tag:blogger.com,1999:blog-48720270238367582202024-03-18T00:17:52.378-07:00RF's Financial NewsR.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.comBlogger771125tag:blogger.com,1999:blog-4872027023836758220.post-77718031851498929602024-03-17T06:03:00.000-07:002024-03-17T06:03:45.088-07:00This Week in Barons: March 17, 2024<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQJRZNPeQueyacgHWuD1Au35sHReEx2Gxw4ac26tQVqkIWHgkSnqYuRfbaWXpnbcxOiLCdxkkocVhZgwlbkyVM0nHuJNCaoS_t9onI5aU9aKBBQY6iPtETHqJIhjuf9XjtPXijVg1cnXI1Upvg-4VT7tP_hsiLzC4Z5QsQ_5Ae2psMBMhCmiDqGtpjBHbV/s1220/Mar17_CENA_Asset_Positioning2a_wWords.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="748" data-original-width="1220" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQJRZNPeQueyacgHWuD1Au35sHReEx2Gxw4ac26tQVqkIWHgkSnqYuRfbaWXpnbcxOiLCdxkkocVhZgwlbkyVM0nHuJNCaoS_t9onI5aU9aKBBQY6iPtETHqJIhjuf9XjtPXijVg1cnXI1Upvg-4VT7tP_hsiLzC4Z5QsQ_5Ae2psMBMhCmiDqGtpjBHbV/w575-h352/Mar17_CENA_Asset_Positioning2a_wWords.jpeg" width="575" /></a></div><br /><p></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL (Hold On for Dear Life) … </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">is an old movie cliche. Often, you’d see the hero dangling from a railroad bridge – with only their will and determination to help save their life. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">In the real-world, we often end up <i>HODL’</i>ing on to: our ideas, our grievances, and our view of the world. Factually, the harder we <i>HODL</i> on to the past – the less important our present-day life becomes. Per Seth G: Maybe we should: <i>Let Go for Dear Life </i>instead?<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Your Name is part of the Game: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> The current world champ at bad names is AI, and in specific – ChatGPT. The trademark office just denied them ownership of <i>‘GPT’ </i>so even if they were a pioneer – that <i>name recognition advantage </i>is now gone. It’s darn hard to tell a story when you don’t know what to call it. Claude.ai leaves a ‘meh’ taste, and Gemini is so bad that it’s devaluing Google’s existing search engine. It’s time for marketing & sales to rejoin these tech teams, because very soon valuations will be based upon sales – not promises + potential.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1031" style="height: 172pt; visibility: visible; width: 397pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlSMTe0k2NHCTL7fbqh-5IswLrmm53_Pv0l1nzwYca4sbwwayIy677zP-_nwkroaycJanlJvuFPhXJQzbbRenTT63-FelEyxBSGQFCfGcdeVLvb9m5Z3AHYgMzdp9KWjTsQfcz7CtkOvEPpN6z7ggD4l-zHI4fFrAw3ZSxgRdc59AHusCnJC_PDlT9osZ_/s2883/Mar17_BA_Airplane-sniffing-glue_wWords.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1271" data-original-width="2883" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlSMTe0k2NHCTL7fbqh-5IswLrmm53_Pv0l1nzwYca4sbwwayIy677zP-_nwkroaycJanlJvuFPhXJQzbbRenTT63-FelEyxBSGQFCfGcdeVLvb9m5Z3AHYgMzdp9KWjTsQfcz7CtkOvEPpN6z7ggD4l-zHI4fFrAw3ZSxgRdc59AHusCnJC_PDlT9osZ_/w640-h282/Mar17_BA_Airplane-sniffing-glue_wWords.jpeg" width="640" /></a></div><br /><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Boeing – “It’s been a bad week...” </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Since the mid-fuselage exit door blew off one of your 737 Max’s, your planes have seen:<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">A tire fall off – crushing cars below,<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">A couple fiery engine malfunctions forcing emergency landings,<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">Stuck rudder pedals forcing a landing to go awry,</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">Fumes filled the cabin forcing an emergency landing, </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">A strong altitudinal event that injured 50 passengers,</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">The FAA’s found that you failed 33 of 89 specific audits, for a total of 97 instances of non-compliance, AND</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">John Barnett (your former quality inspector) who filed a whistleblower complaint over plane safety – was “<i>found dead” </i>in an apparent suicide. John Barnett had spent over 30 years at Boeing and sounded the alarm in 2017. He was set to give deposition testimony in his federal legal action against you this week. <i>Think coincidence?</i> <i>I think not</i>.<span class="apple-converted-space"> The </span>timing and circumstances around his death have attorneys everywhere scrambling to do a full-scale investigation into what really happened.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Boeing, previous to John Barnett’s death – I thought you were just completely mis-managed. Now, this is beginning to read more like a spy novel.<i> Are you still taking bids on the movie rights?<o:p></o:p></i></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Full Self-Driving Awards… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">delivered by the Insurance Institute of Highway Safety – were dismal: <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">Toyota’s Lexus LS was the only car to notch an <b><i>ACCEPTABLE</i></b> rating.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">The GMC Sierra and Nissan Ariya nabbed <b><i>MARGINAL</i></b><i> </i>scores.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">The remainder (including Tesla) were deemed to be <b><i>POOR</i></b><i>. </i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">Overall, the IIHS concluded that current driver-assistance systems do nothing to improve safety.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_20" o:spid="_x0000_i1030" style="height: 222pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSHcgLOzk5P7Qi3qnMn1KOTdf2GMPR6E-nQ0C_cmXP9mmNcrl4r8572OJdUZQQvtu04snNuletPuCs0J8q7mkF48lkoOJaIEvFlyCQ-Edl0fJUXl9fdrC4h1n8Nl39r0djqs-8IoqmSb7_MK_3Do4iVhAvDmoNrc7UmXTJ1E5ff-UU8IxbTYd6bEj9gnGL/s1538/Mar17_Tips_Comodities_Higher_wWords.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="856" data-original-width="1538" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSHcgLOzk5P7Qi3qnMn1KOTdf2GMPR6E-nQ0C_cmXP9mmNcrl4r8572OJdUZQQvtu04snNuletPuCs0J8q7mkF48lkoOJaIEvFlyCQ-Edl0fJUXl9fdrC4h1n8Nl39r0djqs-8IoqmSb7_MK_3Do4iVhAvDmoNrc7UmXTJ1E5ff-UU8IxbTYd6bEj9gnGL/w640-h356/Mar17_Tips_Comodities_Higher_wWords.jpeg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sam Altman of OpenAI wrote… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>“Musk refers to a Founding Agreement. Musk’s Founding Agreement is a fictional document that Musk<b> </b>has conjured-up to lay unearned claim to the fruits of an enterprise he (a) initially supported, (b) then abandoned, and (c) then watched succeed without him.”</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Reddit’s IPO next week could raise $748m…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> at </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">a valuation of ~$6.5B. It will be the first US social media offering since Pinterest’s $10B debut in 2019.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Startups cut Managers and VPs in 2023</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… as companies prioritized the <i>‘get-er-done’ </i>worker. Worker-Bees are 60% of all new hires in $100m companies.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">EV startup Fisker (with its cult-like following)…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> has hired </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">advisors<span class="apple-converted-space"> </span>to guide it through a possible bankruptcy filing. <i>Cult followings don’t pay the bills.</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Speaking of Tesla… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">which received a downgrade to hold-sell from Wells Fargo as they cut their price target from $200 to $125 – saying that it could go as low as $44 over the next year. <i>Consider the source here.<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><a href="https://link.sherwoodmedia.com/click/34676741.1201552/aHR0cHM6Ly9yb2Jpbmhvb2QuY29tL3VzL2VuL3N0b2Nrcy9MTFkv/65a83a745858800782410b1bBfde68a75"></a><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Eli Lilly <span style="background: white;">is teaming up with Amazon…</span></span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> for home delivery of its weight-loss drug, Zepbound. The AMZN touch could give it an edge over rival Novo Nordisk’s Ozempic and Wegovy drugs, which have faced shortages.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">If March were to close today…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> it would be Silver’s highest monthly close since July 2021.<span class="apple-converted-space"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_22" o:spid="_x0000_i1029" style="height: 227pt; visibility: visible; width: 398pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhid_-EMLswfdlnuhdD-Xwcqxgsrnq5aouXhmCaGO86Q27CMhekUgt0n30ilF84MeZCPl-5ALeiKb8Nd3vdichHe_nu3vVub9EdDln2SmhD0VEWVuPJzGUY348AaIqARRM3fGqqaaaL0UZgR_TJFg884ccSKMSc-kDsSXzI0TTyTQesRN7QHG4jb3Y1cAl-/s725/Mar17_BTC_Parabolic_Failed_Below_65_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="406" data-original-width="725" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhid_-EMLswfdlnuhdD-Xwcqxgsrnq5aouXhmCaGO86Q27CMhekUgt0n30ilF84MeZCPl-5ALeiKb8Nd3vdichHe_nu3vVub9EdDln2SmhD0VEWVuPJzGUY348AaIqARRM3fGqqaaaL0UZgR_TJFg884ccSKMSc-kDsSXzI0TTyTQesRN7QHG4jb3Y1cAl-/w640-h358/Mar17_BTC_Parabolic_Failed_Below_65_wWords.jpg" width="640" /></a></div><br /><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">MicroStrategy bought more Bitcoin…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as they now hold +$14B in BTC – more than any other public company, and are issuing $500m more in convertible notes – to buy more Bitcoin. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Less than 2 months after spot BTC ETFs launched…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> BlackRock’s IBIT product crossed the $10B mark – faster than any ETF in history.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">JPM says that spot bitcoin ETFs could see…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> an additional $220B of inflows over the next 36 months, and believe in Coinbase – raising their <span style="letter-spacing: 0.1pt;">price target to $300. <i>Remember J. Dimon thinks: “Bitcoin is a fraud”. </i></span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin retreats to $65k from $73k… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and some are calling this a <i>‘topping pattern’ </i>coupled with a <i>‘failed breakout’</i>. <i>Let the games begin.</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ethereum developers completed a blockchain update… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">that reduced Layer-2</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">transaction fees. It’s the biggest change since their move from proof-of-work to proof-of-stake, and will boost the use of L2 projects.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">If<span class="apple-converted-space"> </span><span style="caret-color: rgb(45, 45, 45);">BTC </span>drops from here…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> the first level of support is ~$58k and then $48k.</span><o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">For ETH, if it breaks $3.5k</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> the next support is ~$2,750.</span><o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Speaking of sentencing:</span></i></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><span style="caret-color: rgb(45, 45, 45);"> </span></span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">U.S. prosecutors are asking for a 40-year prison sentence for former FTX CEO Sam Bankman-Fried – because he was: <i>"One of the largest financial frauds in history</i>." The defense is asking for 5 yrs. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_25" o:spid="_x0000_i1028" style="height: 207pt; visibility: visible; width: 397pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUA_Vmwn6L1xfh1xmPvyzLpgDMvJ4YLQh8ODx2qjJdTlXdE8D_QheOE5DVKTeA8yu9Zhyl8QLYNColStRngDn-hQ4jTnHH3B_1eB5H6a0xUP3KsnWsRJq8lsSfF9knpTavL9ufehWCFSdMuGMaNY6dKmiz-pYAXsfSoftSj1OwoErjARKD96UsR-pFykJB/s823/Mar17_NVDA_Is_Glue_holding_tech_to_SnPs_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="431" data-original-width="823" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUA_Vmwn6L1xfh1xmPvyzLpgDMvJ4YLQh8ODx2qjJdTlXdE8D_QheOE5DVKTeA8yu9Zhyl8QLYNColStRngDn-hQ4jTnHH3B_1eB5H6a0xUP3KsnWsRJq8lsSfF9knpTavL9ufehWCFSdMuGMaNY6dKmiz-pYAXsfSoftSj1OwoErjARKD96UsR-pFykJB/w640-h336/Mar17_NVDA_Is_Glue_holding_tech_to_SnPs_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The CPI will set the tone for the rest of the week. If the CPI comes in hot, I think there's a shot at a pullback. Word on the street is that MSFT is the target of an ongoing cyber-attack, and that’s never a good sign.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">I thought that if the CPI came in hot – the market would pout, and if it came in cool – markets would run higher. W</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">e got the combo platter. Core CPI came in higher than expectations (3.8%), but cooler than last month’s 3.9%. Markets are not pouting because investors believe that our FED will cut rates – no matter what happens. Back in the real world, inflation is still roaring as represented by insurance companies most recently hiking premiums by +10%. <i>What me worry?<o:p></o:p></i></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">We got the wholesale inflation (PPI) numbers and wow did they ever come in hot. We doubled the expected inflation at the producer level (from 0.3% to 0.6% MoM). This means that the </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">CPI and the PPI are both moving higher = inflation is accelerating, and that is <i>NOT</i> rate-cut friendly. The evidence is clear, our FED will be keeping rates <i>‘higher for longer’.</i></span><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">If we accomplished one thing this week, it was that the inflation numbers (CPI & PPI) finally got markets to question the reality of their <i>rate cut </i>projections.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Moments…<o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_24" o:spid="_x0000_i1027" style="height: 229pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiU3eJfO-DLw3ER8o9wdMQBlsKMTjss2MWnRpG5o2JD6B-i5CdVKOe2ZOkMpLU1ri0jSpFt2swkqNyvKL1SY_qMXrnWODiz-BJhfEJUtXx3Z2V5erg_VO3X7UTOXr71iOFARGilNMP_JpD96kwD-_E-yWQBFzqlfLc23oEVXDC8AeuDMx25kbQcfXbJnzO3/s2040/Mar17_CCI_Index_vs_BTC_wWords.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1180" data-original-width="2040" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiU3eJfO-DLw3ER8o9wdMQBlsKMTjss2MWnRpG5o2JD6B-i5CdVKOe2ZOkMpLU1ri0jSpFt2swkqNyvKL1SY_qMXrnWODiz-BJhfEJUtXx3Z2V5erg_VO3X7UTOXr71iOFARGilNMP_JpD96kwD-_E-yWQBFzqlfLc23oEVXDC8AeuDMx25kbQcfXbJnzO3/w640-h370/Mar17_CCI_Index_vs_BTC_wWords.jpeg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Alt. Coin index compares the top 30 cryptocurrencies by market-cap. When this chart is going up, it means that altcoins are outperforming Bitcoin. Currently, Altcoins are still trading at their cycle lows relative to Bitcoin. Given <i>Altcoin Season </i>tends to occur later in crypto bull markets, this suggests that we're still in the early innings. <i>Full disclosure: I’m long BTC, ETH, but also Alts: Link, Matic, and Near. <o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">MCC says: “You need 3 things to succeed as a token…”<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Good <b>Cult-anomics</b>… </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">cultivate a small following that will <i>go-to-the-mat </i>for you, <i><o:p></o:p></i></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Outstanding <b>Meme-ology</b> </span></i><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">be a tech that is <i>worthy </i>of stimulating the <i>meme-creation</i>juices, and <i><o:p></o:p></i></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Amazing <b>Pump-amentals</b>… </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">that hidden ability that causes investors to want to <i>pump-the-crap </i>out of the coin in order to drive it higher for no apparent reason.<i><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">MCC’s Quickie Buys vs Sells:<o:p></o:p></span></i></b></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #1 = Watch Bitcoin (BTC)…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Breaking to all-time-highs (ATHs) indicates strong buying pressure, but falling below $65k could cause increased selling pressure from short-term holders = a failed breakout.</span></p><p class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #2 = Watch Ethereum (ETH)…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> It’s caught between resistance at $4,700 (old ATH) and support at $3,500. Currently: Risk vs Reward is unfavorable for any new positions, and below $3,500 = SELL and rebuy at ~$2,750.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p> </o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">Correlation will Cause Concern…<o:p></o:p></span></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_27" o:spid="_x0000_i1026" style="height: 209pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_367_fF4QTg8hUrqNvhB4CZujHCQjuW2XBTdOY79aSj7VMaeqkXxVygyaCZUI0OUm3f94LObfh5DpPXdzZ_-r5l46c4HZwxAZoXC5Qn6FKDk-_bpbeNf39Cv1EA8_yH9Rk1boi1EKgoJZ82scSXI52jxM5_35hSOxhKsu0QSxgwgZo1zbAtxTkPZDeS9Z/s850/Mar17_CAT_Rotation_Game_2Yr_Move_to_4Monrhs_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="448" data-original-width="850" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_367_fF4QTg8hUrqNvhB4CZujHCQjuW2XBTdOY79aSj7VMaeqkXxVygyaCZUI0OUm3f94LObfh5DpPXdzZ_-r5l46c4HZwxAZoXC5Qn6FKDk-_bpbeNf39Cv1EA8_yH9Rk1boi1EKgoJZ82scSXI52jxM5_35hSOxhKsu0QSxgwgZo1zbAtxTkPZDeS9Z/w640-h338/Mar17_CAT_Rotation_Game_2Yr_Move_to_4Monrhs_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Background: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Correlation between Mega-Cap Tech stocks and the rest of the S&P 500 is at historical lows. Big Tech/S&P 500 correlation actually spikes when markets sell off. Combine that with a potential volatility breakout, and that sounds like trouble to me. Currently, we’re in a monster, inflationary rally in stocks – with so many names near 52-week highs. Investor fear has disappeared from the markets. The VIX has been in the basement for weeks, and bonds are hovering near lows – a real sign that the market just doesn’t give a darn right now. Watch for increased correlation between Big Tech and the S&P 500, because <i>THAT </i>will be the sign that all heck’s about to break loose.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">A Volatility Breakout is threatening… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">due to all of the capital rotations / asset allocations that are going on within the entire marketplace. But, the glue holding Big Tech together with the S&Ps is Nvidia (NVDA). <b><i><span style="background: yellow;">Tip #3: </span></i><span style="background: yellow;">Watch NVDA, because as long as it remains stable – volatility will also remain under control.</span></b> Markets are currently undergoing constant rotation. We’re seeing big moves in industrials like Caterpillar – condense 2 years’ worth of price action into 4 months. The energy sector (XLE) has condensed 3 years of dormancy – into the last 3 (inflationary) months. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The inflationary rally is… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">coming head-to-head with this week’s FED meeting. And with this week’s FED meeting, comes an updated <i>dot-plot </i>of our FED’s rate cut expectations. The issue is that current asset prices along with this market rally – are inflationary unto themselves. <b><i><span style="background: yellow;">Tip #4: </span></i><span style="background: yellow;">Watch our FED, because increased inflation, could cause a reduced number of rate cuts in 2024 – and therefore a cooling in stock and asset prices. </span></b><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds are near multi-year lows… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">causing interest rates to move higher, consumers to reduce spending, and our economy to slow. <b><i><span style="background: yellow;">Tip #5: </span></i><span style="background: yellow;">Watch the TNX before and after the FED meeting, because a rise in the 10-Year Note is going to hurt NVDA which will (in turn) hurt Big Tech and the S&Ps. </span></b><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Correlation will be ‘The Sign’ and it will come… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">hard ‘n fast – bringing increased volatility and causing a return to two-sided trading. Our market place has had a <i>bid under it </i>– since November of 2023. And correspondingly, the financials (XLF) have gone virtually straight-up since then. If Energy (XLE) and the Financials (XLF) join in the sell-side activity, we will approach <i>correlation </i>and that is when this marketplace will have problems. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $82 EM, and we ended the week unchanged. FYI: this the second consecutive week that the tech index (QQQ) closed lower. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $83 EM due to the FED meeting and the higher inflation markers.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_28" o:spid="_x0000_i1025" style="height: 236pt; visibility: visible; width: 398pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRFHp-l93OTAUHTwjcUH9GkQq6BsqFRr00OMggN-BmMdXR7RHj-Y2IcoqKuC00YR5VIpqXO3VPYu40e21kGZoqbyKXCYL77DedmGwDpLPj4Ta1Q1ov-67_3iern8VauqX81EN0tgELv61DOOYSALlyfSmXMbTGX_436ftmdWeshRmpOKlW9aoyk35SPR-N/s824/Mar17_TNX_YTD_Rates_Are_Screaming_Watch_Post_FED_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="491" data-original-width="824" height="382" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRFHp-l93OTAUHTwjcUH9GkQq6BsqFRr00OMggN-BmMdXR7RHj-Y2IcoqKuC00YR5VIpqXO3VPYu40e21kGZoqbyKXCYL77DedmGwDpLPj4Ta1Q1ov-67_3iern8VauqX81EN0tgELv61DOOYSALlyfSmXMbTGX_436ftmdWeshRmpOKlW9aoyk35SPR-N/w640-h382/Mar17_TNX_YTD_Rates_Are_Screaming_Watch_Post_FED_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">This market wanted 6 rate cuts this year, but decided that it would be okay with 3. With the latest CPI and PPI numbers showing inflation re-accelerating, this week’s FED should take a more defensive short-term stance. That would almost <i>force </i>a rate cut in June to make everyone happy, take a pass on September (so he doesn't look like he's tossing Biden a bone), and then another rate cut in December. That reduces the total number of rate cuts for the year - to 2. <i>Fingers crossed.</i></span><i>.</i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2159/oz. & Silver @ $25.4/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $67,000 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = 3,570 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $18.4 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($242 / in at $125)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($19.3 / in at $12)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l4 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold June $40 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**IBIT – Blackrock’s BTC ETF ($39.3 / in at $24)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">INDA – India ETF ($50.5 / in at $50)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l4 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">BOT Nov, +$53 / -$55 CALL Spread<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Bitcoin Mining ($11.6 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l4 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold June $25 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MATIC – Polygon ($1.06 / in at $0.94)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**NEAR – Near Protocol ($7.65 / in at $6.85)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">**<b>SOL – Solana ($191.7 / in at $172)</b><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com</span></i></a><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span style="font-family: Arial, sans-serif;"> </span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:269122548;
mso-list-type:hybrid;
mso-list-template-ids:-390954804 -96463744 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:18;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1266960525;
mso-list-type:hybrid;
mso-list-template-ids:100321382 1178100958 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:18;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1491368242;
mso-list-type:hybrid;
mso-list-template-ids:-293577666 -1817781266 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:18;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:.75in;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.25in;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.75in;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.25in;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.75in;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.25in;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.75in;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.25in;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.75in;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1696223872;
mso-list-type:hybrid;
mso-list-template-ids:-803291468 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l3:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l4
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l4:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l4:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l4:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l4:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-24430391986125361292024-03-10T08:24:00.000-07:002024-03-10T08:24:04.194-07:00This Week in Barrons: May 10th, 2024<p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy76QxxWqKlRiWR3239TwSjUAaIKk66CrFiYxltzKGx88qvAL8ai-u9r2Qf92LzOnj6dJyb2tcLQI_zybQN2XJdwkh9Ts5gMT4m0tW4w1itGSepRASqGtqAnDyb2bG4kFn0XgzaUVuV_aekRN0fd3bHBoWs6uyOC3KUw1HbXjr-KKD8NWfzhARGgLT6n7I/s3253/Mar10_Fantastic4_Save_the_Inhumans3_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: arial;"><img border="0" data-original-height="1783" data-original-width="3253" height="315" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy76QxxWqKlRiWR3239TwSjUAaIKk66CrFiYxltzKGx88qvAL8ai-u9r2Qf92LzOnj6dJyb2tcLQI_zybQN2XJdwkh9Ts5gMT4m0tW4w1itGSepRASqGtqAnDyb2bG4kFn0XgzaUVuV_aekRN0fd3bHBoWs6uyOC3KUw1HbXjr-KKD8NWfzhARGgLT6n7I/w576-h315/Mar10_Fantastic4_Save_the_Inhumans3_wWords.jpg" width="576" /></span></a></div></div><p class="MsoNormal" style="background: white; font-size: medium; text-align: left;"><b style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">Why can’t we say: I don’t know OR I’m not sure? </span></i></b><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"> That applies to: customer service, our </span><span style="background-color: transparent; font-family: arial; font-size: 18.6667px;">bureaucrats, and our teachers. Per Seth G: It can always be followed with: </span><i style="background-color: transparent; font-family: arial; font-size: 18.6667px;">“Would you like my educated opinion?” or “Could you give me more context to go on?”</i><span style="background-color: transparent; font-family: arial; font-size: 18.6667px;"> Proud and confident bluffing is never helpful. But, it’s not surprising that </span><i style="background-color: transparent; font-family: arial; font-size: 18.6667px;">‘bluffing’ </i><span style="background-color: transparent; font-family: arial; font-size: 18.6667px;">is ChatGPT’s default behavior </span><span style="background-color: transparent; font-family: arial; font-size: 18.6667px;">– because </span><i style="background-color: transparent; font-family: arial; font-size: 18.6667px;">Art Imitates Life</i><span style="background-color: transparent; font-family: arial; font-size: 18.6667px;">. The real issue is – </span><i style="background-color: transparent; font-family: arial; font-size: 18.6667px;">bluffing is a lousy way to build trust. </i><span style="background-color: transparent; font-family: arial; font-size: 18.6667px;">As someone most recently told me: </span><i style="background-color: transparent; font-family: arial; font-size: 18.6667px;">‘Soon, the only way I’m going to trust you – is On-Chain!’</i></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Grace, Kindness, and Respect… </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">are words that people will remember you by – long after the wins, loses, and details of the negotiations are forgotten. There are many ways to leave a legacy, but <i>resiliency coupled with gratitude and constantly spreading goodwill </i>– have earned a place at the top of my list.</span></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 14pt;"><br /></span></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">The Market:</span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"></span></i></p><div class="separator" style="clear: both; text-align: center;"><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieob8QqlkWV4f8QWnCiaZUWN4i50lJgB6V7dgIX3cv7gfIcK-5zcQlf2j04uDApe_VjSQDdB7nEmkPHo96ju-AloKNd2CPVJLI1GFQR5k7zyWuEfM9XEsXG44WJgqbd10m75zCP-eHs4-M_4D6UrWaZcoNcHgwST96gvXZzVHMqY2CZbXLkYnj5Adaey9a/s1602/Mar10_BTC_Blinked_GLD_Moved_First_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="978" data-original-width="1602" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieob8QqlkWV4f8QWnCiaZUWN4i50lJgB6V7dgIX3cv7gfIcK-5zcQlf2j04uDApe_VjSQDdB7nEmkPHo96ju-AloKNd2CPVJLI1GFQR5k7zyWuEfM9XEsXG44WJgqbd10m75zCP-eHs4-M_4D6UrWaZcoNcHgwST96gvXZzVHMqY2CZbXLkYnj5Adaey9a/w640-h390/Mar10_BTC_Blinked_GLD_Moved_First_wWords.jpg" width="640" /></a></span></i></div><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"><br /></span></i><b style="background-color: transparent; font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">Gold & Bitcoin are simultaneously hitting all-time-highs (ATHs)… </span></i></b><span face="Arial, sans-serif" style="background-color: transparent; font-family: arial; font-size: 14pt;">and that’s not a coincidence. Gold hitting ATHs<b><i> </i></b>will go a long way toward getting the next leg higher started for precious metals. Gold has held up well in the face of a stronger Dollar and elevated yields. Historically, if precious metals are doing well, you're likely to see (a) silver outperform, (b) a lethargic equity market, and (c) digital assets come alive. </span><span style="background-color: transparent; font-family: arial; font-size: 14pt;"> </span><p></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Per Anthony P: Every retirement portfolio should include Bitcoin.<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><span style="font-family: arial;"><!--[if !supportLists]--><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;">-<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span></em><!--[endif]--><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;">Bitcoin is a non-correlated asset</span></i></strong><span class="apple-converted-space"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">… </span></i></b></span><span class="apple-converted-space"><span face="Arial, sans-serif" style="font-size: 14pt;">and t</span></span><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;">his is the holy grail for any portfolio. Bitcoin’s current 180-day correlation to the S&P 500 is </span></em><em><span face="Arial, sans-serif" style="font-size: 14pt;">ZERO</span></em><span class="apple-converted-space"><i><span face="Arial, sans-serif" style="font-size: 14pt;"> </span></i></span><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;">and the correlation to the dollar index is near zero as well. </span></em><em><span face="Arial, sans-serif" style="font-size: 14pt;"> </span></em><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;">Investing in non-correlated assets will reduce portfolio risk and increase portfolio returns.</span></em><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;"><o:p></o:p></span></em></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><span style="font-family: arial;"><!--[if !supportLists]--><span face="Arial, sans-serif" style="font-size: 14pt;">-<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;">Bitcoin is risky, but offers a corresponding asymmetric return.</span></i></strong><span class="apple-converted-space"><i><span face="Arial, sans-serif" style="font-size: 14pt;"> </span></i></span><span class="apple-converted-space"><span face="Arial, sans-serif" style="font-size: 14pt;">Which means that there’s </span></span><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;">more upside than downside when owning the asset.</span></em><em><span face="Arial, sans-serif" style="font-size: 14pt;"> </span></em><em><span face="Arial, sans-serif" style="font-size: 14pt; font-style: normal;">For example: the downside (loss of capital) is capped at the total amount of capital invested, yet the upside is ~100X if/when Bitcoin becomes a gold equivalent.</span></em><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"> </span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"> </span></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><v:shape id="Picture_x0020_30" o:spid="_x0000_i1030" style="height: 194pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh00LZnAKrbe26UaWZVlER-TFTrKwydbmXHz2fG4KWN3i7XrDhL9wUWzEnilXroJhb2ede63OvgTL976V2fnwH7AVFU0DLUCIkrWVt_riiW4Fzlx9dSJ2Q2kTCd4oBS2C_JZzhqF779w7LQzxD1ld9mBMhCjnwBg-cAF49hOU3pHKxHKU4hj_nzE1B16dT4/s2262/Mar10_MSTR_vs_AAPL_Saylor_vs_Cook_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1096" data-original-width="2262" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh00LZnAKrbe26UaWZVlER-TFTrKwydbmXHz2fG4KWN3i7XrDhL9wUWzEnilXroJhb2ede63OvgTL976V2fnwH7AVFU0DLUCIkrWVt_riiW4Fzlx9dSJ2Q2kTCd4oBS2C_JZzhqF779w7LQzxD1ld9mBMhCjnwBg-cAF49hOU3pHKxHKU4hj_nzE1B16dT4/w640-h310/Mar10_MSTR_vs_AAPL_Saylor_vs_Cook_wWords.jpg" width="640" /></a></div><br /><p></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"></p><ul style="text-align: left;"><li><b style="font-family: arial; text-indent: -0.25in;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">Apple was fined nearly $2B by the EU… </span></i></b><span face="Arial, sans-serif" style="background: white; font-family: arial; font-size: 14pt; text-indent: -0.25in;">which sided with Spotify in </span><span face="Arial, sans-serif" style="background: white; font-family: arial; font-size: 14pt; text-indent: -0.25in;">finding that the Apple Store restricted competition for music-streaming. Apple will appeal.</span></li><li><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="color: #000e4b; font-size: 14pt;">Anthropic launches Claude 3…</span></i></b><b><span face="Arial, sans-serif" style="color: #000e4b; font-size: 14pt;"> </span></b><span face="Arial, sans-serif" style="color: #000e4b; font-size: 14pt;">with better test scores than OpenAI’s ChatGPT-4. <i>Could be the “New Kid on the Block”.</i></span></span> </li><li><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Subscription Fees are on the rise… </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">as </span><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">Walmart+ subscribers spend 2X more than non-subscribers and membership continues to grow. Target’s sales fell for the first time in 8 years – so they’re launching a subscription service.</span></span></li><li><b style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">NOT Too Big To Flail… </span></i></b><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">as </span><span face="Arial, sans-serif" style="background: rgb(254, 254, 254); color: #0a0a0a; font-family: arial; font-size: 14pt; letter-spacing: -0.2pt;">New York Community Bancorp received a $1B cash equity infusion from: </span><span face="Arial, sans-serif" style="background: rgb(254, 254, 254); font-family: arial; font-size: 14pt;">former Treasury Secretary Steven Mnuchin, Citadel’s CEO Ken Griffin, and players to be named later. NYCB </span><span face="Arial, sans-serif" style="background: rgb(254, 254, 254); font-family: arial; font-size: 14pt;">reported a Q4 loss due to shaky commercial real estate loans and bad management.</span></li><li><b style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">The average, US adult FICO credit score fell last year…</span></i></b><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"> for the first time in over a decade. Americans are struggling to repay record-high credit-card debt.</span></li><li><b style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">TikTok’d Off…</span></i></b><b style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 14pt;"> </span></b><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">A bill that would force TikTok’s Chinese parent ByteDance to sell off the app or be blocked from US app stores – made it out of a bipartisan House committee by a vote of 50 to 0. TikTok said it’s the equivalent to an <i>outright ban</i>.</span> </li><li><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Instagram</span></i></b><i><span face="Arial, sans-serif" style="font-size: 14pt;"> <b>surpassed TikTok…</b></span></i><span face="Arial, sans-serif" style="font-size: 14pt;"> in worldwide downloads last month.</span></span></li><li><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="background: rgb(254, 254, 254); font-size: 14pt;">Participants in Novo Nordisk’s new Amycretin trial…</span></i></b><span face="Arial, sans-serif" style="background: rgb(254, 254, 254); font-size: 14pt;"> lost +13% of their body weight in 12 weeks. That’s over 2X faster than Wegovy – their <i>other </i>weight-loss drug.</span></span> </li></ul><p></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"><br /></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><v:shape id="Picture_x0020_29" o:spid="_x0000_i1029" style="height: 252pt; visibility: visible; width: 468pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih7JTKVqgy-rQCylYQKW2fsLlZfLNrI7epiI0GUNROWq0e1oOc8Fqjz3yCapvI4uRME43Z3wdYBlO1xRlt4O64ska-3wymgSuMOe2y4w6GOOdEZzrGPCPL7RO1CgrYp3bWfN9prkI81-ATlcdxK8t6nbniXRIo6HpBbAFwsWP2VD0px1wewYhOI8phNsIZ/s1902/Mar10_All_Stars_PowerRankings_Table_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1016" data-original-width="1902" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih7JTKVqgy-rQCylYQKW2fsLlZfLNrI7epiI0GUNROWq0e1oOc8Fqjz3yCapvI4uRME43Z3wdYBlO1xRlt4O64ska-3wymgSuMOe2y4w6GOOdEZzrGPCPL7RO1CgrYp3bWfN9prkI81-ATlcdxK8t6nbniXRIo6HpBbAFwsWP2VD0px1wewYhOI8phNsIZ/w640-h342/Mar10_All_Stars_PowerRankings_Table_wWords.jpg" width="640" /></a></span></i></b></div><p></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -0.25in;"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">Bitcoin springs to life after a long winter</span></i></b><b><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">… </span></b><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">as billions pour into spot ETFs ahead of the <i>‘halving’.</i></span></span></li><li><b style="font-family: arial;"><i><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">Gold prices are moving first…</span></i></b><span face="Arial, sans-serif" style="background: white; font-family: arial; font-size: 14pt;"> and Bitcoin follows</span></li><li><b style="font-family: arial;"><i><span style="color: #222222; font-size: 14pt;">I listen to only a few people when it comes to crypto because. </span></i></b><span style="color: #222222; font-family: arial; font-size: 14pt;">a) They understood it from the beginning, and b) They took the time to explain it to me. Per Howard L:</span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #222222; font-size: 14pt;">Was I smart enough to buy every dip? Nope.</span></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #222222; font-size: 14pt;">Did I sell some along the way? Yep.</span></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Do I regret selling some? Absolutely.