Archive for the ‘ValueWalk’ Category

The Future Of National Beverage Corp. (FIZZ) Stock; Cannabis Webinar

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing the LaCroix maker National Beverage Corp. (FIZZ)’s stock; Tesla; Cannabis webinar; question 3; Jamaica.

national beverage corp

1) I’m still sniffing around National Beverage Corp, best known for its LaCroix brand of flavored sparkling water, which I wrote up as my Stock Idea of the Day in my email eight days ago.


Q4 hedge fund letters, conference, scoops etc

The key question that will determine the future of the stock is whether we’re seeing a mere hiccup for LaCroix or the beginning of a long-term decline. To help answer this question, I’ve put together a short survey, posted here: https://www.surveymonkey.com/r/JLS9QQS.

If you drink LaCroix and/or know someone who does, I’d be grateful if you’d take a moment to fill out/forward it. Thank you!

2) A friend forwarded me a 33-slide presentation on Tesla (TSLA), Detecting “Potential” Fraud in Real-Time, that Tom Bachrach of PFH Capital gave on Tuesday to UPenn Wharton students. You can download it here.

I don’t know him or his firm, but it’s an outstanding piece of analysis, especially the forensic accounting part that begins on page 17, which captures why I think there’s at least a 50% chance of significant fraud at the company. Pay particular attention to the “VIN Gap” he discusses on slides 28-29.

3) It’s a credit to Galileo Russell, the young guy who’s made a name for himself as a Tesla uber-bull, that he’s beginning to question all of the insane, inexplicable things that the company and its CEO, Elon Musk, are doing. Most people I’ve found do the opposite once they’ve committed to something, especially if they’ve done so publicly: they dig in their heels, block out any and all disconfirming information, and attack anyone who questions them.

In contrast, Russell did a live 28-minute YouTube session yesterday with his many followers in which he outlined his concerns Tesla and Musk and practically begged the company to raise money. Why it hasn’t done so remains a great mystery…but its failure to do so may be a major cause of the craziness we’re seeing, as Russell appears to be realizing (though he says he’s still bullish and buying the stock!)…

4) I’ve been…
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Selling Into The Rally: Not Everyone Is Bullish On Equities

By Michelle Jones. Originally published at ValueWalk.

The markets have generally had a bullish view of equities for much of the year so far, but not everyone is buying stocks. In fact, Bank of America Merrill Lynch reports that this year has brought the worst start to the year for equity flows since 2008.

Bull Market credit over stocks

werner22brigitte / Pixabay

Selling into equity strength

Last week BofAML recorded $10.1 billion in outflows from stocks, of which $5.5 billion of those outflows were in U.S. stocks alone.


Q4 hedge fund letters, conference, scoops etc

Bullish On Equities

The firm’s clients were clearly selling into strength as global stocks were up 10.6% for the week. BofAML Chief Investment Strategist Michael Hartnett and team pointed out that the equity bull market officially turns 10 on Saturday. Over the last decade, the U.S. market capitalization has increased $21.3 trillion, which is triple the U.S. GDP’s increase of $6.5 billion.

The only other asset which saw outflows last week was gold, which incidentally has performed well toward the end of this week, finally breaking above the key $1,300 per ounce level so many experts have been watching. According to BofAML, commodities were up 12.6% the same week gold recorded outflows. Precious metals saw $1.2 billion in outflows, the highest in 28 weeks.

The only other “bearish” flow, according to the firm, was the $8.8 billion in inflows to bonds.

Hartnett and team also said their Bull & Bear Indicator dropped for the first time this year, falling from 5.1 to 4.9. The drop is especially notable because of how quickly the indicator has shifted from buy territory just a few months ago deep into neutral territory now.

Bullish On Equities

In fact, their Bull & Bear Indicator was in “extreme bull” territory just last year.

Bullish On Equities

Credit over stocks

Harnett and team also found that flows significantly favor credit over stocks. In fact, this past week brought the fourth-largest inflows to investment-grade bonds ever recorded at $9.5 billion.

