Archive for 2019

These Are the Goods

 

These Are the Goods

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Articles

How much you make doesn’t determine how much you have. And how much you have doesn’t determine how much you need. ~ By Morgan Housel

The entire economy is so dynamically interrelated that tiny disturbances in one area can have an outsized impact somewhere else in a cascading economic butterfly effect ~ By Fat Tailed and Happy

It is nearly impossible to confidently assert what consensus is. ~ By Rusty Guinn

It’s not too little and it’s not too much.  It’s just right. ~ By Nick Maggiulli

RWM is a fabulous place to call home. ~ By Blair duQuesnay

My philosophy is simple – I’m not going to react to the news of the day, so it can wait. ~ By Josh Brown

Podcasts

Getting a sound off the page is impossible. ~ With Michael Lewis and Malcolm Gladwell

After college you begin to notice, how come everybody else isn’t still drunk? ~ With Marc Maron and Dave Letterman

Why would you post a photo that looks like an advertisement if it’s not an advertisement? ~ With Derek Thompson and Taylor Lorenz

It probably won’t get the client to change their behavior. It might get me fired. ~ With Jeffrey Ptak, Christine Benz, and Michael Kitces

Books

Short-term rehearsal gave purely short-term benefits. ~ By David Epstein





ECB Floats Rate Cut Trial Balloon, Is “Open” To Cutting Rates

Courtesy of ZeroHedge. View original post here.

Last week's non-committal ECB announcement caught markets by surprise, with the Euro jumping despite Mario Draghi's best attempts to signal further easing even as he hinted at growing "downside risks", prompting speculation that the ECB may have lost the last shreds of its credibility and leading Rabobank to publish a piece titled "Whatever It Takes" > "Whatever"."

Not used to being spurred by markets, Mario Draghi refused to take such aggression against his legacy quietly – especially as the former Goldman partner is set to retire shortly – and on Sunday, the European Central Bank used its traditional trial balloon conduit, Reuters, which reported that ECB policymakers "are open to cutting the ECB’s policy rate again" if economic growth weakens in the rest of the year and a strong euro hurts a bloc already bearing the brunt of a global trade war, clearly hoping that this jawboning would be sufficient to slam the euro (it wasn't with the EURUSD basically unchanged from its Friday close).

As a reminder, last Thursday the ECB said that its interest rates would stay “at their present levels” until mid-2020 but President Mario Draghi added rate setters had started a discussion about a possible cut or fresh bond purchases to stimulate inflation.

This conflicting message failed to convince some investors, who saw it as too tenuous a commitment to more stimulus, sending the euro rallying to a nearly 3 month high of $1.1347 against the U.S. dollar.

So in an attempt to convince the skeptics, Reuters cited its traditionally anonymous "two sources" familiar with the ECB’s policy discussions, who said a rate cut was firmly in play if the bloc’s economy was to stagnate again after expanding by 0.4% in the first quarter of the year.

“If inflation and growth slow, then a rate cut is warranted,” said one of the sources, who requested anonymity because the ECB’s deliberations are confidential.

The problem is that no matter what Draghi says, or "floats", the market is concerned that the ECB is approaching the end of its credible ammo: with the ECB’s deposit rate already negative 40 bps and Germany's yield hitting all time low. In this context, countering the euro’s strength, rather than…
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The Most Crucial Pipeline Of The Middle East?

Courtesy of ZeroHedge. View original post here.

Authored by Vanand Meliksetian for Oilprice.com,

Contemporary Middle Eastern history is strongly influenced by energy politics. Besides providing revenue for the state’s coffers, oil is also a potent geopolitical tool in the hands of resource-rich countries. Recently, officials from Lebanon, Syria and Iraq have engaged in talks to restart the dysfunctional pipeline that once connected oilfields near Kirkuk in Iraq with the coastal city of Tripoli in Lebanon. Restarting the pipeline could have long-term political, economic, and strategic consequences for the involved states and the wider region.

The original infrastructure was constructed during the 30s of the previous century when two 12-inch pipes transported oil from Kirkuk to Haifa in British mandated Palestine and Tripoli in French-mandated Lebanon. The Tripoli line was supplemented by a 30-inch pipeline in the 50s which could transport approximately 400,000 barrels/day. The Kirkuk-Tripoli pipeline was suspended by Syria during the Iraq-Iran war in an attempt to support Tehran in its struggle against Baghdad.

