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Secret Santa’s Inflation Hedges for 2020

Merry Christmas!

I hope you get everything you want this holiday season and, most importantly, I hope you have time to spend with your family.  I love waiting for my kids to wake up on Christmas morning to come out of their rooms so I can videotape (gosh I’m old, there’s no tape anymore) them in those first moments of Christmas morning – how can I not be of good cheer anticipating that?

I have something I can give you for the holidays as well.  Not peace on Earth but perhaps peace of mind heading into the New Year – a way to help insure some future prosperity with a few inflation-fighting stock picks that can brighten up your portfolio, which also can be used to help balance your home's budget against unexpected cost increases.  

We haven't had much inflation recently but the Fed is probably done easing and, if the economy is doing anything to justify the stock market's enthusiasm, then pricing pressure may be right around the corner as well.  If not, we can still pick solid stocks with sensible option spreads that will give us both leverage and protection that can perform well – even if the underlying position isn't boosted by inflation.

This isn’t an options seminar or one about risk or leverage – these are just a few practical ideas you can use to hedge against inflation as it may affect your everyday life using basic industry ETFs and some simple hedging strategies to give you an opportunity to stay ahead of the markets if they keep going higher. 

As you can see from the chart above, we haven't actually had much inflation in the last few years, which is why we haven't felt the need for Secret Santa Hedges since 2017 but, because we practice our strategy of "Being the House – NOT the Gambler", we don't ASSUME that next year will be like the last so, going forward, I like the following hedges:

Idea #1 – General Inflation Hedging with Gold

The Dollar at 97 is 5% lower than it was in 2017 (102) and gold is 25% higher but I still like a best-of-breed miner like Barrick Gold (GOLD) at $17.76.  That's a $32Bn market cap for ABX, who has 70M ounces of proven gold reserves in the ground, worth $104.5Bn at $1,493 per ounce.  Now, the real value of the gold is the marginal cost of removing it from the ground and ABX has their costs pegged around $950, so $550 profit x 100M is still $55Bn, which makes ABX reasonable – even at these prices.  I want to go conservative in case the Dollar rises with the following play:

  • Sell 10 GOLD 2022 $15 puts for $1.90 ($1,900)
  • Buy 20 GOLD 2022 $13 calls for $6 ($12,000)
  • Sell 20 GOLD 2022 $17 calls for $4 ($8,000)

That's a net cost of $2,100 on the $8,000 spread.  So we are putting up $2,100 in cash and the margin requirement on the sale will be roughly $1,350 in an ordinary margin account.  What have we accomplished?  Well, if ABX just stays flat, your $2,100 becomes $8,000, gaining $5,900 (280% gain on cash) as a very nice general inflation hedge.  So nice, in fact, that GOLD is already our Trade of the Year! 

On the risk side.  We certainly don’t expect GOLD to go to zero but let’s say it falls to $12 (1/3).  Well, you are obligated to own 1,000 shares at $15 ($15,000) and you would have lost $2 per share, so $2,000 is your risk there plus $2,100 (the cost of the spread if that's wiped out) but I would put it to you that, if gold goes so far down that ABX loses 1/3 of it's value – then your bullish stock picks should be doing exceptionally well – as clearly no one is worried enough to have a bit of gold on the side. 

That’s what hedging is, it gives you a cushion that can prevent things from getting away from you.  You can actually work price swings to your advantage by adjusting the trade as the stock moves through a channel but, for the sake of simplicity – we’re just discussing passive risk management examples.  The idea is to reduce your risk of waiting – that lets you sit back and make an intelligent, well-timed decision without worrying that the market is getting away from you.  Unlike CDs or Bonds, there is no penalty for an early withdrawal from a hedge, other than the bid/ask spread you may pay if you do it very quickly.  

Idea #2 – Hedging for Fuel Inflation

Gasoline prices have moved up 20% at the pump and we're 30% over where we were last Christmas.  If you are the average family, you buy about 1,500 gallons of gas per year ($3,500) and spend another $1,500 heating your home.  That’s $5,000 a year spent on energy.   

