NVIDAI (NVDA) just saved the Nasdaq all by itself by reporting $2.1Bn in earnings for their quarter, which ended on April 30th but that was actually 20% LOWER than last year – it was, however a 15% beat of expectations. What really got the stock going was the revenue guidance, which was raised from $7.18Bn in Q2 to $11Bn – a 53% increase thanks to non-stop demand for NVDA’s very expensive AI chips, which are currently being scalped on the market for double their usual cost.
“Demand [related to generative AI and large language models] has extended our data center visibility out a few quarters and we have procured substantially higher supply for the second half of the year,” Nvidia (NASDAQ:NVDA) executives said on an earnings call.
This is nothing we didn’t know already but the market reaction is surprising as you would have thought the good news was priced in as NVDA is already up 200% from the October lows. This morning’s gains will make NVDA “worth” more than META or TSLA (for the moment). And, of course, MRVL, AMD, AI, PLTR and SYNA are all popping as well – as are MSFT and GOOGL – anyone who said the word “AI” in a conference call is up this morning.
Perhaps NVDA will end up making $20Bn this year instead of the $11Bn they were projecting. Does that really justify putting them in the $1Tn club at 50x best-case earnings? They had the right chip at the right time but so have Intel (INTC) and AMD at other times. Chips are a very cyclical sector and I an never one for chasing them.
However, INTC was going to be our Stock of the Year for 2024 if it was sill below $30 in November and it’s more like $28 this morning as they do NOT have the right chips at this time – but what better time to buy them than when they are down? $28.25 is $115Bn in market cap and INTC will be lucky to make $1.6Bn this year as it is still an investment year but that cycle ends next year, when they expect to make $7Bn – which would be 16.4x.
We were hoping to catch it closer to $25 but now I’m worried they will say “AI” and pop to $35 so, for now, let’s add INTC to our Portfolios as such:
In the Income Portfolio, let’s:
- Sell 5 INTC Dec 2025 $30 puts for $5.80 ($2,700)
- Buy 15 INTC Dec 2025 $30 calls for $6.50 ($9,750)
- Sell 10 INTC Dec 2025 $40 calls for $3.60 ($3,600)
- Sell 5 INTC Sept $30 calls for $2 ($1,000)
That’s net $2,450 on the $15,000 spread so we have $12,550 (512%) upside potential at $40 and we’ve used 113 of 939 days we have to sell so maybe 8 sales left can generate another $8,000 and bring our upside potential over $20,000 and, more importantly, generate about 40% per quarter in INCOME – which is the point of this portfolio!
The net Portfolio Margin of 5 short Dec 2025 $30 INTC puts is just $955 – so it’s a very margin-efficient trade but we do have the potential of having $15,000 worth of INTC stock assigned to us so we will set aside 1/2 of an allocation block – which are $30,000 each in our $150,000 portfolio.
In the Long-Term Portfolio (LTP), which has $500,000, we will be more aggressive with:
- Sell 10 INTC Dec 2025 $35 puts at $9 ($9,000)
- Buy 30 INTC Jan 2025 $25 calls at $7.50 ($22,500)
- Sell 20 INTC Dec 2025 $30 calls for $6.50 ($13,000)
- Sell 10 INTC Sept $30 calls for $2 ($2,000)
Notice we bought the Jan 2025 $25 calls instead of the $9 Dec 2025 $25 calls but that’s because we can always spend $1.50 to roll them but, for now, we have a net credit of $1,500 on the $30,000 spread so $31,500 (2,100%) upside potential plus a solid $10,000 of potential short-call sales as well. The more aggressive puts require $2,349.03 in net margin and the LTP has 20 $50,000 allocation blocks and we’ll assign a full block to this one as we HOPE INTC goes lower and we can double down.
We also have a golden opportunity to fill out the missing parts of Tuesday’s SQQQ hedge, which will well-cover both portfolios potential long ownership of Intel – what a great morning – thank you NVDA shoppers!
Meanwhile, Fitch has warned that the United State’s AAA credit-rating on NEGATIVE WATCH as debt ceiling talks continue to go nowhere. Fitch said that a missed payment after June 1 would likely be “inconsistent” with a triple-A rating. The ratings firm also said that potential workarounds—such as invoking the 14th amendment to ignore the debt limit—would undermine U.S. creditworthiness. S&P downgraded the U.S. credit rating after a similar standoff over the debt limit in 2011 and has never raised it back.