Bullish On Equities

We would also note that other sources have indicated that pension funds, which are among the biggest investors of all, have been increasingly favoring credit over the last several months. Canaccord Genuity has been tracking record-high pension flows to credit and related…
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Public Pensions Share What They’re Doing To Boost Funding Levels

By Michelle Jones. Originally published at ValueWalk.

The pension crisis has been going on for so long that it seems like every headline about it simply adds more bad news to the pile. However, there are a few good things going on at some public pension funds. There are also some very interesting trends, according to a recent study.

funding levels

pasja1000 / Pixabay

The National Conference on Public Employee Retirement Systems (NCPERS) conducted a study of 167 state and local government pension funds. The NCPERS Public Retirement Systems Study analyzed the funds’ “fiscal condition” and the steps they’re taking to bolster their “fiscal and operational integrity.”


Q4 hedge fund letters, conference, scoops etc

Equity returns are higher than other asset classes

Thy found—among other things—that the three asset classes which posted the highest one-year gross returns last year are all equities. However, private equity, hedge funds and other alternatives were in fourth place. It’s interesting that PE, hedge funds and alternatives were all lumped into one group, given what we’ve seen from other studies.

Public Pensions

For example, Canaccord Genuity has shown several times that pension funds are increasingly favoring credit and related products over other asset classes, and sometimes PE can overlap with credit. As a result, the NCPERS study makes it a bit difficult to discern exactly where pension funds are getting their returns from.

We have seen in other studies that investors in general have been boosting their allocations to PE funds, often at the expense of hedge funds.

Looking at the allocations of pension funds, the NCPERS study found “a slight decrease” in targeted allocation to equities and fixed income and a “slight increase” in targeted allocation to bonds and PE/ alternatives.

Public Pensions

Public Pensions

Highest returns favored equity allocations

The study also found that the pension funds with the highest one-year investment returns were those that favored equities, global fixed income, PE and alternatives, and commodities. On the other hand, these funds had lower allocations to domestic and international fixed income.

Public Pensions

Given the strong run stocks had last year, it isn’t a big surprise that equity-focused funds did better than others, although December through a major wrench into the works for some strategies. Due…
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Detecting Potential Accounting Red Flags At Tesla Inc (TSLA)

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing the Tesla bull case followed by Thomas Bachrach’s presentation on “accounting red flags” at Tesla.

accounting red flags at tesla

1) Tesla bull and blogger Galileo Russell hosted a podcast / live YouTube yesterday, which you can watch here:


Q4 hedge fund letters, conference, scoops etc

A friend writes:

He is estimating 75,000 unit sales and 80,000 production for Q1.

Seems like he’s too high on sales, but too low on production.

They might product close to 90,000 — but sell perhaps as few as 60,000 (or even just under).

2) Anton Wahlman’s latest: https://seekingalpha.com/instablog/200447-anton-wahlman/5283935-dan-ives-wedbush-doesn-t-know-automobile-industry

Summary

  • Dan Ives of Wedbush publishes Tesla report based on having visited Tesla’s two main facilities in California and Nevada.
  • It appears that Ives does not cover any other automaker. Has he visited any other car factories lately? How many? Where? When?
  • As for the car itself, has Ives driven the latest competitive models from Audi, Jaguar, Hyundai and Kia? If not, how does he have any sense of the competition?
  • It seems to me that Ives doesn’t know what he is talking about, because he has little or no experience with the competitive climate.
  • It’s like someone seeing an Android phone and being amazed, without ever having heard of Apple and the iPhone.

3) A big part of the Tesla bull case is how the company marries software and hardware, like Apple does. My analyst Kevin DeCamp writes:

The bottom line is I think OTA (over the air) updates are one of Tesla’s main advantages and one of the reasons that Tesla owners LOVE (as Whitney points out) their cars. I don’t agree that it is just the EV powertrain that they love, although that is an important part of it.  Although comparisons to Apple are laughable when you consider the financials and the quality of the business, there are some parallels when it comes to the seamless integration of hardware and software.

More on this later, but for now here is a well-balanced blogpost that explains well why the auto incumbents are, and I think will continue to be for the foreseeable…
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Gator Financial Up 23% YTD As GSE Preferred Shares Yield Returns

By Michelle Jones. Originally published at ValueWalk.