The Energy Sector Spider (XLE) is up just 5% for the year and many names in that sector are trading lower than they should be.  Exxon (XOM) has been out exploring while others have tightened their belts and it's a tough call to play the index or to play Big Daddy but I think we're going to go with XOM, who also pay a 5% dividend ($3.48) that can cover your gas expenses each year – but you have to put down $70,000 for 1,000 shares so let's see if we can do better with a spread: 

  • Sell 10 XOM 2022 55 puts for $4 ($4,000)
  • Buy 10 XOM 2021 $65 calls for $7.75 ($7,750) 
  • Sell 10 XOM 2021 $75 calls for $2.75 ($2,750)

That's a net outlay of $1,000 and, if XOM is over $75 in Jan, 2021, we collect $10,000 and our energy bills are paid for and then we can sell a 2022 spread to pay for another year.  That's how you get Exxon to pay all your energy bills – you'll be cheering for higher gas prices!  The worst case is you get assigned XOM stock at net $56 (a 20% discount to the current price) but be careful with that as it's $56,000 so use stops on 1/2 the puts at $4 ($2,000) and 1/2 the puts at $6 ($3,000) to limit your total loss on the spread to $6,000 if it's wiped out.  Ideally, that would only happen if your energy costs get much cheaper.  

Now our Members at Phil’s Stock World know they can roll those puts or convert those put assignments into buy/writes or do a dozen other things to mitigate the losses – as I said, these are really basic examples of how anyone can hedge their real-life budgets to help them make long-range plans to fight inflation.  

Image result for cleveland cliffs steelIdea #3 – Hedging for Industrial Inflation

While the average consumer doesn't worry about the cost of iron ore and steel, it's still a nice general measure of inflation.  Usually we hedge for food costs but food costs have not gone up significantly in many years and Coffee (KO) already had a huge run as that and Soybeans (SOYB) were our favorite food bets this year.     

So, as a general inflation hedge, I still like CLF, who are merging with AKS and got beaten up for it but I think they are very undervalued at $8.21 – though they are bound to have some rough times ahead as they consolidate the two companies.  Nonetheless, it's too tempting (and too cheap) not to play so let's: 

  • Sell 20 CLF 2022 $7 puts for $1.75 ($3,500)
  • Buy 30 CLF 2022 $4 calls for $4.35 ($13,050)
  • Sell 30 CLF 2022 $7 calls for $2.50 ($7,500) 

That's net $2,050 on the $9,000 spread and all CLF has to do to pay in full is not drop $1.20 (15%) over the next 2 years.  Worst case is you get assigned 2,000 shares of CLF at $7 + the $1.05 loss/share is the same price it is now and CLF pays an 0.24 (3%) dividend if that happens.     

Remember, these are not magic beans that pay off no matter what the market does – these are hedges against inflation and, if there is no inflation, then you will save LESS than you otherwise would have but, again – there are dozens of ways to make owning CLF long-term a successful part of your portfolio.  Instead of randomly investing your retirement savings – trade ideas like these are ways to put some of the money to work for you – in ways that can help you manage your bills NOW – as part of your daily life.  

Inflation Hedge #4 – Hedging Against Rises in PSW Member Fees

We run a unique service.  I am on-line most trading days chatting live with members about trades like this but there is a limit to how many people we can effectively get back to in a day so we limit our Membership and, when it gets too crowded, we raise our prices   We haven’t raised them in a while but I'll be featured on TheStreet in 2020 and that may fill us up again, forcing us to raise prices at some point.

So, for 2020, let’s make things interesting with a banking hedge.  If you sign up for a full-year membership between now (12/24/2019) and Jan 4th, 2020 and the following trade idea does NOT net 100% on the cash outlay by expiration day IN JUST 6 MONTHS, then I will give you a free Membership for 2021!  That’s a 50% discount on two years and your hedge can be going for let’s say $2,500 (1/2 the Basic Membership) on the spread and you either make $2,500 which is 1/2 of the 2020 Membership or you get 2021 for free, which, assuming you lose all $2,500, is 50% off anyway.  No matter what, you get one year of a PSW Membership for 1/2 price.  Not bad right?  You do not have to buy the spread to play – just the Membership, which is non-refundable so don’t get cute!  

(Probably good time to put in some kind of contest disclaimer that this is just for fun and we guarantee nothing at all and that we can change the rules at any time and that we accept no responsibility for anything under any circumstances whatsoever and that billions may play and nobody might win – how’s that?  You just have to trust us, we’re not in the contest/guarantee business – I just want you to know how good I feel about this trade idea.  Always consult a professional investment advisor (I’m not one) before doing anything!)