Losing an AAA credit rating for the U.S. would have a negative impact on the National Debt and interest payments. It would likely increase the borrowing costs for the Government, as well as for companies and consumers that rely on Treasury securities as a benchmark for interest rates. Higher rates would also increase the Government’s debt service burden, which is already 12% of its $4.66Bn in Revenues at $594B.
According to S&P, a one-notch downgrade of the U.S. credit rating could raise interest rates by 0.25 percentage points and increase annual interest payments on $32Tn in debt by $80 billion – that is the cost of the GOP temper-tantrum!
As the Democrats have been saying for 50 years (since Nixon!), the problem with deficits are not about Discretionary Spending, which is only 38% of the non-Military budget – it’s about LACK OF TAXATION as the Government only collects $2.6Tn of Income Taxes and $1.5Tn of Payroll Taxes and $445Bn in Corporate Taxes. That’s $4.5Bn against a $6.1Bn budget so we’re $1.6Tn short – very simple…
Part of that, of course, is the GOP/Trump-approved 2023 Defense Sector Budget of $1.8Tn and that’s up $800Bn since the 2001 budget (see chart above). As with all these “must have” Defense increases, they never come along with any way to pay for them – just more and more debt and now, when we hit the debt ceiling – cutting it back is off the table and, instead, we’re supposed to steal more money from Social Security and Medicare (which the recipients worked their whole lives saving for and is supposedly ENTRUSTED to the Government – not gifted to it!) or cutting the Health Budget (we saw how well that worked out leading up to Covid) or Housing or Feeding our Citizens.
The ENTIRE US non-Defense Discretionary Budget of $800Bn is LESS than the INCREASE in the Defense budget over the past 20 years!
That’s from 2021! Perhaps if we spent less, other countries would not feel pressured to spend as much. Remember how Trump was beating up on NATO to spend more? That’s because we were looking more and more like idiots by comparison.
Just like this country spends 2-3 times more on Healthcare than other counties (yet we have the worst outcomes), the US spends 4-5 times more on Defense per capita as well. Perhaps, like Russia, our outcomes would be poor as well if they are ever tested. As I noted about politicians having to wear patches from their sponsors yesterday – a good portion of those patches would be from Defense Contractors.
So Defense spending is out of control but even more out of control is how little we tax Corporations. $445Bn is not even 10% of Corporate Profits (and that’s AFTER massive deductions, depreciations, loopholes, etc.) and it’s not even 10% of total tax collections and it’s only 1.7% of our $25Tn GDP.
The GOP solution is not to raise Corporate Taxes but to cut Social Security and Medicare, which contribute 7% of the GDP – about 4x more than Corporations do. That massive 5.3% gap, which has been pretty consistent since Reagan jacked up the Military and slashed Corporate Taxes, if you multiply it by a cumulative $415Tn of GDP (1982-2022), it comes to $22Tn of underpaid Corporate Taxes. That plus the interest on the unpaid amount is our ENTIRE National Debt!
THAT is what is wrong with our country and it’s very easy to fix by simply making companies pay their fair share of income taxes. Will that ever happen? No it won’t so enjoy it while you can – the debt collectors are knocking on the door while Congress pretends we can fix this by squeezing more money out of the bottom 90%.
AI Overlords can’t take this mess over fast enough in my opinion!
The demand for Nvidia chips is being driven by megacap tech and private AI companies developing models and deploying consumer LLMs. It is not being driven by corporate end customers. Those companies are trying to cut OpEx right now and cloud expenditures are part of that. The corporate market is better reflected by Snowflake that is rapidly decelerating. No one talking about this one today – take a look at it. There is a lot of nonsense on CNBC. Statements that AI will drive some kind of magical productivity improvement in the next quarter are crazy – have heard that one many times.
There is a real capacity shortfall in compute. It started before all of the LLM mania. There has also been a trend of brute forcing models which can make compute increase many times. But the blank checks will run out from both megacap and VC funded startups. At some point, the demand needs to be driven by paying end customers – consumers and corporations. Based on current expectations, there is a big gap between the development outlays and the real value capture. It is not clear when this will be realized by markets.
NVDA trading at 214 P/E as of 2 mins ago. Sounds like a bargain one NEEDS to own (sarcastic of course). at what point should one think to play a top in that stock?
about 10 minutes ago
AMZN has taught me not to short MoMo stocks – there is no end to investor stupidity.
