January 26, 2012

Pollyanna Meets The Economy

Every week we try and review the world from a point of neutrality and make assessments based on the underlying data. The reason for this is that emotional biases, and we are all prone to them, tend to cloud judgment in relation to the allocation of capital when investing. Just recently Lacy Hunt was interviewed by Kathryn Welling at Weeden & Co. in regards to the economy versus market movements. His reply was the most astute I have heard in quite some time: In economic analysis there are two things that are important. First and foremost, you have to have some understanding of how the world works and then you have to evaluate the incoming data in terms of the way in which the world works the indicators have to be interpreted in light of a more fundamental structure short term trading is really dominated by these whole hosts of psychological and behavioral characteristics, which are very difficult to short out. To know when youre moving toward equilibrium, and in which direction the equilibrium exists, requires this broader understanding of the fundamental economic relationships. Yes, and the thing about it is, it is counterintuitive. You might assume that wed have greater knowledge about the short run and less knowledge about the long run. But in our approach, the only knowledge that we think we have pertains to these longer term fundamental considerations, not to the short-term trading. So were looking at the world through an entirely different prismtrying to short the short-term noise is an impossible taskyou cannot react to these short-term swings. If you do that, youll generally be buying at the wrong time and selling at the wrong time. Noise and short-term trading bumps against fundamentals and equilibrium. Why didnt I think of that? This brings me to todays discussion about the recent report released by First Trust entitled Rally Not Built On Complacency.
DISCLAIMER: The opinions expressed herein are those of the writer and may not reflect those of Streettalk Advisors, LLC, Charles Schwab & Co., Inc., Fidelity Investments, FolioFN or any of its affiliates. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. See additional disclaimers at the end.

Inside This Issue:

Pollyanna Meets The Economy Rally Not Complacent Employment Improvements Economy Built On Debt The Housing Recovery Equities Are Cheap Earnings Yield Fallacy Short Term Bounce Technically Speaking Fish Out Of Water 401k Plan Manager No Change This Week Click Here For Current Model Allocation. Disclaimer & Contact Info.

Rally Not Built On Complacency

Brian Wesbury and his team at First Trust start out the commentary by saying that: There are three types of people involved in the prognostication business these days. The end of the world types, the its a slower, post-apocalypse world types, and the everything is going to be OK types. While they admit that they fall into the third camp it is interesting that they leave out a fourth type the observer. I dont have a real issue their very optimistic outlook the issue is, as Lacy Hunt discusses, that it is an emotional bias rather than a fact based observation. Today we are going to take a few of their points and break them down into some analysis to see if we can align the fundamentals with the overall outlook. No matter how we make our argument, and no matter how consistently the economy grows, the doubt and fear and disbelief just wont go away. We noticed this recently, when conventional wisdom started to say that investors were being complacent these days. In other words, when the equity markets go down, investors are living in reality and accepting that the economy and financial markets just arent in great shape. But when the equity markets go up, they are being schizophrenic, overly optimistic, and now some are saying complacent. We couldnt disagree more. First, complacency by investors and emotional fears by individuals over the strength and sustainability of the economic recovery are two very different things. As we discussed in our recent post on this issue short term stock investors tend to respond in a Pavlovian manner to market stimuli. Earnings, economic news and price movement itself all draw short term speculators into the financial markets. However, when it comes to individuals, the majority of who DO NOT invest in the markets, they have a more deep seated fear of the economy both now and in the future. According to recent Consumer Confidence surveys the average American is still mired in a thought process that is at historical recessionary levels.
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This is why retail spending has remained weak as an era of frugality prevails due to the damaged psyche of the consumer. In regards to the market, as shown in the first chart, the Volatility Index (VIX) acts as a fear gauge relative to the market. The index is currently at levels that show very little fear of a market decline. Unfortunately, what should be noted by our very bullish friends at First Trust, is that reversals in both the VIX and the market occur VERY quickly. As investors - our job is to sell high and buy low. With current levels of sentiment at such complacent levels the risk of a short term correction is high. Furthermore, since the majority of the mainstream media and analysts are bullish on the outlook of the market for the coming year, this invokes Bob Farrells rule #9: When all the experts and forecasts agree something else is going to happen.