(Click to enlarge)

Paving the way

The current political climate, which has enabled cooperation between Lebanon, Syria, and Iraq, is the consequence of one country’s foreign policy. Since the U.S. invasion of Iraq and the overthrow of Saddam Hussein, Iranian influence has grown considerably across the Middle East. Tehran’s support for proxies in neighboring countries has strongly influenced regional politics and made Saudi Arabia nervous of what it sees as “Persian encroachment”.

The Iranian support for Syria’s President Assad provided a lifeline to the regime during the country’s civil war. Tehran has invested significantly in maintaining the position of its ally in Damascus. In neighboring Iraq, the democratization process installed a Shia-dominated parliament which is supported by powerful paramilitary groups funded and organized by the Quds force, the branch of Iran’s Revolutionary Guard responsible for extraterritorial activities. Despite significant military and political gains, consolidation is required to cement the ties between Iran’s Arab partners, which would also benefit Tehran.

The art of the deal

While Iran’s participation in regional politics was necessary for creating the right environment for cooperation, Russia's involvement has proven to be crucial. The Kremlin’s decision to participate in the Syrian civil war on…
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China To Surpass America In Box Office Sales Next Year

Courtesy of ZeroHedge. View original post here.

China, the rising power, intends to displace the US as the world's superpower in the next ten years. That means Beijing will dominate global industries, trade routes, aerospace, and even now, the box office industry.

According to a PricewaterhouseCoopers (PwC) report, first published by The Hollywood Reporter, China is expected to outpace the US in box office revenue in 2020 and will hold the number one spot among all countries.

PwC says US box offices may end up at $12.11 billion compared to China's $11.05 billion by the end of this year. But in 2020, China is expected to overtake the US in total sales.

Since 2015, China sold more movie tickets than the US, which was partially supported by its total population, now reaching 1.4 billion, compared with the US population of 327 million. Also, China's rising middle class has transformed into one of the top consumers in the world, with an appetite for American films.

PwC analyst CJ Bangah says the global movie industry will continue to expand into 2023, growing 4% globally and 1% in the US per annum.

"With on-demand home video, there were a lot of folks who thought cinema would die," Bangah told the Reporter. "But tickets, admissions and screens are all projected to rise."

Besides China attempting to dethrone Hollywood in box office sales, the report also showed how the streaming tv industry had dented the movie industry in recent years. Disney, WarnerMedia, and NBCUniversal are about to release more streaming options for American consumers, could lead to a further decline in US box office sales.

Even Netflix, with 149 million subscribers worldwide, has possibly peaked as its growth rate has been slowing in recent years thanks to an overall saturation of the streaming industry from Amazon, CBS All Access, HBO Now, Hulu and others.

"The first-mover advantage in streaming video that Netflix has capitalized on to date continues to be eroded," PwC notes. Disney, with its new 21st Century Fox assets, will launch Disney+ on Nov. 12, which, as PWC says, "marks the start of a new challenge to the currently established order in the


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The Trust Project: Big Media And Silicon Valley’s Weaponized Algos Silence Dissent

Courtesy of ZeroHedge. View original post here.

Authored by Whitney Webb via MintPressNews.com,

Given the Trust Project’s rich-get-richer impact on the online news landscape, it is not surprising to find that it is funded by a confluence of tech oligarchs and powerful forces with a clear stake in controlling the flow of news.

After the failure of Newsguard – the news rating system backed by a cadre of prominent neoconservative personalities – to gain traction among American tech and social media companies, another organization has quietly stepped in to direct the news algorithms of tech giants such as Google, Facebook, and Microsoft.

Though different from Newsguard, this group, known as “The Trust Project,” has a similar goal of restoring “trust” in corporate, mainstream media outlets, relative to independent alternatives, by applying “trust indicators” to social-media news algorithms in a decidedly untransparent way. The funding of “The Trust Project” — coming largely from big tech companies like Google; government-connected tech oligarchs like Pierre Omidyar; and the Knight Foundation, a key Newsguard investor — suggests that an ulterior motive in its tireless promotion of “traditional” mainstream media outlets is to limit the success of dissenting alternatives.

Of particular importance is the fact that the Trust Project’s “trust indicators” are already being used to control what news is promoted and suppressed by top search engines like Google and Bing and massive social-media networks like Facebook. Though the descriptions of these “trust indicators” — eight of which are currently in use — are publicly available, the way they are being used by major tech and social media companies is not.

The Trust Project’s goal is to increase public trust in the very same traditional media outlets that Newsguard favored and to use HTML-embedded codes in favored news articles to promote their content at the expense of independent alternatives. Even if its effort to promote “trust” in establishment media fail, its embedded-code hidden within participating news sites allow those establishment outlets to skirt the same algorithms currently targeting their independent competition, making such issues of “trust” largely irrelevant as it moves to homogenize the online media landscape in favor of mainstream media.  

