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 CNBC.com:


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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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

[REITs]

Q4 hedge fund letters, conference, scoops etc

Transcript

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 (www.activistinsight.com) 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:

Naspers


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:

http://ev-sales.blogspot.com/2019/03/china-february-2019.html

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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Sports Direct’s Requisition Offer To Debenhams, Appoint Ashley As CEO

By ActivistInsight. Originally published at ValueWalk.

British retailer Sports Direct requisitioned a meeting at department store Debenhams last week, proposing the removal of all current board members, apart from Rachel Osborne, and the appointment of its CEO, Mike Ashley. The activist explained that the requisition replaced that of earlier this month, which was invalid because Sports Direct at the time held its shares through a third party. In the initial requisition, Ashley said he would carry out an executive role at Debenhams, if appointed, and would leave his CEO and director roles at Sports Direct. The investor did not elaborate on this claim in the most recent announcement.

Sports Direct

Pexels / Pixabay

The requisition came a week after Sports Direct offered an interest-free 150-million-pound loan to the struggling department store chain, on the condition that Ashley be appointed CEO. In exchange for the funding, Sports Direct would take an additional 5% stake in the company. Debenhams directors previously rejected a 40-million-pound cash bailout offer advanced by Ashley, but later agreed on a cash injection from lenders.


Q4 hedge fund letters, conference, scoops etc

Under the terms of the proposed Sports Direct loan, the sporting goods retailer would increase its stake in Debenhams to 35%, without needing to bid for the remainder of the company. Takeover Panel rules require shareholders with 30% or more of a company to bid for the whole group, but this can be avoided via a “whitewash agreement,” which must then be approved by shareholders.

What We’ll Be Watching For This Week

  • Will Telecom Italia shareholders stick to Elliott Management’s status quo or sway towards Vivendi’s proposed five-person slate on Friday?
  • Will shareholders finally get to vote on the proposed three-way merger between Medley Capital, Sierra Income, and Medley Management on Friday?
  • How will Sweden’s Lundin Petroleum shareholders react to Egbert Wesselink’s proposals demanding the resignation of the board of directors and senior management at the annual meeting on Friday?

Activist Shorts Update

Canadian insurer Manulife Financial won a legal victory over hedge fund Mosten Investment, allowing it to limit payments due as part of a contract with the investor. Mosten had previously argued that it was entitled to a guaranteed rate of return on…
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Phil's Favorites

WeWork's Unraveling Is Another Indictment of Wall Street's Universal Bank Model

Courtesy of Pam Martens

Adam Neumann, Founder of WeWork

WeWork is just one more in a long series of Wall Street scandals that prove that the universal banking model is little more than a thinly-disguised wealth transfer system from the pockets of average Americans to the 1 percent.

Just two months ago WeWork’s two lead Wall Street underwriters, JPMorgan Chase and Goldman Sachs, were planning to offer WeWork’s shares to the public investor at a valuation in excess of $47 billion. Now we are learning that the company may run out of money next month and has an actual valuation of $8 billion or less.

WeWork’s founder, Adam Neumann, w...



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Zero Hedge

Under Armour CEO Plank Steps Down One Year After #MeToo Crisis 

Courtesy of ZeroHedge View original post here.

Under Armor's stock is up several percent in pre-market trading after Kevin Plank, founder/CEO of the apparel company, is stepping down after more than two decades. Chief Operating Officer Patrik Frisk will replace Plank, effective Jan. 01, reported CNBC

Plank will take a more passive role in daily operations in 2020, will transition to executive chairman and brand chief.

"Patrik is the right person to serve as Und...



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Insider Scoop

Roku To Purchase Dataxu For $150M In Cash And Roku Shares

Courtesy of Benzinga

Roku, Inc. (NASDAQ: ROKU) has entered into an agreement to acquire Boston-based Dataxu, a demand-side platform, for $150 million in cash and Roku shares.

Dataxu provides marketers with an automated bidding and self-serve software to manage ad campaigns progr...



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The Technical Traders

Indexes Struggle and TRAN suggests a possible top

Courtesy of Technical Traders

Nearing the end of October, traders are usually a bit more cautious about the markets than at other times of the year. History has proven that October can be a month full of surprises.  It appears in 2019 is no different. Right now, the markets are still range bound and appear to be waiting for some news or other information to push the markets outside of the defined range.

We still have at least one more trading week to go in October, yet the US markets just don’t want to move away from this 25,000 to 27,000 range for the Dow Industrials. In fact, since early 2019, we have traded within a fairly moderate price range of about 3200 points on the YM – a rotation...



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Kimble Charting Solutions

Apple Bullish Breakout Suggesting Tech Follows In Its Path?

Courtesy of Chris Kimble

Is Apple sending a bullish message to the overall Tech market? Sure could be

Apple (AAPL) is working on a breakout above last year’s highs at (1), after creating a series of higher lows over the past year.

Tech ETF QQQ has been a similar-looking pattern to Apple over the past few months, as it is near old highs while creating higher lows.

Is Apple’s upside breakout suggesting that QQQ will follow in its footsteps and breakout?

Str...



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Digital Currencies

Five hurdles blockchain faces to revolutionise banking

 

Five hurdles blockchain faces to revolutionise banking

Shutterstock

Courtesy of Markos Zachariadis, Warwick Business School, University of Warwick

Blockchain is touted as the next step in the digital revolution, a technology that will change every industry from music to wast...



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Chart School

Gold Stocks Review

Courtesy of Read the Ticker

Gold stocks are swinging back forth between the range, and a break out swing higher is due. Gold stocks are holding a near perfect Wyckoff accumulation pattern. All should get ready to play this sector. Yet we must recognize that gold stocks are a one of the most crazy rides at the stock market fair, so play very carefully.

More from RTT Tv







GDX PnF chart from within the video

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Important channels around the HUI.
...

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Lee's Free Thinking

Look Out Bears! Fed New QE Now Up to $165 Billion

Courtesy of Lee Adler

I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that. The NY Fed announced another round of new TOMO (Temporary Open Market Operations) today.

In addition to the $75 billion in overnight repos that the Fed issued and has been rolling over since Tuesday, next week the Fed will issue another $90 billion. They’ll come in the form of three $30 billion, 14 day repos to be offered next week.

That brings the new Fed QE to a total of $165 billion. Even in the worst days of the financial crisis, I can’t remember the Fed ballooning its balance sheet by $165 bi...



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Biotech

The Big Pharma Takeover of Medical Cannabis

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

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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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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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.

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