Author Archive for ValueWalk

Boeing cuts thousands more jobs than originally said

By Michelle Jones. Originally published at ValueWalk.

Boeing job cuts

Boeing’s job cuts are going deeper than initially said. The aerospace giant is cutting over 12,000 jobs in the U.S., which is thousands more than it originally planned to cut. The job cuts come as Boeing restructures and seeks to deal with the fallout from the coronavirus pandemic without a government bailout after years of share buybacks.


Q1 2020 hedge fund letters, conferences and more

Boeing job cuts number 12,000

Boeing said this week that the 12,000 job cuts include 6,770 involuntary layoffs. The company also said it’s planning “several thousand remaining layoffs” in the coming months. It said in April that it planned to slash 10% of its workforce by the end of this year. This week, Boeing said 5,520 workers in the U.S. will accept voluntary layoffs, and 6,770 workers will be involuntarily cut.

According to Reuters, Boeing CEO Dave Calhoun sent an email to employees stating that the “pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices. … I wish there were some other way.”

April marked the second time this year the plane maker received zero orders. Its customers canceled an addition 108 orders for the 737 MAX aircraft, which remains grounded, pending regulatory approval after deadly crashes of the plane. This year marks the worst beginning to a year for Boeing since 1962.

Boeing dodges bailout despite buybacks

Before this month’s job cuts, Boeing raised $25 billion through a bond offering. Between the bond offering and the job cuts, Boeing has avoided taking a bailout that would’ve given the government a stake in the company.

The Chicago Tribune notes that the government ended up helping Boeing without giving it a bailout. The plane maker urged the Federal Reserve to take unprecedented steps to support the credit markets by purchasing corporate bonds. It then used the result of that effort to take out its $25 billion bond offering. The Tribune cites a source with knowledge of the matter that the Fed’s decision to buy corporate bonds was a game…
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Only Biological Girls Can Compete in Girls’ Sports – Ruling

By JOHN F. BANZHAF. Originally published at ValueWalk.

transgender students

Only Biological Girls Can Compete in Girls’ Sports – Ruling; Decision Could Impact Other Sports, and Many Other Situations


Q1 2020 hedge fund letters, conferences and more

WASHINGTON, D.C. (May 29, 2020) – President Abraham Lincoln was famous for asking: “if you call a tail a leg, how many legs has a dog? The answer he provided was obvious: the answer is four “because calling a tail a leg doesn’t make it a leg.”

That’s basically the position the Education Department’s Office of Civil Rights [OCR] took in ruling that an anatomical male is still a male and not a female even if the person claims to be feminine, notes public interest law professor John Banzhaf, who has supported the rights of transgender students.

More specially, the OCR ruled that permitting anatomical males to compete on teams and in athletic competitions open only to females is illegal because it violates Title IX – a federal law passed largely to protect the rights of females – which prohibits discrimination based upon sex.

OCR’s Ruling On M2F Transgender Students

By permitting M2F transgender students to compete on female track teams, the policy of the Connecticut Interscholastic Athletic Conference and the Glastonbury school board “denied female student-athletes athletic benefits and opportunities, including advancing to the finals in events, higher level competitions, awards, medals, recognition, and the possibility of greater visibility to colleges and other benefits,” the OCR ruled.

If the discrimination is not promptly remedied, the OCR said, it would then begin the process of suspending, terminating or refusing to grant financial assistance to the association and the districts, or refer the cases to the Justice Department for further action.

If this ruling, and the federal policy it represents, is applied more widely, it could impact virtually all sports, at levels from grade schools to colleges.  It could also impact transgender students in other areas of their lives, including the use of restrooms.

Protecting The Rights Of All Students

Banzhaf has developed the legal justification for at least two methods of protecting the rights of all transgender students – M2F as well as F2M – not to be forced to use restrooms which are contrary to their perceived sexual identify.

One of them,…
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Bonhoeffer Fund 1Q20 Commentary: Combined Motor Holdings Case Study

By Jacob Wolinsky. Originally published at ValueWalk.

car Combined Motor Holdings

Bonhoeffer Fund commentary for the first quarter ended March 31, 2020, provind a case study on Combined Motor Holdings Limited (JSE:CMH).


