Archive for the ‘ValueWalk’ Category

Dow Inc Spin-Off: Classic Value Investment Story?

By Alex Gavrish. Originally published at ValueWalk.

Alex Gavrish discusses Dow Inc spin-off from DowDuPont

Shares of Dow Inc, a spin-off from DowDuPont, started trading on March 20th, 2019 on a when-issued basis. At $50 per shares, Dow Inc’s market cap is approximately $37.5 billion. According to the company’s roadshow presentation, Dow Inc will have a net debt of $15 billion at the spin-off while FY 2018 operating EBITDA was $9.1 billion. This means that Dow Inc is currently valued at an EV/EBITDA multiple of x5.77. This looks low, especially compared to the valuation of DowDuPont combined: it currently trades at an EV/EBITDA ratio of about x9.3 (FY 2018 results).

Dow Inc

rawpixel / Pixabay

Q4 hedge fund letters, conference, scoops etc

Already before the spin-off, the company announced that initially, it plans to pay an annual dividend in the amount of $2.1 billion, which provides investors with an annual yield of 5.6% percent. Dow will also have share repurchase program in place, initially for $3 billion. Assuming that it will be implemented over 3 years, shareholders will be rewarded with an additional annual yield of 2.6% percent.

Assuming a more “normal” EV/EBITDA multiple and generation of $3 billion of FCF annually, in two years Dow Inc shares could be valued at $79 per share, which provides an upside of 58% percent.

The post Dow Inc Spin-Off: Classic Value Investment Story? appeared first on ValueWalk.

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Mary Barra: GM To Build Chevrolet Bolt EV In U.S. Plants [Full Transcript]

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Excerpts: General Motors Chairman and CEO Mary Barra Speaks with CNBC’s Phil LeBeau Today

General Motors Chairman and CEO Mary Barra chevrolet bolt ev

Image source: CNBC Video Screenshot

The following is the unofficial transcript of excerpts from a CNBC interview with General Motors Chairman and CEO Mary Barra and CNBC’s Phil LeBeau today, Friday, March 22nd. The following is a link to video from the interview on

Q4 hedge fund letters, conference, scoops etc

GM to build Chevrolet Bolt EV in U.S. plants, add 700 jobs

All references must be sourced to CNBC.

Mary Barra on Orion Vehicle:

It’s going to come out in a year or two. We haven’t released the specific date yet, and there will be a lot more to follow on the specifics of the product. But today we are really focused on the workforce at Lake Orion.

On the Trump Conversations:

I generally try to keep those conversations private, when I am talking with any member of the administration or government. But you know, this is an announcement that we have been planning a while, just getting everybody aligned, because it is so significant, you know, a brand new electric vehicle that we had planned to build at a location outside the country. So very significant that we are building it here, investing in the U.S. and creating 400 jobs.

On Briefing the Administration:

We regularly brief the administration when we are going to be making announcements-- announcements such as this. And so that is where I will leave it. And I think, you know, when we look at what General Motors is committed to, we are committed to investing, we have been making shifts because we see the growth in trucks and crossovers and now electric vehicle, and we are going to be making those investments. And I believe as we continue to go forward, not only maintaining the employment that we have here and the good paying jobs, but creating more.

On the Chevrolet Bolt EV:

When we look at the architecture that this vehicle is coming off of, and there have been significant enhancements, but it makes sense because the Chevrolet Bolt EV is built at Orion and this is a…
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Howard Marks Sees More M&A After Brookfield Deal

By Jacob Wolinsky. Originally published at ValueWalk.

Bruce Flatt, chief executive officer at Brookfield Asset Management, and Howard Marks, co-founder at Oaktree Capital, discuss the background of Brookfield’s purchase of a majority stake in Oaktree Capital and how the deal could impact the industry. They speak with Bloomberg’s Erik Schatzker on “Bloomberg Daybreak: Americas.”

Brookfield Deal

Image source: Bloomberg Video Screenshot

Oaktree’s Marks Sees More Industry Mergers After Brookfield Deal

Q4 hedge fund letters, conference, scoops etc


Whose idea was this anyway.