As noted above, however, great time to pick up those Nasdaq hedges.
Of course, $400 was a good rejection point and up from $300 means $380 is weak retrace and $360 is strong retrace and it should hold $360 as there is certainly some justification in a better price.
Well NVDA doesn’t care as long as someone is buying chips. Same with server farms for cloud companies. That’s what hurt INTC – the rapid move to cloud computing let to lower PC turnover (no need to upgrade for a “dumb terminal”).
All this is, at this moment, is a shortage of the type of chips that NVDA happens to make because someone (AI developers) found a use for them. Does that mean others CAN’T make them? Of course not – only not this year as it takes a while to reset a Fab.
As to cloud services, just a reflection of an overall slowdown in Corporate (Recession) as well as work-from-home lowering the impact on Corporate Cloud use and, of course, all those competitors in the cloud service biz these days (another case of supply balancing out demand over time).
AI will lead to a boost in productivity. McKinsey said (news this week) that $13Tn will be added to GDP by 2030 and that’s about 1.2% GDP growth per year, on average. That is MASSIVE! Of course it will happen in spurts, not next Q.
And yes, it’s a race for eyeballs at the moment but that race drove the Dot Com market for years and the money never stopped flowing – until it did. With $13Tn to gain, there will be what seems like endless money thrown at AI. Notice that military budget above – they like AI too! MSFT just paid $10Bn to OpenAI and not everyone is going to want to use what MSFT has – certainly not other Governments, etc. So just duplicate that spending across 50 countries and 50 major corporations who will want their own and soon we’ll be talking real money, right?
It will be a fun ride – that’s for sure!
Agree. Do not bet against Nvidia short term – next 12 months they will sell out everything they make. The thing I react to strongly is the assertion that somehow AI productivity bails us out of inflationary pressures in the next quarter. It does feel a lot like the .com period. I made a bunch of money on Cisco at that time. Got out at the top only because I needed the money to buy an apartment. It is interesting to look at the Cisco chart – and also pets.com and webvan.
I think we’re in for a huge productivity boost but that will help Corporate Profits (untaxed), not inflation.
IBM has been in AI for decades, banks use their mainframes to catch suspicious activity. QCOM snapdragon has excellent AI capabilities for SP’s. Its going to lift most chip stocks, I like suppliers like AMAT and MKSI. This is a multi year expansion.
I think the challenge for nvidia will come from home grown gpus at places like google/meta/apple/amazon. Given the demand and gpu profit margins, all the cloud vendors cannot rely on nvidia alone to meet the gpu demands and already have or in the process of building their gpu platforms.
INTC has missed the boat entirely on gpus. The only hope for intc is to fix their fab story and make sure they are still relevant from cpu perspective. Most of the cloud vendors and apple have their own homegrown cpu stories which outperforms intc and is cheaper. So, it is a very difficult ride for intc going forward.
🤓 Intel’s (INTC) Arc GPUs are still in the market and have received some updates and improvements since their launch in late 2021 and early 2022. Here are some key points to summarize the current situation and future plans of Intel’s Arc GPUs as of May 25, 2023:
Get ’em while they’re hot because NVDA should not push the entire Nas the way it did and, of course, this will all settle down and then none of the problems that took us lower have been even a little bit resolved, have they?
Phil, Did you mean SQQQ 2025 $25 calls are now $9.43 ? The $20 calls are 10.48
Well now they are. $10.33 was the last sale a few minutes ago on the $20s and $10.05 was the first official sale.
The $25s opened at $8.15 and are now $8.80. The point is to get the best one you can afford at whatever time you look – the price changes every 30 seconds so going back and forth updating prices every couple of hours is ridiculous!
When I set a price – it’s the price I believe will work as a bid for each leg. Sometimes they are easy to fill (sometimes we do much better) and sometimes they take time to fill and, if they take too much time (weeks, not days), THEN we can discuss changing everything but please, not over and over and over again every time the target goes up and down!
Before I shoot myself, I asked Warren to run though it for people to reference:
🤖 Sure! I can provide examples of how to adjust the options spread as the underlying stock (SQQQ) goes up or down over time. Please note that these examples are for educational purposes only and not intended as financial advice. It’s important to carefully consider your own investment goals and consult with a qualified financial professional before making any trading decisions.
