Archive for 2010

Exclusive: The Paulson Portfolio Post-Mortem (In Which We Learn That The Maestro Himself Is Advising J.P. On Future Gold Prices)

Courtesy of Tyler Durden

One of the most fabled funds of recent years, John Paulson’s Paulson and Co., has not had a good first half to 2010: not only was Paulson  implicated in the biggest Goldman Sachs scandal in recent history (which took the 200 West firm a few hours worth of operating profits to settle with the SEC), but the firm has seen substantial outflows after a subpar performance in the first half of 2010, a time which has seen the firm’s flagship Event Arbitrage ($16.6 Billion in AUM) fund lose just under 6% YTD and 6.6% in H2. Yet among the other Q2 losers, which have also included the firm’s Merger Arb fund ($4.0 Billion, down 5.21% in Q2), and Credit Fund ($7.7 Billion, down 1.75% in Q2), nowhere was the pain as acute as for investors in the firm’s reflation bet, better known as the $2 Billion Recovery Fund, which was down 12.6% in Q2. For the man who had rarely if ever tasted loss before, many are asking if the recent disappointing performance a sign that the multi-billionaire has peaked? And surely with a personal net wealth well in the billions, just how big is Paulson’s motivation any more? If the fund is now nothing more than a levered bet on the broader market, surely there are other levered ETFs available that do not charge 2 and 20%, and may be better suited for the needs of the firm’s LPs? Or is Paulson right, and once the market realizes the folly of its ways he will make his investors (in addition to himself) truly rich? Just what is the logic behind the investment choices? Read on to find out.

But first, here is a snapshot summary of the firm’s various investment strategies, funds, along with strategy AUM and performance.

What is curious is that while the firm has recorded disappointing returns in dollar-denominated terms, its gold-share performance (which is basically the return for those investors who have invested in the fund in a gold-equivalent form – once again gold shows a better relative performance expressed against an infinitely dilutable currency).

Looking at the overarching strategy of the fund, it is in a nutshell: hook, line and sinker uber-bullish. All those who had hoped against hope that the fund manager may have a contrarian bet hidden somewhere deep down, in the form of undisclosed…
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Dick Cheney’s Oily Dream

Dick Cheney’s Oily Dream

Courtesy of Washington’s Blog

Former British Prime Minister Tony Blair is currently saying that Dick Cheney’s vision of policy towards the Middle East after 9/11 was to re-draw the map:

Vice-President Dick Cheney’s vision of completely redrawing the map of the Middle East following the 9/11 attacks is "not stupid," and is "possible over time," former British Prime Minister Tony Blair says.

In his new book, A Journey, the former Labour Party leader wrote that Cheney wanted a wholesale reorganization of the political map of the Middle East after 9/11. The vice president "would have worked through the whole lot, Iraq, Syria, Iran, dealing with all their surrogates in the course of it — Hezbollah, Hamas, etc," Blair wrote.

What does this mean?

Well, as I have repeatedly pointed out, the "war on terror" in the Middle East has nothing to do with combating terror, and everything to do with remaking that region’s geopolitical situation to America’s advantage.

For example, as I noted in January::

Starting right after 9/11 — at the latest — the goal has always been to create "regime change" and instability in Iraq, Iran, Syria, Libya, Sudan, Somalia and Lebanon; the goal was never really to destroy Al Qaeda. As American reporter Gareth Porter writes in Asia Times:

Three weeks after the September 11, 2001, terror attacks, former US defense secretary Donald Rumsfeld established an official military objective of not only removing the Saddam Hussein regime by force but overturning the regime in Iran, as well as in Syria and four other countries in the Middle East, according to a document quoted extensively in then-under secretary of defense for policy Douglas Feith’s recently published account of the Iraq war decisions. Feith’s account further indicates that this aggressive aim of remaking the map of the Middle East by military force and the threat of force was supported explicitly by the country’s top military leaders.
Feith’s book, War and Decision, released last month, provides excerpts of the paper Rumsfeld sent to President George W Bush on September 30, 2001, calling for the administration to focus not on taking down Osama bin Laden’s al-Qaeda network but on the aim of establishing "new regimes" in a series of states
***
General Wesley Clark, who commanded the North Atlantic