The Trust Project’s director, Sally Lehrman, made it clear that, in her…
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House Flipping Profits And ROI Plunge Across The Country, Says New Report

Courtesy of ZeroHedge. View original post here.

ATTOM Data Solutions published a new report called Q1 2019 US Home Flipping Report, which shows house-flipping volume rebounded across the country earlier this year as gross profits and return on investment plunged.

About 49,000 homes flipped in 1Q19, represented 7.2% of all home sales last quarter, up from 5.9% MoM and up 6.7% YoY, the highest home flipping rate since 1Q10. This means investors, with some of the highest confidence levels in years, overlooking the economy cycling down into 2H19, are in a state of mania as they indiscriminately flip anything they can find.

As investors pile into homes, homes flipped last quarter sold at an average gross profit of $60,000, down from $62,000 in 4Q18 and down from $68,000 in 1Q18. This means flipping profit for investors are quickly compressing, with the lowest average gross flipping profits since 1Q16.

Investors had an average of 38.7% return on investment in 1Q19, down from 42.5% average gross flipping return on investment in 4Q18 and down from 48.6% in 1Q18 to the lowest level since 3Q11, currently at eight-year lows.

"With interest rates dropping and home price increases starting to ease, investors may be getting out while the getting is good, before the market softens further," said Todd Teta, chief product officer at ATTOM Data Solutions.

"While the home flipping rate is increasing, gross profits and ROI are starting to weaken and the number of investors that are flipping is down 11% from last year. Therefore, if investors are seeing profit margins drop, they may be acting now and selling before price increases drop even more," Teta added.

Homes flipped in 1Q19 were on the market for an average of 180 days, up from 175 days in 4Q18 but down from 182 days in 1Q18.

ATTOM Data Solutions was able to find eight zip codes out of 1,433 that had 30% of all transactions flipped homes, here are the top five: 93212 in Kings County, California (48%); 11433 in Queens County, New York (35.7%); 33147 Miami-Dade County, Florida (32.7%); 38115 in Shelby County, Tennessee (32.4%); and 92802 in Orange County, California (32.1%).

As Zerohedge readers would know, compressing margins for house flippers is a 'canary in the coal mine' that could suggest the overall house market will continue to deteriorate into 2020.





Goldman Now Expects The Yuan To Drop Below 7 For The First Time Since The Financial Crisis

Courtesy of ZeroHedge. View original post here.

Amid the celebrations that the impromptu US trade war with Mexico may be canceled, or at least postponed, one may be excused to forget that relations between Washington and Beijing are deteriorating by the hour. Luckily, Goldman – which initially was wrong about the outcome of the nascent trade feud and expected a relatively smooth resolution – is there to remind us, and in a Sunday note by the bank's EM FX strategists, writes that "given the recent developments in the US-China trade tensions, we have revised our base-case scenario and now expect a 10% US tariff rate by July on the final USD 300bn of Chinese imports."

While the bank still think an eventual deal could lead to a removal of the tariffs, "it is likely only in late 2019 or early 2020", a view which differs from the bank's previous view, in which it expected no deal at G20 but a pause on new tariffs with the 25% tariff on USD 250bn of imports gradually phased out by late 2019-2020.

The implications of this bear case scenario in the trade dispute manifesting itself are extensive, and have directly affected the FX market resulting in substantial dollar strength, although as the FX strategists note, "the pillars of US dollar support are starting to give way", for the following reasons:

  • First, the US-China trade conflict risks damaging US growth, primarily through tighter financial conditions.
  • Second, US cyclical outperformance has diminished.
  • Third, while the Fed was raising rates last year, Goldman economists now see an increasing risk of cuts.

So in terms of the dollar, Goldman's latest forecast revisions now see the trade-weighted index falling by 1% over the next 3 months and 4% over the next year (and the DXY index by 1% and 5% over the same periods).

Yet any global dollar weakness would be offset by even greater weakness in the Yuan, according to Goldman. Specifically, the bank now sees "scope for further US dollar appreciation" against the Yuan, and as a result it has revised its USD/CNY forecasts higher to 7.05, 6.95, and 6.80 on a 3M, 6M and 12M outlook (from 6.95, 6.65 and 6.60 previously). This is remarkable, because if Goldman is right, not…
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Recessionary Panic: Eurodollars Soar To Levels Last Seen During The European Financial Crisis Amid Record Bond Inflows

Courtesy of ZeroHedge. View original post here.