<o:p></o:p></span></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #222222; font-size: 14pt;">Is that my fault that I sold? Yep – I take full responsibility for my actions.</span></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #222222; font-size: 14pt;">Do I know what’s next? Nope, but last I checked the people that I listened to <i>in the beginning </i>about <i>BUYING </i>– have <i>NOT SOLD</i> any.</span></span> </li><li><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">What is Bitcoin halving? </span></i></b><span style="color: #0a0b0d; font-size: 14pt;">Bitcoin (BTC) is designed to be a scarce, inflation-resistant asset. One of the key technical mechanisms it uses to maintain its design is <i>‘halving’. </i>Halving is when the amount of new bitcoin created by<span class="apple-converted-space"> bitcoin mining </span>is reduced by half, and this happens about every 4 years. Currently, 6.25 BTC are mined every 10 minutes. After April’s halving, that number will drop to 3.125. Bitcoin prices spiked following the last two halvings, and that is one of the reasons traders are buying BTC now<i>. </i>However, JPM analysts suggest that the <i>‘halving effect’ </i>has already been priced-in by traders, and BTC<span class="apple-converted-space"> will fall </span>to ~$42,000 post-halving. Other analysts suggest that <i>halving’s </i>reduced supply will be met by even higher ETF demand – and will result in a rally. <i>Let the games begin</i>. <o:p></o:p></span></span></li></ul><p></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><v:shape id="Picture_x0020_35" o:spid="_x0000_i1028" style="height: 186pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgChLvwnOMoS3Ya6t0JqLgm4AtLU1aQ67zLbkfv8NVqg65W6eF7buyahfC0sBQpjMLbVAL0Gs4Es6n1aZ9YUg5LL4M4v5j5Uw1GeCQWWrWXHZ_qzenLao7-gsI_fOyttiS5_tgCsXqCP9-AdjZ4Itq5aYIghAhynOMlzXH0AKYyEBIwICc4nPB1Crypbwd_/s928/Mar10_GC_Gold_is_having_a_Moment_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="437" data-original-width="928" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgChLvwnOMoS3Ya6t0JqLgm4AtLU1aQ67zLbkfv8NVqg65W6eF7buyahfC0sBQpjMLbVAL0Gs4Es6n1aZ9YUg5LL4M4v5j5Uw1GeCQWWrWXHZ_qzenLao7-gsI_fOyttiS5_tgCsXqCP9-AdjZ4Itq5aYIghAhynOMlzXH0AKYyEBIwICc4nPB1Crypbwd_/w640-h302/Mar10_GC_Gold_is_having_a_Moment_wWords.jpg" width="640" /></a></span></i></b></div><div class="separator" style="clear: both; text-align: center;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;"><br /></span></i></b></div><p></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Monday: </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">This week, Powell talks to Congress, and we also get the Jobs Report. In terms of where to invest, I’m loving crypto, but for those who don’t: e</span><span face="Arial, sans-serif" style="font-size: 14pt;">nergy may be in play as OPEC has kept their production cuts in place. AAPL has been very weak as it’s being sued by the EU over anti-trust violations. The Gold Miners are set to move, and SKYT is looking good over $12.40.<o:p></o:p></span></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Wednesday: </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">Powell’s Humphrey-Hawkins testimony starts today. It's his biannual report to Congress on our FED’s monetary policy and economic goals. Powell will deliver an inflation assessment, discuss our FED’s view on interest rates, and take questions from Congress. If Powell doves out – markets will go higher, but if he holds the line – we may see more pouting. <span style="background: white;">Take a look at NOK as it’s trying to get over its 200-day @ $3.64.</span><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><strong style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 14pt;">Thursday: </span></i></strong><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Yesterday Powell turned pretty dovish, and the market loved it. Today he delivers the same speech (basically) to the banking committee. The initial jobless report came in higher than estimates. That means that the economy is slowing, people are getting laid off, and it pushes our FED toward cut rates. PLTR is breaking out – watch if over $26.75.</span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;">Friday: </span></i></strong><span face="Arial, sans-serif" style="font-size: 14pt;">Today’s Jobs Report had the new jobs created number coming-in at 275k, while the market was hoping for under 200k. But:<o:p></o:p></span></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -0.25in;"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 18.6667px;"> </span><span face="Arial, sans-serif" style="font-size: xx-small;"> </span><span face="Arial, sans-serif" style="font-size: 14pt;">The previous two months' numbers were revised lower by 167k jobs.<o:p></o:p></span></span></li><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">The Birth/death model added 151k <i>fake</i> jobs to the report.</span></span></li><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">The unemployment rate jumped to 3.9%, and wage growth was just 0.1% MoM.<o:p></o:p></span></span></li><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">And, although we <span style="background: white;">created 275k new jobs, the total number employed declined by 184k.</span><o:p></o:p></span></span></li></ul><p></p><p class="MsoNormal" style="font-size: medium;"><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Gold is up another $20 this morning, so watch the GDX and GDXJ (miners). Speaking of miners, EU is a newer uranium outfit that may be getting ready to rumble.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Morgan’s Moments…</span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;"><v:shape id="Picture_x0020_33" o:spid="_x0000_i1027" style="height: 286pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></i></strong></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjd0pRwd4IGEYghvni5fApPi01b_9tEttPApKLEWz1QYQBnD5ZWkhSf0MferwuAfOpDye4qS01n30mHjZ8Ck1XVus6nnJJbYgTSieN_6gHyCjvCCk2t9RMMBGHTa5Th4keZDvaDmmgYtWkriBu29gCzRLvIhGXg3otqWkRHwfGsBYa3Sb9O_fH9CLJJ8wRB/s1790/Mar10_APPL_vs_GLD_or_BTC_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1282" data-original-width="1790" height="458" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjd0pRwd4IGEYghvni5fApPi01b_9tEttPApKLEWz1QYQBnD5ZWkhSf0MferwuAfOpDye4qS01n30mHjZ8Ck1XVus6nnJJbYgTSieN_6gHyCjvCCk2t9RMMBGHTa5Th4keZDvaDmmgYtWkriBu29gCzRLvIhGXg3otqWkRHwfGsBYa3Sb9O_fH9CLJJ8wRB/w640-h458/Mar10_APPL_vs_GLD_or_BTC_wWords.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><strong><span face="Arial, sans-serif" style="font-size: 14pt;"> <i>Do you agree with Anthony P. that… </i></span></strong><span face="Arial, sans-serif" style="background: white; font-size: 14pt;">Bitcoin is returning to the spotlight due to: (a) an industry-wide spring cleaning (the FTX trial), (b) regulatory approvals, and (c) Main Street buy-in? And experts are expecting the SEC to approve a spot Ethereum ETF in May – so FOMO may not be limited to just bitcoin anymore.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 14pt;"> <b>Morgan: <i>‘Yes.’ </i></b>As Dy</span><span face="Arial, sans-serif" style="font-size: 14pt;">lan LeClair points out: bitcoin’s price has doubled in 18 days or less – 3 of the last 4 times that it’s put in an all-time-high. <o:p></o:p></span></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -0.25in;"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Bitcoin’s price is up +20% in the last week, +60% in the last month, and +200% in the last year.<b><i><o:p></o:p></i></b></span></span></li><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Bitcoin’s <i>halving</i> is less than 50 days away – leading to further demand outstripping incoming supply by at least Twenty-to-One. We have seen 10 to 12X more demand than what the network produced for the last 2 months. So, a surge in demand (ETFs) coupled with a supply shortage (Halving) will favor bitcoin holders – and that should continue bitcoin’s price appreciation. <b><i><o:p></o:p></i></b></span></span></li><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Lastly, BlackRock has filed regulatory paperwork to funnel some of their Strategic Income Opportunities Funds into their bitcoin ETF. That’s a $36B conservative bond fund, and it signals a new source of capital inflows into bitcoin.</span></span></li></ul><p></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -0.25in;"><span style="font-family: arial;"><!--[if !supportLists]--><span face="Arial, sans-serif" style="font-size: 14pt;">-<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><span face="Arial, sans-serif" style="font-size: 14pt;">It’s difficult to construct an argument that is not bullish for bitcoin and other digital assets in the short-to-medium term. <b><i><o:p></o:p></i></b></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Morgan’s Top 3:<o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -0.25in;"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><strong><span face="Arial, sans-serif" style="font-weight: normal;"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">Tip #1:</span></i></strong><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;"> Ethereum (ETH = buy-buy-buy),<o:p></o:p></span></i></strong></span></li><li><span style="font-family: arial;"><strong><span face="Arial, sans-serif" style="font-weight: normal;"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">Tip #2:</span></i></strong><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;"> Polygon (MATIC), and <o:p></o:p></span></i></strong></span></li><li><span style="font-family: arial;"><strong><span face="Arial, sans-serif" style="font-weight: normal;"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">Tip #3:</span></i></strong><strong><i><span face="Arial, sans-serif" style="font-size: 14pt;"> Chainlink (LINK)<o:p></o:p></span></i></strong></span></li></ul><p></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Next Week: <span style="background: yellow;">The Selling is Different this Time…<o:p></o:p></span></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 14pt;"><v:shape id="Picture_x0020_36" o:spid="_x0000_i1026" style="height: 225pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsTMPzkZ_27W_16KPK77nr8BZ5S3WiM7FpKttDi-x51NgxNLi7QxDuJX4vin5np5rAU-KANekG-ZERc2OOj-ESOLCT4r5BJXPXI06SFH3ZcOaLTdy8Q9wPLx2onlLb90JXvM6jHosFkyOQPFMn77C3QCGEL0IEhR0D0uZBmdddnu2IzdwkwYO4tQtSmIND/s919/Mar10_NVDA_20pct_spike_in_pre-market_volatility_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="520" data-original-width="919" height="362" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsTMPzkZ_27W_16KPK77nr8BZ5S3WiM7FpKttDi-x51NgxNLi7QxDuJX4vin5np5rAU-KANekG-ZERc2OOj-ESOLCT4r5BJXPXI06SFH3ZcOaLTdy8Q9wPLx2onlLb90JXvM6jHosFkyOQPFMn77C3QCGEL0IEhR0D0uZBmdddnu2IzdwkwYO4tQtSmIND/w640-h362/Mar10_NVDA_20pct_spike_in_pre-market_volatility_wWords.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Background: </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">Stocks were down on Friday, but that really doesn’t do enough justice to the insane price action that we witnessed. Meta was off more than 1.5%, but Nvidia got crushed – to put it mildly. Gold and Bitcoin had a much better week than NVDA as they produced all-time-highs. Next Tuesday we have a ton of inflation & economic news like CPI and core inflation MoM, and Friday is Triple-Witching.</span></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">NVDA is moving markets: </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">Very simply, what triggered Nvidia’s ~100-point decline on Friday, was a pre-market 20% spike in their implied volatility. That shut-down buying NVDA CALL options because they were just too expensive. The Pros immediately switched to SELLING those same CALL options due to the high premiums – and the stock was just decimated. <b><i><span style="background: yellow;">Tip #4: Fair Warning: </span></i></b><span style="background: yellow;">This same behavior could easily repeat itself on Monday morning if an onslaught of Nvidia CALL option dip-buyers re-enter the marketplace.</span> </span></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Lack of sell-side correlation: </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">Make no mistake, NVDA still had a great week – gaining $60. But watch the rotations and the Advance/Decline line to see if we get any across-the-board selling next week. </span></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Gold, Bonds, and Bitcoin… </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">are all higher. Bonds are once again being bought – causing interest rates to decline. With Gold and bitcoin making new all-time-highs, money is leaving mega-cap tech stocks and moving into more defensive sectors. Apple is falling off a cliff when you compare it to Gold and/or Bitcoin. <b><i><span style="background: yellow;">Tip #5: </span></i></b><span style="background: yellow;">Don’t fight the tape, and look at these other asset classes more closely.</span> This isn't last year’s <i>‘Just buy stocks’ </i>kind of market. Take what you’re being given, and right now, digital assets and Gold are working.</span></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Volatility returns with Markets at all-time-highs: </span></i></b><span face="Arial, sans-serif" style="font-size: 14pt;">On Friday, the S&Ps touched an all-time-high, but this time volatility went higher along with it. Volatility watchers are seeing trouble on the horizon, and that’s worth noting. </span></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">SPX Expected Move (EM)<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -0.25in;"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Last Week’s EM was $64. We touched both the lower and upper edges of the EM before ending the week unchanged.<o:p></o:p></span></span></li><li><span style="font-family: arial;"><span face="Arial, sans-serif"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 18.6667px; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Next Week’s EM = $82. <i>Put on your big-boy pants, </i>because there’s <i>chum in the water, </i>and the sharks are circling. <o:p></o:p></span></span></li></ul><p></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 14pt;"><v:shape id="Picture_x0020_37" o:spid="_x0000_i1025" style="height: 255pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span face="Arial, sans-serif" style="font-size: 14pt;"><o:p></o:p></span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSFklAKJPJmifL-V0Fcjm_KYvnsy6cyMocvbq_OaiU01druzijYk9hwO6J30RWTKUfy6i4mHwO7z4_niawMK3W-w4ITTGtVm2af6DXq8WMIr39FCa2KeWgDQZlwavvaoGR-EWvmXnmAyiyqDLEl-21Rh4S59pYiitOC3JleLIF2Ee6F1r72pcHK5LgycTn/s825/Mar10_SPX_Lower_to_Upper_Edge_of_EM_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="530" data-original-width="825" height="413" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSFklAKJPJmifL-V0Fcjm_KYvnsy6cyMocvbq_OaiU01druzijYk9hwO6J30RWTKUfy6i4mHwO7z4_niawMK3W-w4ITTGtVm2af6DXq8WMIr39FCa2KeWgDQZlwavvaoGR-EWvmXnmAyiyqDLEl-21Rh4S59pYiitOC3JleLIF2Ee6F1r72pcHK5LgycTn/w640-h413/Mar10_SPX_Lower_to_Upper_Edge_of_EM_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">HODL’s: (</span></b><span face="Arial, sans-serif" style="font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -0.25in;"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b></span><span style="background: yellow; font-family: arial; font-size: 14pt; text-indent: -0.25in;"><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></li><li><!--[endif]--><b style="font-family: arial; text-indent: -0.25in;"><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2186/oz. & Silver @ $24.5/oz.</span></b></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">**Bitcoin (BTC = $68,300 / in at $4,310)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">**Ethereum (ETH = 3,920 / in at $310)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">**ChainLink (LINK = $20 / in at $7.78)</span></b><b><span face="Arial, sans-serif" style="font-size: 14pt;"> <o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="background: yellow; font-size: 14pt;">**COIN – Coinbase = ($257 / in at $125)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">**MARA – Marathon Digital = ($23.4 / in at $12)</span></b></span></li><li><span style="font-family: arial; font-size: 14pt;"><b> </b>o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Sold June $40 Covered Calls</span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">DECK – Deckers ($912 / in at $882)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">DKFG - DraftKings ($42 / in at $41.5)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">**IBIT – Blackrock’s BTC ETF ($40 / in at $24)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">INDA – India ETF ($52 / in at $50)<o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">BOT Nov, +$53 / -$55 CALL Spread<b><o:p></o:p></b></span></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">MC – LVMH ($53 / in at $57</span></b></span></li><li><b style="font-family: arial;"><span face="Arial, sans-serif" style="font-size: 14pt;">META – Meta ($506 / in at $458)</span></b></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">**RIOT – Riot Bitcoin Mining ($12.4 / in at $12.5) <o:p></o:p></span></b></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif" style="font-size: 14pt;">Sold June $25 Covered Calls<o:p></o:p></span></span></li><li><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">**MATIC – Polygon ($1.14 / in at $0.94)</span></b></span></li><li><span style="font-family: arial;"><span style="font-size: 14pt;"> o<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variant: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span face="Arial, sans-serif" style="font-size: 14pt;">Sell it when it gets to $8 / share</span></i></span></li></ul><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><b><span face="Arial, sans-serif" style="font-size: 14pt;">** </span></b><i><span face="Arial, sans-serif" style="font-size: 14pt;">Crypto-Currency aware</span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.</span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p class="MsoNormal" style="font-size: medium;"><b><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><i><span face="Arial, sans-serif">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span face="Arial, sans-serif">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span face="Arial, sans-serif">>. <o:p></o:p></span></i></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><i><span face="Arial, sans-serif">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span face="Arial, sans-serif" style="color: black;">rfc@culbertsons.com</span></i></a><i><span face="Arial, sans-serif">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span face="Arial, sans-serif" style="color: black;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span face="Arial, sans-serif">>.<o:p></o:p></span></i></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span face="Arial, sans-serif" style="color: black;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span face="Arial, sans-serif" style="color: black;"> </span></i></span><i><span face="Arial, sans-serif"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;"> </span></i></span><i><span face="Arial, sans-serif" style="font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;"></span></i></span><i><span face="Arial, sans-serif" style="font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;"></span></i></span><i><span face="Arial, sans-serif" style="font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span face="Arial, sans-serif" style="color: black; font-size: 10pt;"><o:p></o:p></span></i></span></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: arial;"><i><span face="Arial, sans-serif" style="font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span face="Arial, sans-serif" style="border: 1pt windowtext; color: black; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span face="Arial, sans-serif" style="border: 1pt windowtext; color: black; font-size: 10pt; padding: 0in;"></span></i></span><i><span face="Arial, sans-serif" style="font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span face="Arial, sans-serif" style="font-family: arial; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span face="Arial, sans-serif" style="font-family: arial;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><i><span face="Arial, sans-serif">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span face="Arial, sans-serif" style="color: black;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span face="Arial, sans-serif"><br />Until next week – be safe.</span></i><i><span face="Arial, sans-serif"><br /><br /></span></i><i><span face="Arial, sans-serif">R.F. Culbertson<o:p></o:p></span></i></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><i><span face="Arial, sans-serif"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span face="Arial, sans-serif" style="color: black;">mailto:rfc@culbertsons.com</span></i></a><i><span face="Arial, sans-serif">><o:p></o:p></span></i></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: arial;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span face="Arial, sans-serif">http://rfcfinancialnews.blogspot.com</span></i></a><i><span face="Arial, sans-serif"><o:p></o:p></span></i></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span face="Arial, sans-serif" style="font-family: arial;"> </span></u></i></p><span style="font-family: arial;"><br /></span><br /><p></p>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-16202408577775663672024-03-03T08:20:00.000-08:002024-03-03T08:20:24.672-08:00This Week in Barrons: March 3rd, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://youtu.be/cNzH19D6s_I?feature=shared" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="2638" data-original-width="4080" height="362" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYgocTv170cQkWcsyoo8l7TCemV9uAiccJFqS8beizaSPO87qyCLKdQ2eaIvIOwGBehufGfXzAhm9e2qRirlhzbxLN4Pq0yYxhay5C-iN-HSTLpbltAj_l1B-w4z58zcfQC3MxUdCznQhBfbbJLrFQypV1Iu1CcRnCipy0iBwW5nTMzZqe0TsJj3TlB20O/w559-h362/Mar3_BilliEilish_What_Was_I_Made_For_2_wWords.jpg" width="559" /></a></div><p class="MsoNormal"><span style="font-family: arial; font-size: medium;"><a href="https://youtu.be/cNzH19D6s_I?feature=shared" target="_blank">Click here to Listen / Learn:</a> </span><a href="https://youtu.be/cNzH19D6s_I?feature=shared" style="font-family: arial;">https://youtu.be/cNzH19D6s_I?feature=shared</a></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Q: I used to float, now I just fall down. <o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium; text-indent: 0.5in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">I used to know, but I’m not sure now. <o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium; text-indent: 0.5in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">What I was made for. <o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium; text-indent: 0.5in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">What was I made for?<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">A: <span> </span>You were made for <i>THIS</i>…<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Q: Was I made for entrepreneurship? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Entrepreneurship does not favor the greedy as it is <i>NOT<b> </b></i>grounded in wealth creation, but rather in innovation and <i>making-a-difference</i>. Those that succeed have learned to put their employee’s and customer’s needs – first. Entrepreneurial success is found on the fringes – the areas that have been left unguarded. Spend your spare time building a remarkable original – because it’s nearly impossible to create a great sequel. Virtually all of today’s bestsellers are <i>surprise-bestsellers. </i>Are you made to be an entrepreneur? <b>A: </b><i>Unfortunately, the answer lies in the jig-saw puzzle: and you never get to see the complete picture – until you’re done.<b><o:p></o:p></b></i></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Q: Was I made for investing? </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">There’s a consensus among investors that <i>someone </i>out<i> </i>there<i>knows </i>the market’s next move. Nobody will tell you directly, but that secret <i>someone</i> is you. It’s your salary, 401k, IRA, pension fund, and your investments. The <i>SELLERS </i>are: Mark Zuckerberg, Jeff Bezos, Jamie Dimon, and most corporate insiders. The <i>BUYERS </i>are: Blackrock, Fidelity, Vanguard, and anyone else trying to play catch up with the averages. The only problem is: <i>BUYERS </i>are buying what the people <i>‘In-The-Know’ </i>are <i>SELLING</i> – and they’re buying it <i>with YOUR money</i>. The key to learning to invest your own money, is to conquer your <i>fear-of-failure. </i><b>A: </b><i>Worst case, buy the SPY or QQQ ETF – and you’ll be a better investor than 85% of those other imposters.</i></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><i></i></p><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><i><a href="https://youtu.be/lNEX0fbGePg?feature=shared" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="1024" data-original-width="1932" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN_JlVFUEH9vIqHfJbdJZl2OPKmFuPSbaBT1H6NLn-9urjGdcmfRReiteJ67hYjyFkfeCqJeqbIN9l5z7l5g5eSuSZWk4vp4LugCChxs1z0l41fkKCRmxDo3TLRH5nt8fFyL63W_RaROOy6HYVfqxKSl7xyKWG_c29qF8lblsXEq_xjDxwjyaVja471iGJ/w640-h340/Mar3_Meg_Ryan_You_Do_the_Math_wWords.jpg" width="640" /></a></i></div><i><span style="font-family: arial;"><a href="https://youtu.be/lNEX0fbGePg?feature=shared" target="_blank">Click here to Listen / Learn:</a> </span></i><a href="https://youtu.be/lNEX0fbGePg?feature=shared" style="font-family: Arial, sans-serif; font-size: 12pt;">https://youtu.be/lNEX0fbGePg?feature=shared</a><p></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">“You do the math”… Over the past 6 months:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The average return for the Top 200 Cryptos = +154%,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The average return for the Top 25 Cryptos = +393%, and <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The percentage of all Bitcoin supply that is now owner-profitable = +95%<strong><o:p></o:p></strong></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> This type of performance is rare in financial markets, and it’s all due to increased demand associated with the new spot bitcoin ETFs. Demand for new bitcoin is equivalent to 9,510 bitcoin/day – and we’re only making 900 new bitcoin/day (soon to be 450/day). According to Anthony P: there is ~<i>10 TIMES </i>the daily demand for bitcoin than what the network can produce. That imbalance of supply and demand is even more shocking because we are now 45 days after the official ETF launch. The sport Bitcoin ETFs have officially crossed over $6B in cumulative net inflows – making them the single greatest launch of any ETF in history. <i><span style="background: yellow;">Are you made for crypto investing?</span><o:p></o:p></i></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Forecasting Sales: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">When you find your first dozen people that are ~50% engaged in what you’re offering – do <i>NOT </i>count them as 6 sales. Per Seth G: You get <i>ZERO credit </i>for just showing up and <i>ZERO credit </i>for less than 100% engagement. Yes, I know that we’re all busy, we all have too many options, and we’re all constantly tempted to do less than what is required. But, getting less than 100% of someone’s focus and care, is like getting <i>ZERO </i>percent <i>– so count it as such.</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1030" style="height: 266pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfVI2P2rOYefawE-JnQhZVuHaVRHb67fBBU0NmrRuWnsUI28H1zN-llNXzVTPUpUovM4qVgxvLHxncvo-ErxdBiRSfxofECy94i_zGyV0JfLxJ5Mev07Qsk1V5pzzS_29tCX5-aQfdKpKF6MaNBrRrT7sn6v_EPGrrev1wWHP2t-xHlyaRk4ibIlbGW6B5/s1846/Mar3_Bear_Mkts_During_Election_Years_are_the_Worst_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1238" data-original-width="1846" height="430" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfVI2P2rOYefawE-JnQhZVuHaVRHb67fBBU0NmrRuWnsUI28H1zN-llNXzVTPUpUovM4qVgxvLHxncvo-ErxdBiRSfxofECy94i_zGyV0JfLxJ5Mev07Qsk1V5pzzS_29tCX5-aQfdKpKF6MaNBrRrT7sn6v_EPGrrev1wWHP2t-xHlyaRk4ibIlbGW6B5/w640-h430/Mar3_Bear_Mkts_During_Election_Years_are_the_Worst_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple broke thru its moving averages to the downside...</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> as the market wakes up to the idea that Apple is a shrinking business.<span style="background: white;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Jeff Bezos sold 50m shares of Amazon ($8.5B)<span class="apple-converted-space">..</span>.</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and saved $600m in taxes thanks to his move to Miami.</span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">There are no winners fighting inflation:</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> If you keep interest rates high – you push the economy into a recession. If you cut interest rates – you risk inflation coming back and ruining your legacy.<span class="apple-converted-space"> <o:p></o:p></span></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">With the National Debt this high</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… +40% of all personal income tax dollars will be spent on servicing that debt instead of: better education, defense, infrastructure, and health services.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">EA gaming will lay off… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">5% of its global workforce. Expedia is cutting ~10%, and </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Supermassive games is giving 27% of its staff <i>the-boot</i>.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">U.S. consumer confidence fell for the first time in 3 months…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as worries shifted toward jobs and the upcoming presidential race. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">After a decade of R&D, Apple pulled the plug on its EV project</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… and surprised ~2,000 employees who were working on the project.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14.0pt; mso-bidi-font-family: Helvetica; mso-fareast-font-family: Helvetica;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">In a post-pandemic world, Novavax plummeted 27%...</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> after revenues and earnings missed expectations, and their forecasts for 2024 were flat to lower.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Helvetica; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Keep your head on a swivel…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as Waymo has received approval to operate its autonomous taxis in Los Angeles, and on San Francisco’s freeways & Peninsula.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1029" style="height: 213pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfEVu-5NoYv5XVmPC7IKll0goz2YawvEETIujcap4RcODKQT7KOyGJBnlCgEQyau1D9Ad9YCgP_glInFXfP5ZM63rQJF4tPXU-bxcWASnt5Qbs22h98f8LYsypx46B1wjXHnmlai3WwtTD-wopOmyjRTneyGyttQwCvmPGHJaqcWMOE1CRZl_ll5QVs3QG/s1722/Mar3_2T_Total_Crypto_Mkt_Cap_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="924" data-original-width="1722" height="344" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfEVu-5NoYv5XVmPC7IKll0goz2YawvEETIujcap4RcODKQT7KOyGJBnlCgEQyau1D9Ad9YCgP_glInFXfP5ZM63rQJF4tPXU-bxcWASnt5Qbs22h98f8LYsypx46B1wjXHnmlai3WwtTD-wopOmyjRTneyGyttQwCvmPGHJaqcWMOE1CRZl_ll5QVs3QG/w640-h344/Mar3_2T_Total_Crypto_Mkt_Cap_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #1: MATIC: keep buying it over $1…</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">with a $8 target.</span></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #2: ETH: keep buying it over $2k…</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">with a $4.7k target, and then $70k.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #3: BTC: keep buying it over $46k…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> with a target of $65k, and then $250k.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "lft-etica-web",serif; font-size: 14.0pt; mso-bidi-font-family: lft-etica-web; mso-fareast-font-family: lft-etica-web;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Trust, but Verify… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">because the blockchain will soon be the only way to verify anything.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">JPMorgan’s crypto forecast expects higher prices…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">because JPM has just flipped their view on crypto due to: </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">BTC’s upcoming halving, ETH’s chances of an </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">ETF approval, and a global buyer resurgence. <i>Ya think?</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Ben Goertzel (AGIX’s visionary) is on the brink of unveiling…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> a <i>“baby AGI” </i>prototype. It will be both open source and decentralized to ensure AGI’s AI benefits humanity without falling under corporate or gov’t control.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">BlackRock’s bitcoin ETF is like printing money… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">because Bitcoin ETFs are officially the fastest growing investment vehicle – ever! </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Can bi</span></i></b><b><i><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">tcoin breach and remain above the $64,000 level? </span></i></b><i><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Now that’s the REAL $64,000 Question!</span></i><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1028" style="height: 181pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhjmHK4mELYCq5c8XCiiUiC1DDHx-4qvFaNUES6CVOKbdrSJvqX0TkcArvc5TNmurBfy7Y4mBCZquqB8wgCdcuCH1sAcoCzxWqeZTjEfFC1N8d4-8dPd60OO9NvN_FHLFPI-tuc4fGkZQuNGVOONDsLBQib1oqGTXC4z3yW2c-IuT-u7cDUcjfsa-Vu0i5/s923/Mar3_AAPL_2X_EM_Lower_Week_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="421" data-original-width="923" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhjmHK4mELYCq5c8XCiiUiC1DDHx-4qvFaNUES6CVOKbdrSJvqX0TkcArvc5TNmurBfy7Y4mBCZquqB8wgCdcuCH1sAcoCzxWqeZTjEfFC1N8d4-8dPd60OO9NvN_FHLFPI-tuc4fGkZQuNGVOONDsLBQib1oqGTXC4z3yW2c-IuT-u7cDUcjfsa-Vu0i5/w640-h292/Mar3_AAPL_2X_EM_Lower_Week_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Keep an eye on the chip sector, as Taiwan Semi’s founder said that increased demand will require additional chip fabrication plants. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">The chip list should include: ASML, TSM, NVDA, LRCX, SMCI, AVGO, MRVL, AMAT, and AMD. If this <span style="background: white;">tech momentum continues, we have SNOW reporting on Wednesday – and if it's impressive then it could soar. I may buy an out-of-the-money CALL spread on SNOW tomorrow.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Ahead of the GDP data on Wednesday and the PCE inflation data on Thursday, the Kansas City FED President Schmid is advocating for patience on cutting rates – citing above target inflation and a <i>hot </i>job market. He said that further disinflation would need to come from services, and wage growth would need to moderate. Anything attached to bitcoin has gone parabolic so watch: MARA, RIOT, MSTR, and COIN.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Bitcoin touched $64,990, and then the crypto exchange </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Coinbase crashed. In a matter of 15 minutes, Bitcoin went from $64.99k to $59k – losing $100B. Let’s</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> see MARA’s (a Bitcoin miner) earnings numbers tonight – in order to see which way the train is moving in the morning.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The big news is that the PCE inflation numbers came in <i>FED friendly </i>– and the market loved it. Spending was lower than they feared, and the core prices came in at estimates. </span><span style="font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2 stocks = 20% of the Nasdaq 100, and 7 stocks = ~50% of that same index.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">5 stocks = 23% of the S&P 500, and 10 stocks = ~30% of that same index.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">When you see the S&Ps gain 26-points, don't think that a lot of the S&P stocks had a decent day. Nope, reality tells us that less than 25 stocks had a great day, and the rest were flat or red. It’s not healthy to have a handful of the most powerful corporations in the world – dictating an entire market.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Moments…<o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1027" style="height: 183pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></i></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhovD76MJiCRb4dxekro9eZJr-zoQ0w7DwUtDv0nKrTOYnXif8TKuctNnySNEa_AYZDDf7LRdw9-CDRpEpwKAjW5lkbpVM7kS8ozdUsYWuAtEl4DJX-vhI1HUazV2Wg3ZKx8Vo-jyN39PvjJCYLYsokG1Iz5v8RRuvomXUPaKCBRqBHNFY9K9L2SPnVfv2Q/s922/Mar3_GOOGL_2X_EM_Lower_Week_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="426" data-original-width="922" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhovD76MJiCRb4dxekro9eZJr-zoQ0w7DwUtDv0nKrTOYnXif8TKuctNnySNEa_AYZDDf7LRdw9-CDRpEpwKAjW5lkbpVM7kS8ozdUsYWuAtEl4DJX-vhI1HUazV2Wg3ZKx8Vo-jyN39PvjJCYLYsokG1Iz5v8RRuvomXUPaKCBRqBHNFY9K9L2SPnVfv2Q/w640-h296/Mar3_GOOGL_2X_EM_Lower_Week_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b><i>Why are so many people buying Bitcoin right now? </i></b> It could be as easy as: institutions wanting to make money, and now that they can buy the best performing asset over the last 15 years – they are going to buy as much as they can. I’m also wondering if people are buying bitcoin as an inflation hedge – because we all see inflation coming back. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">In 2020,<span class="apple-converted-space"> </span>Paul Tudor Jones and Stanley Druckenmiller went on CNBC and said: <i>“Inflation is Coming! We’re buying bitcoin because it will be the fastest horse in an inflation-based economy.”</i> Their prediction was <i>spot-on. </i>Bitcoin’s price was around $8,000 during the summer of 2020 and inflation was under 2%. By March 2021 (less than 1 year later) bitcoin was trading at $64,000.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Currently our FED has worked tirelessly to get inflation under control. But as inflation ticks higher, spot Bitcoin ETFs give more capital the option to invest in bitcoin than at any other time in history.<span class="apple-converted-space"> Bitcoin analyst <i>‘Checkmate’ </i>explained:</span> “<em>The current rally is different than in 2021. In 2021, it was the levered longs that were getting wiped out. Now, it’s short-sellers that continue to bet against the prevailing uptrend, that are getting liquidated as a result.</em>” <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Will Clemente wrote this week: “<i>A<em>nyone that’s bought a Bitcoin ETF is now up at least 15%, as it trades just 25% away from price discovery. Any group waiting to see whether the spot Bitcoin ETFs will have an impact – will soon become a momentum buyer – then the all-time-high breakout buyers will follow. It’s just human nature.”</em></i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Top 4 Tips:</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="background: yellow; font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #1: MATIC (Buy @ $1 … Sell @ $8)<o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="background: yellow; font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #2: ETH (Buy – Buy – Buy)<o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="background: yellow; font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #3: BTC (Buy … Demand > Supply)<o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #4: LINK (Buy @ $20 … Sell @ $70)</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">When the Selling Starts…<o:p></o:p></span></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1026" style="height: 187pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhONPenx2CFRr_E0z7cKGB1xejfvUdz_v85qqDyQ9MyinogJQvVzCAaR95x7io5PhP6nOhUjT0M0FpXmamJ8DqRVJUr-_HxPwPTx7mCx3I2-EpF-fV_fFV3BjTrrN47nEezpTRd5CfaNPSccWARkfStL-QnRX3DwsLJ2jm8XzWOLgTYaF2XO0ugSTqH-9rm/s910/Mar3_CL_Oil_Catching_a_Bid_is_Inflationary_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="430" data-original-width="910" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhONPenx2CFRr_E0z7cKGB1xejfvUdz_v85qqDyQ9MyinogJQvVzCAaR95x7io5PhP6nOhUjT0M0FpXmamJ8DqRVJUr-_HxPwPTx7mCx3I2-EpF-fV_fFV3BjTrrN47nEezpTRd5CfaNPSccWARkfStL-QnRX3DwsLJ2jm8XzWOLgTYaF2XO0ugSTqH-9rm/w640-h302/Mar3_CL_Oil_Catching_a_Bid_is_Inflationary_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">What’s holding markets together? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">While you don’t want to get too fixated on seasonality, but the playbook for the year is: <i>UP</i> in Jan/Feb, <i>DOWN </i>in Mar/Apr, and then <i>WOBBLY UP </i>for the rest of this election year. Markets tend to be the ultimate bandwagon, and that’s dangerous because without a correction – risk continues to move higher. It doesn’t take long for one big, definitive sell order… to be followed by tens of millions of others. After all, this week both Google and Apple moved twice their <i>expected move </i>lower – leaving only Amazon, Meta, and Nvidia to keep the market from breaking apart. <b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Dow vs S&P vs Nasdaq: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Speaking of valuations, while the Mag 5 are chasing the summit, small and mid-cap stocks are still cheap – at least on a relative basis. One market bull case calls for a generation rotation and <i>catch-up </i>into small and mid-cap stocks. But currently we’re working the other way as just 5 companies make up ~25% of the S&Ps $43T market cap. Over the past 30-days, even the DOW has been relatively flat when compared to the QQQ and the SPY – that have moved appreciably higher. Therefore, any trading momentum is missing outside of the Mag 5 stocks (MSFT, AAPL, NVDA, AMZN, and META). <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">An Energy / Oil bid is inflationary…. </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> I’m not promoting buying energy stocks just yet, but I wouldn’t count them out. The oil and energy sectors are both catching a bid right now, but that is awfully inflationary (oil is ~$80/barrel). <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Because 5 Companies are 25% of a $43T S&P500… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">realize that where Microsoft, Apple, Nvidia, Amazon, and Meta go – so goes the market. <b><span style="background: yellow;">Tip #5: </span></b><span style="background: yellow;">Therefore, use <i>Defined Risk </i>trades as you trade directionally – <i>CALL or PUT spreads for example</i></span>. The market has effectively lost its grip on reality with everybody turning their investment firepower toward a handful of products. <b><span style="background: yellow;">Tip #6: </span></b><span style="background: yellow;">This reinforces the Bitcoin ETF popularity – buy it if only as a <i>hedge </i>against the general, marketplace craziness.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week: EM = $64 … and we finished inside the EM.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: EM = $65 … but we have a lot more economic data being released. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1025" style="height: 163pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivJLWAYZEi9STIgr-the2cC6aKtUhr-WQRKzBF3MB7XPOUXb2kG0NHcI3TYJcpsn1w5ZxsVoGjvKY05uoKA_fp4NA2JBmPvGggeLeTfV2UJmv1OXWiXoBt_i_HmZ1l6cb1ccCnd1fqu6L2_y8WUL3XX5DRuDq8qsMrHZ-hN2Qx5ogj-xy-xZY_zYHCtmWy/s1243/Mar3_Indexes_DOW_flat_for_past_30_days_vs_QQQ_SPY_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="510" data-original-width="1243" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivJLWAYZEi9STIgr-the2cC6aKtUhr-WQRKzBF3MB7XPOUXb2kG0NHcI3TYJcpsn1w5ZxsVoGjvKY05uoKA_fp4NA2JBmPvGggeLeTfV2UJmv1OXWiXoBt_i_HmZ1l6cb1ccCnd1fqu6L2_y8WUL3XX5DRuDq8qsMrHZ-hN2Qx5ogj-xy-xZY_zYHCtmWy/w640-h262/Mar3_Indexes_DOW_flat_for_past_30_days_vs_QQQ_SPY_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2090/oz. & Silver @ $23/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $63,400 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = 3,450 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $21 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($27 / in at $12)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold April $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($205 / in at $125)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DECK – Deckers ($903 / in at $882)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DKFG - DraftKings ($43.5 / in at $41.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**IBIT – Blackrock’s BTC ETF ($36 / in at $24)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">INDA – India ETF ($52 / in at $50)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">BOT Nov, +$53 / -$55 CALL Spread<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MC – LVMH ($54 / in at $57)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">META – Meta ($502 / in at $458)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Bitcoin Mining ($14.4 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold April $20 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MATIC – Polygon ($1.07 / in at $0.94)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sell it when it gets to $8 / share</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">BOT Protection <i>(Just-In-Case)</i>:<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the AAPL Mar, +$175 / -$170 PUT Spread,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the IGV Mar, +$400 / -$395 PUT Spread,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the QQQ Mar, +$410 / -$405 PUT Spread, and<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the XLK Mar, +$190 / -$185 PUT Spread.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware</span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com</span></i></a><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span style="font-family: Arial, sans-serif;"> </span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:418865159;
mso-list-type:hybrid;
mso-list-template-ids:-1791881504 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l0:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l0:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l0:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1
{mso-list-id:722943625;
mso-list-type:hybrid;
mso-list-template-ids:-2097763030 -1628539010 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"lft-etica-web",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:817578720;
mso-list-type:hybrid;
mso-list-template-ids:-1827789986 -532794634 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Helvetica;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-79103982547462615032024-02-25T07:23:00.000-08:002024-02-25T07:23:09.921-08:00This Week in Barrons: February 25th, 2024<div class="separator" style="clear: both; text-align: center;"><a href=" https://youtu.be/ML3qYHWRIZk?feature=shared" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="939" data-original-width="1896" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidGqsvHcKoZrFbEexVmliTK3h62Kc_Jcxmpj1xlxeSCClQ01ThnihW2WW6xvUtAqLuL1SXvQONKJoPrJ63CfEjV9ytJaFiLPPFUDNjtgbbAbdyu-S1Qxfhv_kFc2_XsPL_YALQDSzECtG0OZvtXBUH-g7IWhfdfa6Mx5u78TTZFZQTQBNR1G9rk5BK0eLk/w540-h266/Feb25_NewsRoom_Jeff_Daniels_Trade_wWords.jpg" width="540" /></a></div><p><span style="font-family: Arial, sans-serif; font-size: medium;"><a href="https://youtu.be/ML3qYHWRIZk?feature=shared">https://youtu.be/ML3qYHWRIZk?feature=shared</a></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Presidents Day…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> got me thinking about the <i>job description </i>for the U.S. President. After all, we’re the wealthiest and strongest country in the world; therefore, our leader should be nothing less than: young, smart, articulate, genuine, humble, innovative, compassionate, an objective thinker, and a strong businessperson. The good news is that our country’s foundation is built to survive no matter who<i> </i>is at the helm<i>, </i>but as Will McAvoy will tell you: </span><a href="https://youtu.be/ML3qYHWRIZk?feature=shared"><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">“I remember an </span></i><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">America where… </span></i></a><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></i></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">We stood up for what was right.</span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">We sacrificed, cared about our neighbors, and never beat our chest. <o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">We made ungodly technological advances, explored the universe, cured diseases, and cultivated the world's greatest artists along with the world's greatest economy.<o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">We aspired to intelligence; we didn't belittle it. <o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">We didn't identify ourselves by who we voted for in the last election. <o:p></o:p></span></i></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: rgb(252, 252, 252); font-family: Arial, sans-serif; font-size: 14pt;">And, we didn't scare so easily”… Aaron Sorkin<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><span style="font-family: ArialMT, serif; font-size: 14pt;">When architects show off their work</span></b><span style="font-family: ArialMT, serif; font-size: 14pt;">… the public sees tall spires, an innovative use of glass, and that weird hole in the center of the building. Per Seth G: When a car company displays a concept car – it’s the headlights and/or the door handles that catch our attention. Unfortunately, the building functions to serve the people working inside of it, and the driver of the car can’t see the headlights or the door handles. <i>Yes, gimmicks are memorable, but try and remember – they’re just gimmicks.</i><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://youtu.be/4KDSyLT9qKc?feature=shared" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="1429" data-original-width="2439" height="374" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisHhWMRLt1HkRjai-v5anjq-IKQfuprkR9kphPIz58RvKlYLVWtfYrX-OR1Vi6JJ2rTf5ol1uIig2Mgw33F12IbDLSzgvnfCr1DP6zsKTNeUMv0gwYqanI9YMB3blaY_FUq1nSGxhx8j4lNpj9wGsMGB2B6twKeddy8FrIJuxJT5HgdMSsjxnHjvd9uAn1/w640-h374/Feb25_NewsRoom_Olivia_Munn_GreaterFool_NVDA_wWords.jpg" width="640" /></a></i></b></div><b><i><br /></i></b><p></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1031" style="height: 231pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><a href="https://youtu.be/4KDSyLT9qKc?feature=shared"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">https://youtu.be/4KDSyLT9qKc?feature=shared</span></i></a><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://youtu.be/4KDSyLT9qKc?feature=shared"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“A Greater Fool is someone with the perfect blend of…</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></a><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> self-delusion and ego, who thinks that he can succeed where others have failed. This whole country was made by Greater Fools.” </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Can you imagine being one of the people that advised Jensen Huang (CEO of Nvidia) against pursuing his development of the ‘AI chip’. I humbly say: <i>Thank You </i>to Jensen Huang and to <i>ALL</i> of the other <i>Greater Fools / Entrepreneurs </i>out there.<i><o:p></o:p></i></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our FED has backed themselves into a corner.</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> They told the market that the interest rate hikes are done, and that the fight against inflation was almost won. They told us to be prepared for multiple interest rate cuts in 2024. It would be unfortunate if inflation remained sticky, and our FED had to change their mind. I’m not yet thinking that our FED is going to raise interest rates, but I do believe that there is a chance. Now, that spells both opportunity and disaster – depending upon how you are positioned. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Keep your eye on the inflation data, and start thinking about how our FED may respond if/when the <i>real </i>data gets worse.</span><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1030" style="height: 222pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE2zvE-4hQUrex0OuMlcbFdJu3TFCRQxwJeq3RUgzgPOBvESKAQ1AF5MiFk0o5A-MmZrbiUjU2fMWwSlfJF3GcanvtyFsGPgOE9UIYt1kOs9y0uVSh4T70pC47GnXMHnhLLD2lSKUcaubQMg7Ux_bplIjxIN6sFef5tMW3vstA5LwnXKcyqdAIHd0XTLti/s1680/Feb25_NUE_Nucor_Long_Calls_Jan_25_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="940" data-original-width="1680" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE2zvE-4hQUrex0OuMlcbFdJu3TFCRQxwJeq3RUgzgPOBvESKAQ1AF5MiFk0o5A-MmZrbiUjU2fMWwSlfJF3GcanvtyFsGPgOE9UIYt1kOs9y0uVSh4T70pC47GnXMHnhLLD2lSKUcaubQMg7Ux_bplIjxIN6sFef5tMW3vstA5LwnXKcyqdAIHd0XTLti/w640-h358/Feb25_NUE_Nucor_Long_Calls_Jan_25_wWords.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The U.S. Conference Board’s Leading Economic Index…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> fell for the 22nd consecutive month in January. <i>What me worry?</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Capital One will acquire Discover Financial Services…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">in a $35B all-stock deal – creating </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">America’s largest credit-card lender.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Walmart </span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">will acquire smart TV maker Vizio…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> for $2.3B in cash, and will use their distribution (and customer data) to help fuel its advertising opportunity. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Supreme Court Justice Thomas </span></i></strong><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">is complaining…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> that he’s not making enough money. So, John Oliver offered Justice Thomas $1 million dollars a year to resign – not a joke. <i>Nothing like ‘put up or shut up’ Clarence!</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Nvidia saw record Q4 revenue…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> that was up +22% from the previous quarter, and +265% YoY. They hit $2T in <span style="background: white;">market cap, marking yet another high data-point in Wall Street's lust<span class="apple-converted-space"> </span>for all things AI.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FED minutes emphasized that no rate cuts will occur… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">until they see (with greater confidence) that inflation is receding.<span class="apple-converted-space"><i><o:p></o:p></i></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Russian oil exports…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> are at pre-Ukrainian invasion levels. It seems that China, India, and Turkey will gladly buy that excess Russian oil – as the rest of the world tries to grab the moral high ground.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Reddit files for an IPO</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">…</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> showing $804m in revenues, and -$91m in net income losses for 2023. Maybe they shouldn’t have paid their CEO </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">$193m in 2023.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Google is rolling out small language models (SLMs)…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> using their Gemma AI engine. So instead of focusing on B2C, G<em><span style="font-style: normal;">oogle is building a marketplace that will end up with businesses paying big bucks to use more of the Google Cloud, as developers invent new Gemma applications.</span></em><i><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1029" style="height: 215pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdCR6l_TZimGCfDZLCqM_b1MbqFNCekdRm1OY_12mVAxXiKGN5kzphKjvpqfmKGLbM82_bRa37lTj5RnswyFfwefKxvrLU5NZvON-4bgGCkH9THf_JbCvgQWzFYm7vImkQHPqGH6ul3JR-DU4fcH3ePE2Ws9eF2cSFfy4fyWpCk85SPXEh_p-3W1TaSLGk/s1954/Feb25_Global_Bullish_ATHs_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1060" data-original-width="1954" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdCR6l_TZimGCfDZLCqM_b1MbqFNCekdRm1OY_12mVAxXiKGN5kzphKjvpqfmKGLbM82_bRa37lTj5RnswyFfwefKxvrLU5NZvON-4bgGCkH9THf_JbCvgQWzFYm7vImkQHPqGH6ul3JR-DU4fcH3ePE2Ws9eF2cSFfy4fyWpCk85SPXEh_p-3W1TaSLGk/w640-h348/Feb25_Global_Bullish_ATHs_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #0a0b0d; font-family: "lft-etica-web",serif; font-size: 14.0pt; mso-bidi-font-family: lft-etica-web; mso-fareast-font-family: lft-etica-web;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="color: #0a0b0d; font-family: "Helvetica Neue"; font-size: 14pt;">ETH hit $3,000 for the first time since 2022...</span></i></strong><span class="apple-converted-space"><b><span style="color: #0a0b0d; font-family: "Helvetica Neue"; font-size: 14pt;"> </span></b></span><span class="apple-converted-space"><span style="color: #0a0b0d; font-family: "Helvetica Neue"; font-size: 14pt;">as o</span></span><span style="color: #0a0b0d; font-family: "Helvetica Neue"; font-size: 14pt;">ptimism over spot ETFs and </span><span style="color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;">blockchain upgrades fueled the rally.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "lft-etica-web",serif; font-size: 14.0pt; mso-bidi-font-family: lft-etica-web; mso-fareast-font-family: lft-etica-web;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">$2.5B moved into spot BTC ETFs</span></i></b><b><i><span style="background: white; color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;"> last week</span></i></b><i><span style="background: white; color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;">…</span></i><span style="background: white; color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;"> setting a new record.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "lft-etica-web",serif; font-size: 14.0pt; mso-bidi-font-family: lft-etica-web; mso-fareast-font-family: lft-etica-web;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;">27% of Californians own digital assets…</span></i></b><b><span style="background: white; color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; color: #0a0b0d; font-family: Arial, sans-serif; font-size: 14pt;">and 80% of those – say that they do not trust our existing financial system. </span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Bankruptcy Court has ruled that FTX can sell its stake in<span class="apple-converted-space"> </span></span></i></b><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Anthropic…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> a hot AI startup developing more rigorous LLMs.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Riley R: Uniswap jumped 60%... </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">on its proposal to reward token holders. </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">UNI’s price shot up like it just got a Red Bull sponsorship, and its leaders could be heard saying: <i>“We’re not just a DEX; we’re a drama worth investing in.” </i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1028" style="height: 234pt; visibility: visible; width: 467pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIaajXTvZR0SZdSqKjNcOrBjI1xWVpBlKIRgBwMwobd1vpamXhAN3cYUM8kV_r6cpfF5J4Yr6ufVME83DnI9sZW4syEhsLQtzAhmI4srhV3O5VpZoF46JM52UGrHevqffCpeiasU1ap6U8rkRQKn5pWNQPqyh3dsfUVdLF0pso_fZ6NkDhG0x3u818x7uJ/s4325/Feb25_MeanGirls_2024_Learning_no_Teach_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2164" data-original-width="4325" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIaajXTvZR0SZdSqKjNcOrBjI1xWVpBlKIRgBwMwobd1vpamXhAN3cYUM8kV_r6cpfF5J4Yr6ufVME83DnI9sZW4syEhsLQtzAhmI4srhV3O5VpZoF46JM52UGrHevqffCpeiasU1ap6U8rkRQKn5pWNQPqyh3dsfUVdLF0pso_fZ6NkDhG0x3u818x7uJ/w640-h320/Feb25_MeanGirls_2024_Learning_no_Teach_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Today, tech is being sold. So, e</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">ither we’re seeing the greatest set up for a tech romp higher, OR markets think that NVDA's bar is so high it would have to be the earnings report of a lifetime to move it higher. On the other hand, an old stodgy business like WMT is doing really well today – on good earnings. Also, Capital One plans on buying Discover</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> in an all-stock deal that would marry two of the largest credit-card companies in the U.S.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> AMZN will be going into the DOW, replacing Walgreens. One of the ways the markets continue to rise is to <i>fiddle </i>with the indexes. If a company isn't helping take the index higher, they yank that company and replace it with one that can. 58 times they've replaced a DOW stock in favor of another. Under similar logic, </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">UBER is going into the DOW transports index. Today is NVDA earnings after the bell. The slightest hiccup in their report and it will be sold hard. On the other hand, if they do have a stellar number and guide higher – it will take the entire NASDAQ on another wild ride higher.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Nvidia hit a home run with their earnings. But isn’t it concerning that the </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">earnings from <i>one </i>company, have the NASDAQ up +360 and the S&P +64. Welcome to 1999 Part Deux. But the volatility swings are getting wider. I’m liking the strength in the industrials – specifically the steel company Nucor (NUE). Per J.C. Parets: Nucor is a $45B steel company that hasn’t rolled over, and has inexpensive volatility. NUE is currently $190 with a $46 expected move. <b><span style="background: yellow;">Tip #2: </span></b><span style="background: yellow;">Pick up the NUE Jan, 2025: +$230 / -$240 Call Spread for ~$2</span> – which should balance risk/reward in your favor. <b><span style="background: yellow;">Tip #3: </span></b><span style="background: yellow;">The same concept applies to INDA: Buy the Nov, 2024: +$55 / -$60 Call Spread for ~$1.15.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Watch </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">HPQ as it’s been trying to get over its 200-day for more than a week. It could be a good trade on Monday.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Moments…<o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1027" style="height: 218pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjymc_4Fy5CO6jkvw-tXg-G0u81FGuLQmQf9M7TemADLB-FhTuGkoAu3Tg9WmUWJQJqEAFqP1GOel08t5IEm3AB3Zk3yP7coxa6lXeqTHoIY5SR-f1fzJYc8QKUolIteVhyphenhyphen1QlHk28R71U5VVkaLOEViPUyCwoBQweDDunfsL-8capOitcAf0eqALrZu_Og/s1914/Feb25_Tech_Compare_Chart_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1054" data-original-width="1914" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjymc_4Fy5CO6jkvw-tXg-G0u81FGuLQmQf9M7TemADLB-FhTuGkoAu3Tg9WmUWJQJqEAFqP1GOel08t5IEm3AB3Zk3yP7coxa6lXeqTHoIY5SR-f1fzJYc8QKUolIteVhyphenhyphen1QlHk28R71U5VVkaLOEViPUyCwoBQweDDunfsL-8capOitcAf0eqALrZu_Og/w640-h352/Feb25_Tech_Compare_Chart_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Odyssey… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">launched from a SpaceX<span class="apple-converted-space"> </span>rocket, is the first commercial, private vehicle to make a lunar landing. It was engineered by Intuitive Machines – a company that just went public just last year.<span class="apple-converted-space"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> It <span style="background: white;">carried 12 gov’t and commercial science projects, 125 moon-inspired Jeff Koons sculptures, and some insulated clothing from Columbia Sportswear. NASA backed the mission with a $118m contract, and has shifted the burden of getting us back on the moon and beyond – to the private sector.</span></span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">If you’re looking for AI / Crypto Tokens, </span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">stand-in-line for:</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="background: yellow; font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #4: SingularityNet (AGIX)… +135% YTD,<i><o:p></o:p></i></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Render (RNDR)… +67% YTD,</span></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Fetch.ai (FET)… +59% YTD,</span></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Akash Network (AKT)… +60% YTD, and</span></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Ocean Protocol (OCEAN)… +48% YTD.</span></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Top 2:</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">ETH (Buy – Buy – Buy)<o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: lft-etica-web, serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">MATIC (Buy @ $1 … Sell @ $8)<o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">This Market == a 1-Trick Pony<o:p></o:p></span></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><span style="font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1026" style="height: 201pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span><span style="font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt-jckUDtVs3BBoGwYHFLug3SM7BxR8q1A1YITaMDLqkwpcie1YS5bGOhLBw5BvaVEMr7o03bwxBZQPVcpBvP-rC2r_HqRD88LQ1txRJJz0rRTZILzscGPq-hGE6R9TdeHu2HGpS-DMhHoRM0AOs2s4nYnq2H1CEa8v7OSXK2gvnsXFHO9kJlRS7mo2JrV/s962/Feb25_NVDA_Dispersion_Trade_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="489" data-original-width="962" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt-jckUDtVs3BBoGwYHFLug3SM7BxR8q1A1YITaMDLqkwpcie1YS5bGOhLBw5BvaVEMr7o03bwxBZQPVcpBvP-rC2r_HqRD88LQ1txRJJz0rRTZILzscGPq-hGE6R9TdeHu2HGpS-DMhHoRM0AOs2s4nYnq2H1CEa8v7OSXK2gvnsXFHO9kJlRS7mo2JrV/w640-h326/Feb25_NVDA_Dispersion_Trade_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Background: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">If you’re one of the 499 other stocks in the S&P that are not named Nvidia – you might as well hang it up. Welcome, look around, and please feel free to buy any stock you want – as long as it’s Nvidia. Buyers only – Sellers not allowed. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">S&P diversification is severely compromised… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and has basically gone the way of your father’s Oldsmobile. The index is more concentrated than ever. The combined weight of the Top 10 stocks is over 32% of the total – which even exceeds the <i>dot com bubble-peak </i>of 25%. Looking below the surface: <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">NVDA is a $2T company with 50% March Volatility – trading 3m daily options contracts, and<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">MSFT is a $3T company with 20% March Vol. – trading only 300k options/day.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Markets are predicting over twice the movement in NVDA as MSFT over the next 30 days.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Investors are drawn toward opportunity and movement, but can you imagine what a $100 to $200 move in an $800 stock like NVDA could do to this marketplace? <i>We are definitely NOT in Kansas anymore!</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Dispersion Trade</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">produced the real action this week<i>. </i>Hedge Funds:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD out-of-the-money CALL Spreads in the S&Ps (SPX), and<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">BOT out-of-the-money CALLs in NVDA – with the proceeds.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">NVDA CALL buying is what drove the NVDA (and the SPX) stock price(s) higher.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Now that NVDA’s impact is much greater on the S&Ps,<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Remember: <i>Markets take the STAIRS up, but take the ELEVATOR down.</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our FED delivered fairly hawkish comments… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">but the S&P 1 (previously the S&P 500) largely shrugged it off, and set the mood by delivering a <i>home-run </i>earnings report. In terms of a rate cut, 30% of economists still believe we will get a rate cut in May, but most aren’t seriously entertaining the notion until at least June. This was no surprise given the <i>hot </i>inflation data we’ve absorbed over the past few weeks.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">We’re at All-Time-Highs, but Volatility has not collapsed? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The VIX (volatility index) has fallen slightly over the past week to settle at 13.72. This suggests that investors are still sleeping with <i>one-eye-open.</i> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM)…<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $67 (4-day week)… before finishing outside the <i>upper-edge </i>of the EM, we tagged the <i>lower-edge</i> earlier in the week. <i>That’s Mr. Toad’s Wild Ride!</i><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: lft-etica-web, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $64 (5-day week)… and I am expecting every dollar of this EM to be used during this coming week. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1025" style="height: 181pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib9s6-utfSlg15DTWDBvuDWvxRoeY4Sdf0oDz_GMTpGav33EgcLFxlmgpU3cRZ7N6cB5ebCvt0ZAKDrXlm0PsH-bFoVX4pFgMrV0vOrtZtnmRF5EHRHxPIea8hUkaleMmiXCicqu46UDV7sKoWma6ihyr8QXc9dgAC_KAkbrGcSi3FKIz1rWDUuDEWDHaW/s935/Feb25_SPX_Tagged_Both_Boundaries_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="429" data-original-width="935" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib9s6-utfSlg15DTWDBvuDWvxRoeY4Sdf0oDz_GMTpGav33EgcLFxlmgpU3cRZ7N6cB5ebCvt0ZAKDrXlm0PsH-bFoVX4pFgMrV0vOrtZtnmRF5EHRHxPIea8hUkaleMmiXCicqu46UDV7sKoWma6ihyr8QXc9dgAC_KAkbrGcSi3FKIz1rWDUuDEWDHaW/w640-h294/Feb25_SPX_Tagged_Both_Boundaries_wWords.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2045/oz. & Silver @ $23/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $51,500 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = 2,950 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $18.45 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($24 / in at $12)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold some Mar. & April $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($165 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DECK – Deckers ($880 / in at $882)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DKFG - DraftKings ($48.5 / in at $41.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">INDA – India ETF ($52 / in at $50)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MC – LVMH ($54 / in at $57)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">META – Meta ($483 / in at $458)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Bitcoin Mining ($14.6 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold some Mar. & April $20 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MATIC – Polygon ($1.03 / in at $0.94)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sell it when it gets to $8 / share</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">BOT Protection <i>(Just-In-Case)</i>:<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the AAPL Mar, +$175 / -$170 PUT Spread,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the IGV Mar, +$400 / -$395 PUT Spread,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the QQQ Mar, +$410 / -$405 PUT Spread, and<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #343434; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT the XLK Mar, +$190 / -$185 PUT Spread.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!</span></i><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com</span></i></a><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span style="font-family: Arial, sans-serif;"> </span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:722943625;
mso-list-type:hybrid;
mso-list-template-ids:-2097763030 -1628539010 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"lft-etica-web",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-53031739826531033382024-02-18T08:30:00.000-08:002024-02-18T08:30:17.316-08:00This Week in Barrons: February 18th, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://www.youtube.com/watch?v=P3vil-dfKFc" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="1858" data-original-width="2740" height="381" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwpCiyvVA4v5wfn3_H3b_JQwnj5INYxNI8RXLOJAqTXlS40vt_22cPoPtE4SK3doKc1BLx-xzXRRoi-RpCatu6IW4PqRay1UZsJuS_efOZcrX6u4Hb51suxNT1exlPKTeQNdV4R1eqe3OTJl86hEhJN7-3xvEJA5qEdKuHB1il24kwRMdWzTSSFH5Z4eej/w562-h381/Feb18_Jack_Reacher_Trust_NoOne_wWords.jpg" width="562" /></a></div><p><b style="font-family: "Times New Roman", serif;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <a href="https://www.youtube.com/watch?v=P3vil-dfKFc" target="_blank">“Trust, but Verify” … Click Here</a></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">‘Trust me … Here’s how to grow your company’…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Per Howard L: Combining a Zero Interest Rate Policy and the Social / Mobile Web era of 2010-2021 simply produced an interesting recipe for entrepreneurial failure. The real <i>growth formula </i>remains product / market fit. In the previous decade, the <i>distraction </i>was free money and an over-abundance of mis-priced social / mobile startups that simply <i>talked-the-talk. </i>Sales and Marketing will be the next set of required skills. Both will be more expensive and time consuming than anticipated, but will grow stronger companies.<b><i> </i></b>The right product / market fit <i>(cheaper-faster-better) </i>+ the right cap table == the best <i>growth formula </i>for success.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">‘Trust me … Watching <> Doing’…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Art Collector said to the Artist: “I’ve never seen you paint.”<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Artist responded: “Neither have I.”<i> </i>[paused and said] <i>“</i>Look, I can’t do your job, and you sure as heck can’t do mine - because<i> Watching is a lot different than Doing.</i>”<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1031" style="height: 231pt; visibility: visible; width: 395pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon and many other companies went from investing heavily in reliability, trust, and fairness – to taking persistent and deliberate steps in trading those qualities for </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_jvwEZdfJQ5O9g0vNj7mfb05KVhaDSGEkz8rEaS-LMNwAVO5ljx6YIMaQTlT2g2KF3rwygldArRmQwOCZGjrZs2D__0uiHAIy20ou4jjDb_5zlUm8CAPGQcSTT9bpByL-Bn0Lf6ChJ6IpWGqtZ345FJ9Uurp8T5C_2JfRTXkxeQFpd-TZt2Q_IF2TUAyo/s2576/Feb18_Trust_but_Verify_WeTrustLess_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1504" data-original-width="2576" height="374" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_jvwEZdfJQ5O9g0vNj7mfb05KVhaDSGEkz8rEaS-LMNwAVO5ljx6YIMaQTlT2g2KF3rwygldArRmQwOCZGjrZs2D__0uiHAIy20ou4jjDb_5zlUm8CAPGQcSTT9bpByL-Bn0Lf6ChJ6IpWGqtZ345FJ9Uurp8T5C_2JfRTXkxeQFpd-TZt2Q_IF2TUAyo/w640-h374/Feb18_Trust_but_Verify_WeTrustLess_wWords.jpg" width="640" /></a></div><br /><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon and many other companies went from investing heavily in reliability,, trust, and fairness - to taking persistent and deliberate steps in trading those qualities for quarterly results. Per Seth G: They intentionally decided that their customer’s confidence was not worth as much as the shortcuts they took to increase profits. Two things:<o:p></o:p></span><p></p><p class="MsoListParagraphCxSpFirst" style="background: white; mso-list: l5 level1 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">First: Once you burn <i>trust</i>, it’s almost impossible to earn back.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; margin-left: 1.0in; mso-add-space: auto; mso-list: l5 level2 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Trust</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> is an <i>opportunity </i>of a lifetime. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; margin-left: 1.0in; mso-add-space: auto; mso-list: l5 level2 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Trust</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> means that you’ve finally earned the <i>‘benefit of the doubt’. </i><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Second: Nobody is out there fighting to become the: <b><i>Low-Trust Provider.</i></b></span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_22" o:spid="_x0000_i1030" style="height: 238pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlR4dF6lYZj5BnIRmpyN0QusmyTBNByjWB7uN41Q9apmVyD9f8eZnUcMbDqFJBR5iETQKMWSjTqdw9pyGoiDoMwZhOF_Ie5z-MJQjGQoVD2PALWlTItolraBHW_jkYsOzPQhQBPtW2FExc0n3RfDUCOnajEdtPeBrKhrW8Uq_8UwslOwWO5k521JVR394u/s1948/Feb18_Election_Years_Worse_tyan_Regular_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1168" data-original-width="1948" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlR4dF6lYZj5BnIRmpyN0QusmyTBNByjWB7uN41Q9apmVyD9f8eZnUcMbDqFJBR5iETQKMWSjTqdw9pyGoiDoMwZhOF_Ie5z-MJQjGQoVD2PALWlTItolraBHW_jkYsOzPQhQBPtW2FExc0n3RfDUCOnajEdtPeBrKhrW8Uq_8UwslOwWO5k521JVR394u/w640-h384/Feb18_Election_Years_Worse_tyan_Regular_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #000e4b; font-family: Arial, sans-serif; font-size: 14pt;">Super Bowl LVIII reached 123m U.S. viewers</span></i></b><b><span style="color: #000e4b; font-family: Arial, sans-serif; font-size: 14pt;">… </span></b><span style="color: #000e4b; font-family: Arial, sans-serif; font-size: 14pt;">ahead of last year’s 115m.<b> </b>It</span><span class="mso-font-fix-arial"><span style="font-family: "Helvetica Neue"; font-size: 14pt;"> brought 882 private jets into Las Vegas, and boosted Usher’s streams by ~550%. </span></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Inflation rose 0.3% MoM and 3.1% YoY…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> topping the 0.2% and 2.9% Wall Street had expected.</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Core consumer prices (X-Food and Energy) </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">rose 0.4% MoM and 3.9% YoY.</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Shelter increased 0.6% MoM and 6% YoY.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Japan and the UK officially entered into a recession… </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as Japan slipped into fourth place behind Germany on the list of the world's largest economies.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">60% of Americans are uncomfortable</span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">… with the small amount of emergency savings that they have. <strong><span style="font-weight: normal;">22% have NO savings at all.</span></strong><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“I remember you…” </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">OpenAI’s ChatGPT now has memory to help personalize its responses.</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> ChatGPT will remember your past conversations, and will now respond differently to different people when they ask the same question. <i>Wow!</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">OpenAI </span></strong><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">just released a new model</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… that can<span class="apple-converted-space"> generate 1080pm videos from text – rendering video games in the <i>blink-of-an-eye.