Gator Financial is now two for two for 2019 after ending both January and February in the green. It’s a much-needed recovery after last year’s double-digit negative return. According to the firm’s February fact sheet, the month wasn’t as outstanding as January, but it was still a solid return, nonetheless.

Gator Financial Partners gse preferred shares

ataribravo99 / Pixabay

Gator Financial was up 4.44% in February

The financials-focused hedge fund reported a return of 4.44% for February to follow up January’s 17.76% return. That brings Gator Financial’s year-to-date returns for 2019 to 22.98%. In all of 2018, the fund posted a return of -16.02%, with the vast majority of those losses coming in December when the fund was down 14.01%.


Q4 hedge fund letters, conference, scoops etc

Gator Financial Partners is a long/ short equity fund with a preference for small- and mid-cap financial companies with less sell-side research coverage. The firm, which is managed by analyst Derek Pilecki now manages slightly under $100 million in assets.

The fund’s top five long positions in February included Zions Bancorporation stock and warrants, which accounted for 13.04% of its net asset value. Syncora Holdings made up 9.32% of the portfolio, while 9.31% of the portfolio was in government-sponsored enterprise (GSE) preferred shares. The fund’s fourth and fifth biggest long positions were Ambac Financial Group and SunTrust Bank at 8.75% and 7.83%, respectively.

Update on GSE preferreds

Gator is one of many hedge funds banking on GSEs Fannie Mae and Freddie Mac exiting conservatorship this year. So far the bet has paid off for funds like Gator which are holding the shares. Other well-known funds which have been known to hold GSE preferred shares include Blackstone’s GSO Capital Partners, Paulson & Co., Pershing Square Capital Management and Perry Capital, The Wall Street Journal reports.

Gator has highlighted its position on the GSEs’ preferred shares several times over the years. In a recent letter, the fund’s management explained why they expect Fannie and Freddie to exit conservatorship this year. For example, they pointed out that the Trump administration was pushing to get Mark Calabria appointed as the next director of the Federal Housing Finance Agency, which oversees the GSEs. As soon as…
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Jamie Dimon On How JPMorgan Is Making The Planet A Great Place [Full CNBC Interview]

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Transcript: JPMorgan Chase CEO Jamie Dimon and American University President Sylvia Mathews Burwell Speak with CNBC’s Kayla Tausche Today

Jamie Dimon And Sylvia Mathews Burwell

WHEN: Today, Wednesday, March 20, 2019

WHERE: CNBC’s “The Exchange

Following is the unofficial transcript of a CNBC interview with JPMorgan Chase CEO Jamie Dimon American University President & Former Obama Health and Budget Official Sylvia Mathews Burwell and CNBC’s Kayla Tausche on CNBC’s “The Exchange” (M-F 1PM – 2PM) today, Wednesday, March 20th. Following is a link to video of the interview on CNBC.com


Q4 hedge fund letters, conference, scoops etc

Jamie Dimon: CEOs optimistic about business outlook

All references must be sourced to CNBC.

KELLY EVANS: Welcome back to “The Exchange.” The Business Roundtable has published its Quarterly CEO Economic Outlook Survey and executives are less bullish than a year ago. Kayla Tausche is in Washington and is joined by JPMorgan Chairman and CEO Jamie Dimon, along with American University President Sylvia Mathews Burwell for more. Hi, Kayla.

KAYLA TAUSCHE: Hi, Kelly. Thanks so much for having us and thanks to our esteemed guests today. In addition to that survey, they are also announcing a partnership, efforts under way between 15 companies, 13 universities to try to develop the 21st century curriculum for students and eventual workers for companies. So, our thanks to both of you for being here to discuss that and many other issues. Jamie, first the backdrop economically. We’ve heard from lots of CEOs, whether it’s FedEx, UBS, about jitters. Potentially a global slowdown. And then the Business Roundtable Survey today showed a little bit of declining optimism. Is there a slowdown afoot?

