Archive for 2017

HUBRIS And HUMILITY

By Investment Master Class. Originally published at ValueWalk.

By Investment Master Class

“Markets taught me humility”  Ray Dalio

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“It can be granted right away that if you have been a brilliant decision-maker, over a long enough period of time, maybe that’s who you are, and it won’t hurt you to walk around feeling brilliant.  But it is a dangerous procedure, for the market has a way of inducing humility in even its most successful students”  Adam Smith, The Money Game

“We think humility is essential, especially concerning the ability to know the future.  Before we act on a forecast, we ask if there’s good reason to think we’re more right than the consensus view already embodied in prices.  As to macro projections, we never assume we’re superior”  Howard marks

“It’s when you’re not humble that you end up doing things that will make you humble.” Francois Rochon

“I would recommend being humble. Be open-minded, and do not be conceited.” Sir John Templeton

Humility is an enormously important quality. You can’t win without it. Survival in the end is where the winners are by de?nition, and survival begins with humility” Peter Bernstein

“If you allow yourself to start thinking you’ve got it all figured out, that’s probably the beginning of the end” Chris Mittleman

“I think the biggest driver for me is humility. By that I mean that I constantly question my thinking on a stock. I am not wed to any particular view” Josh Resnick

“To make money in the markets, you have to think independently and be humble” Ray Dalio

“There’s obviously a balance to maintain between confidence and humility. You have to be humble enough to recognise when you’re wrong. I’m willing to


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America Doesn’t Need Global Perpetual War To Prove We Love Liberty

Courtesy of ZeroHedge. View original post here.

Authored by Joey Clark via TheAntiMedia.org,

I can forgive a man who loses his temper, but to lose one’s temperance lock, stock, and barrel? That is a damnable offense. Without a sense of moderation, even the most courageous and prudent man will fail in his quest for justice and may even become that which he wishes to destroy.

Yet, “moderation” has come to mean something wholly different than temperance in American politics. Rather than restraint, American moderates insist our shared classically liberal ideals call for the prodigal spending of our wealth, as well as bellicose and bloody actions abroad — not only on behalf of the American people but also on behalf of the liberty of all people on the face of the earth.

‘Don’ McCain

Human rights exist above the state and beyond history. They cannot be rescinded by one government any more than they can be granted by another. They inhabit the human heart, and from there, though they may be abridged, they can never be extinguished,” writes Senator John McCain in an op-ed for the New York Times, wherein he chastises Secretary of State Rex Tillerson for suggesting the United States government cannot always act simply with its ideals and values in mind.

That the U.S. must show restraint — a sort of realist, “first do no harm” foreign policy in advancing its ideals with the many diverse nations around the globe – McCain considers to be a type of retreat of American values that can only lead the oppressed peoples of the world to despair that America is no longer their champion.

Our values are our strength and greatest treasure,” McCain writes.We are distinguished from other countries because we are not made from a land or tribe or particular race or creed, but from an ideal that liberty is the inalienable right of mankind and in accord with nature and nature’s Creator.”

Yes, John, America purports to stand for universal human rights and the liberty of all, but does this love of liberty require us to threaten and actually wage war as long as there are monsters abroad to destroy?

Does our zeal for our libertarian ideals really behoove us to be forever tilting at windmills? Or, could this Quixotic quest


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“Peak China”: Chinese Data Misses Across The Board As Housing Bubble Returns

Courtesy of ZeroHedge. View original post here.

Following months of warnings that China’s economy is slowing down as a result of not only a collapse in China’s credit impulse but also tighter monetary conditions, as well as rolling over loan growth which has pressured both CPI and PPI – i.e., the global “reflation trade” – as the following chart from Bloomberg’s David Ingels shows…

… and culminating over the weekend with a warning in no uncertain terms from Citi, which said that at least four key economic indicators are “starting to wave red flags” among which:

  • The Markit PMI is starting to turn over
  • China’s Inflation Surprise Index – a leading indicator to global inflation metric – has posted a recent sharp drop
  • China’s import trade has likewise tumbled after surging recently
  • Chinese Iron Ore imports into Qingado port have plunged

