Archive for 2017

Book Review – A Man for All Markets, By Ed Thorp

By Thecharlieton. Originally published at ValueWalk.

A Man for All Markets, By Ed Thorp By Jesse Koltes,

When I was eight years old, my dad caught me trying to cheat at blackjack.

“People get shot for doing that,” he said. If I wanted to win, he told me I needed to count cards. My dad became calm as he methodically explained a simplified counting method involving the five card.

Even as a boy, I sensed his fascination, and caught an early glimpse of my dad’s gambling streak. I wanted to connect with him about whatever this was.

Seeing that I wasn’t quite following, and still reeling from the casual death threat, my dad handed me a dog-eared copy of Ed Thorp’s book Beat the Dealer, and said that that was how he had learned.

Twenty years later, Ed Thorp’s autobiography, A Man for All Markets, was the only book Charlie Munger recommended at the 2017 meeting of the Daily Journal Corporation. That recommendation was my most important takeaway from the 4-hour affair. *

While Mr. Munger’s own comments from the meeting are worth reading, I’d suggest reading Thorp’s book first. In many ways, Thorp is a second Charlie in terms of both intellectual power and scope, which is perhaps the highest praise I could offer another person. Thorp’s book is chock- full of knotty lessons for investors, thinkers, and business people, but because Thorp is far less well covered than Munger, many of these ideas felt new and let me see them with fresh perspective.

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Charlie Munger Ed Thorp

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My biggest takeaways are below.

Extreme Knowledge and Circles of Competence

“We often find that winning systems go almost ridiculously far in maximizing or minimizing one or a few variables” – Charlie Munger

“I’m no genius. I’m

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New York Set To Be First State With ‘Free’ Tuition At Public Colleges

Courtesy of ZeroHedge. View original post here.

A last minute budget negotiation late Friday pretty much ensures that New York will be the first state to offer ‘tuition-free’ public higher education to its entitled snowflakes.  The $163 billion state budget agreement includes the Excelsior Scholarship, which covers tuition for any New Yorker accepted to one of the state’s community colleges or four-year universities, provided their family earns less than $125,000 a year.

Of course, for politicians, ‘free’ is just a nice way of saying they’re about to jam more taxes down the throats of working Americans to cover the cost of services they may or may not use personally.

Free College

The scholarship program will be phased in over three years, beginning for New Yorkers making up to $100,000 annually in the fall of 2017, increasing to $110,000 in 2018, and reaching $125,000 in 2019. Nearly 1

million families will qualify for the scholarship.

It is a last-dollar program, meaning the state would cover any tuition left over after factoring in federal Pell Grants and New York’s Tuition Assistance Program. Students must be enrolled in college full time and take at least 30 course credits a year, though those facing hardships can pause and restart the program or take fewer credits.

As the Washington Post points out, the program is expected to cost New York taxpayers $163 million in its first year and, like all other entitlements, will only grow over time. 

Proposed by Gov. Andrew M. Cuomo in January, the scholarship taps into one of the Democratic Party’s most popular ideas and advances a bipartisan movement to lower the cost of college that is taking shape across the country.

“Today, college is what high school was — it should always be an option even if you can’t afford it,” Cuomo said in a statement Saturday. “With this program, every child will have the opportunity that education provides.”

Not much changed from the initial proposal, including the $163 million estimated cost for the first year of the program, though there were concessions to win over lawmakers. Award recipients attending community college now have to remain in New York for two years after graduation, while those at state universities must stay for four years. Private universities, whose leaders said the plan would undermine their schools,

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Weekly Market Recap Apr 9, 2017

Courtesy of Blain.

2 items of interest before we begin:

  • We will be emailing out a quick reader survey this week; this will be the first time it will be sent in email format and the first reader survey since we’ve changed to our weekly format.  Please take a moment to grade the content of our weekly content, thanks!
  • For those interested in forex trading, (sister site to us here at and has published its first annual forex broker review. There were 20 international fx brokers included and a total of 5,236 data points assessed.