Q1 2020 hedge fund letters, conferences and more

Dear Partner,

The Bonhoeffer Fund returned -33.7% net of fees in the first quarter of 2020, compared to -23.1% for the MSCI World ex-US, an international benchmark. As of March 31st, our securities have an average earnings/free cash flow yield of 26.5% and an average EV/EBITDA of 3.7. The MSCI World ex-US has an average earning yield of 7.9%. The difference between the portfolio’s market valuation and my estimate of intrinsic value is still large (greater than 100%). I remain confident that the gap will close over time and continue to monitor each holding accordingly. I am also expanding my toolbox of value investing tools to enhance fund performance which I look forward to detailing in this letter.

Bonhoeffer Fund Portfolio Overview

Bonhoeffer’s largest country exposures include: South Korea, Italy, South Africa, Hong Kong, United Kingdom, and Philippines. The largest industry exposures include: distribution, consumer products, telecom, and transaction processing.

Since my last letter, we have added to one position in the US pipeline space. Our two positions provide exposure to a recurring revenue stream from a large market (natural gas) that has been hurt by the current glut of oil where natural gas is a free byproduct of oil production. Given the current crash of oil prices, supply destruction is currently going on in the oil industry, thus pulling low-cost supply off the market. Many people have given up on the oil and gas market but the infrastructure will reflect its economic value once the market adjusts to new levels of supply and demand.

The portfolio’s investments in infrastructure are in a senior position with recurring revenue in a sector that is hurting. However, I anticipate a speedier recovery than many equity holders who may be wiped out with reorganization of many capital structures.

I remain excited about some firms we are investigating in Canada, Mexico, Georgia, South Korea, and South Africa and from a strategy perspective described below.

Risk vs. Uncertainty

The COVID-19 pandemic is an event which revealed that the world is more uncertain than we previously thought. This was the…
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Senate Dems push back against IRS stimulus check round 2

By Michelle Jones. Originally published at ValueWalk.

irs stimulus check round 2

Republicans in the Senate have been pumping the brakes on a round 2 of IRS stimulus checks, but now House Democrats are seeing resistance from their own party in the Senate. The issue involving round 2 of IRS stimulus checks seems to be the focus of the checks.


Q1 2020 hedge fund letters, conferences and more

Democrats oppose IRS stimulus check round 2

Republicans disagree with many parts of the HEROES Act, which is the bill passed by the House of Representatives that includes a round 2 of IRS stimulus checks. However, the coronavirus stimulus checks were one part of the bill that had a chance of surviving the Senate because Republicans had shifted gears and seemed open to more checks for households.

The new opposition with the HEROES Act comes from Democrats in the Senate, who see the round 2 of IRS stimulus checks as an untargeted expenditure, according to The Hill. Sen. Ben Cardin of Maryland, who’s on the Senate Finance Committee, wants the second round of coronavirus stimulus checks to be focused more on households that have been hit the hardest by the fallout from the pandemic.

He said the first round of coronavirus stimulus checks made sense in March because lawmakers wanted to get money into the hands of Americans as quickly as possible. However, most states are starting to reopen and allow non-essential workers to return to work. Thus, he believes lawmakers should target the second round of IRS stimulus checks to the households that need it most.

Other problems with the HEROES Act

Senate Majority Leader Mitch McConnell has said they will “probably” pass another stimulus package, but Republicans want it to be much smaller than the $3 trillion in additional aid House Democrats want to pass. Republicans have become concerned about the rising federal deficit, which is on track to hit $3.7 trillion this year, according to the Congressional Budget Office.

Senators on both sides of the aisle are now ranking their priorities for the next stimulus package. Some provisions besides a round 2 of IRS stimulus checks are starting to pick up momentum in the Senate. This means the next phase of stimulus probably won’t look anything like the…
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Howard Marks On Buying Undervalued Stocks

By Robert Stephens. Originally published at ValueWalk.