</i></span></span><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Co-Pilot - Microsoft's AI assistant… </span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">“Is a mess and not anywhere close to adding value,”</span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> said Andreessen Horowitz partner Guido Appenzeller.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">OpenAI is developing a search engine. </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">I remember Google laughing-out-loud after being told that their future competition was a small company that they never heard of.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1029" style="height: 202pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4SSwSPiNdq_HRdq4f-g01PdbgGi5jpsZwIPeAVSfdQ9YBxADQYf5YreVG6DGNTli5BvCVLO99Uwx4oyQUZgR88L8eMzyTF12-he_Cl4xsaaTTwrEnQYmQsM8ZKt0cVlLtuOu8n2s52JO03SP7ZMZ80Jdy0E6hypToL6CfAuO8DRPENdeexnV8Bq9jyPy8/s2022/Feb18_HODL_Me_VDay_Prompts_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1032" data-original-width="2022" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4SSwSPiNdq_HRdq4f-g01PdbgGi5jpsZwIPeAVSfdQ9YBxADQYf5YreVG6DGNTli5BvCVLO99Uwx4oyQUZgR88L8eMzyTF12-he_Cl4xsaaTTwrEnQYmQsM8ZKt0cVlLtuOu8n2s52JO03SP7ZMZ80Jdy0E6hypToL6CfAuO8DRPENdeexnV8Bq9jyPy8/w640-h326/Feb18_HODL_Me_VDay_Prompts_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">With this week’s spot Bitcoin ETF inflows…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> ~90% of bitcoin holders are in the black.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The importance of crypto and decentralized currencies…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> is best understood in Argentina – where inflation is ~200% and crypto is the only safe haven.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Several narratives should bolster crypto this year:</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Wealth managers will start to <span class="apple-converted-space">allocate </span>more funds into the new ETFs,</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin’s next halving is set for April 20, 2024, and </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Innovations like Bitcoin Ordinals are boosting on-chain activity.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Q4 Crypto venture investing</span></i></strong><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">… </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> increased 2.5% from the previous quarter. It’s the first time that<span class="apple-converted-space"> </span>it has risen in almost two years.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><h1 style="margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #000e4b; font-family: Arial, sans-serif; font-size: 14pt;">Coinbase returned to profitability… </span></b><span style="color: #000e4b; font-family: Arial, sans-serif; font-size: 14pt;">as revenue grew +50% YoY, and net income produced a +30% margin.</span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></h1><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1028" style="height: 202pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLO_OsYqSibYtBtDOo_rQjiA1mwtYwN3r-bCQXmRmo2qwJI4lDHHOM31jnOSWOAcqxrUJn9kokKaf-4DFssmcVYvyng7gAGZScCXtpSeF0VK30p1sJAecJUNiYC1z1Tx7AVFtsfJ_7Xg7QMa5jGvnmx2kOsqaFzfEDblA9W6-0ezVb_8vdzERybovwyZ9g/s932/Feb18_QQQ_Tech_is_Fading_AI_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="474" data-original-width="932" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLO_OsYqSibYtBtDOo_rQjiA1mwtYwN3r-bCQXmRmo2qwJI4lDHHOM31jnOSWOAcqxrUJn9kokKaf-4DFssmcVYvyng7gAGZScCXtpSeF0VK30p1sJAecJUNiYC1z1Tx7AVFtsfJ_7Xg7QMa5jGvnmx2kOsqaFzfEDblA9W6-0ezVb_8vdzERybovwyZ9g/w640-h326/Feb18_QQQ_Tech_is_Fading_AI_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SLB looks like it wants to bounce from its most recent double bottom. I'll take some over $48.25. With Israel bombing Gaza again, and now Egypt starting to get loud – maybe energy (XLE) will work.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The CPI report hit, and markets turned <i>blood </i>red. The report detailed how: <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">MoM: we</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> expected +0.2% inflation – we got +0.3%, and</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">YoY: we expected +2.9% - we got +3.1%.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">MoM: we expected Core CPI to be +</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">0.3% - we got +0.4%, and</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">YoY: we expected Core CPI to be +3.7% - we got +3.9%.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">In essence, this report told the ‘<i>inflation is coming down crowd’ </i>to wake up and batten down the hatches because prices are NOT coming down any time soon. Is this the <i>pin </i>that causes the air to come out of this market bubble? We're overdue for a major pull down, but this market has weaseled its way around other ugly reports.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">We got a bunch of economic reports. </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Retail sales: estimates were for a decline of -0.2%, but we got -0.8% (x-autos were down -0.6%),<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Initial jobless claims fell to 208k (more hiring),<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Empire State Mfr. Index was expected to be down -15, but it came in down -2.4, <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">And the Philly Fed economic activity was estimated to be down -0.5%, and it actually came in at a +0.8%.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Not many of those numbers were friendly for a FED rate cut, and <span style="background: white;">tomorrow we have the wholesaler’s view of inflation – so I’ll wait to put on any new positions.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">We had a lousy CPI on Tuesday and today the PPI confirmed it. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">Housing starts fell 15% along with new permits declining 1.5%.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">The PPI (wholesale inflation) was supposed to be +0.1% MoM, but came in at +0.3%. Remove food and energy and it got even hotter = +0.5%. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">The talking heads are talking about seasonal adjustments, which tells me none of them buy groceries or <i>Happy Meals.</i> One element that should bother them is the 10-Year Note that is currently ~4.3% and headed higher.<strong><span style="font-weight: normal;"><o:p></o:p></span></strong></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Moments…<o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1027" style="height: 223pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkcNIiHAyjDMCXOcJkp2GaUTfNtAQRVCSnogH9iFLKhlBSzWydloWmf8zMNlz7vy22DN3yW-Mdh7HicLsjPhL2V1JsJc4QOgnKXkjv5MHutSLVTGghb7nTp00GymMixuCmOU1SxgvwPA6nUPdkQ-ZkiRZcX7ptHUXla_lbfhMrA3MlilaCRJvKnqzmpqGY/s1222/Feb18_BTC_Daily_Flows_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="688" data-original-width="1222" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkcNIiHAyjDMCXOcJkp2GaUTfNtAQRVCSnogH9iFLKhlBSzWydloWmf8zMNlz7vy22DN3yW-Mdh7HicLsjPhL2V1JsJc4QOgnKXkjv5MHutSLVTGghb7nTp00GymMixuCmOU1SxgvwPA6nUPdkQ-ZkiRZcX7ptHUXla_lbfhMrA3MlilaCRJvKnqzmpqGY/w640-h360/Feb18_BTC_Daily_Flows_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin Econ. 101… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">starts with noticing how many dollars are flowing into the spot Bitcoin ETFs. Why is that important? According to ‘M’ & Anthony P:<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">There are only 900 new bitcoin being created every day. This means there is currently 13X more demand for bitcoin than new supply.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last week, Fidelity announced that it is putting (1 to 3% of) existing assets-under-management (AUM) from their non-bitcoin funds into their bitcoin fund. So, these new bitcoin spot ETFs will also need to handle professional asset allocators adding bitcoin to their non-bitcoin portfolios for diversification purposes.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">~80% of the current </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">circulating supply of bitcoin has <i>NOT MOVED </i>in the last 6 months. Spot bitcoin ETFs have sucked up ~5% of all bitcoin available for trading in their first 30 days of existence.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Lastly, the daily incoming bitcoin supply will be cut in half (to 450/day) within the next 100 days.<span class="apple-converted-space"> </span><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Econ. 101</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">tells me: when a dramatic demand increase occurs along with a sharp supply decrease – we’re going to experience a price increase (in bitcoin) over the next 3 to 6 months. We saw this setup in 2020 – when bitcoin went up more than 800% to new all-time-highs. I expect a similar outcome within 2024.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Morgan’s Top 3 (or 4):<o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">ETH (BUY – BUY – BUY)… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Never bet against it!<i><o:p></o:p></i></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">COIN (BUY IT)… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">It should own on-chain social. Eventually we could see a COIN x META flippenning.<i><o:p></o:p></i></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">APPLE (SHORT IT)… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Warren B. is selling more than you think.<i><o:p></o:p></i></span></strong></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">META (BUY IT)… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">It has at least another good Quarter of ‘pure profit’ in it.<i><o:p></o:p></i></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">Same Shirt … Different Day<o:p></o:p></span></span></i></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1Y0H4okUuj7okJOWxzdcpwFRvED2mL8r7_CPavWy3vZiRr_-lflnM5nbuE8s13S62FzjhTzYFMN-BpNc1SN_HS7Cj5PCMwYG1FrOmCmLLr69tkzoa_SHeE1gTf6T2BwxlbIKAbFAVFDAFgFgpN7ugybAK77Ki5fSqPD0O9Jm7Qf0iBOK28zKkYZHgGE2E/s930/Feb18_AAPL_Finished_Outside_EM.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="465" data-original-width="930" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1Y0H4okUuj7okJOWxzdcpwFRvED2mL8r7_CPavWy3vZiRr_-lflnM5nbuE8s13S62FzjhTzYFMN-BpNc1SN_HS7Cj5PCMwYG1FrOmCmLLr69tkzoa_SHeE1gTf6T2BwxlbIKAbFAVFDAFgFgpN7ugybAK77Ki5fSqPD0O9Jm7Qf0iBOK28zKkYZHgGE2E/w640-h320/Feb18_AAPL_Finished_Outside_EM.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Background: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">On Tuesday the CPI came in hotter than expected. Markets wanted a weak Consumer Price Index, because they think it will help our FED to start cutting rates sooner. But, despite the hot CPI – the market shrugged it off. On Friday, the PPI also came in hotter than the CPI. The market now had two <i>hotter-than-expected </i>inflation readings, and after the second one – the market closed red across the board. So, will the combo platter of a hot CPI and PPI finally give this market a pause? No market is immune to a correction. Right now, markets have an <i>excuse </i>for a pull back. Two nasty inflation readings just put our FED on hold. A pullback would be HEALTHY. But remember, it’s Nvidia’s (NVDA) market to lose. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tech (AAPL, AMZN, GOOGL, MSFT) is coming under some sell-side pressure… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as they all finished the week to the significant downside, and outside all of their respective <i>expected moves</i>. This is a unique occurrence over the past several weeks. <b><i><span style="background: yellow;">Tip #1: </span></i></b><span style="background: yellow;">The Mag-7 could soon be the Magnificent 1 = Nvidia.</span> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Inverted SKEWS on NVDA could be a sign… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">along with increased PUT buying. <i>Nvidia-Watch:</i> NVDA has earnings after the bell next Wednesday, Feb. 21<sup>st</sup> – making Thursday’s open immediately exciting. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">(a) NVDA has an out-sized $83 (12%) <i>expected move … </i>causing options in both directions to be expensive. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">(b) NVDA is the only stock holding the Tech sector together as all of the other Mag-7 are experiencing significant draw-downs.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">NVDA + Capital Rotations into Energy and Financials… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">are keeping the S&Ps higher. <b><span style="background: yellow;">Tip #2: </span></b><span style="background: yellow;">Watch NVDA on Thursday morning as it will be the <i>‘tell’ </i>for the markets.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $66<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $67 (4-day week) = volatility refuses to retreat.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Trades: </span></b><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">The iShares Software Index Fund (IGV) just got back to its former bull market highs of 2021, but the most important stocks within the index are already rolling over. The IGV index will follow, especially after finally reaching its former highs. With software falling, Apple and Microsoft rolling over, and momentum diverging – the Tech Sector Index (XLK) will be close behind. We can use the same strategy on the Nasdaq100 Index (QQQ) because technology represents over 50% of the Nasdaq100. Therefore purchase some inexpensive protection:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; color: #343434; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial; mso-highlight: yellow;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Tip #3:</span></i></b><b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT – AAPL Mar, +$175 / -$170 PUT Spread for $0.70,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; color: #343434; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial; mso-highlight: yellow;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Tip #4:</span></i></b><b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT – IGV Mar, +$405 / -$400 PUT Spread for $0.50,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; color: #343434; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial; mso-highlight: yellow;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Tip #5:</span></i></b><b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT – XLK Mar, +$190 / -$195 PUT Spread for $0.65, and <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; color: #343434; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial; mso-highlight: yellow;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Tip #5:</span></i></b><b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: yellow; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">BOT – QQQ Mar, +$415 / -$410 PUT Spread for $0.65.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sell each one when they return you a 30% profit.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_20" o:spid="_x0000_i1025" style="height: 193pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBHQEcmq0gsL5aq8ySMYlaO1FJZTwLwOWe-rEy-wuCEsol9ZdX8_gLQq79lcH15L260sKMTnnZBmi4V-rIWhHvAQoUiWFZut5rFAxYmUEpQwOWIEsMADmeLFY6xCrdyg6m91RJOaDa8nnU8a3s1zZrWlTNyxVXAdSLgn8ZNp_yWwECDxpHV_5h3iOEjAQ5/s919/Feb18_NVDA_Gamma_Squeeze_Lower_Maybe_PostEarnings.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="489" data-original-width="919" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBHQEcmq0gsL5aq8ySMYlaO1FJZTwLwOWe-rEy-wuCEsol9ZdX8_gLQq79lcH15L260sKMTnnZBmi4V-rIWhHvAQoUiWFZut5rFAxYmUEpQwOWIEsMADmeLFY6xCrdyg6m91RJOaDa8nnU8a3s1zZrWlTNyxVXAdSLgn8ZNp_yWwECDxpHV_5h3iOEjAQ5/w640-h340/Feb18_NVDA_Gamma_Squeeze_Lower_Maybe_PostEarnings.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> If this market goes South:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo7; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Be prepared for retail traders to move into their favorite non-correlated asset == crypto. Fair warning: crypto could become a <i>crowded trade </i>in a hurry. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo7; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I will sell out of many of my <i>high-beta holdings below – </i>in an instant in order to preserve gains. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2025/oz. & Silver @ $23.5/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $50,900 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = 2,700 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $19.45 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($27 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l6 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold some Mar. & April $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($180 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DKFG - DraftKings ($44.5 / in at $41.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DECK – Deckers ($863 / in at $882)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**HUT – Hut 8 Corp ($10.1 / in at $8.1)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">INDA – India ETF ($51.2 / in at $50)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MC – LVMH ($55.7 / in at $57)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">META – Meta Platforms ($471 / in at $458)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($16.4 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l6 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold some Mar. & April $20 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l6 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($7.7 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com</span></i></a><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span style="font-family: Arial, sans-serif;"> </span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
h1
{mso-style-priority:9;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-link:"Heading 1 Char";
mso-style-next:Normal;
margin-top:12.0pt;
margin-right:0in;
margin-bottom:0in;
margin-left:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan lines-together;
page-break-after:avoid;
mso-outline-level:1;
font-size:16.0pt;
font-family:"Calibri Light",sans-serif;
mso-ascii-font-family:"Calibri Light";
mso-ascii-theme-font:major-latin;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:major-fareast;
mso-hansi-font-family:"Calibri Light";
mso-hansi-theme-font:major-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:major-bidi;
color:#2F5496;
mso-themecolor:accent1;
mso-themeshade:191;
mso-font-kerning:0pt;
font-weight:normal;}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.Heading1Char
{mso-style-name:"Heading 1 Char";
mso-style-priority:9;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:"Heading 1";
mso-ansi-font-size:16.0pt;
mso-bidi-font-size:16.0pt;
font-family:"Calibri Light",sans-serif;
mso-ascii-font-family:"Calibri Light";
mso-ascii-theme-font:major-latin;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:major-fareast;
mso-hansi-font-family:"Calibri Light";
mso-hansi-theme-font:major-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:major-bidi;
color:#2F5496;
mso-themecolor:accent1;
mso-themeshade:191;}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
span.mso-font-fix-arial
{mso-style-name:mso-font-fix-arial;
mso-style-unhide:no;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:168762869;
mso-list-type:hybrid;
mso-list-template-ids:1352926876 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l0:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l0:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l0:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1
{mso-list-id:395278317;
mso-list-type:hybrid;
mso-list-template-ids:-1518150044 -185043088 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l1:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-weight:bold;}
@list l1:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2
{mso-list-id:961570495;
mso-list-type:hybrid;
mso-list-template-ids:-732917706 -1280311040 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1113283809;
mso-list-type:hybrid;
mso-list-template-ids:-721901838 45361464 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Apple SD Gothic Neo";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4
{mso-list-id:1360542881;
mso-list-type:hybrid;
mso-list-template-ids:972044956 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l4:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l4:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l4:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l4:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l4:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l4:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l4:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l4:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l4:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l5
{mso-list-id:1820536941;
mso-list-type:hybrid;
mso-list-template-ids:376747278 1752328190 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l5:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;}
@list l5:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l5:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l5:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l5:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l5:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l5:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l5:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l5:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l6
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l6:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l6:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l6:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l6:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l6:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l6:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l6:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l6:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l6:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-437491409450925582024-02-11T07:05:00.000-08:002024-02-11T07:05:13.050-08:00This Week in Barrons: February 11th, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7ciRNQbA8DwsZ4GO3EHAJKoC9qMQ0xOeAp23l-b0xJceRrqv1bD9SnU2WH2Pd7f8JwNigAJnnXQEy_KeC8gRzxqQZFAE_IqKtUVB6Jg-pL6W5_0YStpbqjq9JQa-BKnXYhv9gd1DwuzPf1_bS5an-rGzbfrVEAI_H50iQl_l6imumH1sc7er-xn8Ywkxo/s811/Feb11_Remember_Greed_is_Good_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="454" data-original-width="811" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7ciRNQbA8DwsZ4GO3EHAJKoC9qMQ0xOeAp23l-b0xJceRrqv1bD9SnU2WH2Pd7f8JwNigAJnnXQEy_KeC8gRzxqQZFAE_IqKtUVB6Jg-pL6W5_0YStpbqjq9JQa-BKnXYhv9gd1DwuzPf1_bS5an-rGzbfrVEAI_H50iQl_l6imumH1sc7er-xn8Ywkxo/w573-h320/Feb11_Remember_Greed_is_Good_wWords.jpg" width="573" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Our stock market is rewarding Greedy behavior again…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> and that’s <i>not </i>a good, long-term game plan. <i>Greed </i>is <i>not </i>a sustainable model – especially when <i>greed</i> displaces growth and/or innovation. A few red flags for me: <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Our Government is pumping unlimited liquidity into our financial system, which mortgages the consumer’s future for short-term stock market gains. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Reducing any company’s workforce by significant numbers, is usually at the expense of innovation. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Using higher interest rates as an equity buy signal, kicks the corporate can into the next quarter when the coupons come due. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Meta’s CEO Zuck – isn’t winning any altar boy of the year awards. <i>So, why reward someone you wouldn’t be caught eating dinner with?</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Be careful, <i>Gravity </i>has a violent way of dealing with <i>Greed</i>.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">All Customers are NOT created equal… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Seth G: Customers are why we’re here because they pay the bills and are the primary growth driver – but each adds a different value to your organization and journey.<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The customer who spends 100x as much as the average customer is worth considerably more attention and care.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The customer who has feedback that will help you understand how to serve similar customers is worth listening to more closely.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The customer who has influence and status should garner additional attention and care.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s okay to treat customers differently, just figure out what <i>goals-and-bucket </i>they fall into – prior to re-allocating your resources.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:</span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1031" style="height: 182pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy5xtK8ZWPKJani2E4QdbO28bE3Eg5MisQ9x05m6Ea-SoVI-cb9jxIxV8aKgisMXDT8B76c-M9hpuq-xbsmYvVg4c2-EPDiX7JjHXzDIjhQXsQUr_53xLJiUHExJCtq1LFl2bD3hvQsN9a6WfB-iBhncJPLHx3HUhJ6F0VuX69LOFIvCrsWMW-NtI-EzO8/s1785/Feb11_Election_Year_Trends_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="818" data-original-width="1785" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy5xtK8ZWPKJani2E4QdbO28bE3Eg5MisQ9x05m6Ea-SoVI-cb9jxIxV8aKgisMXDT8B76c-M9hpuq-xbsmYvVg4c2-EPDiX7JjHXzDIjhQXsQUr_53xLJiUHExJCtq1LFl2bD3hvQsN9a6WfB-iBhncJPLHx3HUhJ6F0VuX69LOFIvCrsWMW-NtI-EzO8/w640-h294/Feb11_Election_Year_Trends_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">What’s not to like:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The economy and job markets are strong.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Inflation is slowing down.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Corporate earnings are beating estimates.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">There’s $6T sitting in money market funds – awaiting investment opportunities. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">And, it’s an election year – which means more deficit spending. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">There are plenty of catalysts to push the Magnificent-7 stocks higher (MSFT, AAPL, AMZN, NVDA, GOOGL, META, and TSLA) – unfortunately, nobody knows how high.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <span style="background: white;">The current market cap of all Russell 2000 companies is less than that of Microsoft. A market driven by a Mag-7 co-op has its own set of risks – but <i>Don’t fight the tape.</i></span><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">WeWork is back… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and it’s x-CEO Adam Neumann is trying to buy the real-estate company out of bankruptcy. Leaving aside the antics that led to his WeWork firing (drugs, crazy plane flights, and incoherent business plans), he has <i>NOT made a dime </i>for anyone – on any of his previous or current ventures. According to reports, Neumann’s management of <i>Flow</i> (his current apartment-esque venture) doesn’t exude competence as <i>Flow’s </i>properties are draped in cash-flow issues (<i>sound familiar?). </i> I appreciate a good redemption story as much as the next guy – but why do we continue to give <i>failed founders </i>yet another shot at the brass ring? All that I’m asking is to have them prove themselves <i>first </i>in the profitability arena. <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1030" style="height: 246pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgciWV31seCkuYQXEDhC0Qp2tebvcfLO-aI9hgdXHU1a9tBL6CyQ7gurHSfC7IWuZFrIImufQmB1KI_J7mZsqeGJ7mycnGzC2AydNbZ4VD7QV3RwSXz2VOE5Og29qrQI4zoWY06IJoiAhg8JCt3V5YZdHYL_DLhFwloQANaplAA5DCotEQgxrurPtKCnZKL/s4000/Feb11_OnlyFake_Cheap_Fake_IDsA_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2481" data-original-width="4000" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgciWV31seCkuYQXEDhC0Qp2tebvcfLO-aI9hgdXHU1a9tBL6CyQ7gurHSfC7IWuZFrIImufQmB1KI_J7mZsqeGJ7mycnGzC2AydNbZ4VD7QV3RwSXz2VOE5Og29qrQI4zoWY06IJoiAhg8JCt3V5YZdHYL_DLhFwloQANaplAA5DCotEQgxrurPtKCnZKL/w640-h396/Feb11_OnlyFake_Cheap_Fake_IDsA_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">OnlyFake, an underground website…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">makes fake AI-generated IDs for $15, highlighting the need for better KYC systems</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Danish pharmaceutical giant</span></i></b><span class="apple-converted-space"><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></span><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Novo Nordisk… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">is buying drug manufacturer Catelent for $16.5B</span></strong><span class="apple-converted-space"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">to help boost their production of weight loss drugs Wegovy and Ozempic.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Estee Lauder will cut jobs due to China’s slowdown.</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Snap</span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>is laying off 10% in an effort to ‘reduce hierarchy’.</b></span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">DocuSign announces more layoffs as PE takeover talks stall.</span></i></strong><span class="apple-converted-space"><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Boeing’s at the “Last Chance Saloon”…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">said t</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">he boss of Emirates Air noting the <i>progressive decline</i> of Boeing’s quality & performance.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Spotify</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> reached over 600m homes with ~250m paying customers</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… and it’s still <i>losing money. Don’t they teach profitability in business schools anymore?’</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Snap blamed its revenue miss on the Middle East conflict. </span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">LoL - U just can’t make this stuff up!</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hershey slashes jobs as rising cocoa prices hit sales…</span></i></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> causing inflation-hit consumers reduced their non-holiday spending.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bluesky</span></i></strong><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">, a "decentralized Twitter" with 3m invitation-only users…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> is opening up to the public. Many want a different experience that’s simple, easy and not run by a billionaire.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Uber made its first annual profit…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> but it came <i>AFTER </i>ditching the <i>‘hyper-growth’ at all cost </i>(VC) mentality. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">OpenAI</span></i></strong><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">hit a $2B run rate in Dec. 2023…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> making it the fastest growing startup to hit $1B in revenues – ever.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The<span class="apple-converted-space"> </span></span></i></b><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">S&P 500</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"> </span></i></strong><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">hit $5,000 on Friday</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> driven in no small part by tech's Mag-7.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Super Bowl:</span></i></b></span><span class="apple-converted-space"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">FanDuel </span></i></b></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">and<span class="apple-converted-space"> DraftKings…</span></span></i></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">control ~70% of the US online sports-betting market.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">68m Americans plan to wager $23B on the Super Bowl</span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">.</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The average cost of a 30-second Super Bowl ad is $7m…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> because 115m people watched last year’s game.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Last year’s Super Bowl ranks second…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> behind the moon landing as the most-watched TV program – <i>ever.</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1029" style="height: 167pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5Mo0SJ1CEvMIMaCLjKrY4Opc0FC0JGPlFHCRVthlEWpCsa2eoGzbNg4d0uLoJnukf57CsJzaMtbF8Zl4rn0fvVHrWKzrF3wygMgf_aYi1-jhcfA1bwU97Ta0mEkEzAtcFjqa7Yszn7pFPWKe0qIodF7ON2u5vV5TFU94yc3dgUsBK6_Uaog0uZF-hH4tZ/s2371/Feb11_PPearlman_Posts_SOL_outage_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="2371" height="270" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5Mo0SJ1CEvMIMaCLjKrY4Opc0FC0JGPlFHCRVthlEWpCsa2eoGzbNg4d0uLoJnukf57CsJzaMtbF8Zl4rn0fvVHrWKzrF3wygMgf_aYi1-jhcfA1bwU97Ta0mEkEzAtcFjqa7Yszn7pFPWKe0qIodF7ON2u5vV5TFU94yc3dgUsBK6_Uaog0uZF-hH4tZ/w640-h270/Feb11_PPearlman_Posts_SOL_outage_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Solana went down this week for an hour…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">all the while doubling down on its mobile phone initiative. Solana (t</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">he blockchain network) launched the <i>Saga</i> in June 2022 – as its <strong><span style="font-weight: normal;">first mobile device with a built-in blockchain wallet. </span></strong> Today, Solana shared that its<span class="apple-converted-space"> <i>Chapter 2 </i></span><strong><span style="font-weight: normal;">mobile device secured 60,000 pre-orders</span></strong> (@ $450 each) and is expected to ship in 2025.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">El Salvador re-elected its pro-bitcoin<span class="apple-converted-space"> </span>president</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to his second five-year term with over 85% of the vote. President Nayib Bukele is a millennial who made BTC legal tender, and promised to bring investment $’s to the country with bitcoin <i>Volcano Bonds.</i> His pro-crypto stance has given hope to an industry desperate for friendly officials.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">BTC’s closing above $45,100…</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">will confirm the first bullish BTC breakout on a daily chart since October 16, 2023. And if we continue above $45,250 – that should cause a liquidation of about $5.2B shorts across the decentralized crypto-derivatives market.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1028" style="height: 209pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1C9LdXoiNKMm9PQxdXrgUHD_slYjGxATpXMaWAEZGgocc5-YE2JFzodMh9wK3ATgC3BWN9L2i1ABnXfbWL_6Jr13egpufDyiknqhf5bjAYWq0FpZr8pWdBqkvCdSpa-ajpeZuO6iDCP7Fnu10udnnwJsKtC0CCsPrw8vE1ND2gn4KjT7sA25RjvJKLull/s866/Feb11_NVDA_Tripled_Over_Past_Year_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="457" data-original-width="866" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1C9LdXoiNKMm9PQxdXrgUHD_slYjGxATpXMaWAEZGgocc5-YE2JFzodMh9wK3ATgC3BWN9L2i1ABnXfbWL_6Jr13egpufDyiknqhf5bjAYWq0FpZr8pWdBqkvCdSpa-ajpeZuO6iDCP7Fnu10udnnwJsKtC0CCsPrw8vE1ND2gn4KjT7sA25RjvJKLull/w640-h338/Feb11_NVDA_Tripled_Over_Past_Year_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">L</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">ast week the non-manufacturing PMI came out much hotter than estimates – which caused the 10-Year to move higher and stocks to sell-off. But, nothing touches the Mag-7 as they simply seem to move higher. Every report is suggesting that our FED cannot cut rates, and it's driving traders crazy.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s hard finding stocks that can run, when only the Mag-7 are doing the heavy lifting. <b><i> </i></b>Yesterday BABA put in a pretty big day, and with the Chinese gov’t doing all it can to boost its stock market – BABA could have the ingredients for a run.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Remember when Powell said that there would probably be 3 rate cuts this year – maybe beginning in May. The market wasn't thrilled with that, but one thing to keep an eye on is oil = the USO oil ETF. Yesterday, it moved up and over its 50-day, and that could be the beginning of a run.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Yesterday (just like in 1999) markets did one of their mindless romps higher. If we repeat 1999, we will pull back slightly and then see a surge over that 5k mark either later today, or tomorrow. This market is overpriced, but I can also see things becoming more over-done because it is an election year.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">All eyes this morning are on the CPI 'revisions’. Traders are worried that the CPI would be revised higher, but then <i>‘magically’ </i>there were <i>no revisions</i>. That excited traders. The market’s pattern has been to run hard, then take a pause day, then run hard again. Yesterday was a pause day, and with the S&P inches from crossing the 5,000 level – I could easily see them wanting to end the week with a victory over 5k.<strong><span style="font-weight: normal;"><o:p></o:p></span></strong></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ask Me Anything…<o:p></o:p></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1027" style="height: 205pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwlLONvdeTU2qDNXwHeh5kJvU3DhDqvL-bnfXwMtgH6QAwxKAqKV-TAnN6xeyu3Ksh7XiU4PBtz3vf1NF1uh5k1bnGHvwGX1Iy5ogCJr1H5CsHb0BOYo-ziGEK_ShN7fOBIPE_HA6-OliBV8UzMekdi3cwJufYxoCrG7ZfDGKKSzlPzK2_s-gVLBMRYQG8/s825/Feb11_ZN_Ten_Year_is_Collapsing_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="427" data-original-width="825" height="332" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwlLONvdeTU2qDNXwHeh5kJvU3DhDqvL-bnfXwMtgH6QAwxKAqKV-TAnN6xeyu3Ksh7XiU4PBtz3vf1NF1uh5k1bnGHvwGX1Iy5ogCJr1H5CsHb0BOYo-ziGEK_ShN7fOBIPE_HA6-OliBV8UzMekdi3cwJufYxoCrG7ZfDGKKSzlPzK2_s-gVLBMRYQG8/w640-h332/Feb11_ZN_Ten_Year_is_Collapsing_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Should I be shorting stocks?</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"> </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Market trends have changed, and <i>hints </i>are everywhere – except inside the Mag-7. </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">If it was just one divergence, that would be one thing, but it’s not. Officially, newsletter writers are the most bullish they've been since 2021. And in 2021 most stocks had already peaked and shorting equities had already become the easier trade. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Remember,<i> History does not Repeat but it Rhymes; </i>therefore, please be careful out there.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>What are you buying? </i></span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">If you have a good set of trading tools, and you can be nimble – then playing moves in LRCX or NVDA can be both dramatic and profitable. <span style="background: yellow;">As of late, I’m sticking with playing the ETFs: <b>QQQ, XLK, and SPY</b>.