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Hooked on Prescription Drugs – Half of US Took at least One Prescription Drug in Previous Month

My comments in red. – Ilene

Hooked on Prescription Drugs – Half of US Took at least One Prescription Drug in Previous Month

Courtesy of Mish

AN ELDERLY WOMAN IS HOLDING PILL BOTTLES.PROPER MEDICATION CAN RELIEVE THE COMPLICATIONS OF AGING. IT IS IMPORTANT FOR A PERSON TAKING MORE THAN ONE MEDICATION TO HAVE A DOCTORS SUPERVISION TO AVOID SYNERGISTIC SIDE EFFECTS. ADDICTIONS CAN ALSO RESULT FROM INAPPROPRIATE MEDICATION.

Here is an interesting article on Bloomberg regarding prescription drug usage. The study is from 2008. Please consider Prescription Drug Use Rose to Include Half of Americans in 2008.

Almost half of Americans took at least one prescription drug per month in 2008, an increase of 10 percent over the past decade, a U.S. study found.

One of every five children ages 11 or younger took at least one medication each month in 2008, led by asthma and allergy treatments, according to the survey released today by the U.S. Centers for Disease Control and Prevention. Among those ages 60 or older, 37 percent used five or more prescriptions per month.

The most common medications for adolescents were treatments for attention-deficit disorder, a condition in which people have trouble paying attention and engage in impulsive behavior.

For adults ages 20 to 59, antidepressants, including Eli Lilly & Co.’s Cymbalta and Pfizer Inc.’s Zoloft, were the most-used drugs. Cholesterol-lowering medications, including Pfizer Inc.’s Lipitor and AstraZeneca Plc’s Crestor, were the most common drugs taken by people ages 60 and over, with 45 percent of those in that age group on such therapies.

$238 Billion Industry

Prescription drug were a $234.1 billion industry in 2008. The number is certainly higher today. Are pharmaceutical companies interested in curing anything or just treating the symptoms?

[The pharmaceutical companies are most interested in making profits, though individual scientists that work for the pharmaceutical companies are typically more ethical than the collective "corporation," aiming to both cure disease and alleviate symptoms.  Unlike some conspiracy theorists, I don't believe that bad outcomes driven by the profit motive are a result of massive plots to make money and make people so sick they need more medications.  See for example: After Avandia: Does the FDA Have a Drug Problem?]

Throughout grade and high school, I do not recall any kids with attention problems. How is it that attention-deficit disorder is now so widespread? Are kids today different? Why?

[I think there's a combination of better diagnosis, perhaps over-diagnosis, plus a real increase in kids with learning disorders and delays.] 

I do not like the way drugs are advertised. Is anyone else with me on this?

[Agree - the
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Will Steve Forbes be the Tea Party Presidential Candidate in 2012?

Courtesy of madhedgefundtrader

I sat down with Forbes magazine publisher and perennial Republican presidential candidate, Steve Forbes, whose father, Malcolm, I knew from my journalism days in the seventies. He was there formally to promote his new book, Power Ambition Glory, but I couldn’t help but sense his loftier goals.

He says that the crash was a failure of government. It was caused by the Fed, which pursued a weak dollar policy, kept interest rates too low for too long, and printed too much money. Our central bank should pursue a strong dollar policy which will bring a revival of the credit markets. We have the most hard left president and congress in history, and they are on the cusp of getting what they want. Lifting the rules on upticks and naked shorting threw gasoline on the fire.

The rating agencies are a cartel we should get rid of. Let the free markets work. The stock market recovery last year came with the modification of mark-to-market rules which never should have been in force. George Bush betrayed the Republican party by abandoning its principles.

Steve has always championed the libertarian wing of his party, and has been the leading proponent of the flat income tax. Did I just hear the first campaign speech of the 2012 presidential election?

To see the data, charts, and graphs that support this research piece, as well as more iconoclastic and out-of-consensus analysis, please visit me at www.madhedgefundtrader.com . There, you will find the conventional wisdom mercilessly flailed and tortured daily, and my last two years of research reports available for free. You can also listen to me on Hedge Fund Radio by clicking on “This Week on Hedge Fund Radio” in the upper right corner of my home





Economic Value in Aitch-Two-Oh

Economic Value in Aitch-Two-Oh

Courtesy of Tim at The Psy-Fi Blog 

trout103001 -- Rainbow trout spawn in Hoyes Run in Garrett County Maryland.

