Archive for the ‘ValueWalk’ Category

The Natural Course Of Things is Inevitable, Not Preventable

By CapitalTrading. Originally published at ValueWalk.

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

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

Q3 hedge fund letters, conference, scoops etc

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

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

By Jacob Wolinsky. Originally published at ValueWalk.

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

Steven Eisman hard brexit

Image source: YouTube Video Screenshot

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

Q3 hedge fund letters, conference, scoops etc


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

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

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

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

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

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

By Jacob Wolinsky. Originally published at ValueWalk.

Livermore Partners Q4 Partners Report

January 17th, 2019 To Partners:

iPhone Workers

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

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

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


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

By ActivistInsight. Originally published at ValueWalk.

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

Subscription Model Shaw Investment

rawpixel / Pixabay

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

Q3 hedge fund letters, conference, scoops etc

What we’ll be watching for this week

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

Activist shorts update

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

By Jacob Wolinsky. Originally published at ValueWalk.

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

Markets In Critical Transformation, Chaotic Behaviour Has Just Began

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

Q3 hedge fund letters, conference, scoops etc


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

Previously, On Fasanara Capital:

10th January 2018

Fragile Markets On The ‘Edge Of Chaos’

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

11th May 2018

Market Fragility (Part II) Tipping Points & Crash Hallmarks

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

9th July 2018

Analysis Of Market Structure: Towards A Low-Diversity Trap

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

13th November 2018

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

By Lucas Tomicki. Originally published at ValueWalk.

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

Colliers International

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

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

Q3 hedge fund letters, conference, scoops etc

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

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


Colliers has a moat – a durable competitive advantage. This is evident from the company’s sustained high return on invested capital (over 15% each year during the past decade). Colliers operates in an industry were reputation, relationships and scale matter more than price. The commissions earned by Colliers are tiny compared to the mammoth transaction sizes in most real estate projects, and the end market itself is price insensitive. What we mean by this is that cutting real estate commissions by 20% does not result in more business – in fact that matters to sellers…
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Rowan Street Capital 3Q18 Letter: Exploiting the market’s fear and greed

By Jacob Wolinsky. Originally published at ValueWalk.

Rowan Street Capital letter for the third quarter ended September 30, 2018.

Rowan Street Capital

Dear Partners,

Third quarter was uneventful (flat) in terms of market price movement for our fund’s portfolio. As of September 30, Rowan Street Capital fund was up 26% in 2018 (before fees) versus 10.6% gain for the S&P 500. In terms of portfolio positions, however, our fund has seen quite a bit of activity.

Q3 hedge fund letters, conference, scoops etc

Our guiding principle #9 outlined in the Appendix of this letter, which we highly encourage all of you to read, is “Do a lot of reading and thinking and not a lot of acting.” In that we are sort of polar opposites to many investors on Wall Street that are inclined to do a lot of acting and not a whole lot of thinking. We strongly believe that activity is the enemy of returns, and we are quite comfortable doing nothing until there is something to do. Well, that “something to do” time came in September and continued well into October. Volatility has increased dramatically in October as concerns about tariffs, trade war and rising interest rates took over investors’ minds.

Over the past 12-18 months we have been doing a lot of reading and thinking on a handful of companies. We have been studying their business models, their management teams, their corporate cultures, looking at their competitors, analyzing their financials, and thinking quite extensively about their future prospects. However, all of that behind-the-scenes work has not translated to any portfolio action. Why? Because we did not think that Mr. Market had offered us an attractive price for those businesses that would ensure both a margin of safety (our principle #5) and double-digit long-term, expected returns that we demand from our investments. We have been patient and disciplined and over the past two months, Mr. Market has finally given us an opportunity to own businesses that we had dreamed of owning at prices that present us with some very attractive expected rates of return. In fact, our calculated IRRs for the next 5 years (Internal Rate of Return) for these investments are in excess of 20% per annum.

We can be very patient, but when the…
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Buffett And Munger Make Room, Tilson Adds Third Hero To His Roster

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing the pot bubble; he met Alex Honnold; Shane Parrish; secrets in earnings reports; Jim Pattison; Deal-Master Debbane.

1) I heading to the airport to fly to Orlando for the ICR Conference tomorrow and Tuesday. They’re hosting an “inaugural dedicated cannabis track” with a panel on “Cannabis Investing: Capitalizing on a New Global Asset Class”. Oh please – sure sign of a bubble!

