Archive for June, 2016

Regression to Trend: The Latest Look at Long-Term Market Performance

Courtesy of Doug Short’s Advisor Perspectives.

Quick take: At the end of June the inflation-adjusted S&P 500 index price was 82% above its long-term trend, up slightly from 81% the previous month.


About the only certainty in the stock market is that, over the long haul, over performance turns into under performance and vice versa. Is there a pattern to this movement? Let’s apply some simple regression analysis (see footnote below) to the question.

Below is a chart of the S&P Composite stretching back to 1871 based on the real (inflation-adjusted) monthly average of daily closes. We’re using a semi-log scale to equalize vertical distances for the same percentage change regardless of the index price range.

The regression trendline drawn through the data clarifies the secular pattern of variance from the trend — those multi-year periods when the market trades above and below trend. That regression slope, incidentally, represents an annualized growth rate of 1.79%.

Regression to Trend

The peak in 2000 marked an unprecedented 142% overshooting of the trend — nearly double the overshoot in 1929. The index had been above trend for two decades, with one exception: it dipped about 15% below trend briefly in March of 2009. At the beginning of July 2016, it is 82% above trend, within the 69% to 91% range it has hovered in for the past 32 months. In sharp contrast, the major troughs of the past saw declines in excess of 50% below the trend. If the current S&P 500 were sitting squarely on the regression, it would be around the 1146 level.

Incidentally, the standard deviation for prices above and below trend is 40.6%. Here is a close-up of the regression values with the regression itself shown as the zero line. We’ve highlighted the standard deviations. We can see that the early 20th century real price peaks occurred at around the second deviation. Troughs prior to 2009 have been more than a standard deviation below trend. The peak in 2000 was well north of 3 deviations, and the 2007 peak was above the two deviations.

Stanrdard Deviations


Footnote on Calculating the Regression: The regression on the Excel chart above is an exponential regression to match the logarithmic vertical axis. We used the Excel Growth function to draw the line. The percentages…
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The Collapse Of Western Democracy

Courtesy of ZeroHedge. View original post here.

Authored by Paul Craig Roberts,

Democracy no longer exists in the West. In the US, powerful private interest groups, such as the military-security complex, Wall Street, the Israel Lobby, agribusiness and the extractive industries of energy, timber and mining, have long exercised more control over government than the people. But now even the semblance of democracy has been abandoned.

In the US Donald Trump has won the Republican presidential nomination. However, Republican convention delegates are plotting to deny Trump the nomination that the people have voted him. The Republican political establishment is showing an unwillingness to accept democratic outcomes.

The people chose, but their choice is unacceptable to the establishment which intends to substitute its choice for the people’s choice.

Do you remember Dominic Strauss-Kahn? Strauss-Kahn is the Frenchman who was head of the IMF and, according to polls, the likely next president of France. He said something that sounded too favorable toward the Greek people. This concerned powerful banking interests who worried that he might get in the way of their plunder of Greece, Portugal, Spain, and Italy. A hotel maid appeared who accused him of rape. He was arrested and held without bail. After the police and prosecutors had made fools of themselves, he was released with all charges dropped. But the goal was achieved. Strauss-Kahn had to resign as IMF director and kiss goodbye his chance for the presidency of France.

Curious, isn’t it, that a woman has now appeared who claims Trump raped her when she was 13 years old.

Consider the political establishment’s response to the Brexit vote. Members of Parliament are saying that the vote is unacceptable and that Parliament has the right and responsibility to ignore the voice of the people.

The view now established in the West is that the people are not qualified to make political decisions. The position of the opponents of Brexit is clear: it simply is not a matter for the British people whether their sovereignty is given away to an unaccountable commission in Brussels.

Martin Schultz, President of the EU Parliament, puts it clearly: “It is not the EU philosophy that the crowd can decide its fate.”

The Western media have made it clear that they do not accept the people’s decision either. The vote is said to be “racist” and therefore can be


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The New Narrative For Earnings: Blame Brexit

Courtesy of ZeroHedge. View original post here.