But What About Employment Improvements?

Private sector payrolls have grown 160,000 per month in the past year. The unemployment rate is down almost a full percentage point from a year ago, while the size of the labor force is up (just like it was up in 2010, too). Over the past four weeks, unemployment claims have averaged 10% lower than the same period a year ago. Payroll numbers have definitely improved there is no arguing that point. However, it is the context in which the comment is framed that is the issue. Yes, things have improved but to what level? Is the trend strong enough to support the economy? Are businesses seeing real final demand that would increase future hiring? Is the labor pool actually being reduced? Are we employing enough individuals to substantially reduce the number of individuals that are out of work relative to the entirety of the working age population? These are important issues because without jobs from which individuals can produce they cannot be compensated in a manner to support consumption. That lack of
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end aggregate demand impedes businesses from increasing production and employment. In the end it is a virtual spiral that is very hard to break. Each month we update our Real Employment Situation Report on our site which covers what is really happening within the context of employment or lack thereof. As we stated in December: This is why I prefer to look at the employment to population ratio (shown above) as a better means of understanding the real employment situation in the country. In order for the country to return to the long term trend of employment by 2020 we will need to be creating nearly 250,000 jobs each month. This, of course, is a far cry from 200,000 that we saw [in December]. With the employment to population ratio remaining at levels not seen since 1984 the real pressure on the economy remains focused on the consumer. There are two very negative ramifications of this large and available labor pool. The first is that the longer an individual remains unemployed the degradation in job skills weighs on future employment potential and income. The second, and most importantly, is that with a high level of competition for existing jobs; wages remain under significant downward pressure. Furthermore, while the recent increases have certainly been encouraging there are several influences that can cause the recent increases to reverse. As we discussed recently the increases that we have seen in recent economic reports are the result of the restart from the near economic freeze due to the combination of the Japan earthquake, Eurozone and Debt Ceiling crisis' this past summer. That pent up demand has likely run its course and while Q4 may look good there is likely going to be weakness in the first half of 2012. Any impact from weakness in consumption, with corporate profit margins already under pressure, could lead to further hiring pressures as corporations adjust to protect their bottom line. We have been fairly vocal that 2012 could likely see the start of the next recession. However, does the recent uptick in employment dissuade us about our call? Not really. The table details every recession going back to 1948 as identified by the "Start Date" which is the first month of the recession as identified by the National Bureau of Economic Research.
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The table shows the month-over-month increases in payrolls beginning 3, 2 and 1 month before the actual first month of economic recession. The first thing to notice is that there are only 4 months in the entire table that actually show job losses. Employers are generally very slow to hire, and fire, an employee which is why employment is a lagging indicator. However, if we look at the net change of employment over a 3 month period what we notice is that job gains were actually quite strong just prior to the onset of an economic recession. Economy Built On Debt Retail sales are up 6.5% from a year ago; orders for long-lasting durable goods are up 12.1%, and auto sales are up 8.4%. Retail sales are the lifeblood of the economy. Consumption today makes up more than 70% of GDP. This is why the condition of the consumer is important in any real discussion of the economy that takes place. Consumption over the last 30 years has been built on the back of an ever increasing level of debt relative to the economy. While short term data points may show positive marks we have to understand where those increases are being derived from. That debt party has met its inevitable conclusion for the time being. Today, consumers are struggling more than ever to maintain a standard of living as wages persist within a long term downward trend as a large and available labor pool, technology and outsourcing drive wages lower. This decline in wages has led to a funding gap between income and the standard of living. While debt assisted in meeting this gap it was also filled be an ever declining level of savings as a percent of incomes. Savings, as a