… moments ago China’s National Bureau of Statistics validated the mounting fears, when it reported misses across all key economic categories for the month of April, as follows:

  • Retail Sales 10.7% Y/Y, Exp. 10.8%, Last 10.9%
  • Fixed Asset Investment 8.9% Y/Y, Exp. 9.1%, Last 9.2%
  • Industrial Output 6.5% Y/Y, Exp. 7.0%, Last 7.6%
  • Industrial Production YTD 6.7% Y/Y, Exp. 6.9%, Last 6.8%

Additionally, confirming that China is backsliding into its old, “polluting, excess industrial capacity ways, China’s coal output rose to 294.5m tons last month, or up 9.9% Y/Y despite China’s so-called production curbs for “dirty industries”, even as oil processing declined by 0.6% Y/Y while out output fell 3.7% Y/Y, confirming that more pain may be in store for OPEC as Chinese demand continues to wane, forcing OPEC to cut even more output. In a sliver of silver lining, the NBS also reported that April power output rose +5.4% to 476.7b kwh while natgas output rose +15% to 12.2b cubic meters.

Finally, in yet another indication that Chinese bubble creation and capital misallocation is back front and center, the NBS also reported that new property construction in April surged 482MM square meters, or +11.1%Y/Y for the Jan-April YTD period, while April home sales jumped 7.7% Y/Y.

Bottom line: the economy is once again slowing down as China’s unprecedented excess liquidity is once again focusing on blowing bubbles, whether in old, inefficient industries or more disturbingly, housing.

It also means


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Microsoft Blasts NSA, CIA for “Stockpiling Vulnerabilities”: Criminal Negligence by NSA?

Courtesy of Mish.

A Microsoft blog post on Lessons From Last Week’s Cyberattack blasted the NSA and the CIA for for “stockpiling vulnerabilities” to exploit them rather than report them to Microsoft to be fixed.

The blast was well deserved. In its blog, Microsoft also discusses “shared responsibility” of users not keeping up to date with software. I certainly agree on that point, but there is no excuse for US government agencies to seek out these vulnerabilities and use them without reporting them.

Early Friday morning the world experienced the year’s latest cyberattack.

Starting first in the United Kingdom and Spain, the malicious “WannaCrypt” software quickly spread globally, blocking customers from their data unless they paid a ransom using Bitcoin. The WannaCrypt exploits used in the attack were drawn from the exploits stolen from the National Security Agency, or NSA, in the United States. That theft was publicly reported earlier this year. A month prior, on March 14, Microsoft had released a security update to patch this vulnerability and protect our customers. While this protected newer Windows systems and computers that had enabled Windows Update to apply this latest update, many computers remained unpatched globally. As a result, hospitals, businesses, governments, and computers at homes were affected.

As cybercriminals become more sophisticated, there is simply no way for customers to protect themselves against threats unless they update their systems. Otherwise they’re literally fighting the problems of the present with tools from the past. This attack is a powerful reminder that information technology basics like keeping computers current and patched are a high responsibility for everyone, and it’s something every top executive should support.

Finally, this attack provides yet another example of why the stockpiling of vulnerabilities by governments is such a problem. This is an emerging pattern in 2017. We have seen vulnerabilities stored by the CIA show up on WikiLeaks, and now this vulnerability stolen from the NSA has affected customers around the world. Repeatedly, exploits in the hands of governments have leaked into the public domain and caused widespread damage. An equivalent scenario with conventional weapons would be the U.S. military having some of its Tomahawk missiles stolen. And this most recent attack represents a completely unintended but disconcerting link between the two most serious forms of cybersecurity threats in the world today – nation-state action


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Microsoft Slams NSA For Letting Its Hacking Tools Cause Global Malware Epidemic

Courtesy of ZeroHedge. View original post here.

In early April, when we reported that the hacker group known as the Shadow Brokers had released the password to NSA’s “Top Secret Arsenal” of tools that allowed anyone to “back door” into virtually any computer system (in what it claimed was a protest of Trump’s betrayal), few people noticed. On Friday, however, the entire world did notice when an unknown group of hackers reportedly used the same set of NSA-created tools to launch a global malware cyberattack using the WannaCry ransomware virus, holding at least 200,000 computer systems around the globe hostage, and demanding a payment of $300 in bitcoin to unlock infected computers, or else threatening to wipe out the contents of the host machine.