Odd Water

"The world’s supply of fresh water is running out. Already one person in five has no access to safe drinking water. "

Well, so says the BBC. But water’s an odd thing. You can’t live without it but it’s not particularly valuable. In fact the stuff in your faucet is free, it’s just the cost of getting it there that we pay for.

Water is, perhaps, the pre-eminent example of the old truism that price is what you pay but value is what you get. Only thing is, how do you value something that has no market price? Fortunately teams of highly trained thinkers have been working on this, just so we know the price of everything even if we’re not willing to pay it.

Paradoxical Water

While we absolutely require water every day to survive we can live a lifetime without diamonds, although don’t tell my mother. Yet water’s effectively free while if you want a diamond you need to pay an arm and a leg. This is a paradox that Adam Smith noted:

“Nothing is more useful than water; but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it”.

As ever, there’s a difference between price and value and that makes all the world of difference. Especially if you’re thirsty. Michael Haneman gives a fabulous review of the economic principles surrounding the use of water in The Value of Water, which we’ll only summarise here, but it’s a great starting point for anyone wondering why intangibles are invaluable.

Man Cooling Off

Marginal Value 

Basically the difference between value and price is a pretty important one for investors and economists because it makes clear that the economic value of something isn’t the same as its market price. There are things that have economic value that price doesn’t accurately measure and this fact makes investment analysis rather more tricky than simple share price followers would like.

The critical key to understanding the difference in valuation between water and diamonds is the idea of marginal value. If you have twelve litres of water to hand – which…
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High Roads to China

Courtesy of asiablues

By Dian L. Chu, Economic Forecasts Opinions

Well, it is official now – in addition to the Great Wall, the Great Traffic Jam started on Aug. 14--60 miles and ten-day long on an “expressway” into Beijing from Inner Mongolia (see map)--has earned the capital of China the top spot among the cities with the world’s worst traffic…, at least according to Foreign Policy.

Although that logjam seemed to have cleared up, Reuters reported on Sep. 3 yet another similar 75-mile (120 km) crawl in Inner Mongolia on the same highway heading toward Beijing and the neighboring province of Hebei.

Graphic Source: newgeography.com

Infrastructure Under-capacity

Until recent years, China was able to maintain growth despite its inadequate infrastructure; however, this is not the case anymore. While the world seems quite fixated on the length--miles and number of days--of these mega jams near Beijing, there’s also a serious message--the under-capacity of China’s infrastructure.

Coal Overloads While Rail Lags

Both super-sized gridlocks reportedly were caused primarily by heavy trucks transporting illegal coal, compounded by road maintenance works. China is the world’s top producer and consumer of coal. However, with limited rail lines, China’s roads often suffer from the spillover of illegally overloaded trucks, especially along key coal regions. And Inner Mongolia is an important coal producing region in north China.

“Shorter Than a Cigarette”

The per capita railway mileage in China is estimated to be only 6 cm--shorter than a cigarette—and remains below those of developed economies. In addition to commercial lines, the inadequate rail network also has been causing serious passenger travel headache, particularly during the annual spring festival migration. Cognizant of the crucial link between infrastructure and economic growth, China is keen to catch up.

Infrastructure investment was the cornerstone of China’s economic growth last year. In 2009, China pumped $102.7 billion of investment into railways, an increase of 69.1% year over year, with high-speed passenger rail lines accounting for almost 60%, according to the report released this April by China’s Ministry of Railway (MOR).

The country already has the world’s largest high-speed rail network with 6,920 km of tracks, and is planning to lay down 42,000 km of new rail track by…
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In September Europe Must Issue Double The August Government Debt

Courtesy of Tyler Durden

Summer vacation is over and things in Europe may soon start rocking and rolling all over again. Not only is France about to experience its first 24 hour general strike this Tuesday in a long time, which will likely remind everyone else in Europe (hint Greece and Ireland) that austerity is the new normal across the Atlantic and the 14th annual monthly salary is not going to come back just because nobody is talking about it, but as the FT reports Europe needs to issue double the amount of debt in September compared to August. From the FT: “Eurozone governments will try to raise €80bn ($103bn) in September compared with new bond issuance of €43bn in August. Spain is expected to attempt to borrow €7bn in September compared with €3.5bn in August, according to ING Financial Markets.” The dramatic ramp up in issuance is forcing the FT to speculate that “some of the weaker economies could fail to raise the amount of money they need as eurozone governments attempt to issue double the amount of debt this month compared with August.” For all those who have been waiting for the perfect storm in Europe to finally develop the time of waiting may be over.