Anyway, what’s the trade?  VERY simple on TD Bank (TD), who are beaten down with the Canadian Dollar but that has stabilized and the bank, at $56, is at $100Bn in market cap while dropping $12Bn a year to the bottom line – a great value!  

  • Sell 15 TD July $55 puts for $2.25 ($3,375) 
  • Buy 15 TD July $50 calls for $5.80 ($8,700) 
  • Sell 15 TD July $55 calls for $2.35 ($3,525) 

That's net $1,800 on the $7,500 spread so the upside potential is a $5,700 (316%) potential gain in 206 days and that means we have to get to net $3,600 or better in just 7 months to make 100% back on the $1,800 cash outlay.  If we do, we will have paid for a solid chunk of your 2020 Membership (you're welcome in advance) and, if we hit our goal – it's a free Basic Membership (you're welcome in advance). 

The worst case is you end up owning 1,500 shares of TD at $55 plus the $1.20/share loss is right where it is now and this is a very, very good bank to own that pays a 4% dividend ($2.24) while you enjoy your free PSW Membership.   A warning though – we have never had to pay off a challenge bet because we have never failed to hit our goal!

I very much hope all these trades work out well, ESPECIALLY the last one!  I also hope you go back and read our prior hedging ideas and think about how much money you can make with simple, long-term investments like these – rather than messing around trying to guess the next hot stock.  Trades like this are the bread and butter of our portfolios.

Have a very happy holidays and we hope to see you inside in the new year. 

All the best, 

Phil 

 


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  1. Merry Christmas (or Happy Hanukkah) to the entire PSW family!


  2. Phil – Safe travel and good luck in Thailand!

    One of my old acquaintances owns a nigh club in Bangkok if you need some entertainment :-)


  3. Merry Christmas and Happy Holidays!


  4. The IMF has conducted an analysis of the greatest trade deal ever:

    No wonder Mexico and Canada were OK to update NAFTA! They benefit from it! So much winning – in Mexico and Canada.

    Link - https://www.imf.org/en/Publications/WP/Issues/2019/03/26/NAFTA-to-USMCA-What-is-Gained-46680


  5. Again my complete comments of this morning, and even that I have written the stocks name in big letters albo did not see it, but thanks to advill, he did read it correctly.

    Further more I closed the game by buying the stock WVE at 15.80 and sold the Jan 20 17.5 call for 4.10. So given me a down protection to 11.70. and in the hope the stock will recover I still can have a capital gain up to 17.50.

    Happy Christmas

    yodi
    December 24th, 2019 at 3:15 am | Permalink | Tweet thisIgnore this user    

    To all of you wishing you a blessfull holiday season, and for you Phil a safe return.

    Now for all gamblers on this board one only! buy the stock WVE dropped from 37 to 14.39 now 15.73!!!! sell the Jan20 17.5 call for 4.30 +-. Your net is 11.43 before you lose. Check positions this morning. As I said just a fun game!!!
    albo
    December 24th, 2019 at 8:09 am | Permalink | Tweet thisIgnore this user    

    Yodi -What is the stock ?
    advill
    December 24th, 2019 at 8:47 am | Permalink | Tweet thisIgnore this user    

    Albo

    Wave Life Sciences Ltd. (WVE)


  6. Merry Christmas and Happy Hannukah (I don't play favorites)!  

    I'm here until 2pm but running around a bit today.  Obviously, the trading is meaningless today but I'll be spending the next 24 hours on a plane – so this is way more fun by comparison!  Doesn't look like we'll be having a Santa Clause rally – just holding these levels would be amazing. 

    Passive investing boom takes a breather at BofA

    • Perhaps the #1 feature of the post-crisis years has been the massive move into ETFs. At Bank of America, for instance, clients since 2008 have been sellers of individual stocks and buyers of passive investments.
    • That changed this year, with the bank's clients buying $38B worth of individual stocks, and just $25B of ETFs.
    • Are investors finally getting comfortable with the bull market as it heads into its 11th year?

    Holiday cheer shows 6.2% rise in chain store sales

    • Chain store sales increased 6.2% for the week ending December 21, according to the latest report from Johnson Redbook.
    • Month-to-date chain store sales are down 3.4%.