It was another week of “modest moves” in a year that thus far has been completely full of them.  The lack of volatility in 2017 has been both striking and at times record breaking.  (last week we noted the daily S&P change of 0.3% was the lowest since the late 1960s!).  For the week,  the S&P 500 shed 0.3% and the NASDAQ 0.6%.  Wednesday was the one day of significant volatility as solid early gains due to the ADP private sector employment data (+263K jobs created) was offset by selling following the release of the Federal Reserve minutes.  Futures slid Friday on the Syrian strike but recovered much of that before markets opened in the U.S. Friday.   No war of words at the Trump-Xi summit this week as both leaders projected everything as hunky dory.

This week’s review of some significant economic indicators:

  • Monday, ISM manufacturing for March fell to 57.2 from 57.7, though the employment index hit a six year high. A reading of 50 indicates economic expansion.
  • Tuesday, the February U.S. trade deficit shrank almost 10% to $43.6 billion , aided by an increase in exports to a 26-month high and a plunge in imports of automobiles and cellphones.
  • Wednesday, ISM non manufacturing for March fell to 55.2 from 57.6.
  • Friday, government data said employment was a big miss at just 98,000 jobs created (expectations were about 180,000 gained); but some analysts blamed weather.  Whatever the case reading too much into any 1 data point

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Bizarro World: Some Republicans Now Defending “Failing” ObamaCare

Courtesy of ZeroHedge. View original post here.

For months now we’ve warned, as have many prominent Republican legislators, that Obamacare is on the verge of collapse (see “Obamacare On “Verge Of Collapse” As Premiums Set To Soar Again In 2017“). 

It’s not that shocking really as the fundamental concept behind the legislation made it doomed from the start.  The idea was that, out of an abundance of compassion for their elders, young, healthy millennial families would fork up $10s of thousands of dollars each year to purchase health insurance they didn’t really need.  Those premiums would then be used to subsidize care for the elderly who consume more than their “fair share,” to quote Obama.

Unfortunately, the basic math skills of our young millennials turned out to be better than the Obama administration had planned for and they figured out they were better off just paying the Obamacare tax to the IRS than paying the larger Obamacare ‘tax’ associated with buying a service they never use.  This “adverse selection bias” left risk pools way worse than insurers planned, which drove premiums even higher, which forced even more young people to ditch their insurance and the cycle will continue until the system ultimately fails.

In fact, as we pointed out last week, Knoxville, TN could be ground zero for the Obamacare explosion as it’s 40,000 residents live in a county that has been left with no healthcare options for the 2018 plan year after Humana pulled out of exchanges there.

And, with the fate of Obamacare all but sealed, you can imagine our shock to learn that several House Republicans are now apparently warming up to the legislation.

One such person is Patrick McHenry of North Carolina who says that any efforts of the Trump administration to lure votes from the Freedom Caucus by relaxing rules to allow insurance providers to charge people with pre-existing conditions higher premiums would be a “bridge too far” for some more moderate Republicans.  Per The Hill:

Rep. Patrick McHenry (R-N.C.), the GOP’s chief deputy whip, said Wednesday that the Freedom Caucus’s calls for states to be able to apply for waivers to repeal pre-existing condition protections are “a bridge too far for our members.”

Those ObamaCare protections include what is known as community rating, which prevents

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Undervalued Continental Materials Corp Trading At 25% Discount to TBV

By The Acquirer’s Multiple. Originally published at ValueWalk.

One of the cheapest stocks in our Acquirer’s Multiple, Small & Micro Cap – Stock Screener is Continental Materials Corporation (NYSEMKT:CUO). With a market cap around $34 million, few investors have ever heard of this undervalued nano-cap.

Continental Materials Corporation (Continental) produces and sells heating, ventilation, and air conditioning (HVAC) products; and construction products in North America. It operates in two groups, HVAC Industry Group and Construction Products Industry Group. The HVAC Industry Group offers gas-fired wall furnaces, console heaters, and fan coils, as well as evaporative coolers. The Construction Products Industry Group produces and sells concrete, aggregates, and construction supplies; and hollow metal doors, door frames and related hardware, wood doors, lavatory fixtures, and electronic access and security systems.

Continental flies under the radar of most institutions simply because of its size and its thinly traded shares. In fact, there are no analysts currently covering the company.