The crippling, global attack prompted Europol to warn that Monday could be a dark day for an unknown number of Windows XP-based systems which could simply fail to start, leading to massive productivity losses around the globe, while others predicted that the spread of the worm could accelerate in the coming days once the hackers bypass the temporary measure that prevented further distribution of the worm over the weekend.

Meanwhile, on Sunday afternoon, Microsoft itself got involved in the global hacking scandal and criticized the NSA for its role in spreading the WannaCry epidemic; specifically the tech giant urged governments to use and store their cyber warfare tools responsibly.

“We have seen vulnerabilities stored by the CIA show up on WikiLeaks, and now this vulnerability stolen from the NSA has affected customers around the world,” Microsoft President and Chief Legal Officer Brad Smith wrote in a blog post this afternoon. “This attack provides yet another example of why the stockpiling of vulnerabilities by governments is such a problem.”

Ahead of the Shadow Brokers’ leak of the NSA hacking tools, Microsoft had released a patch against the vulnerability one month prior, on March 14, which indicates that the company was notified by the US intelligence agency that their tools using that particular backdoor had been compromised. However, older, unsupported operating systems such as Windows XP were not included in the update, in addition to millions of used who do not update their systems regularly. As a result, the WannaCry malware infected more than 200,000 unpatched computers, and was threatening to spread to countless


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The European Commission doesn’t agree with the ECB …

Courtesy of ZeroHedge. View original post here.

Jean-Claude Juncker - European Commission

In the Eurozone it’s not just the European Central Bank which publishes its forecasts on a regular basis, but the European Commission also releases its own expectations. And those don’t necessarily agree with the ECB’s assessments!

In its Spring Economic Forecast, which was released last week, the EC is now clearly more positive about the outlook in the Eurozone as the Commission increased its GDP growth expectations by 0.1% to 1.7%, although it’s still warning for downside. This downside could be related to the decrease in inflation expectations. Yes, the official inflation rate will increase from 0.2% in 2016 to 1.6% in 2017 (thanks to the higher oil and gas prices), but according to the Commission, the inflation will start to trend down again and will fall back to 1.3% next year.

European Commission 1

Source: ec.europa.eu

That’s an interesting view, and it shines a completely different light on the statement of the ECB, which was also released last week. As the ‘hard data’ coming out of the Eurozone are pointing in the direction of a continuously strengthening economy (with the factory orders in Germany finally picking up whilst the Netherlands and France saw a 4% and 3.5% increase in  their manufacturing production results), the ECB was finally starting to think about reducing its monthly purchases of securities on the open market.

European Commission 2

Source: ec.europa.eu

There has been a lot of chatter lately about ‘normalizing’ the monetary policy, but the expected parameters used by the Commission might cause the ECB to ‘re-think’ its plans. The unemployment rate on the Eurozone will remain relatively high at 8% in 2017 and 7.8% in 2018 and when you compare this to the much lower unemployment rate in the USA (less than 4.5%) it’s clear the situation in the Eurozone isn’t nearly as good as in the United States. Keep in mind we have no details on the underemployment rate in the Eurozone (compared to the USA), and whilst we would expect the ratio of underemployed people to be lower, we think the total percentage of unemployed and underemployed people will be in excess of 10% in the Eurozone.


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Chris Martenson Warns “Humans Are Heading Towards Disaster”

Courtesy of ZeroHedge. View original post here.

Authored by Chris Martenson via PeakProsperity.com,

It’s time to be blunt: Humans are headed towards disaster. 

Most of us already know this.  Some consciously, others unconsciously.

Those aware to the many predicaments we face may understand them intellectually, such as through the data provided in The Crash Course. Or they may sense them intuitively as a feeling in their gut that “something is wrong.” Many experience a combination of both.

