Author Archive for 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.

tsingtao brewery

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 Russell 2000 is up approximately 14.6%. Since inception on June 1, 2011 the fund is up approximately 85.4% net while the S&P 500 is up approximately 148.5% and the Russell 2000 is up approximately 102.4%. Since inception the fund has compounded at approximately 8.2% net annually vs 12.3% for the S&P 500 and 9.4% for the Russell 2000. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two. (If you’re an investor in the fund, you should have your 2018 K-1 next week.)

Q4 hedge fund letters, conference, scoops etc

I continue to believe that what we’ve seen since the market’s late December low is a bear market rally, albeit a fierce one. The U.S. economic slowdown is in its early stages and we’re a long way from QE4; in fact the Fed is still removing approximately $50 billion a month from its balance sheet and—despite the taper announced in March—will continue removing tens of billions of dollars a month through September, while real short-term U.S. interest rates are positive for the first time in over a decade. We thus remain short the Russell 2000 (IWM), an index which—despite incorporating almost a full year of drastically lower corporate tax rates—has a trailing twelve-month GAAP PE ratio of around 43 (and I strongly suspect the “E” will go down this year) and a record-high percentage of its constituent companies losing money…

Staphyl Capital

…along with a median EV-to-EBIT that’s (almost literally!) off the charts:

Staphyl Capital

Elsewhere in the fund’s short positions…

We remain short stock and call options in Tesla, Inc. (TSLA), which I consider to be the biggest single stock bubble in…
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Larry Kudlow On Why The Fed Should Cut Rates [Full CNBC Transcript]

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Excerpts: National Economic Council Director Larry Kudlow Speaks With CNBC‘s “Power Lunch” Today

Larry Kudlow Kudlow On Supply Side

Image source: CNBC Video Screenshot

WHEN: Today, Friday, March 29

WHERE: CNBC’s “Power Lunch”

Following are excerpts from the unofficial transcript of a CNBC interview with National Economic Council Director Larry Kudlow on CNBC’s “Power Lunch” (M-F, 2PM-3PM ET) today, Friday, March 29. Following is a link to the full interview on

Q4 hedge fund letters, conference, scoops etc

Larry Kudlow On Supply Side, Rate Cuts, Powell And Mnuchin

All references must be sourced to CNBC.

Kudlow on 50 basis point cut

I am echoing the president’s view, he’s not been bashful about that view. He would also like the fed to  cease shrinking its balance  sheet and I concur with that view looking at some, the economy looks fundamentally quite healthy. We just don’t want that threat there is no inflation out there, so I think the fed’s actions were probably overdone.

Kudlow on why cut rates

There’s no emergency. It’s just a point of view, okay. I mean, I watch yield curves I have for a long time, tens to bills are actually negative slightly inverted commodity prices, commodity index took a big whack in the fourth quarter and earlier this year. This is not an emergency this is not anything, this is just our point of view frankly, I think they went too far…we don’t want to threaten this great recovery basically, the president has, in effect, redesigned and redeveloped and reengineered this economy with lower tax rates, and a big rollback in regulations, and opening the door to energy again and also, trade deals that I think will be very pro-growth. We don’t want to jeopardize that we’ve got more people working than ever. We’ve got remarkably low unemployment across the board, including Kelly, I might say, the biggest contributor to the labor force last year was women. And all the minority categories this is a terrific story.

Kudlow on protecting the economy

I don’t think that the rest of the world can overwhelm the U.S. In fact, usually, my view is, continues to be, we are the driver, we are the engine. Okay?…
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Shiller: Trump Has Brought Back Big Feeling Of US Confidence

By Jacob Wolinsky. Originally published at ValueWalk.

Robert Shiller, Yale University professor of economics, discusses U.S. economic confidence, data and impact from politics. He speaks with Bloomberg’s Lisa Abramowicz and Alix Steel on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Feeling Of American Confidence

Shiller Says Trump Has Brought Back Big Feeling of American Confidence

Q4 hedge fund letters, conference, scoops etc

Shiller Says the ‘Inverted Yield Curve Is Overrated’

Robert Shiller, Yale University professor of economics, and Burns McKinney, Allianz Global Investors portfolio manager, discuss the yield curve and how it could predict the future of our economy and the retirement of Wells Fargo CEO Tim Sloan. They speak on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)


Robert what’s your take on the consumer is that we’re in danger zone or is this sort of like a short term blip in the weakness that we’re seeing.

