the late 1990s, and the housing bubbles of the mid 2000s, it appears that human traders never learn from history as the speculative element overpowers rationality each and every time. The underlying premise: the hope that another greater fool will emerge. And emerge they do, until they don’t, and markets collapse bidless. It is certainly easy to draw a parallel between the Chinese Warrant Bubble, and the trading of AIG, C, FNM, FRE and a whole slew of otherwise worthless companies, which on occasion make up over 30% of of the volume of the US stock market, which in turn drives the momentum that pushes the balance of all stocks. Another parallel: the entire US stock market is now one big “greater fool” trap waiting to spring once the greater fools have their fill of gambling fever.

As the authors point out:

In 2005-08, over a dozen put warrants traded in China went so deep out of the money that they were certain to expire worthless. Nonetheless, each warrant was traded nearly three times each day at substantially inflated prices. This bubble is unique, because the underlying stock prices make the zero warrant fundamentals publicly observable. We find evidence supporting the resale option theory of bubbles: investors overpay for a warrant hoping to resell it at an even higher price to a greater fool. Our study confirms key findings of the experimental bubble literature and provides useful implications for market development.

The explanation: overconfident, under-informed “speculators” i.e., the bulk of traders in US stock markets, who…
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On Banning CDS

Courtesy of Bruce Krasting

A lot has been written and said in the past few weeks about CDS. Almost all of it has been bad press for the poor boys who write and trade this stuff for a living. Heads of State, leading academicians and economists, the MSM and even some of the financial blogs have all been pounding the table on this issue. The message has been pretty clear. “Something has to get done, or we are really really going to blow up next time”.

The catalyst for the recent uproar has been Greece and to a lesser extent the other PIIGS. The perception has been created that somehow the existence of a CDS market for Greek Government Bonds has caused a crisis. Nothing could be farther from the truth. We now know that CDS had very little to do with the yield spike in GGB’s. It was the movement by the low rent bond traders (AKA global investors) that caused this hiccup. Greek CDS was the tail that got wagged. Not the other way around. But the vitriol continued. Wolfgang Munchau wrote on this topic last week. The following quote summed up his thinking:



“The case for banning CDS is about as strong for banning bank robberies.”

Some of the arguments against CDS include:

(I) They are unregulated.


(II) They create the opportunity for excessive leverage.


(III) They are used for and encourage speculation.


(IV) They may be written by under capitalized firms. Depending on the outcome this could create an excessive financial risk for the writer and thereafter cause a systemic risk. (The AIG story)


(V) They can, by their very existence, precipitate or fuel a financial crisis.

CDS is functionally an insurance policy one can buy to protect against default of payments from a borrower. While it is different in a number of respects from payment default insurance, it really is the same thing. If you accept that CDS = MI then you have to look at what is happening in that market. Mortgage CDS is the big casino; Greece and all the others are just a sideshow by comparison.

First consider the private sector side of this. The mortgage insurance industry (MI) is represented by an outfit…
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ValueWalk

#1 Performing Global Macro Hedge Fund Sees More Shorts Opportunities Ahead As China Bursts

By Jacob Wolinsky. Originally published at ValueWalk.

Crescat Global Macro Fund update to investors on 1/19/2019

Crescat Global Macro Fund and Crescat Long/Short fund delivered strong returns for both December and full year 2018 in a difficult market. Based on ...



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Zero Hedge

Johns Hopkins, Bristol-Myers Face $1 Billion Suit For Infecting Guatemalan Hookers With Syphilis 

Courtesy of ZeroHedge. View original post here.

A federal judge in Maryland said Johns Hopkins University, pharmaceutical company Bristol-Myers Squibb and the Rockefeller Foundation must face a $1 billion lawsuit over their roles in a top-secret program in the 1940s ran by the US government that injected hundreds of Guatemalans with syphilis, reported Reuters.

Several doctors from Hopkins an...



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Phil's Favorites

Divisive economics

 

Guest author David Brin — scientist, technology consultant, best-selling author and futurist — explores the records of Democrats and Republicans on the US economy in the following post. For David's latest posts, visit the CONTRARY BRIN blog. For his books and short stories, visit his web...



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Kimble Charting Solutions

Stock declines did not break 9-year support, says Joe Friday

Courtesy of Chris Kimble.

We often hear “Stocks take an escalator up and an elevator down!” No doubt stocks did experience a swift decline from the September highs to the Christmas eve lows. Looks like the “elevator” part of the phrase came true as 2018 was coming to an end.

The first part of the “stocks take an escalator up” seems to still be in play as well despite the swift decline of late.

Joe Friday Just The Facts Ma’am- All of these indices hit long-term rising support on Christmas Eve at each (1), where support held and rallies have followed.

If you find long-term perspectives helpf...



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Digital Currencies

Transparency and privacy: Empowering people through blockchain

 

Transparency and privacy: Empowering people through blockchain

Blockchain technologies can empower people by allowing them more control over their user data. Shutterstock

Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The...



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Insider Scoop

Cars.com Explores Strategic Alternatives, Analyst Sees Possible Sale Price Around $30 Per Share

Courtesy of Benzinga.

Related 44 Biggest Movers From Yesterday 38 Stocks Moving In Wednesday's Mid-Day Session ...

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

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 chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 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:

 

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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.

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