Archive for 2017

The Art And Science of Successful Investing

By Investing Caffeine. Originally published at ValueWalk.

As I described in my book, How I Managed $20,000,000,000.00 by Age 32, I believe successful investing is achieved by integrating aspects of both art and science. The science aspect of investing is fairly straightforward – most of the accounting and valuation math involved could be solved by a 7th grader. The more challenging aspect to successful investing is controlling the vacillating emotions of fear and greed when searching for attractive investments.

Finding Hidden Value Stocks In Japan

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Seth Klarman

When people ask me about my investment philosophy, I do not like to be pigeon-holed into one style box because normally my portfolios hold investments that outsiders would deem both value and growth oriented. Since I am an absolute return investor, I am more concerned about how I can maximize upside returns while minimizing downside risk for my investors.

Klarman: ETFs Are Dangerous But Should Help Value Investors

Ben Graham

Because valuation is such an important factor in my process (price always matters), the most accurate description of my style would likely be “high octane GARP” (Growth At a Reasonable Price). While many GARP investors limit themselves to current or historical valuation metrics, my process has allowed me to take a more long-term, forward looking analysis of valuations, which has directed me to participate in some large winners, like Amazon (AMZN), Apple (AAPL), and Google/Alphabet (GOOGL), to name a few. To many observers, positions like these have traditionally been falsely considered “expensive” growth stocks.

Case in point is Google/Alphabet, which went public at $85 per share in 2004. At the time, the broad Wall Street consensus was the IPO (Initial Public Offering) price was way overheated. As it turned out, the stock has reached $1,000 per share and the Price-Earnings ratio (P/E) was…
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By Investing Caffeine. Originally published at ValueWalk.

As I described in my book, How I Managed $20,000,000,000.00 by Age 32, I believe successful investing is achieved by integrating aspects of both art and science. The science aspect of investing is fairly straightforward – most of the accounting and valuation math involved could be solved by a 7th grader. The more challenging aspect to successful investing is controlling the vacillating emotions of fear and greed when searching for attractive investments.

Finding Hidden Value Stocks In Japan

Get The Full Safe Investing in PDF

Get the entire 10-part series on Safe Investing in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

We respect your email privacy

Seth Klarman

When people ask me about my investment philosophy, I do not like to be pigeon-holed into one style box because normally my portfolios hold investments that outsiders would deem both value and growth oriented. Since I am an absolute return investor, I am more concerned about how I can maximize upside returns while minimizing downside risk for my investors.

Klarman: ETFs Are Dangerous But Should Help Value Investors

Ben Graham

Because valuation is such an important factor in my process (price always matters), the most accurate description of my style would likely be “high octane GARP” (Growth At a Reasonable Price). While many GARP investors limit themselves to current or historical valuation metrics, my process has allowed me to take a more long-term, forward looking analysis of valuations, which has directed me to participate in some large winners, like Amazon (AMZN), Apple (AAPL), and Google/Alphabet (GOOGL), to name a few. To many observers, positions like these have traditionally been falsely considered “expensive” growth stocks.

Case in point is Google/Alphabet, which went public at $85 per share in 2004. At the time, the broad Wall Street consensus was the IPO (Initial Public Offering) price was way overheated. As it turned out, the stock has reached $1,000 per share and the Price-Earnings ratio (P/E) was…
continue reading





Stunning Footage Of American’s Crumbling Infrastructure

Courtesy of ZeroHedge. View original post here.

Via StockBoardAsset.com,

It’s no secret that America’s infrastructure is in dire need of repairs. Earlier this year, America received her infrastructure report card from the American Society of Civil Engineers’ and received a repulsive D+. The ASCE guesstimates the US would need to spend $4.5 trillion by 2025 on infrastructure.

Here’s the breakdown of the report card:  

  • Aviation: D
  • Bridges: C+
  • Dams: D
  • Drinking Water: D
  • Energy: D+
  • Hazardous Waste: D+
  • Inland Waterways: D
  • Levees: D
  • Parks and Recreation: D+
  • Ports: C+
  • Rail: B
  • Roads: D
  • Schools: D
  • Solid Waste: C+
  • Transit: D-
  • Wastewater: D+

With that being said, I’ve spent the entire weekend inspecting America’s infrastructure at the Port of Baltimore.