    Super Saturday sales top Black Friday by 10%

    • U.S. consumers are setting more holiday shopping records, as job growth and fatter wallets, along with stronger household finances, have put many in a buying mood this season.
    • Marking the biggest single day in U.S. retail history, Super Saturday (12/21) sales reached $34.4B, topping Black Friday's $31.2B by 10%, according to Customer Growth Partners.
    • Figures were paced by the 'Big Four' mega retailers – Walmart (NYSE:WMT), Amazon (NASDAQ:AMZN), Costco (NASDAQ:COST) and Target (NYSE:TGT) – while online spending this season has so far accounted for 58% of sales growth from a year earlier.

    Does Amazon prioritize deliveries over public safety?

    • Investigations by ProPublica and BuzzFeed News reveal that drivers delivering Amazon (NASDAQ:AMZN) packages had been involved in more than 60 crashes that led to serious injuries since 2015, including 13 deaths.
    • The publications say the company repeatedly quashed or delayed safety initiatives – to prioritize faster deliveries and increased revenue – though Amazon maintains its rate of fatal crashes is better than the most recent federal rate.
    • "Statistically at this scale, traffic incidents have occurred and will occur again, but these are exceptions, and we will not be satisfied until we achieve zero incidents across our delivery operations."

    Cheniere raises Midship cost estimate, sees service starting in April

    • Cheniere Energy (NYSEMKT:LNG) wants to begin partial gas transportation service on its Midship pipeline as soon as April, it told the Federal Energy Regulatory Commission while seeking to raise recourse rates in response to higher construction costs.
    • Earlier this year, Cheniere had hoped to begin interim service in October 2019 on the 1.44B cf/day, 200-mile natural gas pipeline designed to help move western Oklahoma gas closer to U.S. Gulf Coast markets.
    • Cheniere's Dec. 20 application seeks updated cost-based recourse rates based on a raised cost estimate of $1.49B for full transportation service, attributing the increase to unusually heavy rain in April-June that required Midship to spend more than $100M on rain-related items.
    • The company told S&P Global Platts that construction of the pipeline is now "nearly complete with the majority of remaining work relating to restoration and commissioning activities."

    Spirit Airlines to buy 100 Airbus aircraft

    • Spirit Airlines (NYSE:SAVE) says it will buy 100 Airbus (OTCPK:EADSY) A320neo jets to be delivered through 2027, with options to purchase as many as 50 additional aircraft.
    • The purchase agreement finalizes an earlier provisional deal for the aircraft, when Spirit picked European planes even after the U.S. imposed 10% tariffs on some of the planes Airbus offers to U.S. carriers, as part of the long-running trade dispute over aircraft subsidies.
    • The deal could be worth $11B-$12B at list prices, depending on the number of each variant of the A320 single-aisle family chosen, although such deals typically include deep discounts.

    Theater stocks fade on disappointing Disney film debut

    • Movie theater chains AMC Entertainment (AMC -5.3%) and Cinemark (CNK -3.1%fell sharply in today's trade following a disappointing opening for Disney's (NYSE:DIS) latest Star Wars installment.
    • Sales data showed the movie generated $176M in its first three days, making it the third largest December debut ever but tracking well below the opening weekend take of its two predecessors in the trilogy and slightly below the $183M forecast by Box Office Pro.
    • North American movie ticket sales probably fell by 3.6% in 2019 to $11.5B, according to Comscore estimates, as a string of Disney hits including Avengers: EndgameThe Lion King and the newly released Star Wars: The Rise of Skywalker apparently will not be enough to lift the overall industry.
    • Also, Imax (NYSE:IMAX), the operator of big-screen format theaters, closed -3.7%, while Cineworld (OTCPK:CNNWF), which owns the Regal chain, slipped 0.6% in London trade.

    Miners shine as gold, silver futures hit six-week highs

    • Gold miners (NYSEARCA:GDX) enjoyed outsized gains in today's trade as gold prices pushed past a level of technical resistance that strategists say could signal further gains ahead.
    • "Gold has broken above the pivotal $1480/81 level today, which means the path of least resistance is now to the upside again," says Forex.com technical analyst Fawad Razaqzada.
    • Comex February gold settled +0.5% to $1,488.70/oz. while March silver closed +1.6% to $17.49/oz., both hitting their highest settlements since Nov. 6.
    • Apparent progress toward ending the U.S.-China trade dispute could boost gold even if it also helps equities because easing trade tensions between the world's largest economies can mean increased demand for bullion and sliver.
    • "With China being one of if not the largest gold consumer, this implies increased demand from this important market, especially ahead of the Lunar New Year when gift jewelry purchases tend to rise," Razaqzada also writes.