Early Stages Of A Bull Market daily new cases Howard Marks oaktree capital value investing value investors valuation metrics famous investors PE ratio PB ratio EV/EBITDA PEG ratio

Overcoming your fears may allow you to capitalize on low valuations across the stock market


Q1 2020 hedge fund letters, conferences and more

Buying stocks at the moment presents a number of challenges for value investors. Chief among them is the risk that Covid-19 leads to a worsening in the economy’s outlook. This could cause a stock’s price to fall after you have purchased it.

However, according to Oaktree Capital chairman Howard Marks it may be a good idea to focus on the stock market’s long-term recovery potential, rather than on seeking to buy stocks when they are at their lowest point. This strategy may allow you to buy stocks in the earliest stages of a bull market, and generate market-beating returns in the long run.

Finding the bottom of the market

In an ideal world, value investors would be able to identify the bottom of the market during a downturn. However, the reality is that such an aim is impossible. It is only with the benefit of hindsight that market bottoms can be pinpointed.

According to Howard Marks, a better idea than seeking to identify the stock market’s lowest point is to buy quality stocks at attractive prices:

“Like so many other things in the investment world that might be tried on the basis of certitude and precision, waiting for the bottom to start buying is a great example of folly. So, if targeting the bottom is wrong, when should you buy? The answer’s simple: when price is below intrinsic value”.

Through focusing on obtaining a wide margin of safety when buying strong businesses, you may be able to use your capital more productively than seeking to time the market’s movements.

Buying amidst investor pessimism

Buying when other investors are downbeat about the prospects for the stock market can be challenging. You may, for example, find it tough to go against the investor consensus. This can cause you to delay purchasing undervalued stocks until their margins of safety are narrower than they were previously.

Therefore, buying when investor sentiment is weak could be a profitable strategy. According to Howard Marks, buying early on in a bull market can be a productive move:

“The three stages of a bull…
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Illinois State Pension Funds In Very Bad Shape: Moody’s

By Michelle Jones. Originally published at ValueWalk.

state pension funds california public pension fund calpers Reduction In Benefits

State pension funds have long been struggling with unfunded liabilities. Moody’s Investors Service updated the issue for several states to illustrate the wide range of problems facing them.


Q1 2020 hedge fund letters, conferences and more

Wide range of problems for state pension funds

State pension funds are in dramatically different positions when it comes to unfunded liabilities and pension payments. Moody’s included this map to show the variety of states public pension funds are in.

state pension funds

As you can see from the map, Illinois is in the worst position as far as unfunded liabilities for its pension funds. The state’s adjusted net pension liabilities for its state government funds amount to more than 500% of its own-source revenue.

Most other states are in a good position as far as their unfunded pension liabilities go. Other states with potentially serious issues in unfunded liabilities include Kentucky, New Jersey, Massachusetts, South Carolina, Maryland and Connecticut.

State pension funds with low risk

Moody’s also highlighted other problems facing state pension funds. The firm looked at two states with “low pension risk.” Tennessee has enacted reforms to shift investment performance risk to new employees, providing a long-term buffer against unexpected increases in pension costs. The state’s adjusted net pension liabilities to gross state product ratio is at 2%. The State of Tennessee’s pension asset shock indicator is at 0%, but some cities, like the Metro Government of Nashville-Davidson and the City of Memphis, have double-digit shock indicators.

Wisconsin is also listed as having low pension risk for its state funds. Most of pension liabilities are held by the Wisconsin Retirement System, and it’s comparatively well-funded due to some risk-sharing features, the firm said. The state’s adjusted net pension liabilities to gross state product ratio stands at 3%. There is a wide range of risk within Wisconsin as well. The State of Wisconsin’s pension asset shock indicator is at 5%, but the City of Milwaukee’s indicate stands at 26%, while Milwaukee County’s indicator is at 18%.

Moderate risk states

Moody’s lists California as having a “moderate pension risk” in state and local pension costs. The firm said pension costs are still growing for California state and local governments. It added that “numerous” California cities have…
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Coronavirus enters the vaccine debate

By Michelle Jones. Originally published at ValueWalk.

vaccines

A new study illustrates how the debate over whether or not to get a vaccine has spilled over into mainstream conversations. Only about half of Americans say they will get the coronavirus vaccine when it becomes available. The percentage of those who won’t get it appears to be greater than the percentage of Americans who would consider themselves to be anti-vaxxers.