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function of the economy, provide for productive investment which supports long term economic growth. Debt acts as a cancer on the economy diverting those savings away from productive investment and consumption. With the savings rate currently at 3.5% and the availability of credit sharply reduced the stranglehold on consumption grows. If we step out of the statistical analysis for a moment to look at the world though a broader lens we find a much more disturbing picture. With consumer spending vastly important to the overall economic picture the pressures on the average American are overwhelming. The "cost of living" has been rising sharply over the last few years as wage growth has been to slow to offset cost increases. In the past two quarters consumers have had an effective $60 Billion dollar tax reduction through lower gasoline prices. However, gasoline prices and energy prices are on the rise and that is an impact that is felt immediately by the consumer. Consumers only have a finite amount of income coming into their household. Therefore, with the costs of food and energy now consuming more than 22% of wages it is going to be inherently more difficult for consumers to make purchases outside of "necessities" as wages decline. Here are some important statistics to note in regards to the average consumer: 1 out of 2 utilizes some form of government assistance. 86 Million are out of the work force 46 Million are on food stamps Government transfers now account for more than 35% of incomes.
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It doesnt take an economist to figure out that those numbers do not bode well for stronger economic growth.

The Long Awaited Housing Recovery

Perhaps most importantly, the long-awaited recovery in the housing sector has finally started. Housing starts in the fourth quarter hit the highest level since late 2008 and were up at a 32% annual rate compared to Q2. This was not all apartment buildings; single-family housing was up at a 13% annual rate in the second half of 2011. For a full discussion on why this patently incorrect please read the following discussions: Home Prices Have Further To Fall Housing Is Not Affordable Housing - The Margin Effect There has been a deluge of articles recently about the upticks in the housing data. The consensus is that these data points are surely pointing, finally, to a bottom in the depressing decline of real estate. Let me acknowledge that I do not dispute the improvement in the data regarding home starts, permits, pending sales, etc., however, let's be clear that all of these data points are still mired at very depressed levels. So, while optimism is certainly always a welcome thing, for the average American, the world is quite different. However, for the sake of this discussion, all we need to look at this one simple chart. This is the employment to population ratio versus new home sales. Notice anything special? The reality is that if you dont have a job, you cant afford to buy a home. One final point we have had calls for bottoms in housing in 2009, 2010, 2011, and now in 2012. The one positive aspect of continuing to call a bottom is that eventually you will be right.
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U.S. Equities Remain Incredibly Cheap

even after a recent rally, US equities remain incredibly cheap. Based on trailing after-tax earnings, the price-to-earnings ratio on stocks in the S&P 500 is roughly 13.5. On future earnings its even cheaper. I was going to save this last point for another article, which I will do, because this topic really requires much more extensive detail. However, I can explain in two charts why stocks are NOT incredibly cheap right now. Cheapness is a term that means you buying something at a very big discount relative to its fair value. Individuals go online every single day to hunt for the cheapest airfare, hotel rooms, electronics and a host of other items. Recently, we have seen the launches of entire websites for individuals to get coupons for discounts off things the use and do. Buying something for less than it is worth is the American way that is until it comes to stocks. Investors continually overpay extensively for investments based on flawed analysis and poor management advice. My friend, Doug Short, regularly updates his analysis on market valuation using three different valuation models Crestmont Research, Robert Shillers 10-yr Cyclical Ratio and Tobins Q-Ratio compared to the S&P 500 to wit: Here is a summary of the four market valuation indicators The Crestmont Research P/E Ratio The cyclical P/E ratio using the trailing 10-year earnings as the divisor The Q Ratio, which is the total price of the market divided by its replacement cost The relationship of the S&P Composite to a regression trend line To facilitate comparisons, I've adjusted the two P/E ratios and Q Ratio to their arithmetic means and the inflation-adjusted S&P Composite to its exponential regression. Thus the percentages on the vertical axis show the over/undervaluation as a percent above mean value, which I'm using as a surrogate for fair value. Based on the latest S&P 500 monthly data, the market is overvalued somewhere in the range of 22% to 35%, depending on the indicator. This is a upward movement from the previous month's 15% to 33% range.
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I've plotted the S&P regression data as an area chart type rather than a line to make the comparisons a bit easier to read. It also reinforces the difference between the line charts which are simple ratios and the regression series, which measures the distance from an exponential regression on a log chart. As you can see in the chart not ONE of these ratios are currently below their long term mean going back to 1900. Further, there has NEVER, and I repeat NEVER been a bull market that launched from the current levels of valuation. The chart to the right helps with the visual understanding. The markets continually cycle between long term rising bull markets and long term sideways bear markets. The long term trending sideways bear markets consume the excesses generated from the previous bull market. Currently we are a little more than halfway through a typical secular (long term) bear market cycle. Secular bear markets have never ended until valuations reach deeply discounted levels relative to the long term average generally below 10x earnings. This is opposed to Brians more simplistic analysis when he states that stocks are incredibly cheap compared to their long term average. In reality, using his methodology stocks are trading only slightly below the long term mean. This is hardly a bargain particularly when every other measure of valuation pegs valuations much higher. Furthermore, earnings have most likely reached their peak for this growth cycle. Already we are seeing sharp downgrades to earnings estimates and companies are struggling to beat those with one of the worst starts to earnings season in years. In the short term stocks will respond to earnings and economic news. However, in the long run stocks cannot escape the gravity of fundamentals.

