Author Archive for ValueWalk

The SEC’s Unconstitutional Conditions Doctrine?

By Jacob Wolinsky. Originally published at ValueWalk.

Princeton, NJ – A new commentary by Crow & Cushing, the SEC’s Unconstitutional Condition, examines a lawsuit challenging the constitutionality of the SEC’s practice of prohibiting defendants who settle civil charges with the SEC from making any public statement, even an indirect one, which takes issue with the validity of the SEC’s charges.

Securities And Exchange Commission SEC

By U.S. Government [Public domain], via Wikimedia Commons

According to one study, the SEC settles 98% of the civil actions it institutes. In order to induce defendants to settle, the SEC customarily permits those defendants to say in the consent order that they neither admit nor deny the SEC’s allegations. In other words, the SEC does not require that you admit wrongdoing, but you can’t deny it either.


Q3 hedge fund letters, conference, scoops etc

On January 9, 2019, the Cato Institute, a libertarian think tank, filed an action in Federal Court in the District of Columbia challenging the SEC’s practice. The Institute, it tells us, has contracted with an author who was sued civilly by the SEC, consented to a settlement which bars public statements critical of the SEC’s practices and its lawsuit and, therefore, cannot publish his book. Then author, at least for now, must remain anonymous because of the settlement agreement he (or she) signed.

In a private dispute between private parties, a prohibition against disparaging an adverse litigant is perfectly proper and indeed commonplace—it is commonly referred to as a “non-disparagement clause.” The government, on the other hand, is bound by the First Amendment and may curb freedom of expression only where the state has a compelling interest to do so, such as in the case of child pornography.

The question which the Cato Institute’s case squarely projects is whether the consent of those that the SEC settles with to waive their constitutional right to free speech in exchange for the benefits the settlement affords them permits the government to do what the First Amendment otherwise forbids: to curb critical comments.

The question calls for application of a constitutional principle known as the “unconstitutional conditions doctrine,” under which the government may not exploit someone’s need for a benefit by conditioning the benefit on the waiver of…
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Disruption: Traditional Vs Digital Business Practices

By Jacob Wolinsky. Originally published at ValueWalk.

The idea of having a business of our own is a leap that some would call courageous, adventurous or a bad idea. The history of how businesses evolve and innovate around us is a fascinating journey. According to academia, Malaysia’s history in dealing businesses with foreign countries dates back to the year 1957, just before the independence day which produced a total revenue of 313 million sterling pounds which is RM 1.6 billion in today’s amount. Over 3 decades ago in 1988, the introduction of the internet had begun to revolutionise the Malaysian’s way of life. This was when the Malaysian Institute of Microelectronic Systems (MIMOS) started to set up their network system called Rangkaian Komputer Malaysia. In 1996 Telekom Malaysia Berhad (TMB) received a license to launch their services which was when TMnet was introduced to the Malaysians.

Digital Business Practices

Taken from ITU.int

In the December of 2000, it was recorded that the penetration had reached up to 17.2% which translates to 4 million users. Ever since the introduction of the internet, Malaysians were quickly evolving with the trend and same goes to the structure of the businesses. According to statista, the revenue earned on e-commerce alone in Malaysia is up to RM16.05 billion as of 2018.

[REITs]

Q3 hedge fund letters, conference, scoops etc

Entrepreneurs today have the ability to be born global in a matter of a few hours and a few clicks at the comfort of their own home. How you may ask? Today we see a variety of choices and opportunities to explore with the introduction and rapid popularity of e-commerce platforms like Lazada, eBay, Shopee and Alibaba.

Entrepreneurs can simply use the network which these platforms had built for potential consumers and business partners at their own advantage. That, to some entrepreneurs is why digitalisation of businesses is a preferred choice today. However, with the help of these platforms to make entrepreneurs born global, this would also mean that the competition will be tougher from the get go.

As technology continues to evolve, we can see disruptions occurring within businesses from the introduction of apps which replaced GPS devices to Grab Car disrupting the taxi business. But the question remains, does the introduction of e-commerce platforms mean that it would…
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Sam Zell Says Gold ‘Is A Good Hedge’

By Jacob Wolinsky. Originally published at ValueWalk.