A quick look at the company’s share price over the past twelve months shows the stock has risen 55% to $20.15 and 35% off its 52 week high.

(Source: Google Finance)

Latest Results

Continental recently released its FY2016 results. The company reported net income of $3,686,000, or $2.21 per share for the 2016 fiscal year on sales of $151,592,000 compared to net income of $1,413,000, or 85 cents per share and sales of $136,835,000 for FY2015. That equates to a revenue increase of $14,757,000 or 10.8% compared to 2015.

The most significant increase was generated by the company’s Concrete, Aggregates and Construction Supplies (CACS) segment which reported a 21.3% growth in sales. Continental is benefiting from stronger construction markets in Colorado Springs and Pueblo as well as increased pricing in both markets.

Sales in the Heating and Cooling segment also increased by 6.0% as both furnace and fan coil sales exceeded prior year levels. Sales in the Evaporative Cooling segment improved marginally while sales in the Door segment were relatively flat.

The company’s consolidated gross profit ratio in 2016 increased to 20.7% from 18.7% in 2015 as all segments showed improvement; more so in the CACS segment and to a lesser extent in the Door, Evaporative Cooling and Heating and Cooling segments.

Growing Revenues

A quick look at the company’s annual income statements below over the past few years shows that Continental has a compound annual growth rate of 7.7% in revenues since 2013. At…
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Eric Peters Calls it: “The Change Of Change Is Now Negative”

Courtesy of ZeroHedge. View original post here.

Ahead of what we hope will be a relatively quiet week following the juggernaut from the past 7 days, we present readers with another excerpt from the latest weekly note from Eric Peters, CIO of One River, which is not only appropriate in the context of recent observation by UBS, involving the sudden collapse of the global credit impulse, but far more importantly, may be critical for those who are in the business of timing key market inflection points.

From Weekend Notes by Eric Peters

“The change of change is now negative,” said the CIO.

“Global growth is still rising, but the rate of improvement is slowing,” he explained. “Same holds true for global inflation, oil prices, copper, iron ore. Credit growth is slowing in the US, Europe, Japan, China.”  If these things were all contracting, we’d plunge into recession, but we’re not there. We’re simply at the point in the cycle where the rate of acceleration is slowing – which is both evidence of a pause, and a precondition for every major turn.

“The last time we had a major shift in the change of change was a year ago.” In Jan/Feb 2016, China was imploding. Commodity prices were tanking with equity markets, the dollar soared alongside volatility. Then China unleashed explosive credit stimulus, while the Fed blinked, guiding forward interest rates dramatically lower.

Within a short time, the change of change turned positive. Which is not to say things immediately accelerated, it’s just that they started contracting more slowly. And that marked the time to buy.

“Pretty much everything that happened in 2016 can be explained by two things; China and oil prices,” he said. “Literally, that’s it.”

China’s stimulus-induced rebound and the oil price recovery is all that mattered.

“Brexit was a joke. Trump was a joke. In fact, the only real significance of those events was that they provided investors with opportunities to jump on board the reflation trade at back near Q1 prices.” The reflation trade quietly began in the Q1 collapse, and accelerated off the extreme post-Brexit summer lows in global interest rates.

“That’s what made last year remarkable. Even investors who missed the first opportunity, had two chances to make a lot of

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Bill Miller – The question is not growth or value, but where is the best value?

By The Acquirer’s Multiple. Originally published at ValueWalk.

One of our favorite investors at The Acquirer’s Multiple – Stock Screener is Bill Miller.

Miller served as the Chairman and Chief Investment Officer of Legg Mason Capital Management and is remembered for beating the S&P 500 Index for 15 straight years when he ran the Legg Mason Value Trust.

One of the best resources for investors are the Legg Mason Shareholder Letters. One of the best letters ever written by Miller was his Q4 2006 letter in which he discussed the end of his 15 year ‘winning streak’ and how too many investors miss the most important aspect of investing by focusing on value or growth. Miller writes, “The question is not growth or value, but where is the best value?” It’s a must read for all investors.