</span></span> <b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">The Great Tech Squeeze…<o:p></o:p></span></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1026" style="height: 177pt; visibility: visible; width: 318pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><strong><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmU_jEi_wgR8liE_DhgeWARtt6aCF33OLeutMJ9RYHYNUbvHA6mnUkkm9rMQsbTT0oqQn6G7i8PZ6fMvDvw-hjANLH_gEz0qttozWdf5tddSb7vM9cQ_CoqQFGYnzN0zx-xbXcSkmV5GYRAslVYzHsgyXhRcnuKHBtQww7B5XnYqJbMe7tSo9Ad048tTqq/s833/Feb11_VIX_Lower_as_Complacency_Rises_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="541" data-original-width="833" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmU_jEi_wgR8liE_DhgeWARtt6aCF33OLeutMJ9RYHYNUbvHA6mnUkkm9rMQsbTT0oqQn6G7i8PZ6fMvDvw-hjANLH_gEz0qttozWdf5tddSb7vM9cQ_CoqQFGYnzN0zx-xbXcSkmV5GYRAslVYzHsgyXhRcnuKHBtQww7B5XnYqJbMe7tSo9Ad048tTqq/w640-h416/Feb11_VIX_Lower_as_Complacency_Rises_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Weekly background…<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></b><!--[endif]--><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">Per Thomas C: The 50-day moving average breadth indicator has rolled over from being overbought, and although not a perfect signal – the last 3 times it did that, markets moved higher.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></b><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Higher bond yields + a Higher U.S. Dollar + Elevated oil prices = are all <span style="color: #404040;">short-term risk indicators. The movement in these 3 elements reinforced and/or triggered the weakness in stocks from Aug thru Oct of last year.</span><b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></b><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bullish <i>spec-trading </i>is heading dangerously close to a potential correction trigger.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></b><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Investor complacency is worrisome as credit spreads push lower and market volatility falls asleep – in the face of increasingly higher equity valuations.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">5.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></b><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per GMO: For the last decade, the top 10 stocks by market cap. (mostly tech) have outperformed the S&P 500 by ~5% per year on average.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">6.<span style="font: 7.0pt "Times New Roman";"> </span></span></i></b><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">History tells us that when stocks go up for 5 consecutive weeks – they tend to continue to move higher.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Nvidia (NVDA) is currently the most dangerous stock in this marketplace… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">because it’s ignoring everything – including bonds and currencies. Following Nvidia’s lead this week, the following tech stocks also hit or exceeded the upper edge of their ‘<i>Expected Move’</i>: MSFT, AAPL, AMZN, and GOOG. That was enough to take the S&Ps to all-time-highs on the week.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">There’s bad news everywhere, except inside the Mag-7</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">S&P 500 = new highs vs # of member Stocks at new highs… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last week the S&Ps breached the 5,000 level, but ironically only 19% of S&P 500 stocks are within 2% of all-time-highs. What pushed the S&Ps to all-time-highs last week was a very concentrated, heavy-lifting effort by the Mag-7. <b><span style="background: yellow;">Tip #2: </span></b><span style="background: yellow;">If you wish to participate in the Mag-7 rally, then <i>Define Your Risk by using Option Spreads to assure your capital preservation</i></span><i>. <o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Most Sectors are weaker in this wildly bullish environment… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">including the: XLE (Energy -2% YTD), XLP (Consumer Staples = flat), XLU (Utilities -6%), XLB (Materials -3%), etc. versus the XLK (Tech +10%). The Mag-7, Healthcare, and Financials are the <i>only </i>sectors that are positive YTD. This is an extremely dangerous market. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">10-Year bonds are collapsing (rates moving higher) after the FED meeting, <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Dollar is moving significantly higher (over 1.04), <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Volatility is lower as complacency settles in, and <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The S&Ps have moved significantly higher for the fifth consecutive week. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $68 and we hit it <i>on-the-button.<b><o:p></o:p></b></i></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $66 – <b><span style="background: yellow;">Tip #3: </span></b><span style="background: yellow;">Which tells me that this marketplace is expecting ‘<i>more of the same’ </i>behavior, in an upward direction.</span><b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1025" style="height: 197pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7UA43zdS6734peYmiZayZ11enzqTu99xKzXHDhVG_pxWuyHCDHvzrmnwMJjLN9d91B1xsPbUk2QeKafHFtCqX0L8peVSAVSUiG4fD9xuG5qNHZwmcINPxpIiNxaXZjvKWtBLZTp-9mag8z784-FQv8JO6SD2A2trdtf_qcHxsZqC8POABN8NjAnveWSe1/s921/Feb11_SPX_5Consecutive_Wks_Mkts_Move_Higher_Thinner_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="459" data-original-width="921" height="318" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7UA43zdS6734peYmiZayZ11enzqTu99xKzXHDhVG_pxWuyHCDHvzrmnwMJjLN9d91B1xsPbUk2QeKafHFtCqX0L8peVSAVSUiG4fD9xuG5qNHZwmcINPxpIiNxaXZjvKWtBLZTp-9mag8z784-FQv8JO6SD2A2trdtf_qcHxsZqC8POABN8NjAnveWSe1/w640-h318/Feb11_SPX_5Consecutive_Wks_Mkts_Move_Higher_Thinner_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">We’re Leveling-Up… </span></i></b><span style="color: #2d2d2d; font-family: Helvetica; font-size: 14pt;">As our numbers have grown, I've decided to migrate to a different e-mail service provider … BeeHiiv. The best part is – you don't have to do anything! As always, thank you for your continued support, co-operation, patience and understanding. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2037/oz. & Silver @ $22.6/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $47,600 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,500 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $19.27 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($188 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($141 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DKFG - DraftKings ($43.3 / in at $41.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DECK – Deckers ($845 / in at $882)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">INDA – India ETF ($50.7 / in at $50)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($23.2 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Mar. & April $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MC – LVMH ($54 / in at $57)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($14.3 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Mar. & April $20 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($7.7 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com</span></i></a><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span style="font-family: Arial, sans-serif;"> </span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:470942314;
mso-list-type:hybrid;
mso-list-template-ids:116572436 -770144416 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:956066268;
mso-list-type:hybrid;
mso-list-template-ids:-951302698 -1387390818 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1274627202;
mso-list-type:hybrid;
mso-list-template-ids:-926105316 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l2:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-40546869855191282742024-02-04T06:49:00.000-08:002024-02-04T06:49:30.130-08:00This Week in Barrons: February 4th, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://www.youtube.com/watch?v=XAYeJzYJnkM" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="675" data-original-width="1067" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqsxHU4Z_6i9h3V2yaPjVRTQd9xKfue3DVQeLJpN_scbb0askNudm8V0YYOJ7SgD2-y8Vz1xRukdJ0NtfpoN1K3VZIZ_VYTzk0iQdfN0vjUGE7kGfM7F9621dWQU-3Fg4XnGTfOvKEsHXcwwfTeW8O83c2xnlLSD72aLJ9PilHt3HaVREhqybT4Zt0Z94j/w541-h342/Feb4_House_of_Ushers_Lemon_Speech_wWords.jpg" width="541" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“</span></i></b><a href="https://www.youtube.com/watch?v=XAYeJzYJnkM"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When life hands you lemons… you do NOT make lemonade</span></i></b></a><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">…” </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Fall from the House of Usher (NFLX) … </span><a href="https://www.youtube.com/watch?v=XAYeJzYJnkM"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">https://www.youtube.com/watch?v=XAYeJzYJnkM</span></i></a><span class="MsoHyperlink"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">First, you roll out a multi-media campaign to convince people that lemons are incredibly scarce [which only works if you stockpile lemons, control the supply, and then issue a media blitz.]<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Second, learn to say <i>“I love you” </i>with lemons.<i> </i> Lemons (not roses) are the must-have accessory for engagements or anniversaries. Billboards say that she won’t have sex with you unless you’ve got lemons. De Beers produces limited edition lemon bracelets with yellow diamonds called lemon drops. You get a Kardashian to suck a lemon wedge in a leaked sex tape.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Third, you start a hashtag campaign. Something isn’t “cool”, “tight” or “awesome,” – it’s <i>“lemon.”</i> <i>“That concert was f-ing Lemon.” “OMG #Lemon.”</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">You get Dr. Oz to recommend 4 lemons a day and a lemon suppository supplement to get rid of toxins ‘cause there’s nothing scarier than toxins. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">5.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Then you patent the seeds. You write a line of genetic code that makes the lemons look just a little more like tits, and you get a gene patent for the tit-lemon DNA sequence. Circulate those seeds in the wild, and then sue the farmers for copyright infringement when that genetic code shows up on their land. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">6.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Finally, you sit back, rake in the millions, and when you’ve sold your <b>Lem-pire</b> for a few billion dollars, and THEN – you can make lemonade.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Financially, BOOMERS still rule.</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> The challenge for the next younger group of difference makers is not going to be the thinking, but rather – <i>DOING</i>. It’s one thing to call out and dismiss tradition, but it’s quite another to <i>ship-n-deliver </i>impactful change. Our next generation should examine everything from today’s two-party system to our FED to our non-balanced budget(s). Maybe free-markets should decide everything, after all: nobody cares about 401(k)s or IRAs anymore. My only question is <i>when </i>will this younger group of decision-makers be bold enough to grab the torch and start <i>DOING</i>?</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_8" o:spid="_x0000_i1031" style="height: 230pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhn6Gqpxjf1IAz9IlMuvOoAwSTifdngzrW0122zsn33nSYdcnqFdM31AErEr0FEzlSEH06tDbFvPUYSgkVtKw8lqc4RLuolbA94vglAKKZBCwZ9cBiiuNWVX5J0OEvfPL8gJPpTujOsyEpVQD7P7B4rpwUSpuuwTDApa4HBONOAvJCcFx5WdbFGzpnIjCHm/s1452/Feb4_Phil_sees_an_Early_Spring_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="844" data-original-width="1452" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhn6Gqpxjf1IAz9IlMuvOoAwSTifdngzrW0122zsn33nSYdcnqFdM31AErEr0FEzlSEH06tDbFvPUYSgkVtKw8lqc4RLuolbA94vglAKKZBCwZ9cBiiuNWVX5J0OEvfPL8gJPpTujOsyEpVQD7P7B4rpwUSpuuwTDApa4HBONOAvJCcFx5WdbFGzpnIjCHm/w640-h372/Feb4_Phil_sees_an_Early_Spring_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">We’ve exceeded $1T in annual interest payments on our national debt</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">…</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and that guarantees our government will:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">Continue to seek new ways to increase taxes, and </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">Continue to debase the currency – to monetize the debt with ‘cheaper’ dollars.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Don’t you just hate it when those ‘bitcoin people’ are right?</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">February is historically one of the worst investing periods...</span></i></b><span style="background: white; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> and for the rest of Q1 during Election years, stocks typically have a hard time. </span><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">We saw a nice correction in Q3 last year,<span class="apple-converted-space"> and</span> I'm not saying this one needs to take as long, nor does sentiment need to adjust as violently as it did then – but Bull Markets do correct. Underneath the surface, we've seen a<span class="apple-converted-space"> <i>stealth correction </i></span>already throughout January. And now, I think things could get uglier before they get better.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_10" o:spid="_x0000_i1030" style="height: 225pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvANygtNKFdeT4tiIGtGLhRv2RVD58gXjuQY9F9-PR99MoOIOiaWFBx9CQ-TwSog2lUmHoG-6NAOaRyZiR4OC4Qo5U17hwVJtFcyYNYx5sZGH6i0hqJLOIo9_j4Il7Y2iAQoT68fbfXDmFm3QFxKqY-NmIBNfKljxNTqvD4KQkbLuefS63NqIRjnJ2LKGp/s845/Feb4_SPX_Last_Weeks_Wild_Ride_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="478" data-original-width="845" height="362" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvANygtNKFdeT4tiIGtGLhRv2RVD58gXjuQY9F9-PR99MoOIOiaWFBx9CQ-TwSog2lUmHoG-6NAOaRyZiR4OC4Qo5U17hwVJtFcyYNYx5sZGH6i0hqJLOIo9_j4Il7Y2iAQoT68fbfXDmFm3QFxKqY-NmIBNfKljxNTqvD4KQkbLuefS63NqIRjnJ2LKGp/w640-h362/Feb4_SPX_Last_Weeks_Wild_Ride_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When your Uber driver starts recommending AI stocks…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">it means SELL because: the ducks are quackin’, the dogs are barkin’, the kids are screamin’, and there are too many people on one side of the lifeboat!<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Chinese property developer Evergrande faces liquidation…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and a lot of hedge funds and international banks will be effected. <span style="background: white;">The decision allows for a court-appointed liquidator to sell assets globally and repay debt.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tech layoffs</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b>topped 25,000 in January…</b></span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> the highest since March, 2023.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">"<i>Suits" hauled in 57.7B viewing minutes in 2023…</i></span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> breaking the single-year record held by "The Office".</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Neuralink</span></i></strong><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>has completed its first implantation…</b></span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> of a brain-computer interface in a human subject - announced CEO Elon Musk.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon nixed their</span></i></strong><span class="apple-converted-space"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">proposed $1.7B deal to buy iRobot</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… amid regulatory scrutiny in Europe. <span class="apple-converted-space"> iRobot is </span>laying off 31% of their workforce following news.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">During Q4, Novo Nordisk grew revenues +31% YoY… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ozempic grew +60%, and Wegovy grew +407%.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Microsoft, Alphabet, + AMD lost ~$200B in 1 day…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">when analysts were less than impressed with their earnings numbers.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">UPS is cutting 12,000 non-union, managerial employees.</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Short sellers are targeting the “for-profit” college sector</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… sending Adtalem Global Education shares down 18% in one day.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">IBM’s new rule = “Get Out to the Office or just Get Out…”</span></i></strong><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> is the latest tech company to reduce its headcount by reducing remote work.</span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Meta grew rev's +25% and increased operational efficiency…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">which masked their R&D unit’s continued <i>money-flush.</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1029" style="height: 238pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUPLS9AR69C79iJiapSsfLE-VlAb-RccWqCQG2FHBibW7bXagTnh2WbyojCZWRgq65LyC5ViSRPHapUv52onGCrLrUz2yoB7-JMnVhQii2aVFoDhdFjPFd8rFdBD64hZkHLckjy02KRyTpnZ0FA5c9e3fy1vNRYGG4iO4wgip6q3MJCXMHAmmjRqUuFiFR/s1156/Feb4_Tether_vs_GS_vs_JPM_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="696" data-original-width="1156" height="386" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUPLS9AR69C79iJiapSsfLE-VlAb-RccWqCQG2FHBibW7bXagTnh2WbyojCZWRgq65LyC5ViSRPHapUv52onGCrLrUz2yoB7-JMnVhQii2aVFoDhdFjPFd8rFdBD64hZkHLckjy02KRyTpnZ0FA5c9e3fy1vNRYGG4iO4wgip6q3MJCXMHAmmjRqUuFiFR/w640-h386/Feb4_Tether_vs_GS_vs_JPM_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">FTX will pay back customers 100%...</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">but they won’t reboot the exchange.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The average funded startup in 2023…<i> </i></span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">had 80% gross margins and a 600% projected revenue growth. VCs are heavily examining capital efficiency. Large growth rates to raise funds are not enough as unit economics are back in vogue. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Tether’s net profits are now 10% of J.P. Morgan’s...</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> with +99% LESS employees… </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ryan S.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Crypto </span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Celsius, the bankrupt crypto lending company…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> has emerged with a plan to distribute $3B to creditors. In addition to the crypto and cash, creditors will receive a stake in the newly formed bitcoin mining company: Ionic Digital – managed by the publicly traded Hut 8.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Spot bitcoin ETFs have amassed $28B since January’s launch…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> with IBIT and FBTC (the low fee spot ETFs) capturing the largest share of the funds</span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">. </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Chainlink soared to its</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">highest price since early 2022. </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">LINK</span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> facilitates smart contracts and has emerged as an essential piece – connecting on-chain and off-chain data. They have enabled +</span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">$9.6T in transactions</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">to date.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1028" style="height: 245pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5lo4oy-wNtniRMPwwTqD0Nz_gWtA7pbrOjgglvzaDgeaGmYA5UmBKnA1uSGdDfLGsm9Q2JSc1vTpb0AJTEHecvTIX1AaqdGPrsrZl3uUAgUaE8n_Ws_VOgpRDJlUArFpx6DF6Gdl9ejLCCWOVSI4zYH8fQtQzMdH_7rcgVyh1Tdz4dt6ffcu9JFjgAuzH/s920/Feb4_TNX_Another_Bond_Day_Like_Friday_And_Volatility_Will_Move_Biggly_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="568" data-original-width="920" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5lo4oy-wNtniRMPwwTqD0Nz_gWtA7pbrOjgglvzaDgeaGmYA5UmBKnA1uSGdDfLGsm9Q2JSc1vTpb0AJTEHecvTIX1AaqdGPrsrZl3uUAgUaE8n_Ws_VOgpRDJlUArFpx6DF6Gdl9ejLCCWOVSI4zYH8fQtQzMdH_7rcgVyh1Tdz4dt6ffcu9JFjgAuzH/w640-h396/Feb4_TNX_Another_Bond_Day_Like_Friday_And_Volatility_Will_Move_Biggly_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">This week’s release schedule:<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">8:30 am JOLTS job openings, 4:05pm MSFT & 4:15 GOOG earnings.<i><o:p></o:p></i></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2:00pm FOMC Rate Decision, and 2:30pm Jerome Powell Q&A.<i><o:p></o:p></i></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">8:30am Nov. GDP rate, 4:00pm AMZN, 4:15pm META, and 4:30pm AAPL earnings.<i><o:p></o:p></i></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">8:30AM JOBS Report, and 10:00am Consumer Sentiment Data.<i><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> If the darling stocks hit home runs and Powell talks dovish, this market could scream higher. But if a few of them blow it, and Powell says the economy is strong enough that rate cuts aren't necessary – we could see an end to this crazy market.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The JOLTS report (the amount of job openings) came in with more open positions than they had hoped. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Consumer confidence came in close to estimates. <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">Will FED Chairperson Powell be dovish and talk about the timing of rate cuts, or will he hold the line and push back – given they've manipulated the economic numbers to make the economy look strong? This </span><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">market desperately wants a lot of rate cuts - quickly. If Powell talks tough, and you combine that with the not so stellar earnings we saw last evening – we could be set up for the first real correction. But if he is dovish, they'll ignore the earnings and push things higher.</span><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">Yesterday was ugly in tech land as 345-point drops are not child’s play. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">All of the ingredients for a pullback are in place. FYI: The health<span style="background: white;">care ETF (XLV) was only down a few pennies in an atrocious overall market that saw the S&P down 80. Wow – the 10-Year fell like a stone and the DOW immediately screamed </span>300 points higher. The 10-Year is falling because news is out that we’re running military bombing runs on Syria and Iraq/Iran over the weekend. People are rushing to the <i>safety </i>of debt and yields. The algos (on the other hand) don't care about war because they only see falling rates – which means risk-on so up we go in market land.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Today is Non-Farm Payroll’s Day – along with Groundhog Day. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Estimates were for 185k new jobs created in January, and we got 353,000. </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Most of those jobs were added in professional and business services (74,000), healthcare (70,000), and retail trade (45,000). Average hourly earnings grew 4.5% year-over-year – up from 4.1% in December</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">. Welcome to wage inflation. These news bits are <i>NOT </i>FED friendly, and all those people thinking that our FED would cut in March – are now in denial.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1027" style="height: 291pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZA8UJmYTtArK4HbQqxuyNyuC2IRDIek4M-A1yVo0EhH85g_Xy_JJ1HFI8r3P_pT1zWT3Y7NI91rigBDkLQjIahN2ul_x8vAK4q3fy8e_XFYdW9HTlizmrbzwbPRxCgMR4vSglTxDUI-lvXWNNIwGX3wOvvmsa0CIrKTF-ulSzB45HaWJ3Efy0wCTf1C5C/s2792/Feb4_SPY_XLP_Time_to_Short_Stocks_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2048" data-original-width="2792" height="470" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZA8UJmYTtArK4HbQqxuyNyuC2IRDIek4M-A1yVo0EhH85g_Xy_JJ1HFI8r3P_pT1zWT3Y7NI91rigBDkLQjIahN2ul_x8vAK4q3fy8e_XFYdW9HTlizmrbzwbPRxCgMR4vSglTxDUI-lvXWNNIwGX3wOvvmsa0CIrKTF-ulSzB45HaWJ3Efy0wCTf1C5C/w640-h470/Feb4_SPY_XLP_Time_to_Short_Stocks_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Will our FED cut rates in March? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">On Wednesday, FED Chairperson Powell said: <em>“The committee does NOT expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving substantially toward 2 percent. I don’t think it’s likely that the committee will reach a level of confidence by the March meeting.” </em>It was repeated that our FED <strong><span style="font-weight: normal;">would rather accept the risk of keeping conditions too tight for too long, given the labor market and the economy’s overall resilience.</span></strong><b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s time to short stocks when… </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">according to J.C. Parets of All-Star Charts:<o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Consumer Staples relative to the S&Ps are above those December lows.</span><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">US Treasuries are above those December lows relative to High Yield Bonds.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Otherwise, I want to be shorting stocks where breakouts are failing to hold, and/or stocks are breaking down from what should be a continuation pattern.</span><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">February is historically a great month to be shorting stocks.</span><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;"> </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">When Bonds Sell = Markets Break…</span></span></i></strong></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1026" style="height: 205pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioEKGZxuUz1U8jVjx5NxDgAMJ09JOomvuq9yeEjI8HdGMJgcKDRZB1dg6Btjt4KqQgJbgm2uh0OKC9sceQcg2zNu2A4Dh2J4sUvGu8qLkeeC0v1F6Pbfq_bod_E4HuBi8vymUDRxqrnEvhgAJoHdG67nrSv8lRTZ5EfNc49W7qUPfh6ShR0yBW_KGoBzi-/s1948/Feb4_DXY_Classic_Rug_Pull_Coming_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1010" data-original-width="1948" height="332" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioEKGZxuUz1U8jVjx5NxDgAMJ09JOomvuq9yeEjI8HdGMJgcKDRZB1dg6Btjt4KqQgJbgm2uh0OKC9sceQcg2zNu2A4Dh2J4sUvGu8qLkeeC0v1F6Pbfq_bod_E4HuBi8vymUDRxqrnEvhgAJoHdG67nrSv8lRTZ5EfNc49W7qUPfh6ShR0yBW_KGoBzi-/w640-h332/Feb4_DXY_Classic_Rug_Pull_Coming_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Background: </span></i></b><span style="color: #131313; font-family: Arial, sans-serif; font-size: 14pt;">A surge in bonds is the classic signal of a <i>“flight to safety”</i> and a warning that all heck’s about to break loose in stocks. But then the entire market fixated on tech and its stellar earnings. Tech is the market right now. On Friday, the Jobs Report sparked an explosion into the Dollar.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> I</span><span style="color: #131313; font-family: Arial, sans-serif; font-size: 14pt;">f all of that sounds chaotic – it is. <b><span style="background: yellow;">Tip #1: It’s time to buy some downside protection.</span></b></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">FED fumbles, but Tech is everything… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our FED came out and told us that inflation isn’t really ‘controlled’, and that there will be no rate cut in March. But the market didn’t really care because they were fixated on tech buying opportunities.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bifurcation causes Tech to become the market… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">On Friday, the S&Ps were up over 50pts, and the advance / decline line was negative. That means that (a) the Mag 7 is propping up the market, and that (b) investors are <i>SELLING BONDS </i>like crazy. If BONDS continue being sold, then even the Mag 7 won’t hold up in a high interest rate environment. The 10-Year jumped to a little over 4% on Friday. Another day like that, and this market will begin to turn ugly. Currently, it’s MSFT, META, AMZN and NVDA that are running this marketplace to the upside. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When Bonds Sell = Markets shall break… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The volume of sales in last week’s bonds, is some of the largest we’ve seen in recent history. But on Friday, when the JOBs number came out – money flowed out of bonds and into the U.S. Dollar. <b><span style="background: yellow;">Tip #2: Watch the 10-Year (TNX)</span></b> – because this market will have a tough time handling the TNX piercing above 4.2%. FYI: Our gov’t plans on selling a lot of bonds in Q1 and Q2.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Dollar explodes off the Jobs Report… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">On Wednesday, bonds were a defensive play, but on Friday – the Dollar became the world’s <i>flight to safety</i>. Right now, you can add up all of the financial and energy stocks – and they will only equal 2 of the Mag 7 tech stocks. That’s the power of the Mag 7 right now. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Volatility is moving higher – and markets are moving higher… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">which is never a good thing. That tells me that: <b><i><span style="background: yellow;">Tip #3: </span></i><span style="background: yellow;">institutions and professional traders are buying hedges…</span> </b>because Bond market (TLT) volatility is higher than NASDAQ volatility.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Last Week = $71… we tagged the EM to the upside. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $68… but we do <i>NOT </i>have a FED announcement, a JOBS Report, or Mag 7 earnings to contend with. This market is showing its fear by giving us a higher-than-normal Expected Move. Add that to markets seeing a larger risk in bonds than in tech stocks – and you have a recipe for a real pullback.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1025" style="height: 277pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzMg1NeD5nUDSWllY0Nw7a3bx0TGRtTHPyGJAG5x1Pum-arnN1zPH_uEhUd1GZouCo8o7cNW2lnhh-5-XA5rmgsCFdB0s-yCa5DVox-Egv_1G9UsDs87Tz826VQp8L5BuzKVf9Jp2m0I5C2QtxZdLtl_DeOIeRpO0JJQc7EpJPJCKQ717OJwX_874Bvhyb/s1300/Feb4_ETF_Leveraged_ETF_Trading_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="910" data-original-width="1300" height="448" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzMg1NeD5nUDSWllY0Nw7a3bx0TGRtTHPyGJAG5x1Pum-arnN1zPH_uEhUd1GZouCo8o7cNW2lnhh-5-XA5rmgsCFdB0s-yCa5DVox-Egv_1G9UsDs87Tz826VQp8L5BuzKVf9Jp2m0I5C2QtxZdLtl_DeOIeRpO0JJQc7EpJPJCKQ717OJwX_874Bvhyb/w640-h448/Feb4_ETF_Leveraged_ETF_Trading_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><em><span style="font-family: Arial, sans-serif; font-size: 14pt;">Leveraging our way to the Top: </span></em><span class="apple-converted-space"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">This chart is a unique indicator. Per Thomas C: it’s the ratio of volumes traded in leveraged long vs short US equity ETFs. The higher it is, the more leveraged long trading there is – hence the more upside speculation. Spikes in this indicator are a fairly reliable predictor of short-term peaks in the market. Of the last 8 spikes in this indicator (pre-2020): 5 were signals of an impending sell-off (that came immediately after the indicator peaked), 2 were followed by range consolidation, and 1 was a false flag.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2037/oz. & Silver @ $22.9/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $43,000 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,300 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $17.70 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($185 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($129 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DKFG - DraftKings ($41.5 / in at $41.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DECK – Deckers ($882 / in at $882)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">INDA – India ETF ($50 / in at $50)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($18.2 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & April $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MC – LVMH ($57 / in at $57)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($11.2 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & April $20 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($8.1 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com</span></i></a><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><u><span style="font-family: Arial, sans-serif;"> </span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:775566262;
mso-list-type:hybrid;
mso-list-template-ids:1052815022 853698594 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:13;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1472016861;
mso-list-type:hybrid;
mso-list-template-ids:1158819774 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l1:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1960800484;
mso-list-type:hybrid;
mso-list-template-ids:1349153762 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l3:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l3:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-39742564305321051252024-01-28T08:43:00.000-08:002024-01-28T08:43:54.625-08:00This Week in Barrons: January 28th, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgn3dyRAs3WiHXGxzubRC-vBZwcMhLIL4rJmH6giywVqH5phc6_pH6wiaLffe24Sl7LejUdbB4NLY57-w8vyeCz-_2IOOOnsGcACRjlxKm9Xkzwl30t7ycGMD29Snj-a3qlKyqhPsy7c37A_a2kLg3-HpmteiARtlQ1ArVHKpR5ch2jR3N0AnJZG5GwiWXx/s1772/Jan28_RAW_NFLX_Its_a_wrap_Finishing_Move_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1030" data-original-width="1772" height="327" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgn3dyRAs3WiHXGxzubRC-vBZwcMhLIL4rJmH6giywVqH5phc6_pH6wiaLffe24Sl7LejUdbB4NLY57-w8vyeCz-_2IOOOnsGcACRjlxKm9Xkzwl30t7ycGMD29Snj-a3qlKyqhPsy7c37A_a2kLg3-HpmteiARtlQ1ArVHKpR5ch2jR3N0AnJZG5GwiWXx/w562-h327/Jan28_RAW_NFLX_Its_a_wrap_Finishing_Move_wWords.jpg" width="562" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Optimize vs Maximize: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Optimization involves finding the best set of tradeoffs for a particular set of environmental, financial, safety, and efficiency conditions. Per Seth G: maximization simply seeks the best solution for one variable. In its prime, Yahoo’s goal was to maximize its short-term stock price (satisfying the needs of its top execs) instead of optimizing for customer experience, innovation, resilience, and utility. Most social networks faded away because they began to treat their users as products, and not as the customers that they truly were. Maximizing is simple, easy to measure, rarely satisfying, and doesn’t involve difficult tradeoffs. But it constantly reminds me: <i>‘Just because You Can – doesn’t mean You Should.’<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1031" style="height: 149pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXJJMc8y87NW9jI0K9rCp1g55B168YH8GisMnNYNHQZheq__DoA4JtGI55WdNa7pIdaYxqn98q-I43EHMpQpS62JNqEEHLOx2KPSaCkDy051PwFg4DqaLO70ONqhvsAnn7E5TPG6-3oBL1Y2pXTkPfMsm65qEHZMuyXTbRT8H6gl0fqi5xge8jPH5_2WCY/s2822/Jan28_Mag7_Complete_Pic_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1063" data-original-width="2822" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXJJMc8y87NW9jI0K9rCp1g55B168YH8GisMnNYNHQZheq__DoA4JtGI55WdNa7pIdaYxqn98q-I43EHMpQpS62JNqEEHLOx2KPSaCkDy051PwFg4DqaLO70ONqhvsAnn7E5TPG6-3oBL1Y2pXTkPfMsm65qEHZMuyXTbRT8H6gl0fqi5xge8jPH5_2WCY/w640-h242/Jan28_Mag7_Complete_Pic_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">I hate to be the one who throws cold water on this market</span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> but in my capacity as someone who’s seen every bubble and crash in the last 40+ years – it’s time. It’s time to:<i>‘Feed the Ducks.’</i> Blind faith with house money and FOMO are the driving forces behind this market rally. Here’s how crazy things are getting. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Investors who lost up to 70% of their investment in Twitter – are getting priority to invest in Musk’s AI startup at a $20B valuation. Oui vey! </span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Sam Altman is raising billions for a network of AI chip factories. I asked: <i>‘At what valuation?’ </i>The answer was: <i>‘Who cares – it’s free money.’ </i>Double oui vey. </span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">We are witnessing a classic institutional top of a market that was once described to me as: <i>‘I’ll buy it with your money, but I’m not touching it with my money’.</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Wanna retire early?</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> You may want to re-think that strategy as retirements are set to break<span class="apple-converted-space"> </span>records this year.<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">~11,000 Americans will turn 65 every day - joining the 44% of boomers already retired. This will create major issues for various skill sets within our labor force.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b><i><span style="background: white;"><o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Americans 65+ hold more than half of the US’s wealth, but ~43% of those have $0 in retirement savings. <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The average 401(k) balance dropped by 20% in 2022. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">This problem isn’t going away as ~150m jobs worldwide (over the next 6 years) are shifting to workers whose current average age is 55+.<b><i><o:p></o:p></i></b></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1030" style="height: 189pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihtbFHrT9pMzQhUglPFpPq3XL2oSKl3f9svF0jwaBKHu6E1g1Sk6T8jqBh9gfTyinBQdf7gfsLuS02p3wlIQlXV-700OaV2jpRndG9mmZUklsTkKr0qpc38JWAUP9U6PB96ZPbrUmTlcH_0X-2pjDUK1uQsd9Nxqt0Ae8XELwggn9dCa3BCAWE5YBKxbW5/s1953/Jan28_Socialization_OUT_Screens_IN_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="932" data-original-width="1953" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihtbFHrT9pMzQhUglPFpPq3XL2oSKl3f9svF0jwaBKHu6E1g1Sk6T8jqBh9gfTyinBQdf7gfsLuS02p3wlIQlXV-700OaV2jpRndG9mmZUklsTkKr0qpc38JWAUP9U6PB96ZPbrUmTlcH_0X-2pjDUK1uQsd9Nxqt0Ae8XELwggn9dCa3BCAWE5YBKxbW5/w640-h306/Jan28_Socialization_OUT_Screens_IN_wWords.jpg" width="640" /></a></div><br /><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Magnificent 7</span></i></b><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> earnings growth…</span></i></b><b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">is expected to be +47% in Q4.<b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Conference Board Leading Economic Index (LEI) fell…</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">for the 21st consecutive </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">month in December, hitting its lowest level since May 2020.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The US economy grew at an annualized rate of 3.3%<span class="apple-converted-space"> </span>in Q4…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> outpacing analyst expectations of around 2%, and causing us to wonder about <i>fake data?</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="mso-font-fix-arial"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">L.A. Times to lay off 20% of its newsroom staff…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">coming just 4 days </span></strong><span class="mso-font-fix-arial"><span style="font-family: Arial, sans-serif; font-size: 14pt;">after their journalists went on strike for first time in the newspaper's 142-year history.