Professional Documents
Culture Documents
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Copyright 2014 by Robinson Media Group, LLC.
On January 13, the FTM Market Barometer signaled a shift in the general market
conditions for U.S. stocks, as the needle fell from a strong uptrend (GREEN) to an
uptrend under pressure (YELLOW).
The beginning of 2014 has been unkind to U.S. stocks, as investors remain uncertain
whether the strong gains witnessed in 2013 can continue into the New Year. Others are
concerned that stocks have risen too quickly and are waiting for a pullback. Hopefully, the
current selling pressure will allow the markets to digest their massive 2013 gains before the
uptrend resumes. Based on the sideways consolidation trend currently in place, this may
indeed be the case. It is normal and healthy for markets to pullback after sharp increases,
such as the one that we witnessed in 2013.
The last three months of 2013 were relatively placid on Wall Street. Interestingly, the day that many
investors feared turned out to be the best trading day of the quarter. The Dow rose 292 points on
December 18, when the Federal Reserve announced the oncoming tapering of its massive monetary
stimulus, also known as QE3. The DJIA gained 9.56% in Q4, and the Nasdaq and S&P 500 did even
better. Key foreign indices mostly advanced, even though economic indicators from Europe and China
were decidedly mixed. Mortgage rates increased and the housing market cooled down a bit. Gold sank
and oil rebounded. Consumers grew more optimistic about the economy, but also grew frustrated with
both Congress and the Affordable Care Act.
Arguably the biggest headlines in Q4 2013 came out of the nations capital. The federal
government shut down for 16 days in October, and though it merely paused the bull market, Standard
& Poors estimated that it put a $24 billion dent in the economy. In better news, the House and Senate
arrived at a 2-year budget agreement in December, quelling fears of another shutdown for January.
The Fed elected to reduce its monthly asset purchases from $85 billion to $75 billion starting in
January, with the chance of further measured reductions this year. It made no move with interest
rates. While the Congressional Budget Office projected 7 million Americans would sign up for their
own health care via the health insurance exchanges by the end of 2013, the reality was in the vicinity
of 2 million due to technical difficulties. Additionally, 4 million insured Americans found out that
their coverage was being cancelled because it did not meet ACA standards.
As for economic indicators, things seemed to be improving on the surface. The jobless rate was 7.3%
in October, then 7.0% in November. Q3 GDP was 4.1%; economic growth has averaged about 2% since
2009. The Institute for Supply Managements factory PMI reached 56.4 in October and 57.3 in
November (its highest reading in almost three years); ISMs service sector index was at 53.9 in
November, signifying a 47th straight month of expansion.
Consumer spending rose 0.5% in November after a 0.4% October gain. Meanwhile, official consumer
inflation figures dipped 0.1% in October and stayed flat in November. Retail sales were up 0.6% in
October and another 0.7% a month later. As for big-ticket items, durable goods orders rose 3.5% in
November, offsetting a 0.7% dip for October. The Producer Price Index retreated 0.2% in October and
0.1% in November.
As 2013 ended, it was apparent that the boost in U.S. manufacturing during Q4 wasnt being replicated
in Asia. Chinas official purchasing manager index came in at 51.0 in December, down from the
previous 51.4, and the private sector HSBC PMI retreated 0.3% to 50.5 for December. The regions best
PMI was that of Taiwan (HSBC PMI of 55.2, up from 53.4 a month earlier). South Koreas HSBC
PMI was a middling 50.8 in December, 0.4 higher than in November. Elsewhere, the Markit PMI for
Australia slipped down to 47.6, and Singapores economy contracted 2.7% for the quarter. Is the link
between western growth and Asias growth still strong?