At some locations, I was given special access to a behind the scenes view of America’s crumbling infrastructure that the public is not allowed to see. The reasons you’re left out of the know is because it destroys the mainstream narrative that everything is awesome.

Even Jack Ma, the founder of Alibaba Group says, “the US wasted trillions on warfare instead of investing in infrastructure”.

In the Sunday Edition, Alastair Williamson is on site at a marine terminal in the Port of Baltimore. He provides an interesting view of America’s deteriorating infrastructure blended with the current shape of the US economy.

In this video, Alastair is given special access to behind the scenes of America’s crumbling infrastructure. This view is rarely seen by the mainstream public. Enjoy!





Mueller Has “Not Yet” Decided Whether To Investigate Trump: ABC

Courtesy of ZeroHedge. View original post here.

In the biggest political story of the past week, one which was timed to coincide with Donald Trump’s Birthday, the WaPo reported citing anonymous sources, that Special Counsel Robert Mueller was investigating President Trump for possible obstruction of justice. Just a few hours later on Thursday night, the DOJ’s Deputy Attorney General Rod Rosenstein, who is overseeing the Russia probe due to Jeff Sessions recusal, released a stunning announcement which urged Americans to be “skeptical about anonymous allegations” in the media, which many interpreted as being issued in response to the WaPo report.

“Americans should exercise caution before accepting as true any stories attributed to anonymous ‘officials,’ particularly when they do not identify the country — let alone the branch or agency of government — with which the alleged sources supposedly are affiliated. Americans should be skeptical about anonymous allegations. The Department of Justice has a long-established policy to neither confirm nor deny such allegations.

Then on Sunday, the plot thickened further when according to ABC, special counsel Robert Mueller has not yet decided whether to investigate President Trump as part of the Russia probe, suggesting the WaPo report that a probe had already started was inaccurate.

“Now, my sources are telling me he’s begun some preliminary planning,” Pierre Thomas, the ABC News senior justice correspondent, said of Mueller on ABC’s “This Week” although he too, like the WaPo, was referring to anonymous sources, so who knows who is telling the truth.

Plans to talk to some people in the administration. But he’s not yet made that momentous decision to go for a full-scale investigation.”

.@PierreTABC: Mueller has preliminary plans to speak to people in admin, but no decision yet for “full scale” investigation of Pres. Trump. pic.twitter.com/BXcv9OeYIK

— This Week (@ThisWeekABC) June 18, 2017

On Friday, Trump responded to the Washington Post story by tweeting: “I am being investigated for firing the FBI Director by the man who told me to fire the FBI Director! Witch Hunt.” But also on Sunday Trump’s lawyer Jay Sekulow insisted the president was not literally confirming the investigation but was just referring to the story.

“Let me be clear: the president is not under investigation as James


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With New Patent, Amazon Will Collect As Much Customer Data As Google

Courtesy of ZeroHedge. View original post here.

A day after Amazon announced it would jump head-long into the bricks-and-mortar grocery business by agreeing to buy Whole Foods Market for $13.4 billion, reports from earlier this week about a new patent issued to the company are starting to make more sense. The patent, which was first reported by the Verge, is for wireless technology that can effectively block customers in Whole Food’s retail locations from “showrooming.” “Showrooming” is the practice of using retail locations to test out products before buying them online – a practice that Amazon, by making it easy to comparison shop on a smartphone, helped pioneer.

In its report, the Verge focuses on how the technology will help the company solve a problem that Amazon itself helped create – a problem that has plagued virtually every other traditional retailer.

“Systems and methods for controlling online shopping within a physical store or retailer location are provided. A wireless network connection may be provided to a consumer device at a retailer location on behalf of a retailer, and content requested by the consumer device via the wireless network connection may be identified. Based upon an evaluation of the identified content, a determination may be made that the consumer device is attempting to access information associated with a competitor of the retailer or an item offered for sale by the retailer. At least one control action may then be directed based upon the determination.”

But the technology described in the patent also raises serious concerns about the company’s plans for vastly expanding its capacity to collect and store customers’ data. As MarketWatch’s Theresa Poletti reports, with this added capability, Amazon may soon be gathering as much data on its consumers now as Alphabet’s Google Inc.

Stephen DiFranco, an executive-in-residence at the Plug and Play Tech Center in Sunnyvale, Calif., offered a few disturbing hints about the scope of Amazon’s data-collection capabilities in an interview with MarketWatch.