Good question. I think that it’s a psychological phenomenon that it’s hard hard to predict. It’s been strong. I think it has something to do with her politics with Donald J. Trump who models conspicuous consumption. Who who wrote books saying you got to show off a little that was his advice to everyone seeming you know actually wrote the American way the American way. Of the American way or the American dream that comes and goes. You know sometimes it’s like any person. There are moments when you’re feeling confident in moments when you’re not. So Trump has brought back a big feeling of American confidence. For now it’s holding. Even now with the Miller news it’s gotten a little stronger.

Spending is one thing and that has to do with confidence and people wanting perhaps to show off a little bit for their friends. Personal income though is not something that is sentiment driven in the same way. And that came in lighter than expected. I find that interesting because it really goes to the question of what are we to see wages increase meaningfully enough to give that extra boost to this economy.

Well this is an old theme that wages. This goes back to Franklin Delano Roosevelt. He wanted to see wages pushed up. Because he thinks that will be the source of expenditure and. Verses. But now…
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How Active Fund Management Is Like Playing Poker

By Michelle Jones. Originally published at ValueWalk.

Investors’ increasing preference for passive investment products over active ones has been well-documented in recent years, and the trend has been accelerating. Moody’s now estimates that passive products may overtake active ones in only two years. The firm also explained why over time, it could become even harder and harder to find an active manager capable of outperforming their benchmark.

passive investment products

AdinaVoicu / Pixabay

In a report this week, Moody’s Investors Service compared the transition from active to passive products to the adoption of new and improved technologies. Senior Credit Officer Stephen Tu and team said passive products “more efficiently channel the earnings of corporate America to the end investor than do traditional mutual funds.”

Q4 hedge fund letters, conference, scoops etc

Active Fund Management

Active management compared to playing poker

They also said passive investment products are more efficient because they result in less “leakage in earnings” via management fees, commissions and trading fees paid to active managers. They also said passive reduces earnings “leakage” to investors caused by “below-average investment decisions leading to loss of capital from the average active manager to the small group of truly superior active investment managers.”

Moody’s describes the ongoing transfer of capital “from the larger number of average active managers to the smaller number of superior active managers” as essentially a form of “error collection.” The firm also said that over time, the nature of the market is that active management itself will become more and more difficult.

“In other words, the goal of ‘alpha generation’ can better be thought of as ‘error collection,’ just as a champion poker player wins earnings from others, and does not simply generate a return without considering the pool of potential winnings in the casino,” Tu and team explained. “Over time, only the best players will survive, leading to a more difficult game. Similarly, active management could become more difficult over time, as a growing number of below-average active managers drop out or see their assets continually decrease.”

Record-high outflows from active funds

The Moody’s team also said 2018 brought new record-high outflows from active mutual funds, based on data from the Investment Company Institute.

“Despite market volatility late last year…
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Robert Shiller: There Could Be Declines In Home Prices Especially At The High End

By Jacob Wolinsky. Originally published at ValueWalk.

Yale Professor and Nobel Prize Winner Robert Shiller discusses the housing market and factors affecting home prices.

Declines In Home Prices

Robert Shiller: There Could Be Declines In Home Prices Especially At The High End


Q4 hedge fund letters, conference, scoops etc


Home price growth not seeing necessarily a nice boost or at least not as much as it was. It’s growing at its slowest pace since 2015. The S&P CoreLogic Case Shiller Index mark ten consecutive months of decelerating price growth. Joining us with more is Yale University professor Robert Shiller whose namesake index obviously. So Robert thank you so much for joining us so talk to me about the deceleration that we have seen and whether it’s slowing down whether we’re going to start to see an acceleration again.