</span></span><span class="mso-font-fix-arial"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Microsoft laid off 1,900 video game workers…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">following its Activision Blizzard acquisition.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="mso-font-fix-arial"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">WWE and Netflix agree to 10-year, $5B deal…</span></i></strong><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span class="mso-font-fix-arial"><span style="font-family: Arial, sans-serif; font-size: 14pt;">that streams WWE's flagship "Raw" </span></span><span class="mso-font-fix-arial"><span style="font-family: Arial, sans-serif; font-size: 14pt;">program on Netflix beginning in 2025.<o:p></o:p></span></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">In other WWE money news</span></b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">… former wrestler Dwayne <i>‘The Rock’ </i>Johnson is joining TKO’s BOD. He’s set to receive $30m in stock grants, and obtain full ownership over the trademarked name <i>‘The Rock’ </i>as part of a new licensing arrangement.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">That Apple doesn’t fall far from the tree…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="margin-left: 1.0in; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Apple’s Vision Pro</span></b><b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> sold out… </span></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">of ~180,000 units in their first 4 hours of being open for business.<o:p></o:p></span></p><p class="MsoNormal" style="margin-left: 1.0in; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Apple topped Samsung in annual smartphone shipments… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">for the first time since 2010.</span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Tesla’s hitting potholes…</span></i></b></span><span class="apple-converted-space"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Chinese EV</span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> carmaker BYD became the world’s #1 EV seller.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Versions of Tesla’s Model 3 became ineligible for the US $7.5k tax credits.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Hertz and Sixt have sold thousands of Tesla’s from their fleet of EVs.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Tesla’s cutting prices in Europe.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Cybertruck has had mixed reviews.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Tesla’s shares put in their biggest slump in over a year, after the company missed sales estimates and warned of a slowdown ahead.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“This ain’t business … It’s personal” …</span></i></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>Rocky</i><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">After regulators put the kibosh on Adobe’s merger with Figma, Figma is cutting its valuation by 50% and offering buyout packages (at the lower valuation) to employees who want to bail.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Senior executives at Google apparently just tried Bard, because they immediately fired the AI firm that created & trained their pseudo-ChatGPT competitor. <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">San Francisco </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">is suing<span class="apple-converted-space"> </span>California for allowing Waymo and Cruise to expand their autonomous car operations despite the software’s serious issues.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1029" style="height: 206pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMv0Vhvj9d3BCRcTvQAITISuTRbR4MUvWImk07L2A0FFgZNMjlxWUAOruMQ1cVZ2t9d-oYPQ4zhXQFKwQLNq88hLG_SVxl4IUwzVOhfTN9RsldlSa_uELrHR9bcQLw0SOGfqcjgwIMJ-36ptDgvV0HXaCsBFlUfKv3dtY-YFFf6Dr5Zzyji9An6dA3xa6n/s1958/Jan28_ETH_vs_BTC_Everythings_Relative_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1019" data-original-width="1958" height="334" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMv0Vhvj9d3BCRcTvQAITISuTRbR4MUvWImk07L2A0FFgZNMjlxWUAOruMQ1cVZ2t9d-oYPQ4zhXQFKwQLNq88hLG_SVxl4IUwzVOhfTN9RsldlSa_uELrHR9bcQLw0SOGfqcjgwIMJ-36ptDgvV0HXaCsBFlUfKv3dtY-YFFf6Dr5Zzyji9An6dA3xa6n/w640-h334/Jan28_ETH_vs_BTC_Everythings_Relative_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin’s price has fallen 16%... </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">since the spot ETFs launched on January 11.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Inflows into the sport ETFs…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> have totaled ~$4.7B by EOD Tuesday.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">Due to Grayscale’s ETF fees (1.5%)…</span></i></b><i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">vs Blackrock’s and Fidelity’s 0% fees - about $3.7B has left Grayscale’s fund.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Hackers stole $1.7B from crypto platforms last year…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> which is a 50% YoY drop as DeFi protocols have <i>‘battened down their hatches’.</i></span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):</span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAo67bDDOrKs6svoyVCPXCNw0u6TD-dmZ0IDMW1Siy25qTDzbCC4t3q0mAj07Rf0zDY3JAjwCH3zMd6z_PFsV8k7NhdrN5Z15QdIeHVgVXKoijgtCJKeYZDyugr2SbAkCOtrg66ctB8Gcap9Qc_ZuU6CutQ1ooWPNOuvqv1a4H8WApCOTx6LN4Od7zebjv/s2546/Jan28_Imagine_the_pain_QQQ_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1249" data-original-width="2546" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAo67bDDOrKs6svoyVCPXCNw0u6TD-dmZ0IDMW1Siy25qTDzbCC4t3q0mAj07Rf0zDY3JAjwCH3zMd6z_PFsV8k7NhdrN5Z15QdIeHVgVXKoijgtCJKeYZDyugr2SbAkCOtrg66ctB8Gcap9Qc_ZuU6CutQ1ooWPNOuvqv1a4H8WApCOTx6LN4Od7zebjv/w640-h314/Jan28_Imagine_the_pain_QQQ_wWords.jpg" width="640" /></a></i></b></div><div class="separator" style="clear: both; text-align: center;"><b><i><br /></i></b></div><p></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">China is planning a stock market rescue package backed by $278B. With that in mind, watch BABA – it ran straight into its 50-day moving average and stopped on a dime. But here's the issue: Is there anything out there <i>NOT </i>absurdly expensive that seems like it wants to go? AMZN over 158.44 might work. Otherwise, this is all about the Mag 7 – because this market is <i>pretty skinny out there. </i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">While we see the <i>Mag 7 </i>push the indexes higher:<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Initial Jobless Claims came in at 214k – while we expected 200k, </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Durable goods came in stronger than expected, <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Q4 GDP crushed estimates at 3.3%, after 2% was expected, and <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Core PCE (inflation) came in at 2% - with 2% being expected. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">With a GDP this strong, are they sure our FED is going to cut rates?<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_20" o:spid="_x0000_i1027" style="height: 250pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzW-6BcoiGrYrZTMmdeR2PCFBEmnz-Kz1fwXhU_PNoeZubtxCocw1K7x_MqzTiGIVMRNeXt0mBC5XAkJcYpxdzz9iytYk6erHnjH10GskMIj28o9uglMPwHQOrnoeEjqz2aTV2nOeOPAVmmHP-lLJrOEoARw2VMYIcMho644h7OZXJTCxF5XHnmTBb4syL/s2772/Jan28_FXI_China_Large_Caps_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1748" data-original-width="2772" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzW-6BcoiGrYrZTMmdeR2PCFBEmnz-Kz1fwXhU_PNoeZubtxCocw1K7x_MqzTiGIVMRNeXt0mBC5XAkJcYpxdzz9iytYk6erHnjH10GskMIj28o9uglMPwHQOrnoeEjqz2aTV2nOeOPAVmmHP-lLJrOEoARw2VMYIcMho644h7OZXJTCxF5XHnmTBb4syL/w640-h404/Jan28_FXI_China_Large_Caps_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">What if we’re being FED bad data? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">What if inflation is already back to its 2% target? Truflation is showing the current inflation rate as 1.86% - almost 50% lower than our Fed’s 3.4% current reading. <i> Per Anthony P:</i> What if our FED wants to cut interest rates – because it sees a dis-inflation recession coming? Factually:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Small business hiring fell to the lowest level since June, and marked its second lowest reading since the 2020 pandemic.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Both manufacturers and service companies cut jobs in December, the first time that’s happened since October 2022.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Job growth was revised lower in 11 of the last 12 months. This often occurs when an economy is at an inflection point, or shifting from growth to contraction.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Credit card debt hit a record high of $1.1T and delinquencies were at their highest levels since 2011.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Profit margins for S&P 500 companies shrank to 10.9% in Q4, their lowest level since 2020.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The inverted yield curve (the 2-Year T-Bill rate being above the 10-Year) has been with us for over a year.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When it looks like a duck and quacks like a duck…<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">Just Listen to our FED’s remarks…</span></span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_21" o:spid="_x0000_i1026" style="height: 267pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLmXOoAn8IJQsb25QBVxs7odk1ODEFrz_Vc8-ssuIIiKSLjfDWgsXen3QlsQ80W_a4i8hnlst0vBwO1r86zVNJoTisdo4hU__uVpwDPVFdfX0etIOrObec3MgDFLKmJlC4GM-vd_cq6Cxvr6cgLT1z0J__3A75GPJtFlNCn819x0YaSKLjgRakFcKzt_mO/s3403/Jan28_Invest_at_ATHighs_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2295" data-original-width="3403" height="432" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLmXOoAn8IJQsb25QBVxs7odk1ODEFrz_Vc8-ssuIIiKSLjfDWgsXen3QlsQ80W_a4i8hnlst0vBwO1r86zVNJoTisdo4hU__uVpwDPVFdfX0etIOrObec3MgDFLKmJlC4GM-vd_cq6Cxvr6cgLT1z0J__3A75GPJtFlNCn819x0YaSKLjgRakFcKzt_mO/w640-h432/Jan28_Invest_at_ATHighs_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> After the GDP reading came in hot (even accounting for them fudging the numbers during an election year), that puts the market (and our FED) in a tough place. Our market wants multiple rate cuts this year, and it’s hard for our FED to justify slashing rates – if the economy is doing so well. With that in mind, it's going to be very interesting to hear from the FOMC this week. Between rate cuts, and goosing the GDP & inflation numbers – I think this market has gotten a little ahead of itself, and could use a sideways pause. If Powell is hawkish, we might get a little correction. But, if he's dovish and is considering removing the accommodation – then we may continue surging to more all-time highs. So, it’s the Powell show this week. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_22" o:spid="_x0000_i1025" style="height: 210pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgEmRz9sREFzlMHihALmG1xqPjd9KFIkxlyp9BOu70y507z1ugkGiku2uE20_u4tluArd0aWQQS4Ir0aVReS2O0WJFJ0j8Fwf_1tfhUfq7WwlSadBEpMUv7RjbNO5dRWra5iXIwx-1oIOMHkDWp_E27n0YtLix_QakqyuOfjBELzTFzGgboD_64WuINHnr/s1780/Jan28_Dash_to_Cash_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="946" data-original-width="1780" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgEmRz9sREFzlMHihALmG1xqPjd9KFIkxlyp9BOu70y507z1ugkGiku2uE20_u4tluArd0aWQQS4Ir0aVReS2O0WJFJ0j8Fwf_1tfhUfq7WwlSadBEpMUv7RjbNO5dRWra5iXIwx-1oIOMHkDWp_E27n0YtLix_QakqyuOfjBELzTFzGgboD_64WuINHnr/w640-h340/Jan28_Dash_to_Cash_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2037/oz. & Silver @ $22.9/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $42,300 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,270 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $14.41 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($192.4 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($125.2 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($17.85 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & March $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($11.3 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & March $22 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($7.4 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UROY – Uranium Pure Play ($3.3 / in at $3.1)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">XLK – Technology ETF (201.75 / in at $201.2)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
span.mso-font-fix-arial
{mso-style-name:mso-font-fix-arial;
mso-style-unhide:no;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:411199795;
mso-list-type:hybrid;
mso-list-template-ids:-857807498 -607110328 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1582177782;
mso-list-type:hybrid;
mso-list-template-ids:-1098765872 -1688808314 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
mso-ansi-font-style:normal;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-18678695927698640252024-01-21T07:11:00.000-08:002024-01-21T07:11:56.227-08:00This Week in Barrons: January 21st, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7agicfDZwCoLMSVjkFJBNX5WBGJ__GdN09M5rDK6UE9yJcRzIelSPp2Q6bVeMuLaPUIlZK7Qju6cDRTxlAfx-j0YpsGsC56fcaLfP28yjAHsnrwpSkeCcdh3UAEp8aaVSPR12Ar4_dTUitJNdHp6CzZXlYYVm2Siyc-VP6iyBYSrrqUb1at69J93VVRF8/s1918/Jan21_Reacher_To_smart_to_be_working_for_somene_else1_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="744" data-original-width="1918" height="221" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7agicfDZwCoLMSVjkFJBNX5WBGJ__GdN09M5rDK6UE9yJcRzIelSPp2Q6bVeMuLaPUIlZK7Qju6cDRTxlAfx-j0YpsGsC56fcaLfP28yjAHsnrwpSkeCcdh3UAEp8aaVSPR12Ar4_dTUitJNdHp6CzZXlYYVm2Siyc-VP6iyBYSrrqUb1at69J93VVRF8/w571-h221/Jan21_Reacher_To_smart_to_be_working_for_somene_else1_wWords.jpg" width="571" /></a></div><p><b style="background-color: white; font-family: "Times New Roman", serif;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Sorry - You didn’t get the job…” </span></i></b><span style="background-color: white; font-family: Arial, sans-serif; font-size: 14pt;">is a phrase you can process 2 ways:</span></p><p class="MsoListParagraphCxSpFirst" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1. The selection committee saw you, understood you, and then rejected you. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">OR <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2. The selection committee didn’t <i>understand</i> what you had to offer. They didn’t reject <i>you</i>, as much as they rejected your application and your story.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Now, you can always do a better job of finding <i>your own special place</i>. But in the short-term, practice <i>telling </i>your story and <i>earning</i> your chance to get there. In today’s climate, there’s just not enough time to fully understand and reject anyone as a person.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Developing your story…” </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> per Seth G:<b><i> </i></b>will take between 50 and 100 practice sessions. Most stories don’t resonate with people. In fact, the s</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">tories that resonate the most – are the ones that are built on top of stories we already believe-in. For example, <i>single-use plastic </i>was a story that refused to stick. Heck, in many countries bottled water remains </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">a symbol of status and healthcare. The story of millions of discarded bottles floating in the ocean, it was easy to ignore because: (a) those bottles were <i>‘out-of-sight & out-of-mind’ </i>and (b) <i>‘I already put my bottles into the blue bin.’ </i> Recently a more powerful story emerged that described 100 times more micro-particles of plastic (billions of tiny, new health risks) in bottled water – than previously thought. Suddenly those clear bottles of status and health, look like bottles of poison. Remember, </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">the s</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">tories that resonate – <i>build upon </i>the stories we already believe-in. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz1MsbR9DTtbJnqhjufgUc3MD11PA3oCVHE31GRdcpYIA73s5S1ddsC48INzdiSfk-PnV3HRTLYavE-kWPBChBTDzNEhNTbSFq8MHfQYupYZZ9y0ms3zd1tWMRTeNrsrMeY-v1tKHQDR514QZ1wjNpUIiAzmAiMrQRw8oUkuP1IrkWZrKuaYk7IuKRIzIS/s1506/Jan21_65_Year_Old_Retirement_2_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="865" data-original-width="1506" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz1MsbR9DTtbJnqhjufgUc3MD11PA3oCVHE31GRdcpYIA73s5S1ddsC48INzdiSfk-PnV3HRTLYavE-kWPBChBTDzNEhNTbSFq8MHfQYupYZZ9y0ms3zd1tWMRTeNrsrMeY-v1tKHQDR514QZ1wjNpUIiAzmAiMrQRw8oUkuP1IrkWZrKuaYk7IuKRIzIS/w640-h368/Jan21_65_Year_Old_Retirement_2_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Did you know at 65…<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="s1"><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Your senses are your </span><span class="s1"><span style="font-family: Arial, sans-serif; font-size: 14pt;">competitive advantage. History rhymes and you <i>sense </i>the trends<i>.</i></span></span><span class="s1"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Your <i>insight</i> comes from your peripheral vision – which (over the years) has gathered ~70% of your knowledge.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="s1"><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="s1"><span style="font-family: Arial, sans-serif; font-size: 14pt;">You’ve honed your <i>listening</i> skills. You have 2 ears and 1 mouth – and have learned </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">to <span class="s1">use them in that proportion.</span></span><span class="s1"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="s1"><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="s1"><span style="font-family: Arial, sans-serif; font-size: 14pt;">More <i>sustainable</i> businesses are built by those over 65 than under 35.</span></span><span class="s1"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="s1"><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="s1"><span style="font-family: Arial, sans-serif; font-size: 14pt;">More <i>continued </i>provisional patents are filed by those over 65 than under 35.</span></span><span class="s1"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpLast" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="s1"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Instead of asking: <i>‘Am I too old?’, </i>maybe you should be asking: <i>‘Is it time for a change?’</i></span></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_3" o:spid="_x0000_i1030" style="height: 171pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.png"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwm2mjgYXitGjQ-r7PgulwA6jbfnKfRArlbrtQcIHSHBESe7c7sFSCMYwwIkjI7pumS9YZmfPbpQWNZ3aBkSQyg3euBazD7-0KoJ9txSNH5NKEytUDeR9t26rqkQ8GxASDyLhy8nzEEi1jcb-hwexw-L3JJlLUktyr85lCtNmncb5ktFmyuXz0qmyfULph/s1946/Jan21_AAPL_Vision_Pro_Available_at_Launch_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="844" data-original-width="1946" height="278" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwm2mjgYXitGjQ-r7PgulwA6jbfnKfRArlbrtQcIHSHBESe7c7sFSCMYwwIkjI7pumS9YZmfPbpQWNZ3aBkSQyg3euBazD7-0KoJ9txSNH5NKEytUDeR9t26rqkQ8GxASDyLhy8nzEEi1jcb-hwexw-L3JJlLUktyr85lCtNmncb5ktFmyuXz0qmyfULph/w640-h278/Jan21_AAPL_Vision_Pro_Available_at_Launch_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple Vision Pro’s Pre-Orders started on Friday…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">and they see teaching and remote learning as their </span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">first markets.<span class="apple-converted-space"> The iPhone 16 should include a horizontal camera button for Vision Pro videos.</span><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">Baby Boomers have figured out how to torture millennials</span></i></b><b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;"> instead of downsizing into smaller homes, they’re learning to enjoy more aspects of their larger homes – and NOT moving.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">David Solomon (CEO of GS):</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> “<i>I'm very concerned about our growing debt. I do NOT think that it will come home to roost in 2024. I'm in the camp of higher rates longer – because we have to refinance this debt."</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Google is kicking off the year by laying off ~1,000 staffers…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> without much explanation, after already cutting 12,000 jobs. Employees worry about corporate morale.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">U.S. housing starts fell 4.3% in December…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> with single-family home construction falling the most. </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Sales of previously owned homes dropped 19% YoY – to their lowest level since 1995.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Initial jobless claims have fallen…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to their lowest levels since Sept. 2022.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The mix of high inflation, cheap wine, and an aisle-of-shame…</span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">have made </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Aldi’s the U.S.’s fastest-growing grocery store chain.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Chinese telecom giant Huawei…<span class="apple-converted-space"> </span></span></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">just established a</span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> new smart car unit.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Spirit Airlines may soon be with us in <i>spirit</i> only.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> A federal judge ruled against their planned $3.8B sale to JetBlue for competitive reasons. Spirit’s response: <i>“Without a merger, we’re toast, and then no one will have budget airfares. Is that what you want judge?”</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1029" style="height: 166pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidLx1Kj7SYuJ6II9-Py-iGamHhdZK5P8h5F0bbchdtBB-BTwTZ1FEp6yDsTdAveipFucHYKCtHR8SKsVa_DVB94mOEFsM5y6u8SoG3cjN-E-IS7hlMGEz4Qe9u-fhkMkeOL15ie2vb_tv2JQUpnyPZ3RZF-W9x4NllEjz4r81bXYzCg4lFz_j10vnPBBdZ/s1948/Jan21_Fly_With_us_In_Spirit_Only_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="818" data-original-width="1948" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidLx1Kj7SYuJ6II9-Py-iGamHhdZK5P8h5F0bbchdtBB-BTwTZ1FEp6yDsTdAveipFucHYKCtHR8SKsVa_DVB94mOEFsM5y6u8SoG3cjN-E-IS7hlMGEz4Qe9u-fhkMkeOL15ie2vb_tv2JQUpnyPZ3RZF-W9x4NllEjz4r81bXYzCg4lFz_j10vnPBBdZ/w640-h268/Jan21_Fly_With_us_In_Spirit_Only_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Howard Lutnick (CEO of Cantor Fitzgerald) has confirmed…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">that Tether, (the issuer of USDT) possesses the funds that it claims. That follows a detailed examination of </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">the stablecoin issuer’s assets and balance sheet.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;">Jamie Dimon (JPM’s CEO) says his "personal advice"…</span></i></b><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;"> is to not get involved with Bitcoin. But Jamie, how does that fit with </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">JPM being an authorized </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">participant in BlackRock’s spot Bitcoin ETF? <i>OOPS… mic-drop!</i></span><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraph" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in; vertical-align: baseline;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Bitcoin is secured by the largest computer network in the world…</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> orders of magnitude larger than the combined size of the Amazon, Google, and MSFT clouds.” ... Eric Yates<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_20" o:spid="_x0000_i1028" style="height: 221pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxvwZYkaJrzZdyjD0DjeQxrsfHzDytjD6mkc-fEpPZ-576iyYsGpaAGRuy-FtzHZXICLbz_U9AMsz9-dXWmaj4b4ZmYOqxHGw8HAl93NPGEMzfkqzapw9rJXoivfYldEfcDVJAXNXtdPUGHCDpU-uDIPL8rM6ofc4QBRKRq6YhmzF0t-Mo2eufqrusw2i5/s819/Jan21_NVDA_3_wks_into_yr_Up_23pct_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="456" data-original-width="819" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxvwZYkaJrzZdyjD0DjeQxrsfHzDytjD6mkc-fEpPZ-576iyYsGpaAGRuy-FtzHZXICLbz_U9AMsz9-dXWmaj4b4ZmYOqxHGw8HAl93NPGEMzfkqzapw9rJXoivfYldEfcDVJAXNXtdPUGHCDpU-uDIPL8rM6ofc4QBRKRq6YhmzF0t-Mo2eufqrusw2i5/w640-h356/Jan21_NVDA_3_wks_into_yr_Up_23pct_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> It’s been a weird week: </span></i></b><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">I think the ten year had them bothered, but they’re buying the dips. Last week, t</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">he S&P 500 rose 1.2% to 4839.81, surpassing a closing all-time-high from January 2022. The Dow Jones Industrial Average rose 1.1% and the Nasdaq Composite rose 1.7%. Optimism around artificial intelligence has helped drive gains in technology stocks, including Taiwan Semiconductor Manufacturing Co., Nvidia, and AMD. </span><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_21" o:spid="_x0000_i1027" style="height: 192pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoKv9t_Df5Y1SdQrhGpf0sVDzD5AFI3jY1AzDMq-fj43TlwV1Rq5NmVDfs6cc3sD_CXPyA9DGf9zVM16EytJ-kpll8bdl94kUw_Z42iPc8MyVzBb4gz_smI3JTXSAmk6cBz8Je4KvQii0X_4GTVucbitrFgFGMUO-fSzDIDBFOEzZIyrI41wD5F4R1DFJP/s932/Jan21_NVDA_CALL_Premium_Excessive_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="453" data-original-width="932" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoKv9t_Df5Y1SdQrhGpf0sVDzD5AFI3jY1AzDMq-fj43TlwV1Rq5NmVDfs6cc3sD_CXPyA9DGf9zVM16EytJ-kpll8bdl94kUw_Z42iPc8MyVzBb4gz_smI3JTXSAmk6cBz8Je4KvQii0X_4GTVucbitrFgFGMUO-fSzDIDBFOEzZIyrI41wD5F4R1DFJP/w640-h312/Jan21_NVDA_CALL_Premium_Excessive_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">How did Bitcoin ETFs receive Billions – and prices go down?<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Anthony P:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Buy the rumor – Sell the news”… </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Investors had built up so much anticipation for the ETF approvals that they ran the BTC price from $27k in mid-October to $45k earlier this month – and then took profits.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">There have been billions of dollars flowing out of Grayscale’s GBTC, which is putting significant sell pressure on the bitcoin price. Grayscale’s management fees only dropped from 2% to 1.5% - while other spot bitcoin ETF fees are in the 0 to 0.5% range. It just takes time to move from one ETF to another. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Finally, the demographic of the average Bitcoin holder is changing. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">a.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Previously, those who held Bitcoin created a HODL culture (Hold On for Dear Life). This produced a highly illiquid asset, which caused FOMO-esque behavior when responding to any up-tick in demand. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">b.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Now, the hardcore holder base will be diluted by traditional financial players. Blackrock’s IBIT already has more than $1B in the fund after the first four days. Traditional financial investors are likely to rebalance their portfolios once a month – which will include selling and taking profits. Some of the incoming capital flows will have their origins in leveraged derivatives – which will reduce the actual positive impact on price.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">c.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">AND with more capital and products come increased liquidity and reduced volatility. The good news is that we shouldn’t see severe 80% drawdowns in the future, but we also shouldn’t expect 1,000% price increases / year.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">Markets Catch the NVDA Fever</span></span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_22" o:spid="_x0000_i1026" style="height: 223pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFcS-FbPrPpg3X6sAhx1AzTksfmAsZtBc2hwb3ZgixLs5GP7kftnEydBxeFakUEFrVLSQNxVwPWuCUqMLyNzAuvNi8Tfug6uI5pAWZrI8HtCS9GQ-JNhXpWA4jCp0U2qoixGm_r1_iPzQEWzfeljX1vppy7MNVcoKudxgpHNfziePrSRpOFPoczrcKxr1i/s977/Jan21_FED_Rate_Watch_50_50_RateCut_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="550" data-original-width="977" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFcS-FbPrPpg3X6sAhx1AzTksfmAsZtBc2hwb3ZgixLs5GP7kftnEydBxeFakUEFrVLSQNxVwPWuCUqMLyNzAuvNi8Tfug6uI5pAWZrI8HtCS9GQ-JNhXpWA4jCp0U2qoixGm_r1_iPzQEWzfeljX1vppy7MNVcoKudxgpHNfziePrSRpOFPoczrcKxr1i/w640-h360/Jan21_FED_Rate_Watch_50_50_RateCut_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Backdrop: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Our economy and especially our markets are designed to be debt based. That's why +$34T in debt is not bothersome to anyone, and our markets are making all-time-highs. Remember, the debts will never be repaid, and increased debt gives us more of an excuse to print money.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Also, this is an election year. The incumbent party will do everything possible to make the economy look good, and the easiest way to do that is to juice the stock market. Everyone likes seeing their 401k go higher, and this is why the latest consumer sentiment survey came out so strong. Unfortunately, <i>reality bites </i>because our credit card balances are at all-time-highs and delinquency defaults are not far behind. By the way, the NY Empire Manufacturing report was expected to come in flat – instead, it came in down -35. Layoffs continued through Google at ~1,000, Wayfair at ~1,650, and Macy’s for ~2,500. But hey: <i>What Me Worry?</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tech came roaring back… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and everything paled in comparison to the ~23% YTD gains shown by Nvidia (NVDA).<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">NVDA is the tech market… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> It’s simply incredible, that 3 weeks into the year – NVDA is up +23%. Out of nowhere NVDA is a $1.5T company that has twice the volatility of AAPL and MSFT. So, NVDA is acting like a $3T company, and is driving the tech marketplace. [FYI: the YTD returns of the other <i>Mag 7 </i>components pale in comparison to NVDA.]<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal"><b style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">If you’re not into tech…</span></i></b><i style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="font-family: Arial, sans-serif; font-size: medium;">get into tech, because many of the old economy indicators (like freight) are telling a very different story. Global trade and manufacturing are recessionary, and both Europe and China continue to be weak. Fund managers (not wishing) to get left behind again this year) have been ramping up their exposure to tech stocks - especially if winning is as simple as: <i>"Buy the Mag 7".</i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Call buyers are back and running wild… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">especially inside of NVDA. Prop trading firms are coming in and buying mass quantities of CALL options – <i>‘At the Ask or Above’. </i>When you look at other sectors: Energy (XLE) and Utilities (XLU) are both down -5% YTD, Financials (XLF) are flat, even Tesla (TSLA) is down 15% YTD. The market (right now) is localized to AI / Nvidia, and <i>that is ‘cause for concern’. </i>Also, the premium being charged for NVDA CALL options is ~30% higher than the premium being charged for the same equidistant / equal volatility out-of-the-money PUT options. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">In NVDA, the immediate trade is to purchase an inexpensive PUT Spread – 30 days out and allow the stock’s own mean-reversion to make money for you.</span> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">FED Funds go 50/50 for a March rate cut… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">which is the largest marketplace acknowledgement toward <i>normal FED behavior </i>– that we’ve seen in a long time. So, it’s a coin-flip as to whether our FED cuts rates in March. Bonds are selling off, the Dollar remains above $102.50, and yields on the 10-Yr. have moved convincingly above 4.1%. None of this is positive for markets – except Debt + AI + Nvidia = <i>print baby print</i>. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $55 (4-day week) that ended <i>EXACTLY @</i> +$55 <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $58 (5-day week)<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUmHz3qo2LKs_7FC1l4zdqKOSIUN9cmn4AvLzlH9rBFv2e_raGhk0Kjw8ehYKUDIQ4ja9jydYZXEDi_GklmZXsEl0yBr4EZCNBKHJoun3JLIAS9qtldCM-6ZhXLFKHR-viT_V-FOKJAKqLJ-3jiCd1CQqZc_Mo7gJMR2OcMqU5ha7ooMwjR5BS0VfZgHUI/s1948/Jan21_Tech_Stocks_Expensive_Not_Rest_of_Mkt_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1156" data-original-width="1948" height="380" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUmHz3qo2LKs_7FC1l4zdqKOSIUN9cmn4AvLzlH9rBFv2e_raGhk0Kjw8ehYKUDIQ4ja9jydYZXEDi_GklmZXsEl0yBr4EZCNBKHJoun3JLIAS9qtldCM-6ZhXLFKHR-viT_V-FOKJAKqLJ-3jiCd1CQqZc_Mo7gJMR2OcMqU5ha7ooMwjR5BS0VfZgHUI/w640-h380/Jan21_Tech_Stocks_Expensive_Not_Rest_of_Mkt_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Buy what’s working – until it doesn’t:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds = steady <i>tax-free, cash income</i>,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto = it is this past <i>decade’s best performing asset class</i>, <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Big Tech = because it most recently gained 55% YoY – <i>end-of-story</i>, and<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Uranium = everybody needs a <i>‘spec-play’.</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2031/oz. & Silver @ $22.7/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $41,600 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,480 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $15.41 / in at $7.78)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($191.5 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($124.7 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($16.13 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l4 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & March $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($10.2 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l4 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & March $22 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($7.7 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UROY – Uranium Pure Play ($3.6 / in at $3.1)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">XLK – Technology ETF (</span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">coming…)</span></i><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
span.s1
{mso-style-name:s1;
mso-style-unhide:no;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:449782932;
mso-list-type:hybrid;
mso-list-template-ids:-2024906566 -1593691696 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:721028286;
mso-list-type:hybrid;
mso-list-template-ids:1832567684 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l1:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l1:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2
{mso-list-id:1330597468;
mso-list-type:hybrid;
mso-list-template-ids:-1017897718 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l2:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3
{mso-list-id:1791821164;
mso-list-type:hybrid;
mso-list-template-ids:1094362502 1440879960 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"ArialMT",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";
color:black;
mso-ansi-font-weight:normal;