“[The technology] will also triangulate your position in the store, market to you while you are in the store, and understand your behavior in the store,” said DiFranco, who previously worked at Broadcom’s Internet of Things business and led the sale to Cypress Semiconductor CY, -1.72% “If


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Van Slams Into Pedestrians Near London Mosque Leaving “Number Of Casualties”, Driver Arrested

Courtesy of ZeroHedge. View original post here.

Live Feed from Sky News:

* * *

A van plowed into pedestrians on Seven Sisters road in the Finsbury Park area in north London just after 12:20am London Time, in what the police has described a “major incident.” There are “a number of casualties being worked on at the scene,” London police said in a statement, with at least 10 people injured according to press reports.

The incident happened near the prominent Finsbury Park Mosque as witnesses claim the driver intentionally struck the victims; a male driver, who has not been identified, has been taken into police custody while the van appears to be rented. LBC radio adds that there has been a “huge emergency response” and ambulances have been dispatched to help the injured.

According to the Telegraph, pictures posted on social media show more than a dozen emergency vehicles near the UKCG Help Centre at the junction of Seven Sisters Road and the A503 Tollington Road.

UK: London’s Finsbury Park terror scene after police arrest van driver | June 19 2017 pic.twitter.com/kUKRJBLIId

— redball (@redball2) June 19, 2017

So far, the incident is not being called a terrorist attacks, as a person has been arrested unlike previous incidents.

One eyewitness speaking to LBC said the van had hit people on the pavement, but had not collided with a building. “It looked like he had lost control of the van or something,” he said.  Locals said they had heard shouting and a helicopter was circling overhead.

Another caller told LBC her sister was at the scene when it happened. She said she described it as “something from a horror movie, everyone running everywhere”.

This racist bastard ran over innocent civilians on their way home from taraweh #FinsburyPark pic.twitter.com/YHvsVZHqIY

— Didier (@Known_As_H) June 18, 2017

Some social media reports describe the attack as “Islamophobic”, and described the attack as a van “randomly swerving off the main road and running over several Muslim men.”

Islamaphobic attack in finsbury park right now. A van randomly swerved off the main road and ran over several muslim men. pic.twitter.com/FM2RP0Fd4d

— ???? (@__ABDULQAADIR) June 19, 2017

According to media reports, there has


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NATO Holds Defense Drill Simulating Russian Invasion Of Baltics

Courtesy of ZeroHedge. View original post here.

NATO officials are growing increasingly nervous about the possibility of an invasion of the Baltic states ahead of Russian wargames planned this fall on the border of Belarus and Poland that could involve as many as 100,000 troops. That “anxiety” was on display this week, when US and British troops carried out the first NATO military exercise that involved a simulated defense of the Suwalki Gap, an area in northern Poland on the border with Lithuania that serves as the gateway to the Baltic region.

In other words, a drill against a Russian invasion of the Baltics states, and by extension, Europe.

NATO officials described the area as a “choke point” that, if it were taken by an invading force, could potentially isolate the Baltic states from their NATO allies, according to Reuters.

“The gap is vulnerable because of the geography. It’s not inevitable that there’s going to be an attack, of course, but … if that was closed, then you have three allies that are north that are potentially isolated from the rest of the alliance”, said U.S. Lieutenant General Ben Hodges.

“We have to practice, we have to demonstrate that we can support allies in keeping (the Gap) open, in maintaining that connection,” he said.

Since Russia’s annexation of Ukraine back in 2014, NATO has shifted four battlegroups totaling just over 4,500 troops to Estonia, Latvia, Lithuania and Poland.

US and UK aircraft took part in the exercises, alongside troops from Poland, Lithuania and Croatia in a simulated defense of the potential flashpoint in an area several hours’ drive from where a U.S. battalion is stationed at Orzysz base in Poland, Reuters reported.

Of course, Russia has repeatedly said it has no plans to invade the Baltics, and has warned that the “defensive” buildup in NATO forces against its borders is an unprovoked act of aggression againt Russia.

However, Russia’s protests have done little to sway the US Senate, which passed new sanctions against Russia this week, allegedly in retribution for Russia’s meddling in the US election. The measures were included in an Iran sanctions bill that was widely expected to pass, but as the Hill reported yesterday, President Donald Trump is leaning on House Republicans to drop the


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The Big Collusion Narrative Keeps Melting Down

Courtesy of ZeroHedge. View original post here.