Those operating at the unconscious level may only experience a pervasive sense of dread encroaching into their lives.  Many of these people are confused because they are aware of the context and are increasingly either checking out via numbing behaviors such as drinking and opioid addiction, or they’re acting out via violence and protest.

No matter if it’s consciously or unconsciously, everybody who ‘knows’ that something is terribly wrong is correct.

A Very Different Future

The data is obvious and the logic is clear. We cannot continue as we have been. The system is simply unsustainable.

Unfortunately, “continuation” is the one and only plan of the state. Let’s get back on track doing what we always have been (and use increasingly blunt techniques to saturate the populace with this message).  That’s the whole plan.  It boils down to: More of the same.

But ‘the same’ is killing the planet.

Species are disappearing at horrifying rates that have few comparisons over the past 500 million years. Soil washes to the sea creating dead zones, while humans and the animals they eat are now 95% of the terrestrial animal biomass.

Oceans are acidifying, causing phytoplankton to disappear. Glaciers are melting and sliding away, with those in Greenland and Antarctica contributing to sea level rise, a phenomenon that is not somewhere out in the future, but right here, right now.

Via Bloomberg:

The impact [of sea level rise] is already being felt in South Florida. Tidal flooding now predictably drenches inland streets, even when the sun is out, thanks to the region’s porous limestone bedrock.

Saltwater is creeping into the drinking water supply. The area’s drainage canals rely on gravity; as oceans rise, the water utility has had to install giant pumps to push water out to the ocean.

That’s not a future scenario, that’s right now.  When utilities are installing giant pumps,


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Speculators Have Made Massive Position Adjustments In The Last Few Weeks

Courtesy of ZeroHedge. View original post here.

While equity volatility has collapsed to record lows (amid the biggest increase in net VIX shorts in 9 months), positioning across bond, FX, money market, and commodity markets has been shifting massively in recent weeks.

As US Macro data has crashed to its weakest and most negative in 12 months…

US equity complacency has hit record lows…

As Speculators add to VIX shorts by the most in 9 months…

But as traders dump equity protection they are surging into safe havens like bonds. 10Y Treasury specs are the longest since Dec 2007

But aggregate Treasury complex positioning (in 10Y equivalents) shifted back into bearish territory in the last two weeks as Eurodollar shorts (bets on rate hikes) increased back near record shorts

However, while Eurodollar shorts (rate hike bets) have increased, it appears traders are shifting the timing further out as open interest shifts notably further out and call options (implicitly betting on lower rates, not higher) are dominating trading in recent days (as economic data crashes)…

And as rate hike expectations drop, so net USD longs tumble to the lowest since September 2016…

With EUR positionig has soared back into a long position (the longest since May 2014)

As Loonie net shorts hit an all-time record high

And Sterling net shorts are the lowest since Brexit

And while Chinese raw materials prices have been plunging (and crude stabilizing, near lows), NatGas futures positioning has surged to a net long for the first time since December 2006

That’s a lot of major market moves considering how ‘dead’ stocks are… for now.





North Korea: Latest Missile Test Successful, Can Deliver “Nuclear Warheads”

Courtesy of ZeroHedge. View original post here.

Two days after the latest provocative missile test by North Korea, in which it launched a “new type” of ballistic missile, one which experts warned had a substantially longer range than any existing rocket North Korea had fired, on Monday morning North Korea announced that it had successfully conducted a mid-to-long range missile test on Sunday supervised by leader Kim Jong Un which was aimed at verifying the capability to carry a “large scale heavy nuclear warhead.”

The country’s KCNA news agency further said that the Hwasong-12 missile was launched at the highest angle so as not to affect the security of neighboring countries and flew 787 kilometers reaching an altitude of 2,111.5 kilometers.

In an earlier article, we explained how and why the ballistic missile used may have been the most advanced one tested by North Korea yet.

For those who may have missed it, here it is again: “North Korea’s Latest Ballistic Missile Was A “New Type” With Dramatically Longer Range

After North Korea provoked both its neighbors and the US when on Sunday morning it fired off yet another ballistic missile from Kusong near the border with China  – one which this time did not explode upon launch  – just days after the election of a new South Korean president who ironically advocates more engagement with Pyongyang, experts said the missile appeared to be a new type of ballistic missile, and had a far greater range than any other weapon North Korea has successfully launched.