2) You know how you never forget the first time you meet one of your heroes? I for sure remember the handful of times I’ve met Buffett and Munger, for example. Well, I had one of those experiences yesterday when I – totally unexpectedly – had the chance to meet and briefly chat with the world’s most famous rock climber, Alex Honnold. You can read about it on my Facebook post here and here’s a picture of us:

Q3 hedge fund letters, conference, scoops etc

Tilson Meets Alex Honnold Secrets In Earnings Report

3) In my last email, I had a link to an excellent interview by Shane Parrish of the Farnam Street blog on How Not To Be Stupid. Following up on that, here’s a podcast interview that my friend Dan Ferris, who publishes the Extreme Value newsletter at Stansberry Research, did with Shane: click here to listen to it (it starts at 20:00; the first part is a follow-up to Dan’s discussion with Mark Spiegel on Tesla the previous week).

4) Some VERY interesting research and findings: How Companies Like Apple Sprinkle Secrets in Earnings Reports (NYTimes). Excerpt:

Three economists — Lauren Cohen and Christopher Malloy of the Harvard Business School, and Quoc Nguyen of DePaul University — downloaded every quarterly and annual corporate report of every publicly traded American company from 1995 to 2014.

They then sifted through thousands of reports, using a text analysis program. “We filtered out the reports that made a lot of wording changes over the previous year’s version,” Mr. Cohen said in an interview. “It turned out that when there are a lot of changes, there’s a good chance that something important is going on, and most of the time, it’s negative.”

5) I’d never heard…
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Tilson: I Predicted Aphria Would Fall So Pay $495 To Attend My Seminar

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing the ICR conference; Aphria; Green Growth Brands; Carson Block’s Muddy Waters performance; Fahmi Quadir; What the Hell Happened to Hedge Funds?; Advanced Seminar on Short Selling.

Carson Block's Muddy Waters

1) I just got back from CES last night and made plans to go to the ICR Conference in Orlando on Monday and Tuesday – if you’re going to be there, let me know! It’s mostly retail and restaurant companies, but this year I’m especially looking forward to the presentations by pot stocks Green Growth Brands, which made a bid for Aphria (see below), and Tilray, which the very hour it peaked on Sept. 19 at $300 in one of the largest short squeezes in history, I predicted on Yahoo Finance TV that it would fall by 90% within a year (at ~$100 today, it’s well on its way). Then, Chris Brown of Aristides Capital pitched it at our shorting conference on Dec. 3 (see video here and slides here).

Q3 hedge fund letters, conference, scoops etc

2) The story of Aphria keeps getting more and more absurd. After Gabriel Grego showed conclusively at our shorting conference that insiders have looted the company of hundreds of millions of dollars (see video here and slides here; further evidence that his report is correct is today’s news that Chief Executive Vic Neufeld and Co-Founder Cole Cacciavillani will leave the company), the stock got cut in half, but has since rallied strongly, driven in part by Andrew Left’s bullish report and a supposed takeover offer by an equally ridiculous and dicey party, Green Growth Brands.

I actually have to give Aphria credit for this devious scheme: if you’re running a company and somebody reveals that you’ve stolen huge sums and the board has called for an investigation, what should you do? Quickly sell the company! And how do you make that happen? Have a related-party entity (as Hindenburg Research shows: The Latest Act in The Aphria Circus: A Very Obviously Related-Party ‘Hostile’ Takeover Offer) make a bogus bid to put the company into play and hopefully smoke out a real buyer!

It’ll be interesting to see if Aphria…
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General Motors CEO Mary Barra On Layoffs ” I don’t see additional changes needed to be made”

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Transcript: General Motors CEO Mary Barra Speaks with CNBC’s Phil Lebeau Today

WHEN: Today, Friday, January 11, 2019

WHERE: CNBC’s “Squawk on the Street

General Motors CEO Mary Barra

The following is the unofficial transcript of a CNBC interview with General Motors CEO Mary Barra and CNBC’s Phil Lebeau on CNBC’s “Squawk on the Street” (M-F 9AM – 11AM) today, Friday, January 11th. The following is a link to video of the interview on

Watch CNBC’s full interview with General Motors CEO Mary Barra

Q3 hedge fund letters, conference, scoops etc

PHIL LEBEAU: Mary, let’s begin first off. Your guidance – I think some people are going to be surprised that your — in terms of your raising it, in terms of what you expected to exceed for 2018. That goes counter to what some people are expecting. Why? Why is that, that you guys exceeded what you originally gave as guidance?