France was plainly the economic laggard among the major EU nations in Q4, with its Markit factory
PMI dropping below 50 in November and December (it finished 2013 at 47.0, a 7-month low). In
contrast, the manufacturing PMI for the United Kingdom finished the year at 57.3 and came in at
58.1 in November. The quarter saw Spains factory PMI move back into the expansion zone (it was at
50.8 by December) and the euro area composite PMI finish the year at 52.7. Germanys Markit PMI
hit a 30-month peak of 54.3 in December. The quarter saw the European Central Bank lower its
benchmark interest rate 25 basis points to a record-low 0.25%. Annual eurozone inflation was just
0.9% in November compared to 2.2% a year earlier.
The big story here was the freefall for gold and silver. Gold prices dropped 9.4% in Q4 and 28.3%
on the year to settle at $1,202.30 on December 31. Gold hadnt had a down year since 2000. Silver
did even worse: it lost 10.8% for Q4 and 35.9% for 2013. Platinum futures dipped 2.7% in Q4,
6
finishing 2013 at -10.9%; only palladium posted an annual advance, going +2.1% despite a 1.2% loss
in Q4. Copper retreated 7.0% for 2013. The U.S. Dollar Index was little changed on the quarter,
losing only 0.2%.
The second biggest story in the commodities sector was the ascent of natural gas futures for
the year, they rose +26.2%. NYMEX crude ended the quarter with a 7.5% annual gain. While Q4
gains sent cocoa futures to +21.2% for the year, other key crops suffered; 2013 losers included corn
at -39.6%, coffee at -23.0%, soybeans at -7.5%, wheat at -22.2% and sugar at -15.9%.
The Dow, S&P 500 and Nasdaq all posted four consecutive monthly advances to close out 2013,
finishing the year as follows:
DJIA: 16,576.66
S&P: 1,848.36
NASDAQ: 4,176.59
2013 was the best year for the S&P 500 since 1997 (and the worst for the CBOE VIX since 2009). Could
2014 offer returns anywhere close to these? Very few analysts believe it could. In the final 2013
Reuters poll of stock market analysts, the consensus forecast was for a 4.1% gain for the S&P 500 in
2014.
We fully expect a steep pullback in U.S. stocks in 2014. After all, we havent had sharp correction in
about two years, and historically they occur about once a year.
The average bull market lasts 3.8 years, and this one will turn five in March, yet Wall Street seems
confident that the bulls can keep running even as the central bank attempts to wind down its asset
purchases. If stocks gain 10% or better in 2014, it will be another one of this bull markets numerous
pleasant surprises.
HAVE A QUESTION ABOU T YOUR OWN STOCK PORTFOLIO? FOR A FREE 30-MINUTE REVIEW O F YOUR
CURRENT INVESTMENT STRATEGY, CALL JAY PERONI, CFP , AT 866-594-9919.
Symbol
Buy Price
Purchase
Date
Shares
Held
Gain/Loss
SIVR
IAU
GDX
FNV
Buy ETF
Buy ETF
Buy ETF
Buy up to $50
1/3/2012
1/3/2012
1/14/2014
10/21/2013
1.62%
170
330
285
150
-29.14%
-21.27%
3.08%
0.02%
TTC
KUBTY
HRL
Buy up to $75
Buy up to $90
Buy up to $55
12/2/2013
9/24/2013
12/3/2013
0.88%
0.95%
1.48%
100
80
150
5.81%
10.71%
0.42%
ANDE
TSCO
Buy up to $100
Buy up to $150
12/23/2013
9/24/2013
0.75%
1.42%
75
110
-3.37%
12.33%
WTR
Buy up to $35
3/6/2013
2.95%
325
3.04%
EQM
OAS
MMP
BCEI
CLB
Buy up to $70
Buy up to $52
Buy up to $63
Buy up to $60
Buy up to $205
11/12/2012
9/12/2013
9/12/2013
10/14/2013
10/28/2013
2.27%
3.30%
0.57%
175
150
125
150
30
107.19%
0.47%
15.35%
-9.83%
1.14%
WDFC
Buy up to $85
12/3/2013
1.73%
85
-2.73%
ABBV
VFC
NUS
HBI
Buy up to $55
Buy up to $225
Buy up to $150
Buy up to $75
4/5/2013
7/22/2013
12/3/2013
10/28/2013
3.26%
1.78%
1.46%
1.19%
150
120
50
125
18.84%
21.93%
-33.88%
5.52%
Yield
2014
-2.57%
-0.19%
-2.38%
Since Inception
40.1%
44.4%
-4.3%
2013
21.8%
8
The PACE-20 portfolio had a great final quarter in 2013 (up almost 8%). For the
year, our energy and agriculture stocks had impressive gains. World dominating
companies performed in line with the markets, while our commodity and metals
exposure lagged the markets. The goal of the portfolio is to outpace inflation,
provide diversification, and have exposure to crisis investments. Overall,
the portfolio accomplished these goals in 2013.