Sam Zell, the founder of Equity Group Investments, says he bought gold for the first time in his life because “it’s a good hedge.” Zell also talks about the oil and energy markets. He speaks on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Sam Zell Gold Good Hedge

Sam Zell Says Gold ‘Is a Good Hedge’


Q3 hedge fund letters, conference, scoops etc

Sam Zell Says Liquidity Has Decreased ‘Significantly’

Sam Zell, chairman and founder at Equity Group Investments, discusses how declining liquidity impacts the real estate market. He speaks on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Zell Sees ‘Minimal’ DC Real Estate Impact From Shutdown

Sam Zell, chairman and founder at Equity Group Investments, discusses the impact of the partial government shutdown on real estate and how his firm approaches clients affected by not receiving paychecks. He speaks on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Sam Zell Says Liquidity Has Decreased ‘Significantly’

Sam Zell, chairman and founder at Equity Group Investments, discusses how declining liquidity impacts the real estate market. He speaks on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Sam Zell Remembers Vanguard’s John Bogle

Sam Zell, chairman and founder at Equity Group Investments, reflects on his dealings with and the legacy of Vanguard Group Inc. founder John Bogle who passed away Wednesday at 89. He speaks on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Zell Calls WeWork a Negative Example of Creating Unicorns

Sam Zell, chairman and founder at Equity Group Investments, discusses lease deals by the CEO of WeWork Cos. and what Amazon.com Inc. brings with its new campus in New York. He speaks on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

Transcript

Sam we talked earlier that you’re buying a few refineries since 3PAR. What other energy assets are you interested in pursuing in the United States. We’ve been buying up stranded oil and gas. We’ve. Had some participations in. Ghana. And in this that. Can handle various plays that we think are interesting and we’re pretty comfortable. At the price of oil is not going down. I think I mentioned the one thing that the gold guy didn’t mention is the fact that the amount of capital being put into new gold mines is almost nonexistent.…
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Time To Buy? Tilson: If I Were To Pay Up For One Stock It Would Be This Retailer

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing ICR conference; Floor & Decor (FND); pot bubble; Brexit; Bezos’ divorce; China; drug prices; women investors.

Floor & Decor

1) I enjoyed my day and a half at the ICR conference in Orlando on Monday and Tuesday. I wish, however, that I had found more investment ideas, but instead found mostly a bunch of crappy dying retailers like Stage Stores, Stein Mart, Ascena Retail Group, Vince, Build-a-Bear Workshop, and Chico’s FAS plus some popular but overvalued companies that have crushed short sellers like Five Below, Planet Fitness, Domino’s Pizza, Shake Shack, Chipotle, and Wingstop. The latter was trading at 12x revenues when I pitched it as a short at the Robin Hood conference a couple of years ago – and now trades at 19x revenues! A good lesson on the dangers of valuation shorts – but, mark my words, this stock is going to be a dud going forward.


Q3 hedge fund letters, conference, scoops etc

If I were to pick one stock to pay up for, it would be Floor & Decor (FND). I first became aware of the company years ago when I was short Lumber Liquidators and saw that it was a formidable competitor with a far superior business model: 70,000 square foot superstores with a huge selection and inventory on hand (here is a link to their investor presentation). They have nearly 10% net margins, 30%+ returns on equity, consistent double digit comps, and are growth their store base 20% annually (currently 105 stores with plans to grow to 400). The stock has been cut in half in the last seven months, not due to any missteps by the company but rather concerns about the housing market. The stock, at 26x this year’s estimates, isn’t cheap, but if the company can sustain 20%+ EPS growth, which I think is likely, the stock will do well.

Lastly, I saw a bunch of cannabis companies: Tilray, Acreage Holdings, Cronos Group, Cresco Labs, MJardin Group and Green Growth Brands (which made the silly “bid” for Aphria). The good news for the sector is that there’s going to be a lot of growth and I didn’t detect any…
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The Natural Course Of Things is Inevitable, Not Preventable

By CapitalTrading. Originally published at ValueWalk.

Dead cat bounce or does the equity market have what it takes to reverse that negative bear market stigma? As we highlighted over the last few weekly notes, we suspected the equity markets would bounce. However now, we feel that the euphoria has hit some technical levels that should put to test the veracity of this rally. We like to take a longer-term approach in times like this as everyone is all goosed up about the rebound, because fundamentally nothing has really changed. In fact, one can argue where fundamentals are concerned, the backdrop continues to weaken, global instability continues to gain, and the US government furlough seems to be foolishly overlooked.

The French yellow vest movement continues unabated and western media continues to shun coverage. Brexit once again continues with uncertainty and we can’t figure out for the life of us what that even entails in the larger scheme of things, other than it sets a precedent for others to follow. Speaking of Europe, we can’t help but notice Draghi and his alleged balance sheet reduction as the ECB continues to take on assets. As Zhedge posted today, the balance sheets of the ECB and BOJ continue to grow. We suppose the latter couldn’t help themselves considering the Nikkei weakness to take down just a few more shares! Anyway, here is their chart, which perhaps, points to a single rationale for equity outperformance early on in 2019:


Q3 hedge fund letters, conference, scoops etc

No matter, you all know our mantra “QE4EVR” and it’s obvious here even the smallest equity pullback sends cold water shivers down the spines of these weak central bankers. DeutBank this week cut the EU growth forecast 30% down to 1%. So, the test is on for these central bankers, are they willing to let asset prices fall and balance sheets shrink, or will it be business as usual?