JAMIE DIMON: What I would call a ‘slowdown’ – there are always jitters. I’ve never been in business where there weren’t jitters. And it’s a little bit of a slowdown. But, you know, the Business Roundtable is very optimistic about the future. America, in particular, had less of a slowdown than the rest of the world. But one of the things we try to focus on is: how do you make things better? So, this initiative today is a great example how business, government and this town can get together, create jobs for kids, you know, earning $50,000,…
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David Mark Rubenstein’s Full Interview With CNBC [Transcript]

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Exclusive: CNBC Transcript: The Carlyle Group Co-Founder and Co-Executive Chairman David Mark Rubenstein on CNBC’s “Squawk on the Street” Today

david mark rubenstein

Image source: CNBC Video Screenshot

WHEN: Today, Wednesday, March 20, 2019

WHERE: CNBC’s “Squawk on the Street” – Live from the Yale CEO Caucus in Washington D.C.

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with The Carlyle Group Co-Founder and Co-Executive Chairman David Mark Rubenstein on CNBC’s “Squawk on the Street” (M-F 9AM – 11AM) today, Wednesday, March 20th. Following is a link to video of the interview on CNBC.com:


Q4 hedge fund letters, conference, scoops etc

Watch CNBC’s exclusive interview with Carlyle Group’s David Mark Rubenstein

All references must be sourced to CNBC.

SARA EISEN: Stocks are a bit lower this morning, ahead of today’s Federal Reserve decision on interest rates and the policy statement. The major indices though are up double digits since Chairman Powell said, back in January, that the Fed will take a patient approach to monetary policy. Joining us now for a CNBC exclusive is Carlyle Group Co-Founder and Co-Executive Chairman David Mark Rubenstein, live today from the Yale CEO Caucus down in D.C. David, welcome. Nice to see you again.

DAVID MARK RUBENSTEIN: My pleasure to be here.

SARA EISEN: So, since you know Jay Powell, the Chairman, better than most: you hired him at Carlyle, you spoke to him recently at The Economic Club — what do you expect to hear from him today?

DAVID MARK RUBENSTEIN: Well, he’s obviously a person that’s got a lot of people focusing on him. He worked at Carlyle for about eight years – he was an outstanding buyout professional. I thought that was the highest calling of mankind, he would stay there forever, but he decided that public service was more important, so he’s now doing a great job, I think, as Chairman of the Fed. Now that’s a difficult position because nobody ever likes anybody who is increasing interest rates, so when he’s had to increase interest rates, that’s been a problem for some people. But I think it’s been the right decision.

SARA EISEN: Do you expect that he’s…
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Feds Last Weapon … “Empty Words”

By CapitalTrading. Originally published at ValueWalk.

The all-powerful FOMC meets and will provide us with mostly conjecture as to their continued waffle of a monetary policy. It was just a few months ago the FOMC was calling for 4 rate hikes in 2019, my how things have changed, we will be lucky to get one. The combination of balance sheet reduction and lack of global real sustainable growth has led the FOMC to produce nothing short of one’s tail between the legs. Defeated and dejected and spit out of the mouth of the even more powerful global bond markets, who have most certainly called the Fed’s bluff on their rate hikes. What do we mean? Well the yield curves have steepened and 10yr yields have consistently tested the 2.52% area. For all our long-time readers, you know how important this level is for us, being that the Fed Funds upper limit rests at 2.50% a clear inversion of the Fed Funds / 10yr would (we mean will) usher in certain pain for the overall equity market tone. Why is this level important? Because the free investment rate will be below the cost of funds and thus this inversion has a negative future cash flow effect and when we discount future cash flows, we must at times discount our expected returns. Now think of the massive amounts of leverage in the system and think gee how much real capital underpins these assets??? Not much, that’s for darn sure.