Recently, we added some new companies to the portfolio to increase our exposure to
the agriculture sector. First, we added Toro Corp. (NYSE: TTC). Toro Corp. is
engaged in designing, manufacturing, and marketing professional turf maintenance
equipment and services, turf and agricultural micro-irrigation systems, landscaping
equipment, and residential yard and snow removal products.
We also added Hormel Foods Corporation (NYSE: HRL), a multinational
manufacturer and marketer of consumer-branded meat and food products, many of
which are among the best known and trusted in the food industry. Products
manufactured by the corporation include hams, bacon, sausages, franks, canned
luncheon meats, stews, chilies, hash, meat spreads, shelf-stable microwaveable
entrees, salsas and frozen processed foods.
Additionally, we added The Andersons, Inc. (NASDAQ: ANDE), a diversified
company operating in three segments. The Andersons engages in grain
merchandising, operates grain elevator facilities, distributes wholesale agricultural
fertilizer and operates retail farm centers.
A: Yes, it did. 2013 was the first down year for gold since 1999. But as you know, the future for
precious metals remains bright thanks to the growing amount of fiscal irresponsibility worldwide.
10
Q: Over the past 36 years, you have met with literally thousands of
investors and clients, and you have helped many of them make their first
precious metals investment. Can you share a few of your more memorable
moments in helping people?
A: Wow, there are so many stories, especially since the current bull market in metals began back in
2000, when gold was just $256/oz.
Well, I remember a doctor who eventually became a client. Due to some health issues, he was forced
to quit his medical practice. One day, in 2002, his financial planner called me to ask if I could help his
client invest into gold and silver. By 2011, the doctors initial investment of $250,000 had grown to
$900,000. During this same time period, his stocks and bond portfolio lost about 30%. But thanks to
his diversification into precious metals, he was able to offset his losses in the stock market with his
gains in gold and silver.
Back in 2008, right after the financial crisis, the doctor and his family called me after inheriting
$3,000,000. They were ready to invest even more into gold and silver. After several moves in and out
of the metals market, they have turned that original $3 million into $8 million.
Then there was the young salesman that sold his house in 2004 because he felt the housing market
was about to collapse. He sold his home for top dollar, which netted him about $350,000. He decided
to rent a home and put the proceeds from the house into precious metals. In late 2012, he liquidated
enough of his holdings to purchase his dream house. Despite a price tag of $875,000, he even had
enough money left over from his precious metals gains to furnish the entire house.
11
A: This is a question
that you will get
many different
answers on, from
money managers,
financial planners
and from the investor
himself. I have seen
percentage
recommendations
running anywhere
from 5% to 75%!
While stocks have
done much better
than precious metals
in 2013, I do not see
that continuing for
the long-term.
For example, over the
past 13 years the
stock market has
gone virtually
nowhere. After
reaching their peaks in 2000, stocks finally just got back to breakeven levels last year! Meanwhile,
gold has gone up five times during that same time period. And yet, we continue to see investors
pouring more money into stocks than into precious metals.