Well the housing market. You have to remember is totally different from the stock market. The stock market is approximately a random walk in one day to the next you don’t know what the housing market. It’s not a professional market. I mean it’s everybody who buys and sells homes. And so the market has turned. Notably there’s also trends in the rate of change. If you go back to five years ago the market was going up in the U.S. National something like 10 percent a year. And then it’s Bend’s tree being down. This is the long term phenomenon. A year or so ago it was 5 percent. Now it’s 4 percent. In our big cities that our composite it’s more like three and a half percent. So those are. Trends that the question now is will those trends continue. Well they’ve been going on for five years so maybe they will continue but it’s not as it’s not going to be a one day catastrophic drop.

Professor Shiller I’m curious is there any period in the past where we can look back where we see these kinds of peaks and then the valleys and then the peaks to realize the past does not tell you where you’re necessarily going but at least gives you some insight into where you’ve been. Have we seen this before.

Well I like to take the most recent example that maybe it’s a scary example so I don’t mean to scare anyone but the…
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We DO Need To Maximize Shareholder Value. Here’s Why.

By Henry D. Wolfe. Originally published at ValueWalk.

Shareholder Value Maximization, Shareholder Primacy and related concepts have been drawn and quartered from all corners. Academia, the business and regular media, politicians and even some in the business community have skewered these concepts, portraying them as evil incarnate and responsible for a plethora of business and societal ills. I would suggest that this is unhealthy in general but even more so in a hyper-competitive business climate (that is not going to slow down). Further, I would suggest that what much of this reveals is how poorly shareholder value maximization is really understood.

shareholder value maximization

rawpixel / Pixabay

In actuality, the current public company governance model with its emphasis on compliance, process, oversight, director independence and quarterly earnings is not a shareholder value maximization model. Nor is shareholder value maximization about a focus on shareholders to the consistent or intentional detriment of what are now considered “stakeholders.” Instead, it is about the development of the full potential of a company. In more concrete terms, it is about optimizing capital allocation and maximizing company performance, and thus shareholder value, over a longer period of three to six years.

Q4 hedge fund letters, conference, scoops etc

A shareholder value maximization model of governance will involve an in-depth understanding on the part of the board of the levers that can be pulled to maximize value over the period with key initiatives developed to actualize this value. In this model, there will be a short-term focus; likely more intense than the typical public company. But, the focus on the short term will be in the context of the longer-term targets of the aforementioned initiatives – you cannot get to the longer-term if you do not achieve the shorter-term steps. This model does not preclude divestitures, changes in the capital structure, special dividends, share buybacks or the sale of the company. These can all lead under the right conditions to the full potential development of a company.

Why do we need to maximize shareholder value?  First, it is vital for our economic well-being now and as the future unfolds. This model will result in considerably more competitive companies on a sustainable basis. Today’s commercial environment is hyper-competitive and will continuously…
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Activist Takeover Attempts Rise More Than 50 Percent

By ActivistInsight. Originally published at ValueWalk.

Activist interest in buying companies outright have risen over the last 12 months to beat previous records, according to data from Activist Insight Online.

Activist Takeover Attempts

Pexels / Pixabay

Ever since Elliott Management started a revolution by initiating a plan to take whole companies private, other activists have been inspired to get in on the act. Takeover approaches were up 58% in the 12-month period ending March 22, 2019, compared to the equivalent period ending March 22, 2018.

Q4 hedge fund letters, conference, scoops etc

Companies publicly subjected to activist takeover attempts in the 12-months ending March 22, each year, globally.

Act chart

Elliott Management has made four takeover demands in the most recent period, with a previous effort at Gigamon in May 2017 its first since 2014.

Sharp volatility at the end of 2018 may have provided the spark for the overall uptick, with 12 takeover demands recorded since the turn of the year alone.

Companies publicly subjected to activist takeover attempts in the period January 1 to March 22 of each year.

Act chart

Hostile bids using activist tactics such as shareholder proposals or proxy contests by Barrick Gold, MNG Enterprises, and Sports Direct also explain some of the uptick.

Other increasingly popular tactics over the past 12 months include a push for companies to divest assets, return cash to shareholders, and replace management.