Federal Reserve

skeeze / Pixabay

Q4 hedge fund letters, conference, scoops etc

The absolute about face from the FED flies in the face of any economic fundamental financial principal. Basically, the FED has decided to target asset prices, which from a sound Austrian Economic level…should be illegal. Let’s just call it what it really is, counterfeiting. When you have the authority to print money and buy private assets, well just exactly pray tell how Joe Blow public can compete? They can’t and thus the weak-kneed FED has decided enough of the rate hikes, the market can’t take it, nor can they take the massive and we mean massive (#joke) central bank balance sheet reductions! Please stop, Mr. Market can’t take this whopping 10% balance sheet reduction:

balance sheet reduction

We tend to think that public has been sold…
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If Elon Decides Its Time To Raise Capital, It Might Delay Tesla’s Collapse

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing the fear for Tesla short-sellers which is if Musk decides to raise capital.

Whitney Tilson raise capital

Whitney – IMHO, the only real fear for a Tesla short is that one day Elon wakes up and decides its finally time to raise capital which delays the inevitable collapse of Tesla for at least a year. Sure it dilutes the stock, but If you are selling at 4x overvalued on the strength of your narrative, why not sell 20%, raise a ton of cash and then sell for 5x with an even better narrative of a more secure future.


Q4 hedge fund letters, conference, scoops etc

It seems like such a no-brainer, so why doesn’t he raise? (In increasing order of likelihood)

  1. SEC forbids it per an existing agreement.
    1. Really hard to believe such an agreement, if it existed, could stay secret for this long
    2. If true, wouldn’t Elon be tweeting foul about government regulations in this space.
    3. Yet, the SEC let him issue a handful of shares for diesel trucks last month.
  1. No one will run his secondary.
    1. It’s hard to believe that an investment bank couldn’t walk up to some hedge funds and offer a private placement to cover their shorts at a nice discount for an instant profit. Maybe something this blatant is illegal? Surely hedge funds could figure out a creative solution.
    2. Surely some investment banks do want his secondary business – that’s why they tout silly target prices, but Elon is waiting for Google, Softbank, Saudi’s, etc. to give him better terms.
    3. Musk doesn’t want to show the numbers behind the numbers to anybody. The numbers are either fraudulent or would expose violations of other financial agreements if revealed.
  1. Elon is worried about short-term price drop initiating margin calls.
    1. Allegedly, he still has stock to post as collateral down to 120 which would easily cover a temporary 30% drop. I say temporary because, I’d predict a quick short cover rally once everyone realizes the company is safe for another year. Seriously his followers don’t seem to care about the share count,  all that matters on Robinhood is the quoted


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Is Buffett Wrong About Gold?

By Independent Trader. Originally published at ValueWalk.

If you would ask today 100 random people who in their opinion is the most known investor, probably 70 would mention Warren Buffet, the icon of investing in stocks. The legend that has been built around the “Omaha oracle” over the last 40 years is indeed impressive.

Warren Buffett estimate of intrinsic value

While I very often agree with his views regarding, for example, the level of cash in portfolio or migration from growth to value stocks, I absolutely can not agree with what he wrote in the letter to shareholders about gold, once again showing how badly it perfroms in comparison to the US shares.


Q4 hedge fund letters, conference, scoops etc

I do not want to question Buffet’s knowledge at any point, but after reading his views, one conclusion comes to mind: “sell gold and buy American stocks.” Buffet is an icon, legend and nothing will change that. The fact is, however, that the past decade has greatly improved his results. Over the past 10 years, global speculative capital has been flowing strongly to the US, as a result of which shares on the NYSE are the most overvalued in relation to other markets since the research has began.

buffett's strategy

Source: BofA Merill Lynch

What is the probability that such a level will last for a long time? Close to zero. In order to show you how owning such overvalued one asset class in portfolio ends, I will show you the results of Buffett’s strategy during several periods that the management of Berkshire Hathaway would probably like to forget.

For this purpose, I used the data from the analysis of Meb Faber (not to be confused with Marc), called Global Asset Alocation. For the sake of clarity, Buffett’s strategy is based on investing roughly 90% of capital in US equities. It is not surprising that it works well when the prices of NYSE stocks growing strongly. What if stock prices are not changing or falling?