Q1 2020 hedge fund letters, conferences and more

Only half would get the coronavirus vaccine

The study conducted by the Associated Press and NORC Center for Public Affairs Research found that most Americans expect a COVID-19 vaccine to be available at some point next year. Another 20% of Americans expect it to be available this year, while 17% expect it will be after 2021 before it’s available.

If or when the vaccine becomes available, just 49% say they intend to get the shot. Twenty percent say they definitely will not get it, and 31% aren’t sure whether they will get it or not.

It may seem like the percentage of people who plan to get the COVID-19 vaccine is low, but it’s roughly in line with the number of people who get the flu shot every year. Last year the National Foundation for Infectious Diseases polled people to find out if they planned to get the flu shot, and 52% said they did plan on getting it.

Older people and those who worry about getting infected with the virus or infecting someone in their household are more likely to say they plan to get the coronavirus vaccine when it’s available.

Interestingly, the AP and NORC Center for Public Affairs Research survey found that 79% of Americans believe a coronavirus vaccine plays an important role in whether businesses and activities should reopen in their area. Of those who believe a vaccine is essential for reopening, 65% would get the vaccine when it becomes available.

Why some people don’t want the coronavirus shot

The survey also looked at why the percentage of people planning to get the coronavirus vaccine is so low. Of the 20% of Americans who said they will refuse the shot, the main reason for not getting it is concern about side effects. Others are concerned about…
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Handful of Reps Block Basic Step Toward PPP Transparency

By Jacob Wolinsky. Originally published at ValueWalk.

PPP bailed out Representative Jayapal Toxic Shock Uber Mask CPI numbers Coronavirus Deaths Cost-Benefit Analysis COVID-19 Affect Finances market down

Watchdog: Clear From This Vote That “The PPP Bailed Out Companies Who Didn’t Need It”


Q1 2020 hedge fund letters, conferences and more

The PPP Bailed Out Companies That Didn’t Need it

WASHINGTON, D.C. – This afternoon, a handful of representatives blocked a House bill to enhance transparency in funds allocated through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The measure would have required the SBA to disclose PPP loans greater than $2 million. Many large corporations have been receiving this aid intended to help mom-and-pop shops maintain their workforce, mostly out of the public eye.

With 100,000 small businesses shuttering and more than 40 million Americans becoming newly unemployed during the ongoing COVID-19 crisis as wealthy, well-connected businesses cashed in on relief funds, the House was right to try to demand greater transparency in how the Trump administration has doled out aid. Now, those corporations can continue to shirk accountability for draining aid money intended to help out real mom-and-pop businesses and their employees.

“Apparently, even basic steps toward enhancing transparency in a program that has been plagued by rampant mismanagement, abuse, and self-dealing from its start is too much to ask of Trump allies in the House. So the question remains: what are these representatives trying to hide?” asked Kyle Herrig, president of Accountable.US.

“The only reason to keep data on public money hidden is if there’s something to hide. This vote means that as 100,000 small businesses were forced to close their doors, the PPP bailed out companies who didn’t need it. For these politicians to again help out Wall Street and an administration that has badly bungled the PPP from the start, not American workers, is shameful.”

Background:

The Trump SBA’s Paycheck Protection Program has been bungled since day one, offering red tape and rejection to struggling small business owners while rolling out the red carpet for large publicly-traded companies that have resources average shops do not. A shocking recent report estimates over 100,000 small businesses have permanently closed since the pandemic took off in March. And a recent survey found only 12 percent of Black and Latino small business owners got the PPP loans they asked for,…
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Bloomberg Barclays US Aggregate Bond Index: What is it?

By Vikas Shukla. Originally published at ValueWalk.