More from the FT:

Padhraic Garvey, head of rates strategy for developed markets at ING Financial Markets, said: “We are heading into a critical period as the chances rise that a government may fail to raise the money it needs.

“Spain, Portugal and Ireland are the obvious ones to worry about. Are investors willing to stay long, or buy the debt of these countries? I’m still not seeing investors willing to buy into the periphery.”

Some strategists say the return of most investors from holidays this week could increase volatility in these markets because many have put decisions on their portfolios on hold during the summer.

With most investors back at their desks, some could start selling peripheral debt in the coming weeks, particularly as the outlook for the global economy has deteriorated. In spite of some better than expected data out of the US last week, worries about a double-dip recession have increased.

But other strategists insist governments will have little difficulty in funding themselves, even if they have to pay higher premiums or yields to attract investors. They say countries


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A Walk in the Woods – We Hate Goldman

Courtesy of Bruce Krasting

Not too far from me is a park area called Teatown. It is about 850 acres and has 15 miles of trails through forests and lakes. Most of the land and a good chunk of the budget is donated by local supporters. During the summer there are busloads of kids from the city that come to enjoy a day in the woods. I go there once in a while to burn off some stress and enjoy being alone in nature. I did that yesterday afternoon. I chose a trail I have not been on in some years. Aptly called:

Parts of the trail are well traveled.

Other parts not.

Along the way you see the improvements that some individuals have made. For example, this walkway over a wetland.

A Mr. Oldenberg made this possible back in 1990.

A number of others who have appreciated this spot have made similar contributions.

On my walk I came to this “busy” intersection.

You can imagine (if you know me) my anger, shock and disappointment to see this at the trail juncture:

Apparently three years ago the nice folks at Goldie wrote a tax deductable check and had some help bring in some wood chips for this trail. Now they get a plaque with their name on it that will last forever. Whatever improvements GS made back then have been washed away from three hard winters. But Goldie still has their advertisement right in the middle of the woods.

I was looking at this and taking a picture when a teenage couple came up the path. I guessed that they were not this deep in the woods for “sylvan” pleasures. I pointed to the sign and asked:

BK: Do you know who Goldman Sachs is?

BOY: They’re the ones who stole the money in the stock market.

GIRL: My father says it’s the Wall Street that caused the depression.

BK: That sounds about right.

BOY:
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Sunday Morning Coffee

Sunday Morning Coffee

Courtesy of Roger Nusbaum of Random Roger 

There were a couple of articles I think are related, one in the FT and the other Barron’s that are worth touching on. The article from the FT included this chart of the average holding period for US equities.

While this is drastic I am a little surprised how low it was back in 1980 and also a little surprised that it now is as high as a year given what we hear about HFT dominating the volume.

The Alphaville post where the chart comes from talks about patience which everyone could use more of. I believe issues involving impatience are a tie in to emotion. People see a related stock to what they own doing better so they switch or they hear on TV that "you gotta lighten up going into the long weekend" or someone else saying they don’t want to get in front of the Fed this week (in a week where they are meeting).

For the vast majority of market participants a lot of turnover is very unnecessary. It is very rare that a good company becomes a bad one over night of course it does happen occasionally (Bank of America’s purchase of Merrill Lynch as a glaring example). Despite what some will tell you an earnings miss does not necessarily mean a company is a bad stock. A slowdown in growth for a growth company could be a warning but selling immediately because a company missed by a penny is more akin to trading than long term investing. There is nothing wrong with being a trader if that is what you are, it’s just that some people don’t know whether they are a trader or not.

To the point of an earning miss not being the be all end all, Cummins Engine (CMI) for a while was a serial disappointer. It was chronic for a while there, don’t know now as I have lost touch with it, but for the last ten years the stock is up 853% versus a decline of 27% for the S&P 500.