Scenario: Underlying stock goes up significantlyIf the underlying stock price of SQQQ increases significantly, the options spread can be adjusted as follows:
Scenario: Underlying stock goes down moderately. If the underlying stock price of SQQQ decreases moderately, the options spread can be adjusted as follows:
Thanks Phil and Warren,
The only problem for me, if I understand correctly is it assumes we’re already in the trade before the price goes up or down, and not still trying to get in.
Well the idea is to be in in stages. Fill a few, see how you can improve what you have. Wash, rinse, repeat until you have as many as you want.
It’s not about the price of the legs it’s about getting the $20/50 spread for $4.25 and the $20/70 spread for $5.25 and if I pay $1,076/1,071.75, even though I was aiming for $10.25/6 – it doesn’t make a difference, does it?
So ANY time I have NQ in upwards momentum and we’re close to a $4.25 spread, I buy a few longs and wait for a better price to sell a few shorts (this is where the short-term 5% Rule comes in handy).
ANY time NQ is trending down, I can sell a few higher calls and wait to buy my long calls when I get a better price at the bottom of the channel.
That is really good info. I think I have been doing that a bit intuitively with liquidating the old portfolios when NQ is higher, but haven’t always been buying back short calls when lower. Maybe add that to Top Trade alerts to remind people like me 😊
Maybe just print out that chart, turn it into a post-it or a magnet and put it on the screen in front of you until it’s burned into your brain?
I can send my tattoo guy over – if that will help… 😉
Hehehe, good one, but I think I’ll print it out 😂
Things are pulling back already – so silly.
Maybe it’s because people are paying for all those chips with Dollars?
Honey badger don’t care:
All hat, no cattle:
INTC $27.50 ($108Bn) – easy fills on the longs!
Money coming out of them to buy NVDA, etc.
🤓 The GDP deflator is a measure of the changes in prices for all the goods and services produced in an economy in a given year relative to the real value of them1. It can be used as a measure of the value of money or the level of inflation or deflation in an economy12.
The GDP deflator is calculated by dividing the nominal GDP by the real GDP and multiplying by 1001. The nominal GDP is the total value of goods and services produced in an economy at current prices, while the real GDP is the total value of goods and services produced in an economy at constant prices1. The GDP deflator shows how much the nominal GDP differs from the real GDP due to changes in prices over time1.
See – I think it’s great that I can add little educational items like that using AI – great for newer investors to know.
I have a question because I’m still trying to finish filling the KO calls for the income portfolio. With most of the calls down $1 or more, would you recommend sticking with the original prices or is it decay that must be accepted?
Same as the rest. We’re bullish on KO so, if you are stuck in a bullish position with KO at $60 – what is the problem?
It’s not the price of each leg but the price of the spread that matters so you have to look at the whole combination and get the best prices you can on each leg.
I understand not wanting to sell short calls too low when we are bullish, but I feel I’m missing out on selling some premium to decay before KO starts going up. Misplaced FOMO? 😁
Very much so. It’s nothing out of 600 days you have to sell. In the Income Portfolio, we sold 10 Aug $62.50 calls for $2.45 on the 17th, they are now $1 and there are 85 days left so you are currently missing out on 0.015 per day by not selling them. When we sold them, there were 100 days left and we expected 0.025 per day.
We expected KO to go down, that’s why we did the aggressive call sale. Now it is down and we expect it go up, but we have to wait – which is fine with us as we have until August to sell new short calls. If you miss out on this entire cycle, you will have missed 1/7 of your chances to sell short calls over the 18-month trade – still not a tragedy so, for a penny a day – I’d rather wait patiently – at least for 0.25 (25 days) or $250 you might have made if you capitulated now.
So if I understand correctly, you’d wait 25 days (1/4 of the time left?) to see if it comes back up before capitulating and selling the call(s)?
I calculate that theoretical price around $2.45 – ($0.025/day x 25 days) = $2.45 – $0.625 = $1.825 which is higher than $1.
But you didn’t sell it for $2.45, did you? If you had, you’d already be up $1.45 and happy about it. I don’t know why this is so difficult to grasp – there WAS a great price to sell. It is no longer at that price so there’s no harm in waiting.
Thanks for spelling it out. I read it is human psychology to feel losses more than gains.
Sure, if they cut off a finger – you get upset. If they add on a finger – it’s just a little weird, right? That’s Kidnapping 101….