Bloomberg Barclays US Aggregate Index

Most investors have investment-grade bonds in their portfolio. If you invest in a total bond market index fund or ETF, there is a good chance your investment tracks the Bloomberg Barclays US Aggregate Bond Index. It’s the most popular broad-based bond market index in the US. Here’s what you should know about it, including the best funds tracking the index.


Q1 2020 hedge fund letters, conferences and more

What is the Bloomberg Barclays US Aggregate Bond Index?

Back in 1986, Lehman Brothers created the Lehman Aggregate Bond Index to provide investors an aggregate exposure to the US bond market. After the collapse of Lehman Brothers in 2008, Barclays purchased much of its North American assets, including the index. So, the index was renamed Barclays Capital Aggregate Bond Index. It became Bloomberg Barclays US Aggregate Bond Index in 2016.

It is a benchmark that measures performance of the US dollar denominated, investment-grade bonds. The index allows investors to gain exposure to the entire US bond market.

It includes investment-grade government bonds, corporate bonds, asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and mortgage pass-through securities (MPS). It doesn’t include non-investment grade bonds, international bonds, and emerging market bonds. Treasury Inflation-Protected Securities (TIPS) and municipal bonds are also excluded.

It consists of bonds that have at least one year to maturity and at least $100 million of outstanding par value. The index covers more than 9,000 bonds worth more than $22 trillion. It’s for the bond market what the S&P 500 index is for the equity market. In the world of complex bond markets, the index provides broad diversification, low expense ratios, and passive management.

The Bloomberg Barclays US Aggregate Bond Index is a market cap-weighted index. Securities are weighted in the index based on the market size of each bond type. Here’s the different types of securities and their weightage in the index.

Bloomberg Barclays Bond Index

Image source: iShares.com (screenshot)

How to invest

Investors interested in gaining exposure to the total bond market can invest in an exchange-traded fund (ETF) or mutual fund tracking the index. The largest ETF tracking the index is the iShares Core U.S. Aggregate Bond ETF (AGG). Other popular ETFs include…
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Will second coronavirus stimulus be a “use it or lose it” debit card?

By Aman Jain. Originally published at ValueWalk.

coronavirus, stimulus, second round, mark Cuban, use it or lose it, debit card

One big question that many presently have is what the second round of coronavirus stimulus would look like. If the billionaire entrepreneur Mark Cuban is to be believed, then the next coronavirus stimulus should be such that it not only helps the households with a direct payment but boosts the economic recovery by spurring consumer demand.


Q1 2020 hedge fund letters, conferences and more

Ideas for second round of coronavirus stimulus

Mark Cuban discussed his idea of the second coronavirus stimulus payment during Verizon Media’s “Reset Your Mindset at Work” online event on Wednesday. The event focused on how companies are supporting employees during the COVID-19 pandemic.

At the event, host Julia La Roche referring to economic stimulus checks as “a band-aid for a wound” asked Cuban about his ideas on healing the damaged economy. Replying to Roche, the Dallas Mavericks owner made a case for a “perfectly timed stimulus program” in the form of debit cards for households.

Backing his idea, Cuban explained that no business could survive without sales and that two-thirds of the economy is based on consumer-generated demand. He said that consumer demand is abysmally low presently because many have no source of income or are stuck at home.

One way to spur the demand is to give consumers enough confidence so that they can go out and spend money. However, there is a lot of uncertainty because many businesses don’t have the funds to bring back the employees as they aren’t operating at full capacity.

Another challenge for the businesses is that many employees are not willing to return to work as well. This is because many are getting more from the unemployment benefits than they would get by working. More than 40 million Americans have filed for unemployment benefits over the past 10 weeks.

“So they’re [employers] stuck in Never-never land,” Cuban said. “That’s a huge problem.”

However, the extra $600 in federal unemployment benefits under the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act are expected to end before August. Thus, Cuban suggests introducing a debit card program, where the money is given “literally to each household.”

“Use it or lose it” debit card: what does it mean?