Here’s an excerpt from that letter:

Bill Miller

422737 / Pixabay

Calendar year 2006 was the first year since I took over sole management of the Legg Mason Value Trust in the late fall of 1990 that the Fund trailed the return of the S&P 500. Those 15 consecutive years of outperformance led to a lot of publicity, commentary, and questions about “the streak,” with comparisons being made to Cal Ripken’s consecutive games played streak, or Joe DiMaggio’s hitting streak, or Greg Maddux’s 17 consecutive years with 15 or more wins, among others. Now that it is over, I thought shareholders might be interested in a few reflections on it, and on what significance, if any, it has.

A common question I’ve gotten is whether I am in some sense relieved that it is over. The answer is no. Active managers are paid to add value over what can be earned at low cost from passive investing, and failure to do that is failure.

We underperformed the S&P 500 in 2006 and did not add value for our clients and shareholders. It is little consolation that most mutual fund managers failed to beat the index in 2006, or that most managers of US large- capitalization stocks fail to outperform in most years, or that under 25% of them can outperform over long periods such as 10 years, or that the next longest streak among active managers going into 2006 – 8 years – also ended this year, or that it is believed that no one else has outperformed for 15 consecutive calendar years.

(1) We are paid to do a job and we didn’t do it this…
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Cliff Asness – Investing Strategies Can Still Work Even If Everyone Knows About Them, Here’s Why

By The Acquirer’s Multiple. Originally published at ValueWalk.

One of our favorite investors at The Acquirer’s Multiple – Stock Screener is Cliff Asness.

Asness is the Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He’s also an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal and The Journal of Finance. He’s received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, in 2002, 2004, 2005, 2014 and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year’s best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers’ Choice Award.

One of the best resources for investors is Cliff’s Perspective on the AQR Capital Management website where Asness writes a number of articles to help investors. One of our favorite articles is titled, How Can a Strategy Still Work If Everyone Knows About It? It’s an article that answers one question that a lot of investors ask and that is, “If everyone knows about an investing strategy that works, can it continue to work? This article also appeared in the September 2015 issue of Institutional Investor, and it’s a must read for all investors.

Here’s an excerpt from that article:

HypnoArt / Pixabay

Some assert that once a strategy is “discovered” it can’t work anymore. Others, often implicitly, assume the future will look as wonderful as the past. Perhaps not surprisingly, we stake out a middle ground. We’re going to argue that certain well-known classic strategies that have worked over the long term will continue to work going forward, though perhaps not at the same level and with different risks than in the past.[1] We will focus on classic “factor”-type strategies.[2] Our favorites won’t shock anyone. They are things like value, momentum, carry and quality/defensive.[3] Of these, we’ll use value investing as a common example throughout this discussion.

We don’t consider these classic strategies to be “alpha” in the traditional sense. However, there can be better or worse versions of them, and creating new, better versions is certainly a form of alpha (this can lead to great semantic battles).[4] Still, to be real alpha something has to be known to only a modest…
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Second-Order Consequences of Self-Driving Vehicles

Courtesy of ZeroHedge. View original post here.

Authored by Mish Shedlock via Mish Talk,

Benedict Evans, a blogger who works for a venture capital firm that invests in technology, has an interesting article on the shift to electric and self-driving vehicles.

Please consider snips from Cars and Second Order Consequences by Benedict Evans.

There are two foundational technology changes rolling through the car industry at the moment; electric and autonomy. Electric is happening right now, largely as a consequence of falling battery prices, while autonomy, or at least full autonomy, is a bit further off – perhaps 5-10 years, depending on how fast some pretty hard computer science problems get solved.

Both electric and autonomy have profound consequences beyond the car industry itself. Half of global oil production today goes to gasoline, and removing that demand will have geopolitical as well as industrial consequences. Over a million people are killed in car accidents every year around the world, mostly due to human error, and in a fully autonomous world all of those (and many more injuries) will also go away.

However, it’s also useful, and perhaps more challenging, to think about second and third order consequences. Moving to electric means much more than replacing the gas tank with a battery, and moving to autonomy means much more than ending accidents.

Electric Discussion

In regards to electric, Evans points out 150,000 gas stations while noting cigarette purchases and snacks are the way most of those stores make their money.

What happens to those stations?