mso-ansi-font-style:normal;}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l4:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l4:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l4:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l4:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-86592323059066065022024-01-14T05:51:00.000-08:002024-01-14T05:51:01.197-08:00This Week in Barrons: January 14th, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://twitter.com/adcock_brett/status/1743987597301399852?s=46" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="1002" data-original-width="1889" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiU60t_jNEB0qrnV2XuTdOOZthUqsV8fEMBOYW5jFQ_TK2iGfFiB9rZyYzG6G945mTh8Neu7bz2zblGyLo6CzLUySODKp9jbOQs3aB6soZ00aIj2YwGVT257xCpShrr4vSXi99TzZHQdd4XLLFLjmY0iucfh8JUQqJ-K50GuF0zov5svL7PQk-fnVUo2AO_/w568-h302/Jan14_If_I_can_make_coffee_How_Long_Until_Your_Job3_wWords.jpg" width="568" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Things they don’t tell you in Entrepreneurship class…<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s much easier to be wrong than right.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">You can’t relax unless you’re asleep.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">You always wake up wondering if you’re doing the right thing.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">You only remember your losses.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">In my wife’s garden… per Seth G:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">My wife doesn’t grow plants – the plants grow themselves. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">My wife creates the conditions for the plants to grow that include: soil, water, light, weeds, etc.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">But all of that doesn’t matter, if the plants don’t do their part.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Leadership is <i>creating the conditions for others to succeed </i>– <b><i><span style="background: yellow;">and</span></i><span style="background: yellow;"> yes – that<i>’s the hardest part!</i></span></b><span style="background: yellow;"><o:p></o:p></span></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Opportunity is where: ‘Want’ but ‘Can’t Afford’ intersect:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Everyone wants to be <i>connected</i>, but nobody wants to connect – for free.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Everyone wants to be <i>respected</i>, but nobody wants to earn their respect.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Everyone wants to be <i>trusted</i>, but nobody wants to trust – for free.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Opportunities remain in connection, respect, and trust.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1031" style="height: 237pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3YGZwsT8vYcTL8traf-Y-7yWHU8ZmCtZL8R79wdC-ZbeBk_hG0zNqfT5m8FBpdcXqfaSYsVX-rNfFD57JDajs64ZZbaTshi4HkltLJBGdZeqw9Q8zzBQGyLVG2Dz-wNqpssfC5THY3jujzJhArbxdj4AAl83a3nrLN4gC_nmI1pMib0My0BISFY54Y2pH/s2766/Jan14_Bill_Bilichick_Fired_6SBWins_24Attempts_wWords2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1656" data-original-width="2766" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3YGZwsT8vYcTL8traf-Y-7yWHU8ZmCtZL8R79wdC-ZbeBk_hG0zNqfT5m8FBpdcXqfaSYsVX-rNfFD57JDajs64ZZbaTshi4HkltLJBGdZeqw9Q8zzBQGyLVG2Dz-wNqpssfC5THY3jujzJhArbxdj4AAl83a3nrLN4gC_nmI1pMib0My0BISFY54Y2pH/w640-h384/Jan14_Bill_Bilichick_Fired_6SBWins_24Attempts_wWords2.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">“I think the biggest long-term impact of a spot bitcoin ETF… </span></i></b><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;"> is that people who invest in bitcoin are no longer seen as being unusual. The second impact is that it opens up bitcoin to trillions of dollars of potential investment from institutions, family offices, pension plans, and financial advisors. And to answer the question: <o:p></o:p></span></i></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #404040; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">When will bitcoin go mainstream? </span></i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #404040; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">The answer is: <b>Right about now!”</b> … Matt Hougan CIO of Bitwise.</span></i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The spot Bitcoin ETFs will… </span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Per Anthony P:<o:p></o:p></span></i></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Receive at least $5B in AUM within their first month of trading,</span><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Be promoted with over $100m in ads, and +1 Super Bowl commercial,</span><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Gain an allocation of ~3% of all client assets,</span><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Enhance the speculation around an Ethereum spot ETF,</span><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Reduce Bitcoin’s volatility over the next 3 years, and </span><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Soften Bitcoin’s annual growth rate to 20% per yr. within 5 years.</span><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1030" style="height: 196pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBpqz4ax0PKmzde3NN7XofKOhzCB56qdFWP88ZCjVrAb-x0HqyJkPXSLY0zhQWN6rjUpFfA_INdOQNNmFwtEiJtdEjcgtKNBB91fkHJp1WqXrwJzPXsqSunjEjGDeGP3V5GjSYAE_PWYZ-P5X3Dm9xyKv_plHQyVtu7bJP1hXYxbCdUSDk9yWHzkOUATHs/s1848/Jan14_Streaming_Eq_Cable_Whats_the_Difference_Again_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="918" data-original-width="1848" height="318" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBpqz4ax0PKmzde3NN7XofKOhzCB56qdFWP88ZCjVrAb-x0HqyJkPXSLY0zhQWN6rjUpFfA_INdOQNNmFwtEiJtdEjcgtKNBB91fkHJp1WqXrwJzPXsqSunjEjGDeGP3V5GjSYAE_PWYZ-P5X3Dm9xyKv_plHQyVtu7bJP1hXYxbCdUSDk9yWHzkOUATHs/w640-h318/Jan14_Streaming_Eq_Cable_Whats_the_Difference_Again_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Jobs-B-Gone (due to AI or Mis-Management):</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Duolingo </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">cut 10% of its contractor workforce,</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Unity Software</span></i></strong><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">(videogames) is cutting 1,800 jobs,</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Pitch </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">(collaborative </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">presentation software) is sacking its CEO and laying off two-thirds of the company,</span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Flexe </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">(a </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">warehouse and logistics company valued at $1B) is laying off ~40% of its employees,</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Amazon’s Twitch </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">is laying off 35% of its staff,</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">The NFL </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">is offering buyouts to ~20% of its employees,</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Audacity</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"> filed for bankruptcy protection citing declining ad sales,</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Pixar</span></i></strong><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">is laying off 20%, and</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Discord</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> is laying off 17% of its workforce.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Companies-B-Gone:</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">J & J </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">is acquiring cancer drug developer Ambrx Biopharma for $2B,</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Merck </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">is buying Harpoon Therapeutics for ~$700m, and</span></strong><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Boston Scientific </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">bought medical device maker Axonics for $3.7B.</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; font-weight: normal; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Revenue-B-Gone:</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">CNBC </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">is selling investing courses for $99/100 minutes, and</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">X / Twitter </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">will launch P2P payments<b><i> </i></b>because nobody’s<i> buyin’</i> their ads.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Streaming has become the old cable</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Waymo will begin testing its driverless vehicles</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">on higher speed Phoenix freeways – using </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">their own employees as guinea-pigs.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">~20% of all major city office space is vacant…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> the most in +40 yrs.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">January Consumer confidence…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> remained in negative territory for the 29th straight month. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">After a 3-year hiatus… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">~40% of student loans are not</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> being repaid. </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <i>Uncle Joe, free money comes with consequences.</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Hertz is replacing 30,000 of their 100,000 Tesla’s…</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">with gas guzzlers.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Credit card</span></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">delinquency is at its highest level in over a decade.<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1029" style="height: 248pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-JJVQ6LAfEQ6ATMQvOGRC3BiPD7ueX95C7vzMkBzHaiYtLg_gw4ntoEW4NE2aoYNBhCI-mxAZvxH3p-6apOV7Nda_lWKpefQqy7ei09dbTSmKRD9k5JceYLAMPrhUXaHrPlxwZ647y3dJ6SRNjaWMqlazLS73YjCOlYwiMXwsgLBbQHBx4LAJWK7Xtunr/s1572/Jan14_ETH_Cup_n_Handle_Higher_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="982" data-original-width="1572" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-JJVQ6LAfEQ6ATMQvOGRC3BiPD7ueX95C7vzMkBzHaiYtLg_gw4ntoEW4NE2aoYNBhCI-mxAZvxH3p-6apOV7Nda_lWKpefQqy7ei09dbTSmKRD9k5JceYLAMPrhUXaHrPlxwZ647y3dJ6SRNjaWMqlazLS73YjCOlYwiMXwsgLBbQHBx4LAJWK7Xtunr/w640-h400/Jan14_ETH_Cup_n_Handle_Higher_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ahead of the spot bitcoin ETF decision…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">the SEC Chair issued a word of caution for </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">crypto investors due to the asset’s risk, volatility, and fraud.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;">On Wednesday, the SEC officially approved all Spot Bitcoin<span class="apple-converted-space"> </span>ETFs to: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">VanEck</span><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;">,</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitwise, Fidelity<span class="apple-converted-space">, </span>Franklin, Valkyrie,<span class="apple-converted-space"> </span>Hashdex, Ark Invest, Grayscale, BlackRock, WisdomTree, and </span><span lang="EN" style="font-family: Arial, sans-serif; font-size: 14pt;">Invesco Galaxy.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">ETH is catching a bid after the BTC ETFs were approved…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> because ETH investors can be heard saying: <i>‘We’re next!’</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Spot bitcoin ETFs were not approved by all brokerages… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and conservative houses like Morgan Stanley and Merrill may take months to approve them. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Circle</span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">, <b>the startup behind the USDC stablecoin…</b> has confidentially filed to go public. USDC is the second largest stablecoin after Tether. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1028" style="height: 172pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZhNc8UVkpunwYY3ETnaNuXRtcnbn2lj650F5ZtivFwQzb92MRQLyiXUFHPuu7MRm9tf9i10YGIjOTcsDT2tiq92YJAcezP8AYUXy4pSisJjh1Q2LHDp8dkx2n7K3vCBpaMDmD8rZwXdyEB4E6rb1HRcCrBqiRSsDxh3-S2nP74UfMQ0foJhr05JWi-qC8/s1017/Jan14_Markets_showing_80pct_chance_rate_cut_in_March_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="442" data-original-width="1017" height="278" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZhNc8UVkpunwYY3ETnaNuXRtcnbn2lj650F5ZtivFwQzb92MRQLyiXUFHPuu7MRm9tf9i10YGIjOTcsDT2tiq92YJAcezP8AYUXy4pSisJjh1Q2LHDp8dkx2n7K3vCBpaMDmD8rZwXdyEB4E6rb1HRcCrBqiRSsDxh3-S2nP74UfMQ0foJhr05JWi-qC8/w640-h278/Jan14_Markets_showing_80pct_chance_rate_cut_in_March_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Boeing is down hard (<i>and should be</i>) after one of its planes fell apart in the air. Energy is down, as the Saudi's have cut oil prices. </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">BLNK looks good over $3.19, SQ over $68.95, MU over $85, AMZN over $138, AMAT over $153, and AAPL over $184 – all look good. This feels like a <i>sticky </i>bounce, but the volumes are <i>meh </i>thus far.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The CPI expectation was for +0.2%, but it came in hot at: +0.3%. The YoY came in at +3.4% which is also a bit h</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">otter than expected. I honestly thought our gov’t would <i>paint-this-pig’s </i>numbers<i> </i>better than they did.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1027" style="height: 207pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIF9ianQew0bPlhgFU_oBaup7NVMxNVLvKg9G_8CywEzjv3LwPQ3MyuF18yMDf6UsU_4iUlFkQMoxZ4-BWlqFTwXN9L8bz1-VSvhsrs7NgfffUf9qnhQZhCXELAz_yrvRVhoArKfeOpFUkE0RZGx5JbmlCOiUZ3xUKlAJ88gP_QZxEZj3kwqxYj5C25_4_/s811/Jan14_SPX_Past_5_weeks_3_Breaches_of_EM_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="425" data-original-width="811" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIF9ianQew0bPlhgFU_oBaup7NVMxNVLvKg9G_8CywEzjv3LwPQ3MyuF18yMDf6UsU_4iUlFkQMoxZ4-BWlqFTwXN9L8bz1-VSvhsrs7NgfffUf9qnhQZhCXELAz_yrvRVhoArKfeOpFUkE0RZGx5JbmlCOiUZ3xUKlAJ88gP_QZxEZj3kwqxYj5C25_4_/w640-h336/Jan14_SPX_Past_5_weeks_3_Breaches_of_EM_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Crypto is alive and well – but some financial advisors hold a grudge… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Within hours of the ETFs trading, reports came in that various financial organizations were not going to offer the spot bitcoin ETFs to their clients. Vanguard put out a statement saying: <i>“The spot Bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard Bitcoin ETFs or other crypto-related products. These products do not align themselves with our other building blocks for a well-balanced, long-term investment portfolio.” </i>[Laughter] Vanguard, I can only imagine the arrogance it takes to prevent your clients from accessing the best performing asset class over the last 15 years – <i>AND </i>to continue promoting: (a) penny stocks, (b) leveraged inverse ETFs, (c) and fiat currencies that have actively destroyed your clients’ wealth for decades. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">Volatility is Knocking</span></span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1026" style="height: 221pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJcA-YSwTpQMl9OXBYmGdEKKU9fPC9CMuwRMBrGsGwK9SjIFjYz-X1hFcWdYbkMfotoDAMQgdVJKhfJBW8-1mg3F_Bts2Cz9HOQAhTlBkklKNS3pijp8YniugpFoYKGvcxAAhkiK-7iO4shRnD-6nuyghWQ5sx8EGNWAZAlekm1ZSPT5cP9tzM-UB5_JgF/s842/Jan14_XLF_short_financials_with_questionable_earnings_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="471" data-original-width="842" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJcA-YSwTpQMl9OXBYmGdEKKU9fPC9CMuwRMBrGsGwK9SjIFjYz-X1hFcWdYbkMfotoDAMQgdVJKhfJBW8-1mg3F_Bts2Cz9HOQAhTlBkklKNS3pijp8YniugpFoYKGvcxAAhkiK-7iO4shRnD-6nuyghWQ5sx8EGNWAZAlekm1ZSPT5cP9tzM-UB5_JgF/w640-h358/Jan14_XLF_short_financials_with_questionable_earnings_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our FED’s rate cut probabilities… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">are still showing that in March – we have an 80% chance of cutting rates from 5.25% to 5% - even though the inflation numbers came in <i>hot </i>this past week. And to add further insult to injury, markets believe that our FED will cut rates further to 4.75% at their May meeting. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">If any of our FED governors next week talk about ‘higher rates for longer’ or a ‘slowing of the rate cuts’, then volatility should return to our markets with a vengeance.</span> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Big Banks are producing questionable earnings… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">with headlines like: “<i>Citigroup is cutting 20,000 jobs as it reports its worst quarter in 15 years.”</i> <b><span style="background: yellow;">Tip #2: </span></b><span style="background: yellow;">There is a short setting up in the XLF – with both a <i>looming </i>FED rate cut and bad earnings hitting the immediate tape.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Could a dose of reality be coming to our markets? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">I don’t think that earnings will be the trigger to reality hitting our marketplace, but rather believe that either <i>consumer sentiment </i>or <i>FED speak </i>will be the upcoming catalyst. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $61 (5-day EM) … and we moved outside the upper edge of the EM due to out-sized <i>call buying </i>early in the week.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $54 (4-day EM) <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_gJPJaC7qJAFFhzMK8SLjIXuNn-0FfTqTSO-CpAGKtTxbitaAKyveSqIzfyZ2bm3UcDATgyamb7SbM7jTsMbvpM5T4RCfXbKxPk753Je23Kuoy6qSDIxGAjviFBfZoJRE0_jB4NP1o4_trIxDezhTs53yGXDUR2NW6yF4A4AFFwps_4GxjU4jg1thMyB_/s1900/Jan14_Rabbit_AI_Why_Call_It_a_Phone_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1042" data-original-width="1900" height="350" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_gJPJaC7qJAFFhzMK8SLjIXuNn-0FfTqTSO-CpAGKtTxbitaAKyveSqIzfyZ2bm3UcDATgyamb7SbM7jTsMbvpM5T4RCfXbKxPk753Je23Kuoy6qSDIxGAjviFBfZoJRE0_jB4NP1o4_trIxDezhTs53yGXDUR2NW6yF4A4AFFwps_4GxjU4jg1thMyB_/w640-h350/Jan14_Rabbit_AI_Why_Call_It_a_Phone_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b>One area that's perked up nicely…</b> (and isn't a tech stock) is the uranium space. Uranium prices have risen through 2023, and markets are realizing that demand will soon outstrip supply. Watch UEC and the Sprout uranium fund. And while this <i>rally </i>can go higher, right now it feels like it's running on fumes. Don't bet the ranch on a lot more gains from here – in the short term. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.2%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2050/oz. & Silver @ $23.3/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $43,400 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,580 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($18.9 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & March $32 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $14.14 / in at $7.78) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($11.8 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sold the Feb. & March $22 Covered Calls<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($132 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($7.8 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($185.3 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:941915115;
mso-list-type:hybrid;
mso-list-template-ids:2061298200 2122979958 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-45904814576943815332024-01-07T06:02:00.000-08:002024-01-07T06:02:59.752-08:00This Week in Barrons: January 7th, 2024<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgygZjsOo8K5e1tpN1EuRB4Jx3ju1SPV_m6ASYUsTM6UR4Fq1PY_kBLW-W1Lq8lbHsn-dDyKSIMsezbWex5U02byCtnwVwhkX8kFq7sVIe-OV0eZF7cMZDzOliBcRTFvosQ_9Ecy2MruwyBU4MvSVafP_Kiq2o0t05xN5AfZPsElXGmzN-UfXBj1UpVaucf/s1770/Jan7_B__tch_Better_Have_My_Money_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="957" data-original-width="1770" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgygZjsOo8K5e1tpN1EuRB4Jx3ju1SPV_m6ASYUsTM6UR4Fq1PY_kBLW-W1Lq8lbHsn-dDyKSIMsezbWex5U02byCtnwVwhkX8kFq7sVIe-OV0eZF7cMZDzOliBcRTFvosQ_9Ecy2MruwyBU4MvSVafP_Kiq2o0t05xN5AfZPsElXGmzN-UfXBj1UpVaucf/w566-h306/Jan7_B__tch_Better_Have_My_Money_wWords.jpg" width="566" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">New Year’s Resolution</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Improve your ability to <i>Make Quicker Decisions. </i>Great leaders have perfected quick decision-making. Success is directl</span><span style="background-color: white; font-family: Arial, sans-serif; font-size: 14pt;">y correlated to faster and more frequent decision-making.</span><span style="background-color: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium; margin-right: -0.5in;"><b><i><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Calling all Audience Builders in 2024… </span></i></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Per Shaan P: <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="margin-right: -.5in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l2 level1 lfo6; text-autospace: none; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">#1 - WHO follows you always beats HOW MANY follow you.</span></i></b><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">You would rather have 1,000 customers who <i>LOVE</i> your product, than 1m people who kinda like it? You would rather have half of the Fortune 500 CEOs, than 1m random users. You're building a <i>‘magnet’ – </i>not an <i>‘audience’. </i>You’re creating content that attracts a specific type of user.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-right: -.5in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l2 level1 lfo6; text-autospace: none; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">#2 - You want to be <i>KNOWN WELL – not WELL KNOWN… </i></span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Fame is not the goal, but attracting a small group that knows a lot about you is. Remember the 4 D's: <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1in; margin-right: -0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Do </span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">– People love people who get stuff done<i>.</i><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1in; margin-right: -0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Done </span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">– Historically what did you do, but (more importantly) Why did you do it?<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1in; margin-right: -0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Deliver </span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">– WIIFM (What’s In It For Me) to listen to you?<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1in; margin-right: -0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">Dorkyness </span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">– Show a little piece of <i>the-inner-you </i>every now and again. If managed correctly, the more you <i>‘open the curtain’ </i>– the luckier you’ll become. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-right: -.5in; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l2 level1 lfo6; text-autospace: none; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #0f1419; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">#3 – CONTENT is King…</span></i></b><b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">A+ content with C- delivery, always beats C- content with A+ delivery. Don't waste time on sizzle / packaging. Spend your time living an interesting life – so that you actually have something to say. <o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Measuring Productivity covers quite a range: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Seth G:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="background: white; margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I did enough to not get fired.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I did enough to get a better job.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I solved a problem for a customer / co-worker = everybody wins.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I helped to invent something that creates possibilities.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I created something for myself and others to use.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">I did <i>not </i>waste today!<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1031" style="height: 179pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTuq5F6GByRfKSyX59ngQPxQCwnP7l7MvsicsA8MnOEFOOqzWB3uEkx7rVkI27k7ncbqiZeCVtIB7U2t8La0xEzjYP31xO-MMHoL6gktsIQowoU-u8KBSviAWoXxl_trBI-IpNVIBL8hXizOV0FyFw82M8rSRuSQpNwjsmdRq4LLAVx6JMZ_XV49Mw92n-/s3021/Jan7_Frog_Boxing_Gloves_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1365" data-original-width="3021" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTuq5F6GByRfKSyX59ngQPxQCwnP7l7MvsicsA8MnOEFOOqzWB3uEkx7rVkI27k7ncbqiZeCVtIB7U2t8La0xEzjYP31xO-MMHoL6gktsIQowoU-u8KBSviAWoXxl_trBI-IpNVIBL8hXizOV0FyFw82M8rSRuSQpNwjsmdRq4LLAVx6JMZ_XV49Mw92n-/w640-h290/Jan7_Frog_Boxing_Gloves_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Fair Warning Levels:<o:p></o:p></span></i></b></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14.0pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">QQQ < $400 </span></i></b><b><i><span style="color: red; font-family: Arial, sans-serif; font-size: 14pt;">($397): </span></i></b><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">The first warning of a ton-so-great market environment would be a breakdown in the Nasdaq and the Small-cap Russell. If the Nasdaq100 ETF is below 400, that would put it back below former highs, increasing the vulnerability for further downside, or even a grind sideways.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14.0pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">IWM < $200 </span></i></b><b><i><span style="color: red; font-family: Arial, sans-serif; font-size: 14pt;">($193): </span></i></b><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">Similar to the QQQs, a failed breakout of the IWM above its most recent highs would increase the vulnerability for further downside.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14.0pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">DXY > $102 </span></i></b><b><i><span style="background: white; color: red; font-family: Arial, sans-serif; font-size: 14pt;">($102.4): </span></i></b><span style="background: white; color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">If we start to see a stronger US Dollar, that is most likely happening in an environment where stocks are under a lot more pressure. </span><span style="color: #343434; font-family: Arial, sans-serif; font-size: 14pt;">The Dollar has fallen since peaking on October 3<sup>rd</sup> – the day the number of new lows peaked on the NYSE. Recently the Dollar (DXY) has started to rally and that has corresponded with the peaking of new highs on the NYSE.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1030" style="height: 215pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjf3yCVjqFR3Ww9F4LpNz3S6pBpkrqyWjAHnOUPEYnF_r1u9RskZkzXCW9LfI-AZfta-YX8T3wQ952yYiKlpf1M4rkKWNU1jhvlfjsQABYUQsG4WscoKiwMXR4el47tsiKdTSM_M0L9DP86iwFMfLm1D0j5S6bo3PXlha5hPzoA5sloXlRSliBLgV4azkL-/s1450/Jan7_XLV_Healthcare_Graph_Breaking_Out_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="786" data-original-width="1450" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjf3yCVjqFR3Ww9F4LpNz3S6pBpkrqyWjAHnOUPEYnF_r1u9RskZkzXCW9LfI-AZfta-YX8T3wQ952yYiKlpf1M4rkKWNU1jhvlfjsQABYUQsG4WscoKiwMXR4el47tsiKdTSM_M0L9DP86iwFMfLm1D0j5S6bo3PXlha5hPzoA5sloXlRSliBLgV4azkL-/w640-h346/Jan7_XLV_Healthcare_Graph_Breaking_Out_wWords.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">19 years ago was eBay’s first listing… </span></i></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">a broken laser pointer for $14.83.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">X’s stock is down ~70% from ATHs…</span></i></b><span class="apple-converted-space"><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">and now worth $9B in total.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Premium smartphones</span></i></b><span class="apple-converted-space"><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> <b>are ~25% of the entire market… </b></span></i></span><span class="apple-converted-space"><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">and </span></span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">iPhone controls ~70% of that market.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Tesla sold 485k EVs in Q4</span></i></b><b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">… </span></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">but </span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">BYD sold 526k.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Streaming video subscribers are churning at ~80% / year</span></i></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">.</span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">December’s ISM Manufacturing PMI…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> remained in contraction territory for the fourteenth straight month as new orders, backlogs, and employment all fell.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Job openings fell…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to their lowest level since March 2021, and the level of job <i>quits </i>fell below pre-pandemic levels.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">13-year-old Willis Gibson of Stillwater, Oklahoma…</span></i></b><b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;"> became the first human to <i>beat</i>Tetris by getting so far in the Nintendo version that he froze the screen.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Global VC</span></i></b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> <b>deals were down -54% in 2023 vs. 2021.</b><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">The Mediterranean diet</span></i></b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> <b>won 2023 Diet of the Year.</b><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">December’s ADP Payroll report showed…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> the U.S. adding 164k jobs – topping November’s 101k. Wage growth slowed, with those staying at jobs seeing a 5.4% YoY wage increase and job hoppers seeing an 8.0% rise.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Our FDA approved a 2-year plan…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> that will allow Florida to import certain prescription drugs from Canada at a lower price than in the US</span>.<span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1029" style="height: 207pt; visibility: visible; width: 395pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjj5Poc6NneyPylCGGx7BRG-MfQF6jYRlq1xO1-OjUJhha6YPhbEMj8DY2ENnRkFIblxdttz5inyRlf3_H1kXUFa_Md4EKSVw5hvXKTaScLrU9TnQsaalg_3LgPUl9XRcauqR6T6Jiuotb2PhdMza07I2zymGia_55OX1H5bgvPflMU85Pu1YsBYXylJgT/s790/Jan7_BTC_vs_Assets_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="415" data-original-width="790" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjj5Poc6NneyPylCGGx7BRG-MfQF6jYRlq1xO1-OjUJhha6YPhbEMj8DY2ENnRkFIblxdttz5inyRlf3_H1kXUFa_Md4EKSVw5hvXKTaScLrU9TnQsaalg_3LgPUl9XRcauqR6T6Jiuotb2PhdMza07I2zymGia_55OX1H5bgvPflMU85Pu1YsBYXylJgT/w640-h336/Jan7_BTC_vs_Assets_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The crypto sector pulled back…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> on mixed reports that the spot Bitcoin ETF proposals are set to be rejected by the SEC. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Michael Saylor (MicroStrategy CEO) plans to sell…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> $216m of MSTR shares to address personal obligations and to personally buy more Bitcoin.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">~$44,000 is presenting a difficult level for Bitcoin…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and support on the monthly chart is ~$36,000. Don’t be surprised to see some flatness and volatility until we get closer to EOM.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Argentina recognized Bitcoin for contracts…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">m</span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">arking a significant step in cryptocurrency adoption that will revolutionize contract dealings in that country. </span><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1028" style="height: 220pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFWjJH_HMGx4W2JqZ6zxiZsFGujVHeNf7k4cNHIyTRc9tUqB_c3IB4JPWq_DyNHj_Pr-CuKv33svo_BNZiyGjl_02ICFA6tsE0jCvNbxC4JpXpFsNMpbGhn8gJfwDfkwuGl8OHBCcVuoRKNKfkjW2oApTv4HmUoa4EK7Tcu-o3Zy9n03qTH_GeiSLUQK5h/s1838/Jan7_FED_Rate_Cuts_down_to_66pct_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1024" data-original-width="1838" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFWjJH_HMGx4W2JqZ6zxiZsFGujVHeNf7k4cNHIyTRc9tUqB_c3IB4JPWq_DyNHj_Pr-CuKv33svo_BNZiyGjl_02ICFA6tsE0jCvNbxC4JpXpFsNMpbGhn8gJfwDfkwuGl8OHBCcVuoRKNKfkjW2oApTv4HmUoa4EK7Tcu-o3Zy9n03qTH_GeiSLUQK5h/w640-h356/Jan7_FED_Rate_Cuts_down_to_66pct_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">After near record closing highs for major averages to end 2023, some profit taking is pushing U.S. futures lower to start 2024. Some U.S. 2023 gains were: <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Nasdaq 100 soared 54% for its best year since 1999. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The S&P 500 ended 2023 with a 24.23% gain. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The market is expecting ~150bps in FED rate cuts in 2024. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The 10-Year is back over 4% – and the dollar (DXY) is over $102. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">This market isn't liking what it's seeing thus far in 2024. You know it’s a risk-off market when the leaders are utilities and healthcare. </span><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">I suspect that a lot of fund managers didn't want to sell any of their holdings in December (and pay taxes in April 2024) – so </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">they’re taking profits now and waiting until April 2025 to pay the tax. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">So, it's Jobs Friday and the numbers are all </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">stronger than expected. The Street was looking for 170k new jobs in December and we got 216k. They were hoping that wages would be flat, but instead they rose 0.4% in December. And the Labor Force Participation rate even moved higher. This does NOT bode well for the market's hope of six rate cuts in 2024. But heading into the open the market is shrugging off the report because the last 3 jobs reports were revised lower, so they figure this one will be as well. But inside the report, there was some horror. <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Part-time workers</span></i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"> <i>SOARED</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> by 762k to the highest on record, <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Multiple jobho</span></i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">lders <i>ROSE </i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> to an all-time-high of 8.6m, and<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Full-time workers FELL</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> to levels not seen in a year. <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">On the merits of that, they figured this jobs report is not going to stop our FED from cutting rates. Then the ISM hit and it was lower than feared. This market is not impressing me as of late. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1027" style="height: 240pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTiSuZePqPHb4q9L2I_rDp0tlWBcWOEUBQ7sHsa0mSTXlJSjM1heCJajkMTWqN0gmpcmvYybXvurKiM7QIcxVAxV9iIsE3veG6B780QTW1pB-0TeQ1lQmM2gsrteEvR5_2RHVeRmcEbKuAJ2o0f5SZfriXAgRPBr0ngd8Jc4kZ36Ck8wCDLtK8LzfQ0LWD/s734/Jan7_ZB_Bonds_Faded_Rates_Higher_Stocks_got_Hit_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="446" data-original-width="734" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTiSuZePqPHb4q9L2I_rDp0tlWBcWOEUBQ7sHsa0mSTXlJSjM1heCJajkMTWqN0gmpcmvYybXvurKiM7QIcxVAxV9iIsE3veG6B780QTW1pB-0TeQ1lQmM2gsrteEvR5_2RHVeRmcEbKuAJ2o0f5SZfriXAgRPBr0ngd8Jc4kZ36Ck8wCDLtK8LzfQ0LWD/w640-h388/Jan7_ZB_Bonds_Faded_Rates_Higher_Stocks_got_Hit_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The latest financial advisor survey shows: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Anthony P:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">~40% of all advisors believe we’ll see a bitcoin ETF in 2024</span></i></b><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">. </span></i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">By contrast, Bloomberg’s ETF analysts peg the likelihood of a January approval at 90%.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">~90% of advisors interested in buying a bitcoin ETF… </span></i></b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">will wait until after a spot bitcoin ETF is approved.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">~20% of current advisors are able to buy crypto for clients.<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">~100% of all advisors who currently invest in crypto for clients… </span></i></b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">plan to either maintain or increase that exposure in 2024.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">~90% of advisors… </span></i></b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">received a question about crypto from clients last year.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">~60% of advisors had <i>‘some or all’ </i>of their clients investing in crypto… </span></strong><strong><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">on their own – outside </span></strong><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">of the advisory relationship.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">Crypto ETFs were advisors’ top choice… </span></i></strong><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">when asked what type of crypto exposure they were most interested in allocating to in 2024.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: Arial, sans-serif; font-size: 9pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">~65% of advisors cited regulatory uncertainty and volatility… </span></i></strong><strong><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">as their top stalls and objections to greater crypto portfolio adoption</span></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></strong></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">~70% of advisors favor bitcoin over Ethereum… </span></i></strong><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">due to the realization that bitcoin is a monetary asset and Ethereum is a highly-competitive tech-platform.<span class="apple-converted-space"> </span></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">It would not surprise me to see advisors allocate to bitcoin and then indexes as they begin to enter the space. Selecting a winner between Ethereum, Solana, Avalanche, and hundreds of other tokens is just outside their wheel house.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: <span style="background: yellow;">Good </span></span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Markets Gone Bad…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1026" style="height: 208pt; visibility: visible; width: 393pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivEw7F35dUK4KOieLsnxCmqMF_HSpN7DFB7DHM8GS361VBUCdHkXJMkWGmWOeVD-Uzz0wLQ5_AeReAFJQjp8yKOLvbxcGnv7Q3GdXlaYXyXUGpEQyNY12iNqPDjLgZPvhH_XDB89bINcG2jZHnVYp4ptMkr-sPuem417bQWWR7ZocLxaGN9mQbKOD7sz7t/s786/Jan7_AAPL_Huge_Move_Lower_3T_Company_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="416" data-original-width="786" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivEw7F35dUK4KOieLsnxCmqMF_HSpN7DFB7DHM8GS361VBUCdHkXJMkWGmWOeVD-Uzz0wLQ5_AeReAFJQjp8yKOLvbxcGnv7Q3GdXlaYXyXUGpEQyNY12iNqPDjLgZPvhH_XDB89bINcG2jZHnVYp4ptMkr-sPuem417bQWWR7ZocLxaGN9mQbKOD7sz7t/w640-h338/Jan7_AAPL_Huge_Move_Lower_3T_Company_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Listen to the Beat of Volatility…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and my big ‘gotcha’ for the week is: <i>‘I never like it when the SPX is rolling over and the VIX (volatility index) is not moving higher.’ <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Let the trades come to you, and if they don’t – sit on your hands and live to trade another day.</span><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Finally, Economic Data challenges the 6 Rate Cut scenario… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and our FED’s rate cut display is now only showing a 66 percent chance of a rate cut in March. I don’t think that particular rate cut will happen, but at least we’re <i>probabilistically </i>moving in the right direction. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds are starting to fade… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and with that naturally come higher rates (/ZB) and the S&Ps (SPX) moving lower – which all occurred in a very orderly fashion last week. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FED speak is going to be exciting and uncontrolled next week… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">We could hear them talk about strong economic data forcing <i>‘rates to remain higher for longer’ </i>– and that will rock markets to the downside and cause a rise in intra-day volatility. Right now, the ‘speed bumps’ in the road to a higher market are all focused around the <i>economic data. </i>Nobody cares about the bank earnings that start at the end of next week, but everybody is going to be watching next week’s CPI and PPI numbers. <i><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Worried about:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">DOLLAR (DXY) over $102 – </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">tough for markets to digest,<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">APPLE (AAPL) under $180 – </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">(a drop of 10% in a month) is causing a lot of retail investors to get nervous,<b><i> </i></b>and <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Other Magnificent 7 stocks (AMZN, GOOGL – </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">are also beginning to falter.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #2:</span></i></b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"> Markets do NOT tank from over-bought conditions, but rather from being over-sold (as we are now). </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">An early warning sign of a <i>tanking market </i>would be profit-taking in last year’s big winners = <i>The Magnificent 7.<b><o:p></o:p></b></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week: $52 … and we moved ~$70 lower.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: $61 … <b>this seems low.</b> <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #3: </span></i></b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Wait to sell premium until AFTER our FED starts speaking this coming week. <o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1025" style="height: 391pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg-Qd90psJ8QfXARbceYZVHpjL1sC6ovovCm1srzF9LhFJc-UUKv-9ljgpxfbtMOKShPLz5Ve9iMWYgqotqOiW3ntfvBKUFHgLdvN455a5loXrKCpG1Zrhzydd-aFTBpZI7tbNlRGudyAaiyAYwhDciS_HwbULcuIfQPoRBKSPfaMd1DTbyZkik3ySx80T/s1546/Jan7_SLX_TLT_All_Moving_In_Lockstep_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1526" data-original-width="1546" height="632" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg-Qd90psJ8QfXARbceYZVHpjL1sC6ovovCm1srzF9LhFJc-UUKv-9ljgpxfbtMOKShPLz5Ve9iMWYgqotqOiW3ntfvBKUFHgLdvN455a5loXrKCpG1Zrhzydd-aFTBpZI7tbNlRGudyAaiyAYwhDciS_HwbULcuIfQPoRBKSPfaMd1DTbyZkik3ySx80T/w640-h632/Jan7_SLX_TLT_All_Moving_In_Lockstep_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Get Long assets that benefit from currency debasement… </span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">as Anthony P. writes: <b> </b></span></i><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">The US national debt made an all-time-high this week. That’s a 55% increase over the last 5 years. We are a nation addicted to printing money, and there’s no end in sight. The sheer size of the interest payments associated with the national debt, our debt-to-GDP ratio, and our <i>forever </i>inflation – mean that we will need to continue debasing our currency. That means the <i>generational trade</i> is to be long assets that benefit from currency debasement.<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">#1 = Bitcoin</span></b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;"> – due to its finite supply and store of value.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">#2 = Gold</span></b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;"> – but most of that upside was captured by previous generations. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l4 level1 lfo2; tab-stops: 85.75pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 9pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">#3 = Real Estate</span></b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;"> – that always does well in this type of scenario. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">The <i>set-it ‘n forget-it </i>trade is to get long investment assets that benefit from currency debasement - avoiding many stocks, cash, and bonds priced below inflation.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.2%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2050/oz. & Silver @ $23/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $44,100 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,260 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($24 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">?? Time to sell some Covered Calls on an UP-day ??</span></i><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $13.4 / in at $7.78) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($14.8 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">?? Time to sell some Covered Calls on an UP-day ??</span></i><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($154 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.4 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l5 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($181 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:511262175;