So, the question that each investor has to ask himself is: Do I believe that the economic, fiscal, and
monetary problems facing America and the world are going to go away any time soon? If you
believe that politicians and central banks will be able to succeed in their vast fiat paper money
experiment, then gold and silver are probably not for you. But, if you understand the basic laws of
economics, and know a little bit about monetary history, then you know there is an extremely low
probability that this current world economic crisis will end well. I believe we will see bail-ins right
here in the U.S. in the coming years. The Feds continued money printing schemes will devalue the
dollar in the next 2-3 years. When you buy precious metals, you are doing so primarily to preserve your
own purchasing power. We invest in gold and silver as a shelter from the storm with little concern on
how much fiat currency we are going to gain. But, let me be specific. I believe every investor
should have a minimum of 33% of their investable money in metals. (Investable money
does not include assets such as homes, cars, and retirement savings accounts.)
investing, would you recommend that they purchase more gold, or more
silver?
12
A: Over the next 7-10 years I favor silver over gold, if you are talking only about percentage increases.
Over 90% of all of the known silver has already been mined. With the huge and increasing global
demand for electronics (all of which require silver), investors are going to have a much tougher time
finding reasonably priced silver for investment purposes. I just recently returned from a silver industry
meeting in Texas and the one thing I heard the most was the concern that silver wholesalers have over
future supplies. There is great concern among industry leaders that silver supplies are going to tighten
tremendously in the coming months, and certainly in the coming years. Some investors who complain
about the premiums on silver today will be amazed by the premiums we will see in the near future.
Q: Silver had a rough year in 2013. Even worse than gold. Why?
A: Silver performed poorly in 2013 due to ongoing manipulation in the paper markets. This will not
and cannot continue. Remember, over the past 12 years both gold and silver have average annual
returns of over 17%, even with the downturn in 2013. Silver and gold have beaten the manipulators in
the past, and will soon do it again. But if I were a new metals investor, I would begin by cost averaging
into silver. I wouldnt buy my entire position all at once. I would buy some every month until I felt I
had enough to meet my investment needs. While I especially like silver for the next 7-10 years, I should
add that gold is a more predictable metal. Gold is much less volatile and I believe one day in the near
future, it will once again be viewed as money, as it has for much of mankinds history.
*********************************
13
Follow the Money founder, Jerry Robinson, has long recommended that individuals create a pool of
liquid savings that is equal to six months of their gross income. For example, Jerry believes that
someone earning $3,000 per month should strive to save and maintain $18,000 ($3,000 x 6 months)
in liquid savings. But unlike most other financial experts, Jerry does not think that this savings should
just be stuffed away into a bank savings account. Instead, he suggests that this liquid savings be
diversified three ways. (34% U.S. Dollars; 33% Foreign Currencies; 33% Precious Metals)
This month, we are proud to unveil our latest service: The FTM Global Currency Monitor. This
new service is designed to help investors determine which foreign currencies may be appropriate for a
portion of their liquid savings. Our ratings are updated monthly.
14
by Jennifer Robinson,
FTMQuarterly Managing Editor
15
16
Stories like Ms. Lynchs are plaguing the nation and the globe as savings rates remain near all-time
lows. It is a misconception that all workers are too lazy to save for retirement. The more believable
theory is that workers today have fallen prey to the Consumption Trap. That is, many workers buy
into the idea that they must have every new gadget, a bigger house, and a newer car, while putting
retirement savings on lifes back burner.
Adding to this already ill-prepared generation is the stock market crash of 2008. Many workers who
were nearing retirement with a sizeable 401(k) or IRA in the mid-2000s were devastated by the crash
and have just recently begun to see those retirement accounts return to pre-recession levels. That is,
of course, if they had the fortitude to stay in the markets despite the downturn.
On a positive note, retirement accounts in the U.S. hit a record $12.5 trillion during the first three
months of 2013. But Boston Colleges Center for Retirement Research says the recovery in housing and
stock prices still leaves about 50 percent of American households at risk of being unable to maintain
their standard of living in retirement.
17
Declining birth rates, however, threaten to compound the problem. In America, for example, birth
rates continue to fall as the bulk of baby boomers retire. This leaves the burden of paying for the retired
generation upon the shoulders of fewer and fewer workers.