    Atlanta Fed pushes Q4 real GDP estimate to 2.3%

    • The Atlanta Fed's GDPNow model estimates Q4 U.S. real GDP growth at 2.3%, up from 2.1% on Dec. 20.
    • Cites this morning's advance durable manufacturing goods report and new home sales and construction costs report; nowcast of Q4 real gross private domestic investment growth increases to -0.1% from -0.9%

    Boeing's Muilenburg had to go after botching MAX but what comes next?

    • Boeing (BA +3%) shares, which have slipped more than 20% over the past nine months, rise 3% today to lead all 30 Dow stocks after the company canned CEO Dennis Muilenburg in the wake of the 737 MAX crisis.
    • "Boeing's MAX response has been a failure - and as a result we think it is wholly appropriate for the board to replace Muilenburg," says Vertical Research's Robert Stallard.
    • Muilenburg "is responsible for what Boeing has said and done in reaction to the two tragic fatal accidents… [which] has arguably come from a corporate identity that under his leadership has been less than humble."
    • Aerospace analyst Richard Aboulafia of Teal Group says new CEO David Calhoun, who previously served as head of Blackstone's P-E portfolio operation, will provide short-term stability but not the long-term "emphasis on engineering" Boeing needs.
    • "Calhoun is respected in the industry," Aboulafia says, "but long-term, does he bring the right tool kit? Private equity leans companies out. That's not Boeing’s problem right now."
    • CNBC's Jim Cramer says the CEO had to be fired for the MAX to receive regulatory approval, as "it was impossible to get clearance with all these different entities as long as he was there, because he presided over what happened."
    • Muilenburg also was hurt by scrutiny earlier this fall during congressional testimony that Cramer calls a "disaster."

    Club/StJ – Unless that club has a bed – I'm out!  Going to be a crazy trip, I don't plan on much party time.  

    USMCA/StJ – What a joke.  China deal will be no different – An idiot walks into a complicated multi-lateral trade negotiation with no experience and no knowledge of International Diplomacy or Trade Economics and tries to negotiate – guess what happens?

    Formatting is everything, Yodi!  

    And Merry Christmas – may your trailer always be cozy and bright!  wink

    Image result for deluxe luxury  camper


  7. Merry Christmas, Happy Hanukkah to everyone here on PSW.  Wishing everyone a great holiday season.

    Phil, safe travels and take a few pictures for us.  


  8. Thanks Phil,
    Saw a great documentary on Thailand yesterday interesting place take some time to look around!!!


  9. USMCA / Phil – An idiot who needs a win at any price! And who can be manipulated easily by stroking his ego! The worst kind of negotiator. To repeat – the guy went bankrupt being the dealer.


  10. And a merry tongjee (winter solstice) to you all – don't forget to have a bowl of red bean porridge with rise dumplings to keep evil away.


  11. oops "rice"


  12. Phl, as Yodi says, spend a couple of days visiting Thailand…just in case…

     

    And all the PSW members, enjoy the "Winter Solstice", or Hanukkah, or Christmas, Carpe Diem!

    enjoy the moment


  13. Merry Christmas and Happy Hanukkah to all at PSW.  Safe travels Phil.  Can you post some pictures for those of us who faint at the thought of living in a plane for 24 hours!  ????


  14. Enjoy some Thai stick instead of Candy Canes!


  15. Merry Christmas and Happy Hanukkah to all! 

     

    Safe Travels, Phil!  :)


  16. Peace to all in the PSW community, and good trading to all in the new decade.


  17. Phil/ACB

    Doesn’t seem like their is any reason to wait to adjust this.  Stock is now below $2.  The trade:  buy 30 2021 $3 calls (.96) and sell 25 2020 $3 (.50) calls.  Prices now: (.36/.04)


  18. Just saw Rise of Skywalker and was reminded of this great parody from 20 years ago.

    https://www.youtube.com/watch?v=5HO70-Rk3jE


  19. ACB/ earnings portfolio

    Jefferies bails on Aurora Cannabis

    Dec. 24, 2019 7:56 AM ET|About: Aurora Cannabis Inc. (ACB)|By: Stephen Alpher, SA News Editor 

    Jefferies downgrades Aurora Cannabis (NYSE:ACB) to Hold from Buy following yesterday's departure of the company's chief corporate officer.

    Shares were down 10.7% yesterday in wake of the news. They're ahead 2% in premarket action this morning.