No matter which they choose two outcomes are certain, debt piles will continue to grow exponentially, and market signals will continue to be heavily distorted by this endless artificial central bank support. They aren’t fooling us, we know the truth, fiat and debt, they are the same things and to value an asset based on them…
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Steve Eisman: Short UK Banks On Brexit

By Jacob Wolinsky. Originally published at ValueWalk.

Steve Eisman gained fame when predicting the financial crisis of 2008. Now he is shorting British banks because of the risks a hard Brexit poses to the British market.

Steven Eisman hard brexit

Image source: YouTube Video Screenshot

Steve Eisman: A Hard Brexit Is The Path Of Least Resistance


Q3 hedge fund letters, conference, scoops etc

Transcript

Steve Eisman you are shorting three UK banks because of Brexit risks and the risks for a hard Brexit. Tomorrow is the big vote in parliament. What do you think will happen.

Well I think the probability of Theresa May losing is close to 100 percent. The issue is how much you lose by if she loses by a lot I think the possibility of heart it goes up even more if she loses by. Less than a lot. I think people are going as far to speculate that maybe there will be a second referendum or some other alternative that they think is palatable. I actually think that that’s not likely. That heart Brexit is the path of least resistance at this point. But we’ll see what happens in a couple of days.

Why is that the path of least resistance at the moment.

I think it’s the path of least resistance because nobody can get their act together. You know nobody can. There’s no coalition or consensus about anything. So anything that anybody proposes seems to fail and so de facto if everything anybody proposes fails therefore there’s a hard Brexit because that has a deadline.

Twenty not that much. Right. So the leader of the Opposition Jeremy Corbyn has said he’s going to call a vote of no confidence rather quickly after Theresa Theresa the next day. Yes the next day off to Theresa May as expected loses the vote Yem is this risk of a new general election something you think about only every day only every day. Yes.

You know my theory about the UK in terms of risk is a hard it and b Jeremy Corbyn becomes prime minister. The combination of the two would cause the UK stock market to go down by a lot. I don’t know whether that no confidence vote…
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PGE Short Leads Livermore To Strong 2018 Returns

By Jacob Wolinsky. Originally published at ValueWalk.

Livermore Partners Q4 Partners Report

January 17th, 2019 To Partners:

iPhone Workers

By Steve Jurvetson from Menlo Park, USA (glue worksUploaded by Zolo) [CC BY 2.0], via Wikimedia Commons

The quarter and YTD performance took a hit in Q4. Mainly due to a seemingly hawkish Federal Reserve and slowing global economy. Thus, driving a global selloff that hit almost every asset class into year-end. For Livermore Partners and our value-based approach, we were not spared. Even with a degree of short exposure through opportunistic situations and defined value stocks, we couldn’t continue along with our winning ways that lasted most of 2018.

That said and even with the challenging Q4, I am pleased to share that as of December 31st Livermore Strategic Opportunities LP ended the year with a gain of 14.09%. In the quarter much weakness came from core holdings in oil and gas and other sectors. Notably, our core long positions in APAC focused oil-producer Jadestone Energy, and London luxury designer, Burberry. Crude buckled and sold off over 30% from Brent’s summer high of $85bbl to $55bbl and given China’s weakness, Burberry was under the gun. On the short side, we did profit handsomely as we allocated a 20% percent plus weighting to short positions. Made up of a basket of names including Goldman Sachs, Pacific Gas and Electric (more on this later in our letter), Tesla Inc, Weight Watchers, and a handful of others. see link: 1MDB Poses Reputational Risk to Goldman, Livermore’s Neuhauser Says https://www.youtube.com/watch?v=iA2YTLH5XEg

3

Our near 10% Gold exposure continued to outperform and insulate the portfolio. Mexican gold producer, Torex Gold, Russian miner Highland Gold, and our activist position in Toronto’s Detour Gold all did well in the Quarter. We continue to seek a defensive posture in the portfolio and gold serves that purpose well. Detour Gold was a compelling situation given Billionaire investor John Paulson’s drive for a complete overhaul of the company’s Board and executive team. Both Livermore and Paulson are founders in the newly launched Shareholders Gold Council (SGC). Livermore, embracing the opportunity to join forces with an astute investor, dove at the chance and pushed hard to help lever a blow to the entrenched DGC management team and Board. Through a series of letters calling…
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D.E. Shaw Investment Calls For Leadership Change At EQT

By ActivistInsight. Originally published at ValueWalk.