Additionally, in countries like China and South Korea, children have traditionally taken care of their
parents who are unable to work in old age. But children are increasingly shunning this task, moving to
distant cities to take jobs and leaving retired parents behind to take care of themselves. This disturbing
trend has left some countries in an awkward stage as old customs fade, but as new systems of caring
for the older generation are not yet in place.
18
NOW ABRAM WAS VERY RICH IN LIVESTOCK, IN SILVER, AND IN GOL D. (GENESIS 13:2)
Abraham also had herdsmen and servants, which meant he was an employer he was a business
owner. We would do well to pattern our lives after this
example in order to truly obtain financial freedom.
So, what is the best way to get started creating more
income streams? As an FTM Insider, you have exclusive
access to Jerry Robinsons Income University (right
there on your FTM Insider Dashboard!). In our Income
University, you will find tutorials on 22 different income
streams you can create both pre-retirement and postretirement. Here is a sample of the various income
streams you will find:
How to Maximize Social Security Income
Becoming a Landlord: Make Money with Rental
Real Estate
Make Money in Real Estate Without Being a
Landlord
How Seniors Can Live Mortgage Free in Their
Own Home (Reverse Mortgages)
Make Money Online With Affiliate Marketing
And 17 More!
If you havent visited the Income University yet, now is a great time to get started. Just login to your
FTM Insider account and click the Income University link.
19
TODAY we live in a very unique financial era. Never before have so many people had
access to the financial markets. Along with this access has come a wide array of investment choices
that is simply unprecedented in number. As a rule, there are only a handful of assets that I consider
worthy of holding for life. These include hard assets like gold and silver, real estate, and business
ownership interests. But recently, an associate of mine asked me if
there were any stocks that I would also consider holding for a
lifetime. With hindsight being 20/20, there have been a large
number of stocks that if simply bought and held for a generation,
would have yielded immense returns (Think: Walmart, Home
Depot, Microsoft, Coca-Cola, etc.).
But what about in todays economic environment? Is it still advisable
to put your money into the stock market and walk away until
retirement? Anyone who was close to retirement age during the
market crash of 2000 or 2008 would likely say NO! However, the
question stuck with me. As a swing trader, I rarely consider holding
stocks for more than several months at a time. But I must admit,
there are some companies with balance sheets so rock solid and with
business models so profitable that it would be foolish to ignore them
as long-term holds. And when I say long-term holds, I mean for life.
Upon further reflection, I decided to dig deep into the financial markets in an effort to uncover
potential stocks that I would personally buy and hold forever. After some research, I began compiling
a list of companies that I call Forever Stocks. To qualify as a Forever Stock, the company must have
strong and growing revenues and net income, strong profitability, plenty of free cash flow, relatively
low debt and a low price-to-book ratio, as well as a high return on equity.
Additionally, each company would need to have what famed billionaire investor Warren Buffett calls
a strong economic moat. That is, the company should have such a competitive edge over its peers that
its market share and continued revenue growth and profitability are insulated.
In this article, I have presented two stocks that I personally own and plan to hold forever. (In future
issues of the FTM Journal, I will provide more ideas until we reach a total of 10 Forever Stocks.)
20
If anything substantial changes regarding these stocks, then of course I would consider selling. In a
future article, I will explain what would prompt me to sell one of these Forever Stocks.
For now, lets examine two Forever Stocks that you can consider for your own portfolio.
GROWTH OPPORTUNITY
Novo Nordisk currently treats approximately 23 million diabetes patients, despite the fact that an
estimated 371 million people suffer from the potentially deadly disease. While this is a tragic statistic,
it represents a tremendous growth opportunity for Novo Nordisk.
Diabetes is a massive health crisis developing in slow motion. If you are not familiar with the emerging
global epidemic of diabetes, consider these startling facts from the World Health Organization.
In the U.S. alone, the number of people diagnosed with diabetes has risen from 1.5 million in
1958 to 18.8 million in 2010, an increase of seismic proportions.