The Earnings Yield Fallacy

The gang at First Trust wraps up their analysis with this: Flipping this over, so earnings are on top and price is on bottom, the earnings yield on stocks is 7.4%, compared to a 10-year Treasury yield of only 2%. This suggests that stocks are cheap relative to bonds. This has been the cornerstone of the "Fed Model" since the early 80's. The Fed Model basically states that when the earnings yield on stocks (earnings
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divided by price) is higher than the Treasury yield; you should be invested in stocks and vice-versa. The problem here is twofold. First, you receive the income from owning a Treasury bond whereas there is no tangible return from an earnings yield. Therefore, if I own a Treasury with a 5% yield and a stock with a 8% earnings yield, if the price of both assets do not move for one year - my net return on the bond is 5%. My return on the stock is a big fat 0%. Which one had the better return? This has been especially true over the last decade where stock performance has been significantly trounced by owning cash and bonds. Yet, analysts keep trotting out this broken model to entice investors to chase the single worst performing asset class over the last decade. It hasn't been just the last decade either. An analysis of previous history alone proves this is a very flawed concept and one that should be sent out to pasture sooner rather than later. During the 50's and 60's the model actually worked pretty well as economic growth was strengthening. As the economy strengthened money moved from bonds into other investments causing interest rates to have a steadily rising trends. However, as we have discussed in the past in "The Breaking Point" and "The End Of Keynsian Economics" as the expansion of debt, the shift to a financial and service based economy, and the decline in savings began to deteriorate economic growth, the model no longer functioned. During the biggest bull market in the history of the United States you would have sat idly by in treasuries and watched stock skyrocket higher. However, not to despair, the Fed Model did turn in 2003 and signaled a move from bonds back into stocks. Unfortunately, the model also got you out just after you lost a large chunk of your principal after the crash of the markets in 2008. Currently, you are back in again after missing most of the run up in the current bull cycle only most likely to be left with the four "B's" after the next recession ends - Beaten, Battered, Bruised and Broke. The bottom line here is that earnings yields, P/E ratios, and other valuation measures are important things to consider when making any investment but they are horrible timing indicators.
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As a long term, fundamental value investor, these are the things I look for when trying to determine "WHAT" to buy. However, understanding market cycles, risk / reward measurements and investor psychology is crucial in determining "WHEN" to make an investment. In other words, I can buy fundamentally cheap stock all day long but if I am buying at the top of a market cycle I will still lose money. As with anything in life - half of the key to long term success is timing.