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Phil's Favorites

Antigen tests for COVID-19 are fast and easy - and could solve the coronavirus testing problem despite being somewhat inaccurate

 

Antigen tests for COVID-19 are fast and easy – and could solve the coronavirus testing problem despite being somewhat inaccurate

Antibodies are incredibly good at finding the coronavirus. Antigen tests put them to work. Sergii Iaremenko/Science Photo Library via Getty Images

Courtesy of Eugene Wu, University of Richmond

In late February, I fell ill with a fever and a cough. As a biochemist who teaches a class on viruses, I’d been tracking the outbreak of...



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Biotech/COVID-19

Antigen tests for COVID-19 are fast and easy - and could solve the coronavirus testing problem despite being somewhat inaccurate

 

Antigen tests for COVID-19 are fast and easy – and could solve the coronavirus testing problem despite being somewhat inaccurate

Antibodies are incredibly good at finding the coronavirus. Antigen tests put them to work. Sergii Iaremenko/Science Photo Library via Getty Images

Courtesy of Eugene Wu, University of Richmond

In late February, I fell ill with a fever and a cough. As a biochemist who teaches a class on viruses, I’d been tracking the outbreak of...



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ValueWalk

Boeing cuts thousands more jobs than originally said

By Michelle Jones. Originally published at ValueWalk.

Boeing’s job cuts are going deeper than initially said. The aerospace giant is cutting over 12,000 jobs in the U.S., which is thousands more than it originally planned to cut. The job cuts come as Boeing restructures and seeks to deal with the fallout from the coronavirus pandemic without a government bailout after years of share buybacks.

Q1 2020 hedge fund letters, conferences and more

Boeing job cuts number 12,000

Boeing said this week that the 12,000 job cuts include 6,770 involuntary layoffs. The company also said it's planning "several thousand remaining layoffs" in the coming months...



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Zero Hedge

Ted Cruz Accuses Twitter Of Violating Sanctions Against Iran, Demands DoJ Probe

Courtesy of ZeroHedge View original post here.

We've mentioned in nearly every single one of our posts about this week's dustup between the president and Twitter that the Ayato...



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Kimble Charting Solutions

Tech Indicator Suggesting A Historic Top Could Be Forming?

Courtesy of Chris Kimble

Tech stocks have been the clear leader of the stock market recovery rally, this year and since the lows back in 2007!

But within the ranks of leadership, and an important ratio may be sending a caution message to investors.

In today’s chart, we look at the ratio of large-cap tech stocks (the Nasdaq 100 Index) to the broader tech market (the Nasdaq Composite) on a “monthly” basis.

The large-cap concentrated Nasdaq 100 (only 100 stocks) has been the clear leader for several years versus the ...



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The Technical Traders

M2 Velocity Collapses - Could A Bottom In Capital Velocity Be Setting Up?

Courtesy of Technical Traders

M2 Velocity is the measurement of capital circulating within the economy.  The faster capital circulates within the economy, the more that capital is being deployed within the economy to create output and opportunities for economic growth.  When M2 Velocity contracts, capital is being deployed in investments or assets that prevent that capital from further circulation within the economy – thus preventing further output and opportunity growth features.

The decline in M2 Velocity over the past 10+ years has been dramatic and consistent with the dramatic new zero US Federal Reserve interest rates initiated since just after the 2008 credit crisis market colla...



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Lee's Free Thinking

US Southern States COVID19 Cases - Let's Give Credit Where Due

 

US Southern States COVID19 Cases – Let’s Give Credit Where Due

Courtesy of  

The number of new COVID 19 cases has been falling in the Northeast, but the South is not having the same experience. The number of new cases per day in each Southern state has been rangebound for the past month.

And that’s assuming that the numbers haven’t been manipulated. We know that in Georgia’s case at least, they have been. And there are suspicions about Florida as well, as the State now engages in a smear campaign against the fired employee who built its much praised COVID19 database and dashboar...



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Chart School

Is this your local response to COVID 19

Courtesy of Read the Ticker

This is off topic, but a bit of fun!


This is the standard reaction from the control freaks.








This is the song for post lock down!







What should be made mandatory? Vaccines, hell NO! This should be mandatory: Every one taking their tops off in the sun, they do in Africa!

Guess which family gets more Vitamin D and eats less sugary carbs, TV Show



...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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