Diabetes is a silent epidemic and according to WHO, there are 246 million people in the world
living with diabetes. This is almost 6% of the world's adult population.
Diabetes causes 6 deaths every minute and one in 20 deaths in the world is due to the condition.
Every year it is estimated that 3.2 million people in the world die due to the diabetes or its
related causes.
Total deaths from diabetes are projected to rise by more than 50% in the next 10 years. Most
notably, they are projected to increase by over 80% in upper-middle income countries.
Reports of type 2 diabetes in children - previously rare - have increased worldwide. In some
countries, it accounts for almost half of newly diagnosed cases in children and adolescents.
80% of diabetes deaths are now occurring in low- and middle-income countries.
The current cost of treating diabetes and its complications in the world is estimated to be
upwards of $375 billion.
21
22
When compared to its oil and gas peers, BP appears to be a bargain. Currently, BP is trading at just 6.3
times earnings. This is much lower than its 5-year average price to earnings of 8.4, according to data
from Morningstar. And it is also much lower than the P/E ratios of its peers: Chevron (9.7), Shell (11),
and Exxon Mobil (13).
BP pays a current yield of 4.7% and offers an impressive 19.5% return on equity, which is higher than
both Chevron (17%) and Shell (11.6%), and just shy of Exxon Mobils ROE of (20.4%).
While I personally prefer Chevrons overall business model to BPs, it is ultimately BPs beaten down
stock price that attracts me as a bargain hunter. The company is an oil giant and a cash cow. And at its
current share price of $48.50, I think that it is a bargain for those who are seeking long-term exposure
to the oil and gas sector at a very reasonable price.
23
Buy Date
Buy Price
Sell Date
Sell Price
Days
Held
Profit/Loss
%
HAR
1/13/2014
$86.03
1/22/2014
$90.33
4.99%
GDX
CI
DAL
PKG
MAN
SKM
STX
ROK
SLM
CECO
AUXO
SID
FB
1/13/2014
1/14/2014
1/8/2014
12/18/2013
12/16/2013
12/2/2013
12/6/2013
11/29/2013
11/26/2013
12/23/2013
12/30/2013
12/18/2013
12/13/2013
$22.58
$88.67
$29.53
$62.65
$83.02
$24.12
$50.65
$114.45
$26.43
$5.54
$1.45
$5.86
$52.17
1/22/2014
1/22/2014
1/17/2014
1/17/2014
1/13/2014
1/13/2014
1/9/2014
1/9/2014
1/8/2014
1/3/2014
1/3/2014
12/30/2013
12/30/2013
$23.39
$90.12
$31.23
$65.07
$85.55
$23.99
$59.07
$116.74
$26.44
$5.57
$1.31
$6.21
$54.77
7
6
8
21
19
29
23
28
29
8
4
8
12
3.58%
1.63%
5.75%
3.86%
3.04%
-0.54%
16.62%
2.00%
0.03%
2.58%
-9.65%
5.97%
4.98%
Never buy a stock within the first 30 minutes of the trading day.
While die-hard day traders often live for the excessive volatility that occurs within the first 30 minutes
of the markets open, this volatility is not a friend to Trigger Traders. Why? Put simply, the markets
are full of distortions in the early minutes of each trading session as buy and sell orders from the
previous evening and early morning hit the markets during this time. Many investors place buy or sell
orders before the markets open in the morning, which are nearly all filled within the first 30 minutes.
Because of this excessive volatility, it is not unusual for a particular stock to rise above its trigger
price within the first 30 minutes only to fizzle later in the trading session.
However, when it comes to selling a stock, the exact opposite is true. In fact, I almost always take
advantage of the volatility in the first 30 minutes to sell out of my positions and lock in gains. In fact,
many traders are extremely successful at buying a stock one day and selling it for a small profit amid
the volatility of the first 30 minutes of the following trading day.
As a rule, I dont put money into the markets within the first 30 minutes of the markets open. But I
will often use that same time period to take money out of the markets.