According to Japanese Defense Minister Tomomi Inada, the missile rose to a height of about 2,000 kilometers, a much steeper trajectory than usual for a North Korean missile test. She also confirmed that officials were looking into the possibility that it was a “new type of ballistic missile.” Japan’s cabinet secretary, Yoshihide Suga, said the missile traveled for about 30 minutes and landed 700 kilometers east of the launch site. A spokesman for South Korea’s Joint Chiefs of Staff estimated the distance at 435 miles.

Cited by the WSJ, independent experts said the missile, if fired at a conventional angle, could have flown 2,800 miles—far enough to reach the U.S. military base in Guam.

That is a “considerably longer range than its current missiles,” said David Wright, co-director of the


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Putin Plays Soviet Classics On Badly Tuned Piano During China Silk Road Summit

Courtesy of ZeroHedge. View original post here.

Sunday’s celebration of China’s grand $1 trillion Silk Road infrastructure plan, three years in the making (detailed earlier), had several somewhat bizarre subplots.

  • First, just hours before the summit opened, North Korea launched its latest ballistic missile, provoking Beijing and further testing the patience of China, its chief (former) ally. Ironically, the United States had complained to China on Friday over the inclusion of a North Korean delegation at the event.
  • Second, in a sign that China’s rampant, credit-fuelled growth is making some just a tad uneasy, some Western diplomats expressed unease about both the summit and the plan as a whole, seeing it as an attempt to promote Chinese influence globally according to Reuters.
  • Third, and the biggest surprise of the day, was India, the world’s fastest growing nation and the second most populous in the world, which did not even bother to send an official delegation to Beijing and instead criticised China’s global initiative, warning of an “unsustainable debt burden” for countries involved.

Meanwhile, in a more entertaining interlude, Russian President Vladimir Putin, also present in Beijing for the Silk Road event, decided to show off his softer side when he sat down to play piano on Sunday.

According to AP, after speaking at the summit in the morning, Putin headed to meet Chinese President Xi Jinping at his residence. While waiting at a state guesthouse, Putin sat down at a grand piano and played two tunes: “Evening Song,” by Vasily Solovyov-Sedoi, and “Moscow Windows,” by Tikhon Khrennikov.

Putin is habitually late for meetings, but this time he was the one who was made to wait, Russian news agencies said. So, Putin played some songs on Xi’s piano. Russian state television showed excerpts of at least two tunes he played — “Moscow Windows” and “City on the Free Neva” — both Soviet classics.

Putin has demonstrated his music talents before. In 2010, he took the stage at a charity concert with a jazz band to play and sing “Blueberry Hills.”

It was a departure for the president who, as the NYT put it, “has ridden shirtless on a horse in Siberia, piloted a hand glider with migratory birds, swum with dolphins, tossed judo opponents, and dived into the depths


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Phil's Favorites

What kind of Brexit will Britain now 'get done' after Boris Johnson's thumping election win?

 

What kind of Brexit will Britain now ‘get done’ after Boris Johnson’s thumping election win?

Courtesy of Tom Quinn, University of Essex

The Conservatives’ victory in the UK general election is at once a decisive moment of clarity and a harbinger of uncertainty. Prime Minister Boris Johnson called the election with a pledge to “get Brexit done”, and with his newly-won parliamentary majority, he is now in a position to do just that.

The shape of Brexit has already been defined by the withdrawal agreement Johnson negotiated with the EU in October. It en...



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Zero Hedge

Bianco: Mom-And-Pop Aren't The Ones Getting Suckered By FOMO

Courtesy of ZeroHedge View original post here.

Authored by Jim Bianco via Bloomberg.com,

The current bull market is historic. According to Goldman Sachs Group Inc., it’s been 10.7 years since the last 20% correction, the longest such run in more than 120 years. In 2019 alone, the S&P 500 Index has surged more than 25%, with recent gains being attributed in part to investors chasin...



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Kimble Charting Solutions

Euro Breakout In Play? Gold Bulls Sure Hope So!