Elliott Management has offered to acquire QEP Resources for approximately $2.1 billion, contending the oil and gas explorer’s turnaround efforts have done little to lift the company’s share price. The company responded and said that a thorough review of the proposition is imperative in order to properly act in the best interests of shareholders, “taking into account the company’s other alternatives and current market conditions.” The news came only a month after Travelport Worldwide agreed to sell itself to Siris Capital Group and Elliott’s private equity arm Evergreen Coast Capital for $4.4 billion in cash and two months after Athenahealth was bought by Veritas and Evergreen for $5.7 billion, also in cash.

Subscription Model Shaw Investment

rawpixel / Pixabay

In another sign of renewed activism in the energy patch, D.E. Shaw Investment Group has called for the Rice brothers to be installed in leadership positions at EQT or for the company to hold an annual meeting in April as a shareholder referendum on the idea. D.E. Shaw supported both the merger between EQT and Rice Energy and a spinoff of midstream assets but last month backed Toby and Derek Rice in their attempt to return to the management team. Last week, it laid out gripes with EQT’s management including wasteful acquisitions, undelivered synergies, and missed capex budgets, and said EQT should consult the Rice team before making layoffs.


Q3 hedge fund letters, conference, scoops etc

What we’ll be watching for this week

  • How will Crescendo Partners and Jamarant Capital react to Stuart Olson’s rejection of a proposal to conduct a strategic review and sell the company?
  • Will EQT hasten its annual meeting date to April, as per D.E. Shaw Investment Group’s request?
  • How will Cruiser Capital respond to Ashland Global’s recent board refreshment promises?

Activist shorts update

Maxar Technologies announced the resignation of Howard Lance from his roles as CEO, president, and director, amid criticism from activist short seller Spruce Point Capital Management. The short seller targeted the company in August, saying its financial reports are confusing and that a deal to buy Space Systems Loral was poorly-timed. Spruce Point also said the company was worthless and its dividend unsustainable. The company denied the accusations at the time and…
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Fasanara Capital – Markets In Critical Transformation, Chaotic Behaviour Has Just Began

By Jacob Wolinsky. Originally published at ValueWalk.

Fasanara Capital outlook for the month of January 2019, titled, “A Glimpse At 2019,” in which they discuss the structure of the market.

Markets In Critical Transformation, Chaotic Behaviour Has Just Began

Our inability as market participants to properly frame market fragility and the inherent vulnerability of the financial system makes a market crash more likely, as it helps Systemic Risk go unattended and build further up. For the first time in a while, elusive economic narratives started to fail at blaming market weakness on secondary-order factors: Trade Wars, the FED, Oil prices. Attempts at dismissing market events as no more than a temporary turbulence miss the bigger picture and cast the fishing net on unaware investors looking for a dip to buy. In contrast, over the last month, conventional market and economic indicators (e.g. breaks of multi-year equity & home price trend-lines, freezing credit markets, softening global PMIs/orders) have all but confirmed what non- traditional measures of system-level fragility signalled all along: that a market crash is incubating, and the cliff is near. Nothing has happened yet.


Q3 hedge fund letters, conference, scoops etc

TABLE OF CONTENTS:

  • Early Tremors, Not Market Bottoms
  • Elusive Narratives Fail, Unveiling a Deeper Malaise
  • Mainstream Investment Strategies Face a Tougher New Year
  • Triggers For Market Chaos: A Timeline For 2019

Previously, On Fasanara Capital:

10th January 2018

Fragile Markets On The ‘Edge Of Chaos’

Financial markets are complex adaptive systems, where positive feedback loops undermine resilience and are being brought to the brink of critical transformation. link

11th May 2018

Market Fragility (Part II) Tipping Points & Crash Hallmarks

Presentation and Video Recording, on Markets as Complex Dynamic Systems and a conceptual framework for rethinking Systemic Risk as a Complexity Problem, in 3 steps: Tipping Point Analysis, Early Warning Signals Analysis, Butterflies Analysis. link

9th July 2018

Analysis Of Market Structure: Towards A Low-Diversity Trap

This is a visual story of how the market structure weakened relentlessly in the last ten years, to get more concentrated, entropic-fragile, and ready to snap. We visualize the structure of the market network during good and bad times, trying to isolate the DNA of a market crash. link

13th November 2018

How To Measure The Proximity To A
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Colliers International (CIGI) – Leadership Transition And Near-Term Macro Worries Create An Opportunity

By Lucas Tomicki. Originally published at ValueWalk.