Short Term Bounce

For investors the current market is living on borrowed time. We are three years into the weakest economic recovery since the Great Depression. If not for Trillions of dollars in financial support the markets and the economy would be in far worse shape. The markets as of late are not rallying because of a straightforward explanation but rather due to a temporary vacuum of bad news and a short covering rally. The financial system, particularly in Europe, is extremely fragile and the U.S. cannot avoid an economic drag out of Europe. Today the world is more globally interconnected than at any time in past history. The internet, Fed Ex, cellular and satellite technology, faster mobility and coordinated planning have brought the world economies into close proximity with each other. You don't have to look any further than the recent earthquake in Japan that impacted the U.S. economy within the span of just 3 months. With the economy of one country dependent on that of another for goods and services from which revenue is derived, taxes are paid and money is spent - there is little margin for error. The real issue is that the a debt crisis is still trying to be solved with debt. As David Rosenberg pointed out in his recent missive: "Debt is a two-edged sword. Used wisely and in moderation, it clearly improves welfare. But, when used imprudently and in excess, the result can be a disaster. For individual households and firms, over-borrowing leads to bankruptcy and financial ruin. For a country, too much debt impairs the government's ability to deliver essential services to its citizens. Debt turns cancerous when it reaches 80-100% of GDP for governments..." Well, don't look now but the U.S. is currently well in excess of 100% of debt to GDP and climbing with the median for OECD countries combined debt ratios
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of 400%. This is the first time that aggregate debt/GDP has risen above 100% since WWII. With this in mind it is clearly only a function of time until the interdependency between the Eurozone and the U.S. plays catch up. Since it is highly unlikely that the Eurozone will do what is necessary to fix their problems the downside risk to their economy is more than prevalent. While economic indications have been better as of late it is more a testament to the warmest winter in 5 years than it is to a real recovery in the U.S. economy. Back to Rosie: "Indeed, in the U.S., we have seen a flurry of data showing that housing activity is in full-fledged recovery mode and how employment is picking up steam. As an example, a critical inflection point so far this year was that nice round +200k reading on December nonfarm payrolls, which was released on January 6th. The S&P 500 is up 3% since the release of that number. But keep in mind that these numbers are all seasonally adjusted. They are expecting December to be bitter cold and adjust for the usually depressed level of economic activity (outside of holiday shopping) that typically occurs late in the year. And the seasonal adjustment process tends to weight more heavily the experience, for any given month, to the prior three years' worth of data. Keep in mind that for the U.S. as a whole: this was the warmest December in five years the average level of rain or snow this past December was the lowest since 2000 The number of people who reported difficulty showing up for work due to inclement weather was the lowest since 2004." The point here is that any disruption, even something like a rise in gasoline prices (don't look now as that is happening), will impact an already cash strapped consumer. Throw on top of that any type of international dilemma, political intrigue or some other geological event and you have an immediate and damaging impact to an already weak economy. While presenting a Pollyanna economic case is certainly much more entertaining to read than reality - it entices investors to take on far more market risk than they realize. Market losses can be very damaging. This was evident with Brians commentary from the beginning of the year: A year ago, we predicted 4% real GDP growth in 2011 and a 14,500 Dow by year-end. We were too optimistic. Real GDP grew just 1.2% annualized during the first three quarters of 2011. This will climb to about 1.75% if the consensus forecast is right about Q4. The Dow finished the year at 12,218, well off its high for the year of 12,928. This isnt the first time we have missed a forecast, and it wont be the last. Aligning long term fundamentals and short term (one year or less) market trading is a very dangerous game and one that you will lose at more often

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than not. This is why we go to great lengths to align short term outlooks with technical analysis even though, like now, it clashes with the long term fundamental outlook. In the longer term the realities of excess debt, the long term running of deficits and the deleveraging cycle will continue to plague economic growth. It is a function of unwinding thirty years of excess it is basic math. Until then the markets will remain at a sub-par growth rate which in turn keeps the economy in a deflationary cycle. These cycles take a long time to resolve themselves and we are only about half way through this one. This is just the reality of it all. The good news is that we can make money by trading the rallies and getting out of the way of the declines. We successfully navigated the markets last year and, so far, our buy signals have kept us in the current rally. However, the important point here is that you separate emotion from your investing. Hope is not an investment strategy that you can successfully live by. However, for economists, the media and Wall Street analysts the game plan is just to keep calling bottoms until you get one sooner or later you will be right. Have a great week. Lance Roberts

STREETTALK ADVISORS
What makes us different? Its really pretty simple. We believe that managing risk is the key to long term success. Conserve the principal and the rest will take care of itself. Risk = Loss Seems like a simple concept yet most people take way too much risk in their portfolio which is fine as long as the market goes up. The problem comes when it doesnt. Managed Risk = Returns By applying varying levels of risk management to a portfolio of assets the potential for large drawdowns of capital is reduced thereby allowing the portfolio to accumulate returns over time. Total Return Investing We believe that portfolio should be designed for more than just capital appreciation. There are times when markets do not rise. During those periods we want income from dividends and interest to be supporting the portfolio. If you are ready for something different then you are ready for common sense approach to investing. Get Started Today!