Likewise whatever it is that makes Chile a compelling, IMO, investment destination is not going to change this week. If you pick a country fund this week you will not be fundamentally right or wrong next week or even next month. Your price could turn out to be bad of course


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Breaking the Guild of Macroeconomists

Tim at The Psy-Fi Blog compares the science of economics, or actually the pseudo-science, with medical theory in the days of Galen, the ancient Greek physician:Galen

Galen contributed a substantial amount to the Hippocratic understanding of pathology. Under Hippocrates’ bodily humors theory, differences in human moods come as a consequence of imbalances in one of the four bodily fluids: blood, yellow bile, black bile, and phlegm. Galen advanced this theory, creating a typology of human temperaments. An imbalance of each humor corresponded with a particular human temperament (blood-sanguine, black bile-melancholic, yellow bile-choleric, and phlegm-phlegmatic). Individuals with sanguine temperaments are extroverted and social. Choleric people have energy, passion and charisma. Melancholics are creative, kind and considerate. Phlegmatic temperaments are characterized by dependability, kindness, and affection.

While that theory proved wrong, Galen made some interesting contributions to medical science:

Galen’s principal interest was in human anatomy, but Roman law had prohibited the dissection of human cadavers since about 150 BCE. Because of this restriction, Galen performed anatomical dissections on living (vivisection) and dead animals, mostly focusing on pigs and primates. This work turned out to be particularly useful because in most cases, the anatomical structures of these animals closely mirror those of humans. Galen clarified the anatomy of the trachea and was the first to demonstrate that the larynx generates the voice. Galen may have understood the importance of artificial ventilation, because in one of his experiments he used bellows to inflate the lungs of a dead animal.

Among Galen’s major contributions to medicine was his work on the circulatory system. He was the first to recognize that there were distinct differences between venous (dark) and arterial (bright) blood. Although his many anatomical experiments on animal models led him to a more complete understanding of the circulatory system, nervous system, respiratory system and other structures, his work was not without scientific inaccuracies. Wikipedia. 

- Ilene

Breaking the Guild of Macroeconomists

Courtesy of Tim at Psy-Fi Blog 

Playskool's Mrs. Potato Head and Jeep, portraying Marmaduke, cross paths at the BlogHer '10 conference in New York, August 6, 2010. Hasbro and Fox Home Entertainment are both participating sponsors at this year's blogger conference. REUTERS/Ray Stubblebine/Hasbro/Handout  (UNITED STATES - Tags: SOCIETY)

Economic Entertainment

In an entertaining piece Economics is Hard. Don’t Let Bloggers Tell You Otherwise Kartik Athreya of the Fed in Richmond has suggested that financial bloggers are a mentally incontinent bunch, pathologically incapable of stopping themselves from opining on financial matters on which they actually offer no insight. Now, leaving aside the question of whether we want our professional economists to be entertaining, this opens up the question of whether untrained commentators can…
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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

This Is The One Chart Every Trader Should Have "Taped To Their Screen"

Courtesy of Zero Hedge

After a year of tapering, the Fed’s balance sheet finally captured the market’s attention during the last three months of 2018.

By the start of the fourth quarter, the Fed had finished raising the caps on monthly roll-off of its balance sheet to the full $50bn per month (peaking at $30bn USTs, $20bn MBS, although on many months the (balance sheet) B/S does not actually shrink by this full amount which depends on the redemption schedule) and by end-Q4 markets also experienced some of the largest volatility and drawdowns in nearly a decade.

As Nomura&...



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ValueWalk

The Competition For Capital Has Made Stocks Cheap

By Michelle Jones. Originally published at ValueWalk.

The new year is upon us, and now is the time many investors look at what 2018 was and prepare for what 2019 might be. Recession jitters are starting to pick back up again, especially now that the full picture of 2018 is in the books. But what if you could pick only one theme for 2018? Jefferies strategist Sean Darby and team have a suggestion which is especially timely given that it appears to mark the end of an era.

StockSnap / PixabayVolatility carries into the new year

This past year was one of extremes, and the markets ended i...



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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 ...

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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 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"

 

 

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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.

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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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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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