So entry price is more important than having a complete position?
The SEPT 30 Calls have fallen to $1.20 (listed as $2 above) – I assume at times like this we should patiently wait for a fill at $2 — or adjust lower?
Absolutely wait for the bounce. If there is no bounce, we’ll sell lower calls for more money and roll our longs down. You have to always take advantage of the situation to get the best prices as we have bets in both directions on these spreads.
There’s no hurry because it’s a 2-year play and we’re bullish on INTC so the base bet is buying the long calls and selling the short puts – the rest is just how lower our basis along the way but, since we’re bullish – what’s wrong with waiting for a move back up with naked longs?
Please ignore the following post. I was looking at LTP when I should be looking at Income Portfolio:
Different question about INTC play:
If I can’t sell calls with expiry after my longs, would you push out the longs (I think so) or pull back the date of the shorts?
I’d go for the longer-term long calls. What we did there is just a fun trick you can play when you have PM accounts – especially when you intend to “leap-frog” the longs to 2027 when those come out. The point of the trade is to make money selling short calls, the LEAPS are just a buffer in case we get burned to the upside.
• The best way to deal with the debt ceiling: Ignore it: If all his options are unconstitutional, he should choose the least unconstitutional option. So which unconstitutional option — unilaterally raising taxes, disobeying spending laws or borrowing beyond the debt ceiling — is the least unconstitutional? The answer lies in the Constitution’s delicate balance of powers. (Los Angeles Times)
• Large-Cap Stocks Outperform as Investors Seek Stability: The gap between large- and small-cap stocks has widened since the banking crisis, according to FTSE Russell. (Institutional Investor) see also Fed Rate Increases Hit Small Businesses the Hardest: Companies with smaller payrolls and valuations are facing higher funding costs. (Wall Street Journal)
• The Stock Market Usually Goes Up (But Sometimes it Goes Down): There have been just 13 bear markets since World War II (including the current iteration). That’s one out of every 6 years or so, on average. During that same time frame, the stock market has fallen by 30% or worse 4 times. That’s one out of every 13 years on average. A crash of 50% or worse has occurred just 3 times. That’s one out of every 26 years on average. (A Wealth of Common Sense)
• Don’t underestimate the American consumer: As we’ve discussed repeatedly, consumer finances have been in remarkably good shape despite what weak sentiment may suggest. And robust demand for labor continues to fuel job creation. All of this represents massive tailwinds powering spending, which has been bolstering economic growth for months. (TKer)
POS Tip Demands Are Driving Inflation Higher: Demands for worker tips in non-tipping industries are having a meaningful impact on prices and CPI.
• Once a fringe theory, “greedflation” gets its due: Once dismissed as a fringe theory, the idea that corporate thirst for profits drives up inflation, aka “greedflation,” is now being taken more seriously by economists, policymakers and the business press. (Axios) see also What’s Driving Inflation: Labor or Capital? I was correct in identifying inflation during the mid-2000s; during the post-crash 2010s I remained appropriately skeptical about rising prices. “Transitory” turned out to be too optimistic, and I was wrong in my expectations for a faster decline in the delta of prices. I was also wrong about “Greedflation…” (The Big Picture)
• ESG Investing Goes Quiet After Blistering Republican Attacks: “Greenhushing” is the new greenwashing as asset managers in the US try to duck controversy over sustainable investing. (Businessweek)
• NYC Skyscrapers Sit Vacant, Exposing Risk City Never Predicted: City says vacancy rate won’t dip below 19% before 2026 Office vacancies hit a record 22.7% this year amid remote work. (CityLab) <<Keep in mind that’s vacancies, not occupancy of rented space, which is 50% of 77.3% so, in total, NYC buildings are about 39% occupied by actual people – Disaster is extremely inadequate for what is happening! – Phil>>
• Office Workers Don’t Hate the Office. They Hate the Commute. Let’s address why folks aren’t coming back — and why they probably won’t unless we fix a big problem with office work that few C.E.O.s seem to mention: Getting to and getting home from the office. Survey after survey bears this out. If we want people to go to the office more often, we have to do something about a ritual of American life that’s time-consuming, emotionally taxing, environmentally toxic and expensive: the daily commute. (NYT) see also WFH vs RTO: It won’t be easy; it’s going to require a wholesale change to the infrastructure of your region, from where people live and work, to how walking and bike-friendly those areas are, to how we can deemphasize the car culture with which I grew up in and have come to love so much. (The Big Picture)