Authored by David French via National Review,

After two days and almost six hours of high-stakes public testimony, I’m struck by the total lack of any compelling claims supporting the “big” collusion narrative, that Russia conspired with Trump or Trump officials to “hack” election.

While we certainly aren’t privy to all the relevant information or all the relevant testimony, nothing that James Comey said last week or that Jeff Sessions said this week (much less any of the questions directed his way) contained so much as a meaningful hint that the Committee was on the verge of uncovering the political scandal of the century.

Rather, the focus keeps shifting to much narrower questions regarding Trump’s decision to fire James Comey – questions that are important but far less historically consequential than any claim that a president or his attorney general are traitors to their country.

Here’s where we stand:

1. Not only is there no evidence that Trump personally colluded with Russians or ordered anyone to collude with Russians, there’s now evidence that he hasn’t been under personal investigation by the FBI.

2. There is absolutely zero available evidence that Jeff Sessions colluded with the Russians.

3. Similarly, there is so far no evidence that even Trump’s more unsavory aides – men like Paul Manafort and Michael Flynn — colluded to influence the election

4. To the extent that there is evidence of wrongdoing connected with a foreign power, it deals not with the election itself but rather with Flynn’s alleged failures to disclose foreign payments and contacts.

Millions of American believe the worst about their current president, claims every bit as toxic in their own way as “truther” smears against George Bush or “birther” smears against Barack Obama.

The Trump collusion narrative has gotten a far wider and more respectable hearing than either of the two conspiracy theories that plagued the Bush and Obama administrations.

Truth is truth, and it’s important for responsible people to not just understand and respond to actual evidence – no matter where it leads – but also acknowledge its absence. And so far the absence of evidence points to Trump’s innocence of some of the worst allegations ever leveled against an American president or his senior team.





China’s “Ghost Collateral” Arrives In Canada, “Heralding A Crisis”

Courtesy of ZeroHedge. View original post here.

Two weeks ago, a key China-linked concern that made headlines back in 2013 and 2014 reemerged after an extensive analysis by Reuters reporter Engen Tham found that China’s “ghost collateral” problem, or collateral that was either rehypothecated between two or more loans, or simply did not exist, had not only not gone away but was still as prevalent as ever if not worse.

The report, a continuation of extensive reporting conducted on this site, said that 60% of all loans issued in China’s system are backed by property, and that China’s property values are “wildly misleading, which is part of the reason that China’s credit rating was recently downgraded.” Reuters reported that Chinese lenders are prone to fraud with loan officers turning a blind eye to the quality of collateral and knowingly accepting dubious and even fraudulent documents.

Now, in a follow up by the Vancouver Sun’s Sam Cooper, the real estate reporter explains that China’s “ghost collateral” problem has jumped across the Pacific and is threatening the Canadian banking system.

As Cooper notes, “as a result of the flood of money pouring from Mainland China into Vancouver real estate in recent years, some financial experts say they believe Canadian banks are directly exposed to shadow lending in China and the risks of so-called “ghost collateral”, collateral that may not exist or is used continuously to secure loans for multiple borrowers.”

And the stunner: “Postmedia confirmed that Canadian banks are allowed by the federal regulator, the Office of the Superintendent of Financial Institutions, to accept collateral from China to secure real estate mortgages in B.C.

“OSFI does not dictate what type of collateral (federally regulated banks) can accept,” spokeswoman Annik Faucher said. “Whether the borrower is foreign or domestic, OSFI (allows) financial institutions to compete effectively and take reasonable risks.”

The underlying reason for Canada’s growing, if paradoxical, exposure to Chinese collateral is due to an explosion of Canada’s shadow banking system. An investigation by Cooper found “massive and risky home loans are increasing in number across Metro Vancouver, while mortgage fraud cases are also on the rise, connected to the growth of so-called “shadow banking.” This is similar, if smaller in scale, to the gargantuan $8.5 trillion shadow banking market


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What Happens When Things Can’t Get Any Worse?

Courtesy of ZeroHedge. View original post here.

By Chris at www.CapitalistExploits.at

Time is short so let me present to you one chart… to get you thinking in the right direction.