On September 29,2015, Elon Musk said Tesla Cars Will Reach 620 Miles On A Single Charge “Within A Year Or Two,” Be Fully Autonomous In “Three Years”.

How’s that prediction working out?

On March 30, 2016, Bloomberg noted Tesla Model 3 Electric Car Seen Getting 225 Miles Per Charge and we are not there yet. Business insider a month later suggested a range of 215 miles.

Quartz reports Tesla’s cheaper, more powerful battery cell is the perfect embodiment of its factory model.


A Tesla presskit says their “Supercharger network covers major routes in North America, Europe, and Asia Pacific. There are more than 3,000 Superchargers worldwide.”

Their click here link for Supercharger locations turn up “404 page not found”.

Tesla says their Supercharger can

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How U.S. LNG Transformed The Market

Courtesy of Nick Cunningham,

The global market for LNG is changing quickly, spurred on by new sources of supply from U.S. shale.

U.S. natural gas production surged over the past decade, as fracking opened up a wave of new gas supply. That wave led to a glut and a crash in prices long before shale drillers did the same for oil. The U.S. was sitting on massive volumes of gas that routinely traded as low as $2 or $3 per million BTU (MMMBtu).

At the same time, Asian consumers – mainly Japan, South Korea and increasingly China – paid a hefty premium to import gas, with prices spiking close to $20/MMBtu following the Fukushima meltdown in 2011 that left Japan painfully short of functioning electricity capacity.

That presented U.S. gas companies with a straightforward arbitrage opportunity – export cheap American gas to Asia, selling it for a much higher price. The race to build LNG export terminals was on.

But by the time the first LNG export terminal in the U.S. came online in 2016, the gas market was radically changed. On the demand side, Japan – the largest LNG importer in the world – was no longer desperate for gas imports in the same way that it was back in 2011 and 2012. New renewable energy, a monumental efficiency campaign, and a greater reliance on coal cut into gas demand. China’s gas demand has also grown slower than expected.

The effects on the supply side of the equation are arguably much more significant. LNG export capacity around the world has surged in recent years, hitting 340 million tonnes per annum (mtpa) in 2016, up from 278.7 mtpa at the end of 2011, an increase of 20 percent. New megaprojects have come online, including Chevron’s Gorgon LNG project in Australia. A whopping 879 mtpa of new export capacity has been proposed for the future, although much of that probably won’t be constructed now that the market is oversupplied.

Surging supply and disappointing demand caused prices to come down from their peaks. Spot prices in East Asia – the Platts JKM marker – hit $19.42/MMBtu in March 2014. By 2016, Japan only paid an

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Phil's Favorites

Trump and the problem with pardons


Trump and the problem with pardons

Courtesy of Andrew Bell, Indiana University

As a veteran, I was astonished by the recent news that President Trump may be considering pardons for U.S. military members accused or convicted of war crimes. But as a scholar who studies the U.S. military and combat ethics, I understand even more clearly the harmful long-term impact such pardons can have on the military.

My researc...

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Zero Hedge

Silver Specs Signal It's Time To Start Buying

Courtesy of ZeroHedge. View original post here.

Authored by John Rubino via,

The gold futures market took a big step towards bullish — or at least neutral — in the past week. Speculators (usually wrong at big turning points) scaled back their long bets while commercials (usually right at turning points) reduced their net short positions.


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Insider Scoop

Jefferies Sees 60-Percent Upside In Aphria Shares, Says Buy The Dip

Courtesy of Benzinga.

After a red-hot start to 2019, Canadian cannabis producer Aphria Inc (NYSE: APHA) has run out of steam, tumbling more than 31 percent in the past three months.

Despite the recent weakness, one Wall Street analyst said Friday that the stock has 30-percent upside potential. 

The Analyst

Jefferies analyst ... more from Insider

Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...

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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!

Alistair Williams Comedian youtube

This is a classic! ha!

Fundamentals are important, and so is market timing, here at we believe a combination of Gann Angles, ...

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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control


Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...

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DNA as you've never seen it before, thanks to a new nanotechnology imaging method

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


DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University


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More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...

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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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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism


The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...

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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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Free eBook - "My Top Strategies for 2017"



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

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:


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


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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>