Every quarter there is always a fallback narrative put forth as to why companies fail to meet earnings expectations, and we now have that narrative for the rest of 2016 (and perhaps through 2025): Brexit.

As we discussed yesterday, as we enter into Q2 earnings season the main focus on all earnings calls will be to what extent Brexit will impact business for the rest of the year. Will firms guide down materially due to the UK referendum, or will guidance largely not be impacted, this is going to be the main focus of analysts and investors. To wit:

the main focus (by far) will be on the CQ2 earnings season (the first few reports will hit during the week of 7/11 but the heaviest volume will be during the week of 7/18 and 7/25). The CQ2 earnings season will be particularly important as investors are eager to hear updates from CEOs/CFOs on the extent to which Brexit-related disruptions materially impacted the outlook for their businesses. If the tone on the Jul/Aug conf. calls sounds relatively similar to the Apr/May updates (i.e. Brexit is acknowledged but doesn’t dramatically change H2 guidance) that would go a long way towards alleviating investor concern. Prior to the 6/23 referendum investors were penciling in a ~$130 SPX figure for ’17 – if that number only has a couple of dollars of downside stocks will continue stabilizing.

Almost right on cue, here is Reuters today planting the seed that Brexit can now be used as an excuse for firms that need to lower guidance without any pushback.

From Reuters

Foreign exchange volatility and economic uncertainty after Britain’s vote to leave the European Union have imperiled a projected profit rebound in the United States, where companies have been stuck in an earnings recession since last year.

U.S. companies doing business abroad are at particular risk because of a jump in the dollar since last week’s referendum and expectations of a potential stumble in European economies.

A strong dollar and plummeting oil prices slammed U.S. corporate earnings starting in 2015, but the stabilization of crude prices and the dollar in recent months has led investors to bet on a return to modest growth


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Driver In Fatal Self-Driving Tesla Crash Had Recently Posted Video Praising Car’s Autopilot

Courtesy of ZeroHedge. View original post here.

Call it a case of tragic irony.

Earlier today, Tesla reported (with a one day delay so that perhaps its stock wouldn't get clobbered ahead of quarter end rebalancing) that a 40-year-old Ohio man, named Joshua Brown, was killed when his 2015 Model S drove under the trailer of an 18-wheeler on a highway near Williston, Florida, sending Tesla stock lower nearly 3%.

In its defense, Tesla said in a blog post that the autopilot didn’t notice the white side of the tractor trailer against a brightly lit sky, so the brake wasn’t applied; the company reported the May 7 incident to National Highway Traffic Safety Administration. Surprisingly, it took the company nearly two months to notify its shareholders of what was a material event to the business model of a company whose "autopilot" feature has been pinned as one of the core growth drivers, pardon the pun; furthermore, a virtually assured outcome of this tragic accident is a costly recall (not to mention litigation) one which will soak up even more of the company's already massive cash burn.

And while the details of the accident are sure to add fuel to the debate over whether self-driving cars are ready for the real world (they are not, especially when the "auto pilot" is merely a gimmick meant to boost the price of an overhyped stock, while masking the inherent flaws of a substandard luxury car by piling on even more hype), the real irony is that Brown, who was killed while using his Tesla Model S’s autopilot feature, had previously praised precisely the same feature and had posted video of Tesla autonomous driving ability helping to save him from a collision.

Joshua Brown died May 7 in a motor vehicle accident, according to an online obituary. The same picture used with that obituary was used on the YouTube account that posted the near miss in April, and as MarketWatch reports a Florida coroner confirmed Thursday that the driver killed in the crash there was named Joshua Brown.

In an image from an online video posted by Brown driving his Tesla Model S.

According to the Google account linked to his YouTube, Brown was the


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“Off The Grid” Indicators Reveal True State Of U.S. Economy

Courtesy of ZeroHedge. View original post here.