Buffett Gold

Source: Meb Faber, Global Asset Allocation

Let’s see:

In 1973 (beginning of research) – 1980 Buffett’s strategy have suffered real losses (after taking inflation into account) in the amount of 4.78% per annum for 7 consecutive years, reaching a cumulative loss of 38.6%. A lot.…
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Phil's Favorites

Britain has its first new deep coal mine in decades - a result of pretending climate change isn't political

 

Britain has its first new deep coal mine in decades – a result of pretending climate change isn't political

Oscar Johns / shutterstock

Courtesy of Rebecca Willis, Lancaster University

The UK is widely seen as a climate leader. Its Climate Change Act, which passed into law ten years ago, is the envy of the world. It has targets for carbon reduction enshrined in law, and recently, the government hinted that it would adopt a target of zero greenhouse gas emissions by 2050 (the current target is an 80% reduction). Four years ago, the government, with cross...



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ValueWalk

The Future Of National Beverage Corp. (FIZZ) Stock; Cannabis Webinar

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing the LaCroix maker National Beverage Corp. (FIZZ)’s stock; Tesla; Cannabis webinar; question 3; Jamaica.

1) I’m still sniffing around National Beverage Corp, best known for its LaCroix brand of flavored sparkling water, which I wrote up as my Stock Idea of the Day in my ...



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Zero Hedge

"It Feels Eerily Like 2007" - DoubleLine's Gundlach Blasts Fed's "Unprecedented Reversal"

Courtesy of Zero Hedge

As the whipsaw in stocks and the dollar sank in today - while the bond market remains unimpressed by the machine's liftathon today - market participants are still shaking their heads at what just happened.

One of the more outspoken of those market participants is DoubleLine CEO Jeffrey Gundlach who took to Twitter this morning to express his disdain...

Three months ago the Fed predicted totally different policy than where they are now. How can they predict 2020 policy with a straight face?

— Jeffrey Gundlach (@TruthGundlach) March 21, 2019

 

But he was not done, in a brief i...



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Kimble Charting Solutions

Interest Rates Sputter... Is U.S. Economy Next?

Courtesy of Chris Kimble.

The Federal Reserve wasn’t quite as hawkish as investors expected. The result: Treasury bond yields (interest rates) fell sharply.

In today’s chart of the 10-Year US Treasury Yield, we highlight the reversal in rates that occurred late last year.

This wasn’t just any old reversal, though. It occurred along the same long-term downtrend line that produced reversals in the years 2000 and 2007.

A closer look at the chart and it appears that 10-year yields are breaking short-term support. This is also occurring as monthly momentum rolls over fr...



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Chart School

Silver is cheap vs Gold

Courtesy of Read the Ticker.

Metal investors will be paying attention to how out of favor silver is relative to gold. And it is hard to wonder why with the well forecast boom of electric cars expected over the next 10 years. Who owns all the silver? JM Bullion has a series of charts here. Notice the stock pile held by JPM. They will do will if silver gets to $30 USD an once!

Chart up to April 2017



As of the 20th of March 2019 the US Federal Reserve has switched to dovish...

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Insider Scoop

Wells Fargo Expects FedEx Margins To Remain Under Pressure From Market Woes

Courtesy of Benzinga.

FedEx Corporation (NYSE: FDX) reported disappointing third-quarter results Tuesday and lowered its fiscal 2019 guidance.

The flexibility of the company’s network allows it to respond more quickly to competitive threats and a tough supply chain environmen...



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Biotech

Marijuana is a lot more than just THC - a pharmacologist looks at the untapped healing compounds

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

 

Marijuana is a lot more than just THC - a pharmacologist looks at the untapped healing compounds

Assorted cannabis bud strains. Roxana Gonzalez/Shutterstock.com

Courtesy of James David Adams, University of Southern California

Medical marijuana is legal in 33 states as of November 2018. Yet the federal government still insists marijuana has no legal u...



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Digital Currencies

Facebook's cryptocurrency: a financial expert breaks it down

 

Facebook's cryptocurrency: a financial expert breaks it down

Grejak/Shutterstock

Courtesy of Alistair Milne, Loughborough University

Facebook is reportedly preparing to launch its own version of Bitcoin, for use in its messaging applications, WhatsApp, Messenger and Instagram. Could this “Facecoin” be the long-awaited breakthrough by a global technology giant into the lucrative market for retail financial services? Or will...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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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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