If one didn't have access to stock prices, one would be left with the impression that the global market is on the verge of an outright catastrophe. Here's why.

With the rates market now pricing in almost 4 rate cuts by the end of 2020, long positions in Eurodollar rates futures are now at levels last seen around the European financial crisis, suggesting that traders are bracing for a deflationary tsunami to sweep across the world (of course, stocks are once again near all time highs, because, well, the Fed and more QE is just over the horizon).

Meanwhile, according to the latest EPFR data, bond funds again raked in enormous inflows ($17.5b), as they have been doing all year (even as stock outflows continued unabated). According to Deutsche Bank calculations, this brings total inflows this year to a massive $261BN, approaching the largest on record seen over comparable periods, to levels from which the pace has slowed historically, and yet there is no sign that the great rotation from stocks to bonds is slowing. Quite the opposite.

Excluding riskier categories like HY (-$2.9bn), bank loans (-$1.4bn) and EM (-$0.7bn), bonds in fact saw even larger inflows ($22.7bn) this week, the largest on record…

… with government bond funds (+$8.9bn) seeing the bulk according to DB's Parag Thatte.

Money market funds (+$31.3bn) are also seeing tremendous inflows, taking the total over the last six weeks to a whopping $138bn, the largest on record over comparable periods in previous years as investors also flee to the safety of cash.

As Deutsche Bank puts it, "Risk-off trade intensifies with bond getting multi-year high inflows; money market funds benefit notwithstanding seasonality."

So what are investors "fleeing" from? Why stocks, of course even if one wouldn't know it looking at the S&P500: stocks (-$10.3bn) saw outflows overall this week, but were starting to see inflows return late in the week, especially into US equities which saw inflows starting Tuesday,…
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Just When You Thought It Couldn’t Get Any More Ridiculous

Courtesy of ZeroHedge. View original post here.

Authored by Jeffrey Snider via Alhambra Investments,

Perhaps it is very fitting timing. Not quite in the manner of serendipity, more like events matching stupidity. In the annals of the absurd, central bank programs fill out most of the catalog. It is getting harder and harder to describe the level of ridiculousness, the rationalizing already bordering on the sheer lunatic.

And it all derives from just one thing.

Economists start with R*. In reality, R* or R-star is just their way of admitting the economy has never been fixed without accepting blame. Ben Bernanke didn’t announce ZIRP and QE1 by saying the recovery will be stunted because the natural interest rate is going to fall by decree of demographics.

It was the other way around! The recovery came out stunted and now afterward central bankers are claiming demographics are the reason(s). It can’t be anything else, so don’t bother investigating. When QE so thoroughly craps out, what else should we expect from this cult?

Did you know that people living longer, on the whole, is a big economic negative? Neither did I, and I suspect this would be news to not just the current inhabitants of planet Earth but very likely the vast majority of everyone else who has ever lived here. I wish I was making this up:

Williams attributed the issue to two factors: longer life spans and slower population gains that hold back productivity and thus keep the U.S and other developed economies in a low-growth pattern.

The issue he speaks of is, of course, R*. What FRBNY President John Williams doesn’t say, what he is never asked, is why R* curiously seems to have registered its steepest descent, undergoing what amounts to a paradigm shift right around 2008. Since the natural rate is not directly observable, Economists infer it from different reconstructions. The Fed’s New York branch’s estimates are as follows:

Big collapse at the very same time, we are told, central bankers were heroes courageously saving the system from an even worse fate – that worst fate being a downturn without recovery, a depression. Funny how that happened anyway.

The…
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Hedge Fund CIO: “This Bubble’s Gonna Be A Big One… Real Big”

Courtesy of ZeroHedge. View original post here.

Last Friday, when discussing the potential consequences of what would happen if the Fed cuts rates, and why BofA believes that such an act would represent a huge risk to the market and economy, is that following the May slump, the foundations for the S&P rising to 3,000 in the summer – which is BofA's base case – are already there. Which is why, the risk is that the Fed does precisely what the market now expects with certainty, that it cuts rates as soon as July.

This is shown in the chart below, when in the aftermath of the Asian crisis of 1998, the Fed cut rates only to cause the dot com bubble… and its subsequent bursting and the plunge in rates from 6%+ to just 1% as the first 21st century bubble popped.

It is this risk that, according to BofA, threatens markets now as well: an overly easy Fed cutting rates, only to create a historic meltup just ahead of the 2020 election, and eventually bursting the biggest asset bubble in history. There's more: the Fed could cut and join the ECB and BOJ among those central banks that are losing credibility, as a result of it "patiently" flipping from hikes to cuts "with no material change in macro."