By Nick Colas of Convergex

Summary: Our basket of unorthodox economic indicators shows a U.S. economy that is growing, but at a very slow pace and with a notable sense of social unease.  On the plus side, used car prices are defying all expectations by remaining robust – that helps trade-in values for new car purchases.  Dealer inventories of new cars are also in good shape.  Food stamp program participation is trending lower, although +44 million Americans (14% of the total population) still need government assistance to eat.  On the cautionary side of the coin, large pickup truck sales have turned negative – a proxy for small business confidence in a range of industries.  Consumer spending per day is declining, and our Bacon Cheeseburger Index is still flashing a deflationary warning.  Lastly, the FBI reports that there have been 11.7 million background checks for firearm sales through May.  At this rate, total year sales could reach 28 million, versus 8-9 million before the Financial Crisis.

We’ve been doing these “Off the Grid” indicator reports for years, and the most common question we get about them is “Why”?  As in “Why do we care about data points that policymakers don’t talk about?”   And “Why does any of this matter?”

Now we have an example of why: Brexit.  To look at the standard economic talking points, the British people should have been happy to go with the status quo and “Remain”.  Consider these customary measures of employment, inflation, output, and well-being:


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What’s The Car Preference Of Millennials? Bentley – Of Course

Courtesy of ZeroHedge. View original post here.

As many millennials have resorted to living with their parents in order to save on expenses, it turns out that “the other half” are out driving luxury cars.

Millennials (described as ages 19-34) who aren’t living at home are are choosing premium cars and SUVs as their ride of choice ABC News reports. Bentley, the luxury British automaker first noticed the shift a few years ago as millennials starting leasing and financing vehicles such as the Continental GT in 2013, and now millennials account for a stunning 8% of Bentley sales the company said.

Millennials represent an increasingly important customer base. They are the largest potential customer group today, and their influence is greater than simply the money they have to spend. We believe that this generation’s approach to life and social issues will have more impact than merely their money.” said James Pillar, Bentley’s head of marketing. For Bentley, we’re sure money spent buying their cars is the top ranked impact that millennials will have.

Manhattan Motorcars in New York City has sold 33 new Bentleys so far this year, eight of which were sold to millennials the dealership said.

Millennials are looking to set themselves apart. They want to be catered to, and they want a unique experience. They want to make a statement.” said Danielle Weinstein, a salesperson with Manhattan Motorcars. Weinstein posts Bentley videos on a YouTube channel she set up to connect with millennials who have the cash to splurge on a luxury car (the average lease is about $2,400 a month). “Millennials are drawn to social media advertising. They come into the dealership to network. I know social media attracts millennials.” Weinstein added.

AutoTrader.com conducted a study of millennial car buyers and shoppers in 2013 and found that 32% of millennials said they “like to impress people with their lifestyle”, and 40% “like to show off their taste.” In addition, millennials said owning the “best brand” is important to them.

Perfect, young and materialistic – if these millennial Bentley drivers aren’t already employed by a Wall Street firm, we suggest they immediately apply.

The luxury car of choice isn’t just Bentley however, as Audi, Jaguar and Land Rover have all acknowledged an uptick in Millennial business.

“We’ve seen a 23% increase in


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John DeVoy, Former Baupost Director Hired By Loomis Sayles

By Jacob Wolinsky. Originally published at ValueWalk.

John DeVoy, a long time analyst at Seth Klarman’s Baupost Group has left the hedge fund for a position at Loomis Sayles. Devoy formerly worked at Loomis before spending close to ten years at the Boston based hedge fund. The news was announced via a press release from Loomis.  The statement says that DeVoy will be returning to the company “as a dedicated credit strategist for the flagship full discretion team.”

Also see Will Baupost Follow Its Own “North Star”

Baupost Group’s Seth Klarman Sees ’50 Shades of Value’

Devoy was a managing director and later appointed principal sometime around 2008 according to a 2008 letter to investors.