• Where’s my self-driving car? EVs may seem closer to reality than AVs, but our view of both is distorted by our rigid understanding of transportation. (Fast Company) see also Why most car dealers still don’t have any electric vehicles: A new survey finds two-thirds of car dealers didn’t have a single electric vehicle for sale. (Vox)
• Fox News’s ‘vitriolic lies’ present clear threat to US democracy, says woman suing rightwing network: disinformation expert Nina Jankowicz, who is suing over campaign of falsehoods, says ‘if Fox isn’t brought to account, it will not stop.’ (The Guardian) see also Negotiating with post-Trump Republicans is like dealing with a toddler’s tantrum: While one side is happy to defecate on the floor, the other side has no choice but to clean up the mess. (The Guardian)
• Apple Is Reaching Deeper Into Your Pocket. Apple’s Next Version of the Wallet App Could Be Killer. Why PayPal and Other Fintechs Should Worry. (Barron’s) see also ChatGPT Now Has an iPhone App: Six months after OpenAI’s silver-tongued chatbot launched on the web and set off an AI arms race, you can put it in your pocket. (Wired)
• Investors Are Overlooking the Real Power of AI: Investments are not the most obvious target of image-generating AI, but, as WorldQuant’s Igor Tulchinsky writes, early-stage technologies like GPT-4 should be approached with radical openness. (Institutional Investor)
• In Battle Over A.I., Meta Decides to Give Away Its Crown Jewels: The tech giant has publicly released its latest A.I. technology so people can build their own chatbots. Rivals like Google say that approach can be dangerous. (New York Times)
That county in California that lost population – that was wildfires. But climate change isn’t real, right…..
Oil $71.40! Brent is still $75.50 – if $75 breaks – BIG TROUBLE!
NQ rejected at 13,986.75 – up about 400 from yesterday so 80-point supports.
WBA is sub-30 now. That’s now back to 2010 levels.
WBA, PARA, T, VZ , INTC dividend payers that havn’t work out for me.
All very tempting still but we have to see how things shake out.
Ugh! me too- losers all.
Don*t mention it Phil`s favorite stock. Today is one of the craziest days on Wall Street, S&P up 35 and I hardly can see one plus in my ports.
WBA always seems low, but when I go into their store, I remember why they are terrible. Online prices on their website are always lower than in-store prices, but they do not price match and rather make you order the same item online for in-store pickup – very silly.
And pharmacies should not be selling cigarettes.
Big difference today between S&P and Russell. Which one will catch the other?
PARA – Wonder what the magic price is when we see a buyout? They and all streamers are getting squeezed. Can’t help thinking sugar daddy Apple wouldn’t be interested
As Yodi notes, we have a very narrow rally.
So it’s all rumor-driven nonsense at the moment.
So this one trade can give us 50% in our Income Portfolio AND pay us $4,500 per quarter and we only need $6,000 per quarter total and this is just two allocation blocks!
As long as I see trades like this (and this one is not an official trade), I don’t feel any pressure to jump into other stocks.
This is like 2012, when BAC was our “One Trade” (our first Trade of the Year) that we could put our entire portfolio into because it was so stupidly cheap ($5.75 at the time).
F is getting interesting at $11.39 too.
Good recap I wrote on BAC for Seeking Alpha back in 2012. Similar market conditions.
STLA is under pressure too. last round I got in was at 11.50 or so, but they have also increased their dividend since. Unfortunately, they called me away at the last dividend. Waiting for next entry but Div at ~9% is very tempting. maybe interesting for $700 portfolio
Yes, let’s not forget about them.
Phil, If we dont get a debt deal and the markets crash, whats on our buy watch list? I have the group from the beginning of the year and just wondering if anythings changed. ( other than T or F from below)
I have recently updated the watch list, it’s the same one.
At the time when we started putting it together, I was doing the final list for Trade of the Year, and we were looking for stocks that had low debt, low p/e and a high profit per employee ratio in anticipation of wage pressures. We were expecting a slight recession and higher interest rates so, all of the same conditions still apply, so these are still our favorite stocks to look for bargains on.
Ok, I will fall on the sword for everyone, is there a link to the list? 😎
Watch List provided on April 26, 2023 by PSWco
I think this one