MARY BARRA: Well, I think I’m really proud of the team. Because we really – and it’s across the board, the team executed, we really worked. And this is a team that really strives to meet their commitments. And I also think that the foundation that we relayed in 2015, of continuing to strengthen the business, sometimes making the very tough decisions to make changes to make sure the core business is strong, as well as making those investments, from an EV, AV and connectivity perspective. I think we’re seeing that strength. And I think to a certain extent, General Motors is uniquely position.

PHIL LEBEAU: You’ve strengthened the company overall, but in terms of the market out there, what are you seeing? Is it the strong demand for trucks, SUVs? What’s driving that better than expected performance certainly in the second half of this year and as you head into ’19?

MARY BARRA: Well, from an ’18 perspective, again, it was not only a focus on really, you know, capitalizing on the new trucks that we have out there, the light duty trucks but also on cost reduction. So it was it was across the board. Every element of the company — you know one of our philosophies is everything can be made better. And…
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Zero Hedge

Federal Reserve Confesses Sole Responsibility For All Recessions

Courtesy of ZeroHedge. View original post here.

Authored by David Haggith via The Great Recession blog,

In a surprisingly candid admission, two former Federal Reserve chairs have stated that the Federal Reserve alone is responsible for creating all recessions in the United States.

First, former Fed Chair Ben Bernanke said that

Expansions don’t die of ol...

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Phil's Favorites

The Silence on Wall Street's Dark Pools Is Deafening

Courtesy of Pam Martens.

In 2014 Citigroup Had Six Separate Trading Venues, Including Dark Pools

It is destined to go down as one of the greatest journalistic and regulatory failures of our time – the lack of serious attention by investigative business reporters and the U.S. Department of Justice to the glaring fact that the largest Wall Street banks continue to trade their own and each other’s bank stocks in their own Dark Pools.

Dark Pools function as unregulated stock exchanges inside the bowels of the largest Wall Street banks. Making the situation even more dicey, some of the big banks own more than one Dark Pool, raising the possibility that there could be cross-trading between...

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Chart School

Weekly Market Recap Jan 20, 2019

Courtesy of Blain.

After entering the week quite overbought, indexes took a small retreat Monday before hurling back upwards.  This is typical of the “V” shaped moves up after any significant selloff, we’ve seen most of the past decade and watching them unfurl is quite amazing actually.  Thought maybe this time would be “different” but not so much.  So two week’s ago we asked “Has the Fed solved all the market’s problem in 1 speech?” – and thus far the market has answered resoundingly yes.  The word of the year thus far in 2019 is “patience” as that simple insert into a speech change the whole complexion of everything.

China has also been busy stimulating; on Tuesday:

An announcement from the People’s Bank of China that ...

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Everyone Else Is Selling Stocks, So Is It Time To Buy?

By Michelle Jones. Originally published at ValueWalk.

After a difficult few trading days in the beginning of the year, U.S. stocks are bouncing back with meaningful gains on Monday following Friday’s strong rally. The S&P 500, Dow Jones Industrial Average and Nasdaq 100 were all up by more than half a percent by midday. It looks like investors could be taking advantage of the end-of-the-year declines, but is this a wise time to be buying?

Trying to time the bottom of the market will almost always be a fool’s errand, but one firm suggests equities could have much farther to fall before they hit bottom in 2019.


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Kimble Charting Solutions

Stock declines did not break 9-year support, says Joe Friday

Courtesy of Chris Kimble.

We often hear “Stocks take an escalator up and an elevator down!” No doubt stocks did experience a swift decline from the September highs to the Christmas eve lows. Looks like the “elevator” part of the phrase came true as 2018 was coming to an end.

The first part of the “stocks take an escalator up” seems to still be in play as well despite the swift decline of late.

Joe Friday Just The Facts Ma’am- All of these indices hit long-term rising support on Christmas Eve at each (1), where support held and rallies have followed.

If you find long-term perspectives helpf...

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Digital Currencies

Transparency and privacy: Empowering people through blockchain


Transparency and privacy: Empowering people through blockchain

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

Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

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

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

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Insider Scoop Explores Strategic Alternatives, Analyst Sees Possible Sale Price Around $30 Per Share

Courtesy of Benzinga.

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

Members' Corner

Why Trump Can't Learn


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

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...

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Opening Pandora's Box: Gene editing and its consequences

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


Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from

Courtesy of John Bergeron, McGill University

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


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Mapping The Market

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

By Jean-Luc

Maybe we should simply try him for treason right now:

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

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

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

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

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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.

Market Shadows >>