John DeVoy – According to the press release:

John DeVoy was a vice president and high yield credit analyst covering chemicals, telecommunications and convertible bonds at Loomis Sayles from 2000-2002. He returns to Loomis from Boston University, where he was a full-time faculty member of the finance department with responsibilities including MBA Investments, Corporate Finance and Introduction to Finance. Prior to teaching at BU, John was a managing director at The Baupost Group from 2005-2013, where he was responsible for sourcing, analyzing and investing in corporate distressed debt and distressed structured products. John served as senior analyst for a start-up capital structure arbitrage hedge fund at Hammerman Capital Management from 2002-2005. Before his first stint at Loomis Sayles, he was a senior investment analyst at Liberty Mutual from 1995-2000.

John received his Bachelor of Arts degree from Harvard College in 1993 and his MBA with a concentration in finance from Boston College in 1994.

There is a slight discrepancy between the release and the letter on the position DeVoy held at Baupost. The fund did not respond to a request for comment.

The departure and hiring was first reported by Charles Stein of Bloomberg News earlier today.

The full press release can be found here.

John DeVoy

The post John DeVoy, Former Baupost Director Hired By Loomis Sayles appeared first on ValueWalk.

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Defending your liberty with a rifle.

Courtesy of ZeroHedge. View original post here.

“When governments fear the people, there is liberty.  When the people fear the government, there is tyranny.”

-Author unknown, but darn sure historically accurate.

So, many of you probably read James Traub’s article this week.  It seems to have caused quite a stir.

‘Elites’ Called To Arms: “It’s Time To Rise Up Against The Ignorant Masses

I couldn’t help but read it in context with my earlier article, hedgeless_horseman’s Revolutionary Call to Arms.  I hope that many of you read my article and already have started to proceed through the 20 steps in order.  

However, if you are a veteren or active duty military, I invited you to skip to items 15-18, in my article, Never forget? Most veterans don’t give a shit about America’s perpetual warfare.

15.  Research your two senators and one congressman at https://www.opensecrets.org/ Make a list of their 10 biggest donors, and send the list to “your representative” in an email or letter.

16.  Read War is a Racket, by Major General Smedley D. Butler.

17.  Read On Killing: The Psychological Cost of Learning to Kill in War and Society, by Lt. Col. Dave Grossman.

18.  Watch the online video of the TED Talk, A radical experiment in empathy, by Sam Richards.

I certainly don’t see myself as “leadership” per Traub’s use of the term, but I do value truth, and do try to love my neighbor as I love myself.    To that end, I will continue to try to “un-delude the ignorant” (especially myself) with more of what Traub calls, “reason, expertise, and the lessons of history.”  Speaking of the lessons of history, especially in relation to Items 11-12 of my Revolutionary Call to Arms, I would like to reflect for a moment on this passage from the Declaration of Independence before getting to expertice and reason.

“WE hold these Truths to be self-evident, that all Men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness--That to secure these Rights, Governments are instituted among Men, deriving their just Powers from the Consent of the Governed.”

Is that


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The Militarization Of The US Goes Beyond Police Departments”

Courtesy of ZeroHedge. View original post here.

Originally posted at TelesurTV.net,

Nonmilitary federal agencies have spent almost US$1.5 billion on guns, ammunition, and military-style equipment.

 The Internal Revenue Service spent nearly US$11 million on arms.

A new report by a taxpayer watchdog group reveals that the growing militarization in the United States goes beyond police departments by showing how nonmilitary federal agencies are arming themselves like military units.

The report “The Militarization of America” examines government expenditures by 67 federal agencies between 2006 and 2014 and found that they spent US$1.48 billion stockpiling guns, ammunition and other military-style equipment.

“The recent growth of the federal arsenal begs the questions: Just who are the feds planning to battle?” American Tranparency’s Adam Andrzejewski, the author of the report, recently wrote in Forbes.

The report states that “administrative agencies including the Food and Drug Administration, Small Business Administration, Smithsonian Institution, Social Security Administration, National Oceanic and Atmospheric Administration, United States Mint, Department of Education, Bureau of Engraving and Printing, National Institute of Standards and Technology, and many other agencies purchased guns, ammo, and military-style equipment.”