Colliers International is one of the “big five” global commercial real estate agencies (the others being CBRE, JLL, C&W, Savills), currently trading at a discounted valuation due to uncertainty about the near-term outlook for commercial real estate and recent CEO change. We believe that Colliers is an extraordinary business trading an ordinary valuation multiple. The company is listed on the NASDAQ and on the Toronto stock exchange. In this article we refer to the US listed shares and all amounts are in US Dollars.

Colliers International

Colliers earns revenue through four sources (% revenue as of TTM Q3 2018):

  1. Outsourcing & Advisory (38% of revenue) – outsources property management and property valuation services
  2. Sales Brokerage (28% of revenue) – commissions from negotiating sales / purchase of property
  3. Lease Brokerage (32% of revenue) – commissions from negotiating leases
  4. Investment Management (2%) – overseeing dedicated RE funds

Q3 hedge fund letters, conference, scoops etc

Geographically the company is concentrated in North America but growing more quickly in other markets and becoming less US-centric. Colliers has a stellar business and long secular growth opportunities, as the commercial real estate (CRE) market outside of North America is incredibly fragmented leading to many opportunities for growth via acquisition.

The commercial real estate business is durable, at minimal risk of technological obsolescence (each lease or sale is individually negotiated, and the commission amounts are trivial compared to the transaction values), and largely fragmented outside of North America, which means that the industry leading companies can continue to grow through consolidation for years to come. In the industry, we like Colliers to the most, due to the strength of its management team and excellent history of capital allocation.

Moat

Colliers has a moat – a durable competitive advantage. This is evident from the company’s sustained high return on invested capital (over 15% each year during the past decade). Colliers operates in an industry were reputation, relationships and scale matter more than price. The commissions earned by Colliers are tiny compared to the mammoth transaction sizes in most real estate projects, and the end market itself is price insensitive. What we mean by this is that cutting real estate commissions by 20% does not result in more business – in fact that matters to sellers…
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Phil's Favorites

Transparency and privacy: Empowering people through blockchain

 

Transparency and privacy: Empowering people through blockchain

Blockchain technologies can empower people by allowing them more control over their user data. Shutterstock

Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The...



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Digital Currencies

Transparency and privacy: Empowering people through blockchain

 

Transparency and privacy: Empowering people through blockchain

Blockchain technologies can empower people by allowing them more control over their user data. Shutterstock

Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The...



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Zero Hedge

Art Berman: Exposing The False Promise Of Shale Oil

Courtesy of ZeroHedge. View original post here.

Authored by Adam Taggart via PeakProsperity.com,

Estimates of recoverable oil are proving wildly wrong...

Art Berman, geological consultant with over 37 years experience in petroleum exploration and production, returns to the podcast this week to debunk ...



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ValueWalk

The SEC's Unconstitutional Conditions Doctrine?

By Jacob Wolinsky. Originally published at ValueWalk.

Princeton, NJ – A new commentary by Crow & Cushing, the SEC’s Unconstitutional Condition, examines a lawsuit challenging the constitutionality of the SEC’s practice of prohibiting defendants who settle civil charges with the SEC from making any public statement, even an indirect one, which takes issue with the validity of the SEC’s charges.

By U.S. Government [Public domain], via Wikimedia CommonsAccording to one study, the SEC settles ...



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Kimble Charting Solutions

Triple Breakout Test In Play For S&P 500!

Courtesy of Chris Kimble.

Is the rally of late about to run out of steam or is a major breakout about to take place in the S&P 500? What happens at current prices should go a long way in determining this question.

This chart looks at the equal weight S&P 500 ETF (RSP) on a daily basis over the past 15-months.

The rally from the lows on Christmas Eve has RSP testing the top of a newly formed falling channel while testing the underneath side of the 2018 trading range and its falling 50-day moving average at (1).

At this time RPS is facing a triple resistance test. Wil...



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Insider Scoop

Cars.com Explores Strategic Alternatives, Analyst Sees Possible Sale Price Around $30 Per Share

Courtesy of Benzinga.

Related 44 Biggest Movers From Yesterday 38 Stocks Moving In Wednesday's Mid-Day Session ...

http://www.insidercow.com/ more from Insider

Chart School

Weekly Market Recap Jan 13, 2019

Courtesy of Blain.

In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...



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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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Biotech

Opening Pandora's Box: Gene editing and its consequences

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

 

Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

...

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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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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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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.

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