24
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D ISCL AIME R : TH E FTM JOUR N AL C ON TAI NS IN FOR M ATI ON A B OU T EC ON OM IC S, GEOP OL I TI C S, AND I N VESTI N G. TH E
I N FOR M ATI ON PR ESEN TED I S N OT AD VIC E, AN D SH OUL D N OT BE TR EATE D AS SUCH . Y OU M UST N OT R EL Y ON TH E
I N FOR M ATI ON IN TH I S N EWSL ETTER AS AN AL T ER N ATI VE TO FI N ANC I AL , L EG AL, T AX, I N VESTIN G, OR AN Y OTHER AD VIC E FR OM
AN AP PR OPR I ATEL Y QU A L I FI ED PR OFESSI ON AL. I F Y OU H AVE AN Y SP EC I FIC Q U ESTI ONS AB OU T AN Y OF TH ESE M ATTER S, Y OU
SH OUL D C ONSU L T AN AP P R OP RI ATELY Q U AL I FIED PR OFESSI ON AL. FTM D AI L Y.C OM ("FTM OR " WE" OR " U S" ) I S N OT
R EGI STER ED AS AN I N VESTM EN T AD VISER. I T R EL I ES U P ON TH E " PU BL I SH ER S' EXCL U SI ON" FR OM TH E D EFIN I TI ON OF
I N VESTM EN T AD VI SER U ND ER SEC TI ON 20 2(A)( 1 1) OF THE IN VESTMEN T AD VI SER S AC T OF 1 9 4 0 AND C ORR ESP ON DI NG STATE
SEC UR ITI ES L AWS. AS SU CH, I T D OES N OT OF FER OR P R OVI D E P ER SON ALI ZED AD VIC E. WE P UB LI SH IN FORM ATI ON AB OUT
C OMP AN I ES IN WHIC H W E B EL I EVE OUR R EAD ER S M AY B E I N TER ESTED AND TH I S I N FOR M ATI ON R EFL EC TS OUR SINC ERE
OP I NI ON S. TH E I N FOR M ATION TH AT WE P R OVI D E OR TH AT IS D ER I VED FR OM OUR WEB SI TE AN D OR SER VIC ES I S N OT I N TEN D ED
TO B E, AND SH OU LD N O T BE CON STR U ED IN AN Y M AN N ER WH ATSOEVER AS, PER SON ALI ZED AD V IC E. AL SO, OU R WEB SI TE AN D
OR SER VIC ES AN D TH E I N FOR M ATI ON P R OVI D ED B Y U S SH OUL D N OT B E C ON STR UED B Y AN Y SUB SC RI BER OR P R OSP EC TI VE
SU B SCR I BER AS I TS SO LI CI TATI ON TO EFF EC T, OR ATTEMP T TO E FFEC T, AN Y TR ANSAC TI ON I N A SEC UR ITY. IN VESTM EN TS I N
TH E SECU RI TI ES M AR KE TS, AN D ESP ECI ALL Y I N OP TI ONS AN D FU TU R ES, AR E SP EC UL ATI VE AN D I N VOL VE SUB STAN TI AL R I SK.
TH E IN FOR M ATI ON TH AT WE PR OVID E OR TH AT I S D ER I VED FR OM OU R WEB SI TE AND OR SER VIC ES SH OU L D N OT B E A
SU B STI TU TE FOR AD VIC E FR OM AN I N VESTM EN T P R OFESSI ON AL . WE EN C OU R AG E Y OU TO OB TAIN P ER SON AL AD VI CE FR OM
Y OUR PR OFESSI ON AL IN VESTMEN T AD VI SOR AND TO M AKE IN D EP END EN T I N VESTIG ATI ONS BEFOR E AC TI NG ON THE
I N FOR M ATI ON TH AT Y OU OB TAI N FR OM I T OR D ER I VE FR OM OUR WEB SI TE AN D OR S ER VIC ES. ONL Y Y OU C AN D ETER MI N E WH AT
L EVEL OF RI SK I S APP R OP RI ATE FOR Y OU.
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