For example, the Internal Revenue Service spent nearly US$11 million arming itself, while the Environmental Protection Agency spent US$3.1 million.

The report also states: “The Animal and Plant Health Inspection Service spent US$4.77 million purchasing shotguns, .308 caliber rifles, night vision goggles, propane cannons, liquid explosives, pyro supplies, buckshot, LP gas cannons, drones, remote controlled helicopters, thermal cameras, military waterproof thermal infrared scopes, and more.”

“As the Obama administration and its allies are pushing hard for an assault weapons ban on private citizens, taxpayers are asking why IRS agents need AR-15s,” wrote report author Andrzejewski. “After grabbing legal power, federal bureaucrats are amassing firepower. It’s time to scale back the federal arsenal.”

*  *  *

Full report below:

Oversight TheMilitarizationOfAmerica 06102016

*  *  *

Are they arming themselves against terrorists or you?





Judicial Watch Demands DOJ Inspector General Probe Into “Scandalous” Lynch-Clinton Meeting

Courtesy of ZeroHedge. View original post here.

The political scandal of the day was the news that on Monday evening (coincidentally just before the Benghazi report was released), Bill Clinton and US Attorney General Loretta Lynch just happened to meet on the tarmac at a Phoenix airport – totally unplanned of course. Clinton saw the attorney general and wanted to say hello, so Clinton boarded Lynch’s plane to talk for a bit. Sure, just a quick chat about the weather, his putting stroke, anything except oh, say, an update on what was about to be released on Benghazi, and especially not an update on the ongoing FBI investigation into Hillary.

Our conversation was a great deal about his grandchildren. It was primarily social and about our travels. He mentioned the golf he played in Phoenix, and he mentioned travels he’d had in West Virginia. There was no discussion of any matter pending for the department or any matter pending for any other body. There was no discussion of Benghazi, no discussion of the State Department emails, by way of example” Lynch told reporters.

While Lynch claims it was a completely random encounter with Hillary Clinton’s husband, even Barack Obama’s former advisor David Axelrod admitted that the meeting created “bad optics”

I take @LorettaLynch & @billclinton at their word that their convo in Phoenix didn’t touch on probe. But foolish to create such optics.

— David Axelrod (@davidaxelrod) June 30, 2016

Sensing an opportunity to drive home a point about the Clintons’ lack of judgment, Trump quickly pounced on the meeting.

“It is an amazing thing,” Trump said during an interview on the Mike Gallagher Show, noting the pair met on an airplane at the Phoenix airport. “It was really a sneak. It was something they didn’t want publicized, as I understand it,” Trump said, regarding the meeting Monday night.  “I think it’s so terrible; I think it’s so horrible. I think it’s one of the big stories of this week, of this month, of this year,” Trump continued.

“How bad a judgment is it for him or for her to do this? Who would do this?” Trump asked.

it won’t end there. Moments ago, conservative watchdog organization Judicial Watch today requested


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Zero Hedge

Belgian F-16 Pilot Ejects Before Fiery Crash, Gets Caught In High Voltage Power Lines

Courtesy of ZeroHedge View original post here.

A Belgian F-16 fighter jet crashed in Northwestern France on Thursday, leaving one of its pilots hanging by his parachute from high voltage electricity lines, according to the BBC

Both pilots had minor injuries after they ejected from the plane, which clipped the roof of a house and crashed in a field near Pluvinger. The pilot stuck in the 250,000 volt power lines was brought down after a two hour rescue operation by French emergency ser...



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Phil's Favorites

Buyer beware: How Libra differs from Bitcoin

 

Buyer beware: How Libra differs from Bitcoin

Recent revelations about the lack of privacy protections in place at the companies involved in Facebook’s new Libra crytocurrency raise concerns about how much trust users can place in Libra. (Shutterstock)

Courtesy of Alfred Lehar, University of Calgary

Facebook, the largest social network in the world, stunned the world earlier this year with the announcement of its own cryptocurrency, Libra.