About Activist Insight 

Since 2012, Activist Insight ( has provided its diverse range of clients with the most comprehensive information on activist investing worldwide. Regularly quoted in the financial press, Activist Insight is the trusted source for data in this evolving space. Activist Insight offers five industry-leading products: Activist Insight Online, Activist Insight Governance, Activist Insight Vulnerability – a tool for identifying potential activist targets – Activist Insight Shorts, and Activist Insight Monthly – the world’s only magazine dedicated to activist investing.

The post Activist Takeover Attempts Rise More Than 50 Percent appeared first on ValueWalk.

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10 Characteristics Which Make A Truly Great Venture Capital Investor

By J. Skyler Fernandes. Originally published at ValueWalk.

To VC, or not to VC, that is the question? 10 characteristics which make a truly great venture capital investor

great venture capital investor

rawpixel / Pixabay

J. Skyler Fernandes is ranked as a Powerlist 100 VC and is the Co-Founder & General Partner of Venture University, a multi-stage investment fund and trade school for venture capital, private equity, and angel investing

Q4 hedge fund letters, conference, scoops etc

As a VC for the past 10+ years, I have had the pleasure of meeting thousands of investors at many stages of their journeys, from analysts to first time fund managers to VCs with 30+ years of investment experience. As such, I am often asked what are the key factors in becoming a top VC.

Research suggests that entrepreneurial experience separates top VCs from other investors. However, one needs to only look at the amazing careers of industry leaders without an entrepreneurial background like Michael Moritz, Fred Wilson, or John Doerr to debunk that theory. In fact, a recent TechCrunch study found that on average, only 27 percent of the partners at a randomly chosen sample of VC firms in the US had experience working as founders or senior executives at entrepreneurial companies.

While first-hand experience of growing a business is undoubtedly a plus, experience has taught me that when assessing investors, more often than not, the difference lies in character and quality investment experience more than anything else. It’s the point of nature (character) vs. nurture (relevant VC experience, which is rare and hard to acquire). You need both, but the challenge is that unfortunately going to a great undergrad or MBA, or working at a top investment bank or consulting firm, doesn’t prepare you with the skills needed to be a great VC.

With that in mind, here are the top ten characteristics I believe make a truly great venture capital investor:

  1. Intellectual curiosity

As an investor, you never know what pitch is coming through your door next. As such, effective VCs need to be constantly clued in about emerging technologies and product trends, which requires constant learning. The best VCs are both broad and deep in their…
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Whitney Tilson’s Stock Idea Of The Day, Naspers

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing his new Stock Idea of the Day, Naspers; Tom Russo; the only perfect bracket; debate on expelling students; question 6.

Whitney Tilson Naspers

1) Today’s Stock Idea of the Day is Naspers, a South African company whose stock trades both on the Johannesburg stock exchange as well as in the U.S. via an ADR under the ticker NPSNY. The stock has been a monster, as you can see from this 10-year chart:


Q4 hedge fund letters, conference, scoops etc

It has long been a favorite of my colleague Dr. Steve Sjuggerud at Stansberry Research, who gave an update on it in his free DailyWealth newsletter this morning. Excerpt:

For years, I have told my readers two things:

  1. Little-known Tencent (TCEHY) will be the world’s largest company someday.
  2. Little-known Naspers (NPSNY) is the best way to play it.

Now, both of these stories are taking a giant step forward. And it means the value of these companies can finally soar to its true potential.

Let me explain…

Tencent, in short, is China’s most important company. It “owns” your screen time in China…

Whether you are messaging with friends on its WeChat app, watching the NBA, playing online video games, or paying for stuff, Tencent is number one – and there is no number two. As Tencent moves toward monetizing WeChat, I believe it will become the world’s largest company.

Tencent is already worth more than $400 billion today, making it the world’s eighth-largest company by market value, ahead of Johnson & Johnson (JNJ) and Walmart (WMT) in ninth and 10th place.

But who owns the biggest chunk of Tencent? If you’re new to my work, the answer might surprise you…

The largest owner of Tencent stock – by far – is a little-known South Africa-listed tech company called Naspers.

Naspers owns about $130 billion worth of Tencent stock (in addition to stakes in dozens of other tech businesses).