EUR/GBP

Ok, I lied. Two charts…

GBP/USD

Pound pounded. Whyfore?

Not one thing but many….

Brexit

European Commission President Jean-Claude Juncker recently threatened the following:

“The bill for the UK will be, to put it somewhat crudely, very steep.”

Michael Barnier is the head honcho on the side of the EU…tasked with negotiating the Brexit. Although fluent in English, he’s insisted all negotiations be conducted in… wait for it… French. Eff you Britain!

Brexit talks begin next week… or so we’re told. Brussels, spurred on by the “success” of Macron and thus feeling empowered, are playing hardball. Uncertainty reigns supreme. Take another look at that chart. Unsurprising really.

Political Circus

No other way to describe it.

A swivel-eyed lunatic managed to garner over 12 million votes. And get this, he did so while being a documented supporter of Hamas, the IRA, and Hizbollah.

Now if that isn’t enough for you to scratch your head he did this at the same time that Britains are being slaughtered on the streets of their own cities by …you guessed it terrorists. JK Rowling herself couldn’t dream up such a fantastical story if she tried. Certainly Jeremy Corbin would play Voldermort if he were cast in a Harry Potter film.

His opposition – Teresa May? Pfft… Do we even go there?

Let’s not lest this publication be completely unfit for family viewing. British politics, like much of the Western world, is sadly a “fustercluck” of incompetence-meets-criminally-insane topped with a healthy dose of stupid.

Suffice to say the electorate have not read their history books, which is unsurprising given that the education system is run by bleeding heart liberals more interested in bake sales to raise money for transgender toilets, well socialised polar bears, and banning angry tweets than the decay of Western civilisation.

Cultural Marxism is having its inevitable effects. Britain today feels like a country completely without a rudder.

A Wave of Islamic Terrorism

Just last week, I discussed how this works. Three major terrorist


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Phil's Favorites

Brexit: how the end of Britain's empire led to rising inequality that helped Leave to victory

 

Brexit: how the end of Britain's empire led to rising inequality that helped Leave to victory

AC Arts Photography via Shutterstock

Courtesy of Danny Dorling, University of Oxford and Sal...



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Zero Hedge

World Trade War I: US Asks South Korea To Join Anti-Huawei Campaign

Courtesy of ZeroHedge. View original post here.

The bilateral trade war between the US and China is gradually becoming a global trade war of global geopolitical and commercial dominance between the US and Chinese spheres of influence.

Shortly after the two largest mobile phone companies in the UK decided against launching Huawei-built 5G phones this morning, and roughly around the time a bevy of Japanese tech and telecom companies including ARM Holdings, Panasonic and SoftBank all imposed a boycott on supplying Huawei with mission critical components joining Australia, and New Zealand as major US allies to end commercial relat...



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Kimble Charting Solutions

Emerging Markets About To Submerge If 3-Year Support Breaks?

Courtesy of Chris Kimble.

Are Emerging Markets about to “Submerge” and head a good deal lower? What they do at (3) will go a long way in answering this question!

Emerging Markets ETF (EEM) has been lagging the broad market for the past 15-months. They hit their 50% retracement level of the last year’s highs and lows and falling resistance at (2) recently. The weakness of last has EEM trading below its 200-MA line.

EEM has spent the majority of the past 3-years inside of rising channel (1), which reflects that this trend remains up. The weakness of late has it testing the bo...



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Insider Scoop

Amgen To Buy Danish Collaborator Nuevolution For $167M

Courtesy of Benzinga.

Amgen, Inc. (NASDAQ: AMGN) took a logical step forward in buying a preclinical biotech it has been collaborating with since 2016. 

What Happened

Amgen announced Wednesday an agreement to buy Copenhagen-based Nuevolution for $167 million.

Th...



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Chart School

Weekly Market Recap May 18, 2019

Courtesy of Blain.

China – U.S. trade talk continued to dominate the week.   A heavy selloff Monday was followed by 3 up days, with Friday moderately down.

On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%.

Then on Wednesday:

The Trump administration plans to delay a decision on instituting new tariffs on car and auto part imports for up to six months, according to media reports.

...

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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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Biotech

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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ValueWalk

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

Excerpt:

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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OpTrader

Swing trading portfolio - week of September 11th, 2017

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

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

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

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

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

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

Some other great content in this free eBook includes:

 

·       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...

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