The launch has raised questions about the difference between Libra and existing cryptocurrencies, as well as the implications of private companies competing with s...



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Digital Currencies

Buyer beware: How Libra differs from Bitcoin

 

Buyer beware: How Libra differs from Bitcoin

Recent revelations about the lack of privacy protections in place at the companies involved in Facebook’s new Libra crytocurrency raise concerns about how much trust users can place in Libra. (Shutterstock)

Courtesy of Alfred Lehar, University of Calgary

Facebook, the largest social network in the world, stunned the world earlier this year with the announcement of its own cryptocurrency, Libra.

The launch has raised questions about the difference between Libra and existing cryptocurrencies, as well as the implications of private companies competing with s...



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Lee's Free Thinking

Look Out Bears! Fed New QE Now Up to $165 Billion

Courtesy of Lee Adler

I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that. The NY Fed announced another round of new TOMO (Temporary Open Market Operations) today.

In addition to the $75 billion in overnight repos that the Fed issued and has been rolling over since Tuesday, next week the Fed will issue another $90 billion. They’ll come in the form of three $30 billion, 14 day repos to be offered next week.

That brings the new Fed QE to a total of $165 billion. Even in the worst days of the financial crisis, I can’t remember the Fed ballooning its balance sheet by $165 bi...



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The Technical Traders

Is A Price Revaluation Event About To Happen?

Courtesy of Technical Traders

Skilled technical traders must be aware that price is setting up for a breakout or breakdown event with recent Doji, Hammer
and other narrow range price bars.  These types of Japanese Candlestick patterns are warnings that price is coiling into
a tight range and the more we see them in a series, the more likely price is building up some type of explosive price breakout/breakdown move in the near future.  The ES (S&P 500 E-mini futures) chart is a perfect example of these types of price bars on the Daily chart (see below).

Tri-Star Tops, Three River Evening Star patterns, Hammers/Hangmen and Dojis are all very common near extreme price peaks and troughs.  The rea...



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Kimble Charting Solutions

India About To Experience Major Strength? Possible Says Joe Friday

Courtesy of Chris Kimble

If one invested in the India ETF (INDA) back in January of 2012, your total 7-year return would be 24%. During the same time frame, the S&P 500 made 124%. The 7-year spread between the two is a large 100%!

Are things about to improve for the INDA ETF and could it be time for the relative weakness to change? Possible!

This chart looks at the INDA/SPX ratio since early 2012. The ratio continues to be in a major downtrend.

The ratio hit a 7-year low a few months ago and this week it kissed those lows again at (1). The ratio near weeks end is attempting to...



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Insider Scoop

10 Biggest Price Target Changes For Friday

Courtesy of Benzinga

  • Credit Suisse raised IHS Markit Ltd (NYSE: INFO) price target from $68 to $76. IHS Markit shares closed at $67.75 on Thursday.
  • Wedbush boosted Restoration Hardware Holdings, Inc (NYSE: RH) price target from $170 to $185. RH shares closed at $169.49 on Thursday.
  • Mizuho lifted Seagate Technology PLC (NASDAQ: STX) price target from $46 to $50. Seagate shares closed at $52.94 on Thursday.
  • UBS raised the price target for Weight Watchers Intern...


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Chart School

Crude Oil Cycle Bottom aligns with Saudi Oil Attack

Courtesy of Read the Ticker

Do the cycles know? Funny how cycle lows attract the need for higher prices, no matter what the news is!

These are the questions before markets on on Monday 16th Aug 2019:

1) A much higher oil price in quick time can not be tolerated by the consumer, as it gives birth to much higher inflation and a tax on the average Joe disposable income. This is recessionary pressure.

2) With (1) above the real issue will be the higher interest rate and US dollar effect on the SP500 near all time highs.

3) A moderately higher oil price is likely to be absorbed and be bullish as it creates income for struggling energy companies and the inflation shock may be muted. 

We shall see. 

...

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Biotech

The Big Pharma Takeover of Medical Cannabis

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

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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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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