Courtesy of Chris Kimble

The Euro has spent much of the past 2 years trading in a down-trend.

Though precious metals like Gold have fared well, this has been a bit of a headwind because it means that the US Dollar has remained firm.

Big Test In Play for the Euro

The Euro is testing a confluence of important support just as the downtrend is narrowing and ready for a “break”. That support includes lower falling wedge support and the Euro’s long term up-trend support line (see points 1 and 2).

If the Euro can succeed in breaking out at (3), it would be bullis...



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Insider Scoop

8 Healthcare Stocks Moving In Friday's Pre-Market Session

Courtesy of Benzinga

Gainers
  • Sarepta Therapeutics, Inc. (NASDAQ: SRPT) stock surged 36.4% to $137.00 during Friday's pre-market session. The market value of their outstanding shares is at $6.1 billion. The most recent rating by Janney Capital, on December 13, is at Buy, with a price target of $175.00.
  • GlaxoSmithKline, Inc. (NYSE: GSK) shares surged 1.1% to $46.44. The market value of their outstanding shares is at $112.9 billion. According to the most recent rating by UBS, on November 21, the current rating is at Buy.
  • AstraZeneca, Inc. (NYSE: ...


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Digital Currencies

Three Men Arrested In NJ For Running Alleged $722 Million Crypto Ponzi Scheme

Courtesy of ZeroHedge View original post here.

Authored by Kollen Post via CoinTelegraph.com,

United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of alleged crypto ponzie scheme BitClub Network, per a Dec. 10 announcement from the Dep...



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Lee's Free Thinking

Chart Shows the Fed Ramping Up Not QE - Funding Almost All Treasury Issuance

 

Chart Shows the Fed Ramping Up Not QE – Funding Almost All Treasury Issuance

Courtesy of Lee Adler, Wall Street Examiner 

The Fed is ramping up “Not QE” .

The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

It also did $107 billion in gross new repo loans to Primary Dealers to buy Tre...



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Chart School

Silver stock taking the sector higher

Courtesy of Read the Ticker

As the US economy begins to show late cycle characteristics like: GDP slowing, higher inflation, higher wage costs, CEO confidence slump. 
Previous Post: Gold Stocks Review

The big players in the market are looking for the next swing off good value lows. This means more money is finding it way into the gold and silver sector, and it is said gold and silver stocks actually lead the metal prices. The cycle below shows prices are ready to move in the months ahead (older chart re posted).




 

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Members' Corner

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

 

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

By Matt Wilstein

Excerpt:

Sacha Baron Cohen accepted the International Leadership Award at the Anti-Defamation League’s Never is Now summit on anti-Semitism and hate Thursday. And the comedian and actor used his keynote speech to single out the one Jewish-American who he believes is doing the most to facilitate “hate and violence” in America: Facebook founder and CEO Mark Zuckerberg.

He began with a joke at the Trump administration’s expense. “Thank you, ADL, for this recognition and your work in fighting racism, hate and bigotry,” Baron Cohen said, according to his prepared...



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The Technical Traders

VIX Warns Of Imminent Market Correction

Courtesy of Technical Traders

The VIX is warning that a market peak may be setting up in the global markets and that investors should be cautious of the extremely low price in the VIX. These extremely low prices in the VIX are typically followed by some type of increased volatility in the markets.

The US Federal Reserve continues to push an easy money policy and has recently begun acquiring more dept allowing a deeper move towards a Quantitative Easing stance. This move, along with investor confidence in the US markets, has prompted early warning signs that the market has reached near extreme levels/peaks. 

Vix Value Drops Before Monthly Expiration

When the VIX falls to levels below 12~13, this typically v...



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Biotech

Why telling people with diabetes to use Walmart insulin can be dangerous advice

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

 

Why telling people with diabetes to use Walmart insulin can be dangerous advice

A vial of insulin. Prices for the drug, crucial for those with diabetes, have soared in recent years. Oleksandr Nagaiets/Shutterstock.com

Courtesy of Jeffrey Bennett, Vanderbilt University

About 7.4 million people ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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