    Previously: Aurora Chief Corporate Officer steps down (Dec. 23)


  20. Pictures/DC – You want pictures of the plane?  

    ACB/DC – That was net 0.46 on the spread but not so bad and now the company is down to $2Bn and not making any money but they should trim their losses next year but not fast enough to not need to dilute to raise cash – at least $200M – though I imagine they could sell some assets (farms, licenses) so I don't think it will be too painful.  

    The 2022 $2 calls are 0.84 (net 0.48, $1,440) so I'd roll to those and pay the 0.04 ($100) to buy back the short $3 calls and sell 20 of the 2021 $3 calls for 0.36 ($720) and sell 10 of the 2021 $2 puts for $1 ($1,000) so that's a net $180 credit and now you are in the $1 lower 2/3 covered spread for $1,450 and your break-even is about $2.50.

    Related imageRise of Skywalker/Tangled – That's a good video.  The movie was OK but should have been way better.  You would think they wouldn't put out something that wasn't AMAZING and this certainly wasn't that.  Also, it really bothered me that they don't seem to have WiFi as they are always running around with chips and hooking cables up to droids though I guess it was "A long time ago" – so maybe they just hadn't invented Blue Tooth yet?  

    Jumanji was also a huge disappointment after the first one was so good.  There should be a law against flushing a franchise like that.  It amazes me that these movies get like 60% on Rotten Tomatoes (and that includes the super fans) so you would THINK they could have, at some point, shown the movie to people and gotten some feedback before releasing such a disappointment.  

    I don't really think films should be made by committee but franchise films do have an obligation to satisfy the fan base.  Marvel generally gets that and Pixar gets that – they just have to teach it to the rest of DIS.  

    And DIS has so much riding on Star Wars now.

    I can't believe we saw the first Star Wars 42 years ago.  My family was driving down to Florida in the Summer of '77 and we stopped in a roadside motel and there was nothing to do but there was a movie theater across the street so we went there and Star Wars was showing.  We had no idea what it was but I'll never forget when that first ship went by and thinking "Wow, that's cool" and then the bigger ship was chasing it and we all went "Whoa!" – It was a total thrill ride from there with what seemed like amazing effects at the time.  This new one certainly doesn't live up to that.


  21. Phil/pictures

    Yes!  Pictures of the plane….I can’t wait!  Of course, pictures of Thailand. My dad used to get sent there a lot when he was an Air Force in the 70’s.  I’m sure it will be beautiful, but 24 hours on a plane….uggggg!

    Thanks for the update on ACB.  Is that an official move for the earnings portfolio?


  22. Happy Holidays to everyone! 

    Phil – have a safe trip to Bangkok.


  23. Happy Holidays, everybody !


  24. Happy Holiday and New Year! Let's hope it's a good one….


  25. ACB/DC – Oh yes, that should be official for the Earnings Portfolio:

    The 2022 $2 calls are 0.84 (net 0.48, $1,440) so I'd roll to those and pay the 0.04 ($100) to buy back the short $3 calls and sell 20 of the 2021 $3 calls for 0.36 ($720) and sell 10 of the 2021 $2 puts for $1 ($1,000) so that's a net $180 credit and now you are in the $1 lower 2/3 covered spread for $1,450 and your break-even is about $2.50.

    Today the RUT and Nas are up and the Dow and S&P are down a bit.  So silly.

    /RB jacked all the way up to $1.74 – what a rip off! 

    Well, I'm off to Bangkok – will update when I can.

    Have a Happy Holidays, 

    - Phil


  26. Happy Holidays to all and safe travels Phil


  27. Christmas Should Humble Us




  28. Retail isn’t dead. It’s just changing







  29. Well, I am in Qatar, barely made it to my next gate so I hope my luggage kept up…  

    Only 11 more hours to Bangkok. 

    Hope everyone is having a Merry Christmas!








  30. You can still buy $1 homes all over Italy


  31. 5 facts about Christmas in America




  32. Sorry tried to copy my trade on CBRL, which I recommended Dec 14th. but I just can not get the copy to show up. Interesting how this trade did develope in just 12 days.


  33. The same, my IBM poor man's trade of same date shows on two option trade only a profit of 448.00.


  34. Hi Phil, have a great trip – keep safe, keep alert and enjoy yourself.

    Thanks for all the wisdom and insights shared and look forward to more of the same in 2020.