…As I write, the market value of Naspers is less than $100 billion. Keep in mind, Naspers owns a stake in Tencent worth roughly…
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Tesla Doing A Fleet Sale Or Some Other Channel-Stuffing

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing Anton Wahlman’s comment on Tesla doing a fleet sale or some other channel-stuffing.

Whitney Tilson

1) Anton Wahlman’s latest article: My Q1 Unit Sales Estimate For Tesla: 60,828, Down 33% From Q4. Summary:

Q4 hedge fund letters, conference, scoops etc

  • We are mere days away from March quarter-end, and more automobile unit sales data keeps pouring in, especially from Europe.
  • I have revised my Tesla unit sales estimate for Q1, primarily because of changes to a majority of the European countries, plus the U.S.
  • There are no material changes to the Model X and S sales estimates, regardless of geography.
  • The total quarterly unit estimate now stands at 60,828, which would be down 33% from Tesla’s Q4 2018 unit sales number of 90,966.
  • Among the areas where I could still be wrong, would be Tesla doing a fleet sale or some other channel-stuffing “financially delivered” exercise, including to a related party.

Anton added in an email to me:

Take a quick look at this freshly posted February sales chart from China:

That’s the top-20 from BEVs and PHEVs combined. Only one car on that list is known in the West — the Volkswagen Passat GTE.

As for Tesla, it hasn’t had a car on China’s top-20 plugin list in a very long time. That may change now in March, as a result of the Model 3. In my model, I have assumed 300 units for February and 3,000 for March. For the Model S, 300 per month and for the Model X, 400 per month. Those are guesses, but judging from the numbers posted by the 20th nameplate on that list, they seem reasonable to me.

Maybe the Model 3 turns out to be a barn-burner for Tesla in China, but I don’t dare assign any higher numbers on that than I have in my model already — 300 for February and 3,000 for March.

The Chinese plugin market is “big” — but it’s also totally different than the American and European markets. It’s easy for both longs and shorts to be off by quite a bit here. All that…
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Phil's Favorites

What China wants: 3 things motivating China's position in trade negotiations with the US


What China wants: 3 things motivating China's position in trade negotiations with the US

Courtesy of Penelope B. Prime, Georgia State University

Relations between the U.S. and China have deteriorated sharply in recent days after trade negotiations broke down, leading some to suggest we are on the cusp of a new “cold war.”

President Donald Trump blames the resumption of hostilities on China. Specifically, he and his negotiators say their Chinese counterparts backtracked on an agreement to change laws aimed at enforcing the ...

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Zero Hedge

White House Planned To Use Huawei As Trade 'Bargaining Chip'

Courtesy of ZeroHedge

If there was any lingering doubt that President Trump has treated Huawei like a 'bargaining chip' during trade talks with the Chinese, Bloomberg just put the issue to rest.

In a report sourced to administration insiders, BBG reported that the Trump administration waited to blacklist Huawei until talks with the Chinese had hit an impasse, because they were concerned that targeting Huawei would disrupt the talks.


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Kimble Charting Solutions

Commodities; Long-Term Bottom Being Created This Month?

Courtesy of Chris Kimble.

Is the Thomson Reuters Equal Weight Commodities creating a long-term bottom? What the index does at (3) over the next few weeks, will go a long way to answering this important question!

Commodities don’t have much to brag about over the past 8-years, as lower highs have taken place since the peak back in 2011. After the peak in 2011, they have created falling channel (1).

The index hit the top of this channel the prior two months at (2), creating back to back bearish reversal patterns.

Softness this month has the index testing 2017 lows and rising support at (3). While ...

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Insider Scoop

Off-Roaders Are In Buying Mood, BMO Says In Polaris Upgrade

Courtesy of Benzinga.

A long winter and the worst of the U.S.-China trade war may both be in the rearview mirror for off-road vehicle maker Polaris Industries Inc. (NYSE: PII), BMO Capital Markets said Tuesday.

The Analyst

Gerrick Johnson upgraded Polaris from Mark... more from Insider

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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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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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


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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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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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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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>