You know our our view was that this is one of the great credit businesses in the world. And we followed them for years and Howard is obviously. A legend in the markets and so we approach them and talked about talked about it in from there. We ended up with a transaction that was your idea that I guess you’re right. How long did it take. It took five months the markets were a little rough in December. So they were. That didn’t help the transaction but I say in transactions you learn a lot of both the other side when you go through rougher periods of time and that is probably good for the end and end result we got. Howard you have been telling your clients for 17 years already what it would take for oak tree to be acquired 17 years why now

Well not for 17, 17 years ago. It hasn’t been a constant theme. But you know there was a rumor in 02 that we were for sale. And day in my year end report I published the five criteria for a transaction and I said they’ve never been satisfied. I assume they never will so let’s forget about it and nothing ever happened until this transaction came along.

Now the criteria you set forth are being satisfied.


What about the timing. The now factor.

You know I’m not a market timer. And this is a. Fundamentally sound transaction. And we’re not are entering into it at this time has nothing to do with the timing. I mean Bruce described-

Nobody should impute or infer some sense of where you think we are in the credit cycle etc.

Not at all. Not at all.…
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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:

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:


  • 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

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

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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Zero Hedge

Decades Of Transit Trouble On New York's Subways

Courtesy of ZeroHedge. View original post here.

Submitted by Gregory Bresiger, via the Mises Institute

As the New York City subway system continues to deteriorate, this word is verboten by political and media elites here: Privatization.

Even the supposed friends of private enterprise, the Manhattan Institute, don’t argue for the abolition of the Metropolitan Transportation Authority (MTA), the state agency that has run the subways since the late 1960s. Some supposed friends of laissez-faire don’t accept that private transportation systems can ever effectively run the trains and make money.

Instead they argue for new forms of government funding an...

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Phil's Favorites

Boeing 737 Max: The FAA wanted a safe plane - but didn't want to hurt America's biggest exporter either


Boeing 737 Max: The FAA wanted a safe plane – but didn't want to hurt America’s biggest exporter either

Boeing is accused of not being fully forthcoming about changes it made to the 737 Max. AP Photo/Ted S. Warren

Courtesy of Susan Webb Yackee, University of Wisconsin-Madison and Simon F. Haeder, West Virginia University

Recent incidents aside, air travel ...

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Is Tesla's New Enhanced Summon Feature A National Security Risk?

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing Tesla‘s enhanced summon feature and why the company’s stock is likely to drift down.

Discussion on Tesla’s Enhanced Summon feature

One of my friends (who’s bullish on Tesla) sent me a link to this web page, Watch this Tesla Model 3 drive to its owner on Enhanced Summon in latest video, which has two ...

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Kimble Charting Solutions

Shanghai Index; White Hot Market Peaking?

Courtesy of Chris Kimble.

Is one of the hottest stock indices in the world about to peak? Possible.

The S&P is off to a great start this year, up over 12%. Yet the Shanghai index is white hot, up around 22%, almost twice as much as the S&P 500!

This chart looks at the Shanghai Index over the past 25-years on a weekly basis. It has spent the majority of the past 25-year above rising support line (1). It hit this rising support line in December, where a very strong counter-trend rally has taken place.

Over the past 4-years, the index has created a series o...

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Chart School

Weekly Market Recap Mar 24, 2019

Courtesy of Blain.

It was looking like another week of Federal Reserve Kool Aid and crushing bears .. until Friday.  On the back of bad economic news out Europe, the yield curve inverted on the 3 month vs 10 year bond – before you fall asleep to that news, it is a quite important indicator for the economy (not necessarily the stock market… yet).   More on that in a bit.  As you can see the action in the bond market Friday was quite severe so it will be interesting to see the move in the coming few days.

As for the Federal Reserve:

The Federal Reserve signaled no more increase in interest rates this year and just one in 2020, according to its new ‘dot plot,’ and the bank said it would...

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Insider Scoop

10 Biggest Price Target Changes For Friday

Courtesy of Benzinga.

  • Buckingham cut the price target for Trinity Industries Inc (NYSE: TRN) from $32 to $26. Trinity Industries shares closed at $22.96 on Thursday.
  • Canaccord Genuity lowered the price target for Biogen Inc (NASDAQ: BIIB) from $396 to $275. Biogen shares closed at $226.88 on Thursday.
  • H.C. Wainwright cut the price target on Conatus Pharmaceuticals Inc (NASDAQ: CNAT) from $8 to $1.50. Conatus Pharmaceuticals shares closed at $2.91 on Thursday.
  • Wedb... more from Insider


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/

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


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


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

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

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Swing trading portfolio - week of September 11th, 2017

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


This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...

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Free eBook - "My Top Strategies for 2017"



Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:


·       How 2017 Will Affect Oil, the US Dollar and the European Union


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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

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

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