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Technically Speaking
Fish Out Of Water
A comedian, Gary Shandling, once said that for him having sex was like being a fish out of water. There was just a lot of flopping around and gasping for air. That can be said about the market this past week. For all of the volatility the market ended up less than 1 point for the week. If you have not read last weeks Technical Review Of The Markets I suggest you do so. In that article we covered domestic and international markets, commodities, oil, gold and the U.S. dollar. Not much has changed since that particular analysis; however, I do want to note that the markets are now wrestling with very important resistance from the peak of the markets in 2007. Currently, as the market challenges the downtrend line from the peak of the markets, there is little fuel left for the market to run on in the short term. The markets are extremely overbought on a short term basis. However, as stated last week, the markets are on a weekly buy signal with a positive trend so dips in the market to support levels (currently around 1260) should be bought. Gold, is also running into resistance of the long term uptrend, however, gold did correct to meaningful support and got oversold working off the previous parabolic spike in the metal this summer. We suggest adding to gold positions on pullbacks to support according to plan. Trade carefully.

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401K Plan Manager

The markets got extremely oversold last September and, as a consequence, the initial rally in October consolidated in November and early December and now is working its way through its last legs. While the rally has been nice it has been built primarily around short covering of many of the trash stocks beaten down during last summers sell off.. Use this rally to rebalance portfolios. Size positions back to original sizes. Trim out the losing positions and then only redeploy that cash on corrections to support. The market is currently at a very critical juncture and earnings and the economy will likely decide if it will push higher or correct. In either case, we will update the allocation model as needed depending on what market action dictates. If you need help after reading the alert; dont hesitate to contact me.

Current 401k Allocation Model

15% Cash + Future Contributions
These options include: Stable Value, Money Market, Retirement Reserves

Current Allocation Model

35% Fixed Income

Bond funds are a play on the direction of interest rates Short Duration, Total Return & Real Return Funds

50% Equity
The majority of funds track their respective index. Therefore, select ONE fund for each category. Keep it simple. 30% Equity Income/Balanced/Growth & Income 20% Large Cap Value 0% International Value

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100% Cash Option
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Disclaimer & Contact Information

Disclaimer The opinions expressed herein are those of the writer and may not reflect those of Streettalk Advisors, LLC., Charles Schwab & Co, Inc., Fidelity Investments, FolioFN, or any of its affiliates. The information herein has been obtained from sources believed to be reliable, but we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is not a guarantee of future results. Any models, sample portfolios, historical performance records, or any analysis relating to investments in particular or as a whole, is for illustrative and informational purposes only and should in no way be construed, either explicitly or implicitly, that such information is for the purposes of presenting a performance track record, solicitation or offer to purchase or sell any security, or that Streettalk Advisors, LLC or any of its members or affiliates have achieved such results in the past. ALL INFORMATION PROVIDED HEREIN IS FOR EDCUATIONAL PURPOSES ONLY USE ONLY AT YOUR OWN RISK AND PERIL. Registration Streettalk Advisors, LLC is an SEC Registered Investment Advisor located in Houston, Texas. Streettalk Advisors, LLC and its representatives are current in their registration and/or notice filing requirements imposed upon United States Securities & Exchange and State of Texas Registered Investment Advisors and by those states in which Streettalk Advisors, LLC maintains clients. Streettalk Advisors, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Performance Disclosures Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended and/or purchased by adviser), or product made reference to directly or indirectly on this Website, or indirectly via link to any unaffiliated third-party Website, will be profitable or equal to corresponding indicated performance levels. Different types of investment involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a clients investment portfolio. No client or prospective client should assume that any information presented and/or made available on this Website serves as the receipt of, or a substitute for, personalized individual advice from the adviser or any other investment professional. Historical performance results for investment indexes and/or categories generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have [the] effect of decreasing historical performance results. Disclaimer of Warranty and Limitation of Liability The information on this site is provided AS IS. Streettalk Advisors, LLC does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. Streettalk Advisors, LLC will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this site. Although the information provided to you on this site is obtained or compiled from sources we believe to be reliable, Streettalk Advisors, LLC cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Copyright or Other Notices If you download any information or software from this site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information. All investments have risks so be sure to read all material provided before investing.

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