* * *

Today,  in his latest weekly note, One River Asset Management CIO, Eric Peters – in his traditionally whimsical voice – picks up where BofA's assessment left off, and reaches a virtually identical conclusion: "the Fed’s going to cut rates when it shouldn’t" which will be "the start of the dollar collapse" and "the start of inflation — that’s what gold and emerging markets are trying to tell us." 

And then it gets worse: "This bubble’s gonna be a big one, not a long one, but a big one…real big,” Peters writes (as usual, in the third person), and concludes "Then the Fed will go one step too far, spreads will blow out, and POP!"

All this, and more in the selected excerpt from Peters' latest letter blow:

"The bubble is beginning," bellowed Biggie Too, chief global strategist for one of Wall


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Phil's Favorites

Gulf of Oman attacks: how merchant ships can keep safe in dangerous waters

 

Picture via Pixabay

Gulf of Oman attacks: how merchant ships can keep safe in dangerous waters

Courtesy of Robert McCabe, Coventry University

The latest attacks on two oil tankers in the Gulf of Oman have once again highlighted the vulnerability of merchant ships crossing high risk areas. Both the Front Altair and the Kokuka Courageous sustained significant damage to their hulls in attacks on June 13 that led the the evacuation of the crew. This latest attack mirrors an incident from May, where four vessels, including two Saudi oil tanker...



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Kimble Charting Solutions

Consumer Staple and Yields about to send key message to stocks?

Courtesy of Chris Kimble.

Could the Staples sector and the yield on the 10-year note be on the verge of sending an important message to the stock and bond markets? It sure looks that way.

Staples ETF (XLP) is currently attempting to break above the January 2018 highs at (1). If it does, it would be a breakout of the trading range that has been in play for the past 18-months, as it looks to have created a double bottom last year.

The yield on the 10-year note (TNX)  has declined nearly 35%, since pea...



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Insider Scoop

30 Stocks Moving In Tuesday's Pre-Market Session

Courtesy of Benzinga.

Gainers
  • Moneygram International Inc (NASDAQ: MGI) rose 128.3% to $3.31 in pre-market trading after the company reported a strategic partnership with Ripple. Blockchain payments firm Ripple has made an investment in MoneyGram and will also allow the group to use its XRP cryptocurrency as part of the cross-border payments process. Ripple made an initial investment of $30 million in the money transfer company, made up of common stock and a warrant to purchase common stock. Ripple purchased newly-issued common stock including the shares underlying the warrant from MoneyGram at $4.10 per share.
  • Blue Apron Holdings, Inc....


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Zero Hedge

The Road To Perdition - 10 Cautionary Tenets About US Air Power

Courtesy of ZeroHedge. View original post here.

Authored by William Astore via TomDispatch.com,

The American Cult of Bombing and Endless War

From Syria to Yemen in the Middle East, Libya to Somalia in Africa, Afghanistan to Pakistan in South Asia, an American aerial curtain has descended across a huge swath of the planet.

Its stated purpose: combatting terrorism.

Its primary method: constant surveillance and bombing -- and yet more bombing.

...

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Biotech

Consumer genetic testing customers stretch their DNA data further with third-party interpretation websites

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

 

Consumer genetic testing customers stretch their DNA data further with third-party interpretation websites

If you’ve got the raw data, why not mine it for more info? Sergey Nivens/Shutterstock.com

Courtesy of Sarah Catherine Nelson, University of Washington

Back in 2016, Helen (a pseudonym) took three different direct-to-consumer (DTC) genetic tests: AncestryDNA, 23andMe and FamilyTreeDNA. She saw genetic testing as a way...



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Chart School

Silver Review

Courtesy of Read the Ticker.

The folks in the federal reserve will debase the US dollar currency to an extreme degree silver will finally lift off the floor.. 

Note: Readers should re watch the silver back screen news video, here.

The following video looks at price action and Wyckoff logic.

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If gold moves, silver wi...

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Digital Currencies

Cryptos Are Crashing As Asia Opens, Bitcoin Back Below $8k

Courtesy of ZeroHedge. View original post here.

Having survived the day's bloodbath in US tech stocks, cryptos are crashing in the early Asian session, apparently playing catch-down to the day's de-risking.

While no catalyst is immediately evident, there are some reports noting 13 large global banks are preparing to launch digital versions of major global currencies next year, though we suspect this drop was more algorithmic that fundamental-driven.

...



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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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