mso-list-type:hybrid;
mso-list-template-ids:-777853444 408050026 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1107505369;
mso-list-type:hybrid;
mso-list-template-ids:889077990 -144808610 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:.75in;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-ansi-font-weight:bold;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.25in;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.75in;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.25in;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.75in;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.25in;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.75in;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.25in;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.75in;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1701736021;
mso-list-type:hybrid;
mso-list-template-ids:-996482752 -1609169126 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-ansi-font-weight:bold;
mso-ansi-font-style:italic;}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1806585631;
mso-list-type:hybrid;
mso-list-template-ids:15991278 -631080900 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4
{mso-list-id:1810510535;
mso-list-type:hybrid;
mso-list-template-ids:-478758484 -808392670 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l4:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:9.0pt;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
color:black;}
@list l4:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l4:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l4:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l4:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l5
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l5:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l5:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l5:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l5:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l5:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l5:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l5:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l5:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l5:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-49154452153176928842023-12-31T06:08:00.000-08:002023-12-31T06:08:49.207-08:00This Week in Barrons: December 31st, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi38ER_M-SNLpKcDf8Al4YgML57LBvgOfrea-8vX3gF7V_uHhw5qx3BYLTbG7tbkGqdWSk2_5avznMh9wmdzIPMosVZ6GXdhx1bt_luH_Ox4IKWn13rLUIVYAxDsXo5RfJ_iEOIeekdb_VlJv3mI13ZzpFpYSZjzvbNbfmALVecoM9mcqUAecJ29LobDHCA/s1730/Dec31_I_Am_Sam_I_Am_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="928" data-original-width="1730" height="284" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi38ER_M-SNLpKcDf8Al4YgML57LBvgOfrea-8vX3gF7V_uHhw5qx3BYLTbG7tbkGqdWSk2_5avznMh9wmdzIPMosVZ6GXdhx1bt_luH_Ox4IKWn13rLUIVYAxDsXo5RfJ_iEOIeekdb_VlJv3mI13ZzpFpYSZjzvbNbfmALVecoM9mcqUAecJ29LobDHCA/w529-h284/Dec31_I_Am_Sam_I_Am_wWords.jpg" width="529" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sam, I Am:</span></i></strong><span class="apple-converted-space"><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">OpenAI’s ChatGPT was undoubtedly the foremost AI company that captured consumers’ mindshare. We can almost track: <i>“Before-ChatGPT”</i> and <i>“After-ChatGPT.”</i> We were also privy to what happens when a nonprofit sitting on a gold mine – is run by your standard, ruthless tech CEO (Sam Altman) with the support of a major investor (Microsoft). When the dust cleared, Sam was still standing – and the board that initially fired him – alas – were not. <i>Follow the money.</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Fear of Failure: </span></i></b><span style="background: white; font-family: ArialMT, serif; font-size: 14pt;">We’ve evolved into a species that is scared of change. Our understanding is limited, our time is scarce, innovation can be a threat, and the status quo feels comfortable. Per Seth G:</span><span style="font-size: 14pt;"> </span><span style="font-family: ArialMT, serif; font-size: 14pt;">A decade from now, the things we’re doing currently will be viewed as dangerous, foolish, and/or selfish. Remember, it’s <i>NOT </i>that any particular habit or technology is dangerous. It’s that giving the benefit of the doubt to the status </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">quo – may be a mistake.<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Leverage:</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s almost impossible to remove a screw with your bare hands, but easy with a screwdriver. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">The handle of the screwdriver demonstrates the power of leverage. If others are succeeding at something that you’re finding difficult, maybe it’s because they’re using the right screwdriver. Looking for the right tool is the first step in finding it.<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hamish M: “</span></i></b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">AI will commoditize content creation. But content isn't culture. The value of culture will skyrocket in the AI age.”</span></i><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFLuzEbnv_270nJ1nVWLaoDYBNyNnz48smvo_0xxf1ZtlVM939YsZFW87bffO_mhVBdzA-uTlgXEjPh7NjMjeM-wzizxG_yFJ6VjUJllHYSGRElTM7zHtaiyUeKKq7hAg8_UXMmpNrJa39K5MTGGMAwKQjwjT0CRAULkDLxyfQPV-Mbl5MQkYkxycf9uVi/s1910/Dec31_2023_Most_Active_Stocks_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1004" data-original-width="1910" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFLuzEbnv_270nJ1nVWLaoDYBNyNnz48smvo_0xxf1ZtlVM939YsZFW87bffO_mhVBdzA-uTlgXEjPh7NjMjeM-wzizxG_yFJ6VjUJllHYSGRElTM7zHtaiyUeKKq7hAg8_UXMmpNrJa39K5MTGGMAwKQjwjT0CRAULkDLxyfQPV-Mbl5MQkYkxycf9uVi/w640-h336/Dec31_2023_Most_Active_Stocks_wWords.jpg" width="640" /></a></i></b></div><p></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2 elements that should lead any adult decision… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and they’re not money, housing, or even the weather. They are: <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#1 WHO: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">A</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">re the people that this place attracts, the kind of people that I respect and would be honored to spend time with?</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpLast" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#2 CULTURE: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Is the culture here one that </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">pushes and nurtures me to become more like the kind of person I want to be?</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-size: 14pt;"><v:shape id="Picture_x0020_7" o:spid="_x0000_i1030" style="height: 160pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhO8TYKykV8aOlWyAmolZ7PuMmAoziq4jcCMz_4UIwJ-uNLU8i1cxJbBNC25xtNy8Rz_j-GEitAlwfxkI_NG42s_9xiy_RXCzoAysXTLzl7P6FNGeSho0Rnp97pn78vz2XFob_zGf_G-M5rguGMXnxsLglSEmp7jjOEF-J2bRhNwgUVI2-YGIjV4fF3JQKJ/s1942/Dec31_Cybertruck_vs_Toyota_v2_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="784" data-original-width="1942" height="258" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhO8TYKykV8aOlWyAmolZ7PuMmAoziq4jcCMz_4UIwJ-uNLU8i1cxJbBNC25xtNy8Rz_j-GEitAlwfxkI_NG42s_9xiy_RXCzoAysXTLzl7P6FNGeSho0Rnp97pn78vz2XFob_zGf_G-M5rguGMXnxsLglSEmp7jjOEF-J2bRhNwgUVI2-YGIjV4fF3JQKJ/w640-h258/Dec31_Cybertruck_vs_Toyota_v2_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">To be fair: <o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">A) It was the Camry that hit the Cybertruck – at an <i>‘unknown speed’</i>. <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">B) The Toyota Camry entered the roadway, crossed over the double yellow lines, and into the Cybertruck’s northbound lane of SR-35. <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">C) Everyone inside the Cybertruck walked away from the accident. The inhabitants of the Toyota Camry were not so lucky.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">California Pizza Hut franchises</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">… </span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">will </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">lay off 1,200 in-house delivery drivers in February ahead of a new state law boosting the fast-food minimum wage to $20/hr. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Global mergers and acquisitions hit a ten-year low in 2023…</span></i></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as higher interest rates and a weaker deal appetite kept a lid on the market. The last time global M&A activity was this low – was due to the Eurozone Crisis.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://www.youtube.com/watch?v=Bjj3zAYZ0ZE" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="494" data-original-width="1250" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFUUgaFwQQImsIybuSfbYxcjmMW6w-QXVIHexy86W2jggmvIHiNszWCYAsyMO44vn6I2nbV8vtV8Z2-A9zAEHP37DcYW8nuQQG0gqFA4_Lm5Ft1nWp4uegeLp_c8-iFzOEuZ56LVLSvaE9-8-W4YcvCNSEQsyxIeRoe8alF0v_yC8gnYO0AvPuMfEuEiif/w640-h252/Dec31_VanEck_BTC_Ad_wWords.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><a href="https://www.youtube.com/watch?v=Bjj3zAYZ0ZE"><b><i><span style="color: black; font-family: Arial, sans-serif; font-size: 14pt; text-decoration: none;"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></span></i></b></a><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><a href="https://www.youtube.com/watch?v=Bjj3zAYZ0ZE">VanEck bitcoin ad</a>:</span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">MicroStrategy’s massive bitcoin acquisition…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">of an </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">additional 14,620 BTC for an average price of $42,110/BTC – brings their total holdings to a staggering 189,150 BTC. This shows strong, institutional, cryptocurrency confidence despite its recent price volatility.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Binance founder CZ’s wealth skyrocketed in 2023</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">by </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">$25B making him the 35th richest person in the world. Despite pleading guilty to U.S. criminal charges and stepping down as CEO, CZ’s wealth has soared and reflects the broader trend in the crypto market.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1028" style="height: 239pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE6tD1objE13oVTnwdzt2Gn0w6K2lWoQoaGWe20EpRNgCjh0MVFvAnzIJWKbdwnlilu-rZrnasCV59tPtnPnBufIgTsDk3epbpPLDaVkJ1lJyRdN4PMDUnu9m-yVGJCH5wd0Jw5a-9SuKdQ50YKAGdiTbTABYv6379P5cVN3nmJRrWjNEjyubkPPhJI61P/s1962/Dec31_SPX_EOY_2024_Projections_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1184" data-original-width="1962" height="386" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE6tD1objE13oVTnwdzt2Gn0w6K2lWoQoaGWe20EpRNgCjh0MVFvAnzIJWKbdwnlilu-rZrnasCV59tPtnPnBufIgTsDk3epbpPLDaVkJ1lJyRdN4PMDUnu9m-yVGJCH5wd0Jw5a-9SuKdQ50YKAGdiTbTABYv6379P5cVN3nmJRrWjNEjyubkPPhJI61P/w640-h386/Dec31_SPX_EOY_2024_Projections_wWords.jpg" width="640" /></a></i></b></div><div class="separator" style="clear: both; text-align: center;"><b><i><br /></i></b></div><p></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Anthony P: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">My expectation is for the Fed to cut interest rates in the first half of the year, followed by a full return to quantitative easing by year end. The U.S. will return to printing money, and we are all underestimating how much our government will need to print. If the government needs more money, then there will be more money in the system. And when a lot more money is chasing the same amount of financial assets, asset prices must explode higher.<span class="apple-converted-space"> </span>That type of tailwind should get investors even more excited about pouring capital into financial markets. <span class="apple-converted-space">The areas where I see the highest returns are</span>:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin should appreciate hundreds of percent from here, but I would be cautious about the 10x predictions that some are making.<span class="apple-converted-space"> <o:p></o:p></span></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Altcoins should be the biggest winner across all financial markets – ETH and LINK come to mind. The further out you go on the risk curve of the “riskiest” asset class (crypto), the more you should be paid for the risk you take.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin mining stocks (MARA and RIOT) and MicroStrategy, will continue to outperform pure bitcoin exposure on the way up – and on the way down. <span class="apple-converted-space"> <o:p></o:p></span></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The major tech stocks will do well during this period, but the real area of opportunity is found in companies that have confused the market. Tesla is an example. The market believes they are a car company, but they are more akin to the most advanced AI and robotics company.<span class="apple-converted-space"> <o:p></o:p></span></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">5.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">There will be big money made by people betting against the world’s weakest fiat currencies.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">6.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">And lastly, bonds are going to continue to be the <i>‘intellectual’s’ choice for safe investing, </i>but they will ultimately be big money losers. Buying long-term bonds in a money-printing environment usually means you failed the IQ test.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5nbmkXx-XcvaGBGtnChPFCTjBhoQXJIwXjekikBhtxZwour-3MQHPc6-isZkxVjut-456dmneq62ABz8Wb6GAOT151ZujuBybU5gnUIAJX1ByYj6tUq3TqBZeK-LFIy4ZmftHBG1RZ7PoUnnJ4jCc-hffvprc_E-cIICz34BgoeDLqZg7lWyA7NScriAg/s775/Dec31_Trio_New_AI_Devices_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="471" data-original-width="775" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5nbmkXx-XcvaGBGtnChPFCTjBhoQXJIwXjekikBhtxZwour-3MQHPc6-isZkxVjut-456dmneq62ABz8Wb6GAOT151ZujuBybU5gnUIAJX1ByYj6tUq3TqBZeK-LFIy4ZmftHBG1RZ7PoUnnJ4jCc-hffvprc_E-cIICz34BgoeDLqZg7lWyA7NScriAg/w640-h388/Dec31_Trio_New_AI_Devices_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Is there a surprise, tech competitor out there</span></i></strong><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">? </span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">OpenAI. Jony Ive poached the lead iPhone designer</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">to work on an OpenAI hardware device.</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Tang Tan (</span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Apple’s lead designer for the iPhone and Apple Watch) is stepping down to join LoveFrom - Jony Ive’s hardware design firm. Tang along with 20 former Apple employees have joined LoveFrom – as Jony assembles an <i>“Avengers-like team” </i>to work with Sam Altman on creating the next era of hardware devices running on OpenAI’s cutting-edge software.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Markets are Definitely Ripe…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1026" style="height: 253pt; visibility: visible; width: 400pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiA21-2RzSizhUwhqno8GqgSGEbVhnzIheuJEmz1CCGUK83FMdRIX4_7cEDQrWLe6yb-wmrboofTUcpAd8NMUiSjO3XXySWirC43NEjgyuAWC5p5YBE0FextUnClj65zZG1qfMA3_u0ZIckQBBJlD2uljtTCMxT94Lbpns5LECuF7MY47cXbxzZj4K-4N8N/s843/Dec31_TNX_Taken_Into_Account_120bps_Rate_Cuts_Already_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="532" data-original-width="843" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiA21-2RzSizhUwhqno8GqgSGEbVhnzIheuJEmz1CCGUK83FMdRIX4_7cEDQrWLe6yb-wmrboofTUcpAd8NMUiSjO3XXySWirC43NEjgyuAWC5p5YBE0FextUnClj65zZG1qfMA3_u0ZIckQBBJlD2uljtTCMxT94Lbpns5LECuF7MY47cXbxzZj4K-4N8N/w640-h404/Dec31_TNX_Taken_Into_Account_120bps_Rate_Cuts_Already_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2024 Market Forecasts go from roses (Fundstrat) to the apocalypse (JPM).</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> There is an incredibly high probability that the 2024 S&Ps will underperform. The average brokerage firm is predicting two-percent 2024 growth in the S&Ps.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our market is priced to FED perfection</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">. Currently the market is pricing in an 87% probability of a FED rate cut in March of 2024. In May of 2024, markets are 100% pricing in a FED rate cut. And in December of 2024, markets are pricing in a total of <i>seven </i>25bps rate cuts (down -1.75%) to a final FED 2024 rate of between 3.25 and 3.5%. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Unfortunately, our TNX (the 10-Year T-Bill) has already priced-in 1.2% of those 1.75% (2024) rate cuts.</span> If our FED even <i>hints</i> (in January) that they will <i>NOT </i>be cutting rates as fast as the market believes – we will have <i>market-mayhem </i>on our hands. The way to position yourself for that situation is to:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #2: </span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">SELL the March 15 $105 / $110 TLT CALL Spread, and <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">BUY the March 15 $92 / $87 TLT PUT Spread.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds vs Bitcoin vs Metals…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #3: </span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">I’m looking for <b>Bonds</b> (/ZB) to sell-off from $124 down to $115.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">As our FED begins to cut rates later in 2024, the dollar will begin to rise.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The fate of WHEN Bitcoin - currently resides in the political hands of the SEC.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Metals will continue to rally in 2024, and I would be a buyer if GOLD if it dips below $2,000/oz.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1025" style="height: 220pt; visibility: visible; width: 468pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWPIrcRnwtaXYAVTJpucYB5vNPXnmFiGyiX2LzU7GCx4cVNME95ICCNx86iGaSBkThKyf7ARvWwjYcnf3efFsegm8w9n9fiGh1543DZ761AUXKeA1f29XD2yRx-ggUWo1kDHNgHK-wOU7MkfWAMsrQbuMS7Ccfow3BxopDEN3QIkTp-daU-HbzliZVdfGR/s946/Dec31_TLT_SELL_Calls_Buy_Put_Spread_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="444" data-original-width="946" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWPIrcRnwtaXYAVTJpucYB5vNPXnmFiGyiX2LzU7GCx4cVNME95ICCNx86iGaSBkThKyf7ARvWwjYcnf3efFsegm8w9n9fiGh1543DZ761AUXKeA1f29XD2yRx-ggUWo1kDHNgHK-wOU7MkfWAMsrQbuMS7Ccfow3BxopDEN3QIkTp-daU-HbzliZVdfGR/w640-h300/Dec31_TLT_SELL_Calls_Buy_Put_Spread_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2071/oz. & Silver @ $24.0/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $42,400 / in at $4,310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,310 / in at $310) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($23 / in at $12) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $15.4 / in at $7.78) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($15.2 / in at $12.5) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($172 / in at $125) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.4 / in at $4.8) <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($192 / in at $181) </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!</span></i><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 12pt;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 12pt;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 12pt;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"></span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"></span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 12pt;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 12pt;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif; font-size: 12pt;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times",serif;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:648675371;
mso-list-type:hybrid;
mso-list-template-ids:1330026728 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l0:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l0:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l0:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1
{mso-list-id:980382325;
mso-list-type:hybrid;
mso-list-template-ids:-785876758 -984301498 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:33;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1231962327;
mso-list-type:hybrid;
mso-list-template-ids:-1499031494 -1090065180 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-11984559374732887042023-12-24T05:49:00.000-08:002023-12-24T05:49:43.736-08:00This Week in Barrons: December 24th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4j2wXOzXYkUYxq2KRgdbf4Ntv5NHh4IMGMvbRDfivhdDbo86dw15IUY-fYb0qflsy5uhmHphufAk2Bps1bFGK2-Wj58x_soFNw4cck3EF-DHIc6ugvQ_MbtuJliRhDUlGrNFhrCYR1iw0uvXBNQrvIQ223NNXNhfdygHAGKmvJ3K1FQ_-sXwYRliQGnWV/s2376/Dec24_REACHER_Career_200_Hitter_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1176" data-original-width="2376" height="283" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4j2wXOzXYkUYxq2KRgdbf4Ntv5NHh4IMGMvbRDfivhdDbo86dw15IUY-fYb0qflsy5uhmHphufAk2Bps1bFGK2-Wj58x_soFNw4cck3EF-DHIc6ugvQ_MbtuJliRhDUlGrNFhrCYR1iw0uvXBNQrvIQ223NNXNhfdygHAGKmvJ3K1FQ_-sXwYRliQGnWV/w574-h283/Dec24_REACHER_Career_200_Hitter_wWords.jpg" width="574" /></a></div><p><b style="background-color: white; font-family: "Times New Roman", serif;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Sometimes I tap things with a hammer…</span></i></b><span style="background-color: white; font-family: Arial, sans-serif; font-size: 14pt;"> and sometimes I actually whack them with a bigger hammer. Almost always – I get a better outcome by taking my time, and gently applying more pressure. Persistent, gentle pressure almost always outperforms sudden, violent blows.</span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AI is a paradigm shift… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">We sleep through the future creeping up on us, but when it leaps – we tend to notice. Per Seth G: one spam phone call a day is an irritation, but 1,000 of them destroy the utility of the phone. One cheaper-faster alternative is a threat, but 1,000 of them drive you out of business. The most obvious 1,000X’er is AI. Entire systems are going to be replaced. New careers will develop and old ones will go away - overnight. When an AI unit can read a standard x-ray 1,000 times faster, cheaper, with increased accuracy than a radiologist – things will change rapidly. Change promotes change, and widespread change compounds exponentially.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1031" style="height: 119pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP3bolQ9sSTZeq84OmtyyAZPUAiYKESSfYTXJpa71HYIwm5fpNx6Un_KUmHk7-V0g7GJb0myhEfroNlj3uF8vcw-EYCCqNwGHHZ1M4aYvX8etXwuiLCJTyplHwtQBb23iZWPvlPlMWA4bWrFVTYae6VFP6qyqtzPW7Vg1DRO3Qlalu3VLPETiDUFXWGgH7/s3404/Dec24_Year_in_Review_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1024" data-original-width="3404" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP3bolQ9sSTZeq84OmtyyAZPUAiYKESSfYTXJpa71HYIwm5fpNx6Un_KUmHk7-V0g7GJb0myhEfroNlj3uF8vcw-EYCCqNwGHHZ1M4aYvX8etXwuiLCJTyplHwtQBb23iZWPvlPlMWA4bWrFVTYae6VFP6qyqtzPW7Vg1DRO3Qlalu3VLPETiDUFXWGgH7/w640-h192/Dec24_Year_in_Review_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Most governments are broke.</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Some will try to rectify the issue by printing money until they fail. Others will continue hiking taxes until all the wealthy people leave. These strategies are so simple that the short-term oriented politicians will pursue them with energy and passion. After all - in their eyes, a bad solution is better than doing nothing. Instead, Why don’t governments create products and services that taxpayers are willing to pay for? Why don’t they turn some of their non-profit businesses into <i>‘for-profit’ </i>entities? You could then measure them by top-line and bottom-line growth – with the added bonus of further understanding your customer / the taxpayer. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1030" style="height: 193pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOeegsL_LmJHcfg9F85UT82YvluFZySzBdqBUpxAlPwHq_3nLMe0SAIFC27f2t-eZrmaqa8URvvdCqB7W16mehqohGIpPYr2QWPQcsR5q0XSUd8YeWqz_n-UVNNp-lXVAdEoZxQEAnVey2Rs4zTv2gxCqaJSBOFRRLUOeSgZa0w-zBpK9T_NxxoC-NK1U6/s932/Dec24_SPY_EOY_25pct_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="454" data-original-width="932" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOeegsL_LmJHcfg9F85UT82YvluFZySzBdqBUpxAlPwHq_3nLMe0SAIFC27f2t-eZrmaqa8URvvdCqB7W16mehqohGIpPYr2QWPQcsR5q0XSUd8YeWqz_n-UVNNp-lXVAdEoZxQEAnVey2Rs4zTv2gxCqaJSBOFRRLUOeSgZa0w-zBpK9T_NxxoC-NK1U6/w640-h312/Dec24_SPY_EOY_25pct_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">U.S. bankruptcies are up over 30% YoY…</span></i></b><b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">as interest rates rise.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Drill, baby, drill…</span></strong><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">The U.S. is now producing more oil than any other country in the world - ever.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Costco sold about $100m in gold in Q3…</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">but their advantage wasn’t price. A Costco bar sold for $2,069.99 when the spot price was $2,020.58. Combine that with the restriction of only 2 bars per customer, and Costco seems to have found a product where <i>price </i>is not the issue.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon is considering upping its sports bet</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as t</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">hey are talking with Diamond Sports Group. Amazon would make an investment and sign a multiyear streaming partnership, and in return would become the streaming home for all of Diamond’s games across their 40 professional NBA, MLB, and NHL teams.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The merger between<span class="apple-converted-space"> </span></span></i></b><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Adobe and</span></i></strong><span class="apple-converted-space"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></span><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Figma</span></i></strong><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">is off…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> due to pressure from regulators in the UK and EU. The breakup is particularly bad news for Adobe that must pay a $1B break-up fee to Figma.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;">At least 18 publicly traded EV and battery startups…</span></i></b><span style="background: rgb(254, 254, 254); font-family: Arial, sans-serif; font-size: 14pt;"> are at risk of running out of cash in 2024. Most of them went public in 2020 via SPAC – and their stock prices are at least 80% lower than their market debut.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Student-loan payments started back up in October…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> but 40% of borrowers (9m people) refuse to pay because: <i>‘They’d have to cut back on other essentials.’ </i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Buy Now, Pay Later (BNPL) lender Affirm…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> teamed up with<span class="apple-converted-space"> Walmart </span>to offer loans at the retailer’s self-checkout kiosks. Black Friday BNPL loans were up 43% YoY.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple’s Vision Pro</span></i></b><span class="apple-converted-space"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> is in </span></i></b></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">production…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and likely to launch in February ’24. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">The Humane Ai Pin will start shipping in March.<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:</span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisotxISm28IuSohnHpGj9PzmH3jilLOGk9EclN_9U1feOmDPuEhisdGDytF6QGArfKZ_OngmNSukmx4DA9lb4KEJ6xhLjkYZuzsGDk5K7TAdwTq0LSgt509CJc0M-WDOg831oDYufxVAM7rVLi7Yq4kbOjY0X8Tw8VUhGjG88-6jHbjdUdgzLf91d-3T8a/s920/Dec24_QQQ_EOY_55pct_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="447" data-original-width="920" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisotxISm28IuSohnHpGj9PzmH3jilLOGk9EclN_9U1feOmDPuEhisdGDytF6QGArfKZ_OngmNSukmx4DA9lb4KEJ6xhLjkYZuzsGDk5K7TAdwTq0LSgt509CJc0M-WDOg831oDYufxVAM7rVLi7Yq4kbOjY0X8Tw8VUhGjG88-6jHbjdUdgzLf91d-3T8a/w640-h310/Dec24_QQQ_EOY_55pct_wWords.jpg" width="640" /></a></i></b></div><div class="separator" style="clear: both; text-align: center;"><b><i><br /></i></b></div><p></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Coinbase</span></i></b><span class="apple-converted-space"><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">and others gave $78m to crypto-friendly super PACs</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">. This spend is designed to support pro-crypto candidates in next year’s elections.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">A spot ETF will bring billions of dollars into the bitcoin market.</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Per Anthony P, about $100B will flow into a liquid market cap of $255B. That will cause a 40% price increase in bitcoin. But, there are two other factors at play: <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">First, bitcoin halving is planned for early Q2 of this year. That will reduce the amount of incoming bitcoin from 900 to 450 / day. Increasing demand via the ETF, combined with decreasing incoming supply via the halving – should lead to higher prices than the ETF could produce by itself.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Second, our FED and central banks around the world are going to be forced to loosen monetary policy over the next 18 months. Interest rate cuts will not be enough; therefore, our FED will have to restart the expansion of their balance sheet. As we saw during the COVID market boom, loose monetary policy increases the speculative nature of humans – which drives free-market assets like bitcoin hundreds of percent higher.</span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1028" style="height: 340pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKPuoyplo2MJoTZjand5oef5A22W0PM1KhO9AvnqK3BhGCgdOVeWgpT5FKvXuemBijdDjS6Zq6riHP6UXWqyCG6lUGzg_M7iTk_YZ6_4EafeEcZwNkyICGNEH1ylwUQ8iXUuTmV0wi97f_lzJZLPglxKJbGhBcWdwnofU8Nvvk4d_3e0iETNRc-kiNkDWM/s2000/Dec24_Apple_Vision_Pro_vs_Other_Icons_wNoWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1716" data-original-width="2000" height="550" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKPuoyplo2MJoTZjand5oef5A22W0PM1KhO9AvnqK3BhGCgdOVeWgpT5FKvXuemBijdDjS6Zq6riHP6UXWqyCG6lUGzg_M7iTk_YZ6_4EafeEcZwNkyICGNEH1ylwUQ8iXUuTmV0wi97f_lzJZLPglxKJbGhBcWdwnofU8Nvvk4d_3e0iETNRc-kiNkDWM/w640-h550/Dec24_Apple_Vision_Pro_vs_Other_Icons_wNoWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Two Fridays ago, the S&P 500 ETF (SPY) saw its largest, single-day inflow on record: $20.8B. Last week, the </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPY ETF saw total inflows hit $35B in 6 trading days, and a Santa Claus Rally was born.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The daily RSI indicator on the S&Ps is now trading at one of the highest prints on record. There have only been 2 times that this indicator was higher: (a) January 26, 2018 and the S&P subsequently fell 11% in 2 weeks, and (b) September 2, 2020 when the S&P fell 11% in 3 weeks. This market is terribly stretched and while they may try to keep it moving – it’s getting more dangerous by the day. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1027" style="height: 282pt; visibility: visible; width: 397pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTK4K-byw0qKw7Z6Qb8RuvxHIgsEfzG3C4XLogcnBx5oqEKh9lqdv2cBMNcog91YYz-2n_i9JipoX24IaAeFW1xEEgEXtg3GFm9BkGP-q1ROGfpLCT_MmwVF74luUnY5a2H-gwb6RETUEenOTa-W9gryDS-vkLZpVst0i6dGungF17AAO3gjG8Z1qK5zNZ/s2234/Dec24_Do_we_have_a_deal_Nippon_USX_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1587" data-original-width="2234" height="454" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTK4K-byw0qKw7Z6Qb8RuvxHIgsEfzG3C4XLogcnBx5oqEKh9lqdv2cBMNcog91YYz-2n_i9JipoX24IaAeFW1xEEgEXtg3GFm9BkGP-q1ROGfpLCT_MmwVF74luUnY5a2H-gwb6RETUEenOTa-W9gryDS-vkLZpVst0i6dGungF17AAO3gjG8Z1qK5zNZ/w640-h454/Dec24_Do_we_have_a_deal_Nippon_USX_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">‘NO DEAL’… for Adobe and Figma</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">: </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Per Sam L.: The lesson from the Adobe / Figma non-deal is that: <i>Strategic Value is NOT as valuable as you think. You need to build more than a FEATURE. You need to build a successful business.</i> Figma will be just fine and so will Adobe. Others will talk about regulatory overreach that will squash innovation by cutting off a path for startups to cash-out, but I actually appreciate getting back to <i>old school discipline and success measured by real capitalism. </i>This new reality requires<i> </i>you to build a profitable and sustainable business. As a tech platform, you can't count-on acquiring <i>features </i>to fill weak spots, but rather you need to internally build the processes to win consistently. Yes, the entrepreneurial <i>‘finishing-move’</i> is harder without a <i>feature driven </i>exit. Yes, the cost of capital for entrepreneurs will increase because of it. And yes, that means entrepreneurs will need to <i>strap on the big-boy pants </i>and do battle in order to win customers. Figma will have to actually unseat Adobe, and this battle will be fun to watch.<strong><span style="font-weight: normal;"><o:p></o:p></span></strong></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Where did Risk Management go?<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1026" style="height: 220pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8HVXg_48EWe70jfYp1MZu2xCqyVIiMSw9r3GIOx8n9A5dLZO5ANs9XNAwJ7RPaJaLQBf58-P4gJ6Gudh_v6sqWNNDRWoEuHPTSZ23-BhibiwWdhKV6QtxYLXM58ehwn6CYJSdUFOEBXNKqrmRzLAwr2rcqEEJ2npC2CYcXlT3kDTab-ImdWqA-nNSORVE/s1025/Dec24_RATES_FedWatch_Tool_90pct_chance_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="569" data-original-width="1025" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8HVXg_48EWe70jfYp1MZu2xCqyVIiMSw9r3GIOx8n9A5dLZO5ANs9XNAwJ7RPaJaLQBf58-P4gJ6Gudh_v6sqWNNDRWoEuHPTSZ23-BhibiwWdhKV6QtxYLXM58ehwn6CYJSdUFOEBXNKqrmRzLAwr2rcqEEJ2npC2CYcXlT3kDTab-ImdWqA-nNSORVE/w640-h356/Dec24_RATES_FedWatch_Tool_90pct_chance_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Risk Management has gone out-the-window… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The S&Ps are up ~25%, the QQQ is up 55% - predominately due to the Magnificent-7 (MSFT +56%, AAPL +55%, AMZN +80%, META +183%, TSLA +134%, GOOGL +59%, and NVDA). Unfortunately, portfolio managers are groomed to not own the SPY and to believe that their ‘active management’ will out-perform any specific grouping of stocks; therefore, they’re coming into year’s end dramatically under-performing the S&Ps. In the past 2 weeks, these same portfolio managers have thrown caution-to-the-wind in search of yield, and are desperately trying to ‘game’ their end-of-year performance stats – throwing caution-to-the-wind. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">An Economic Slowdown is in everyone’s forecasts (NKE, FDX, …) </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Nike and FedEx’s forecasts show a dramatic slowdown, but markets continue to cheer-them-on. Businesses that cool-off will cause both economies to slip and inflation to slow. If the data becomes too bad, our FED will cut interest rates.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Rate-Cut Projections are ridiculous… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">but only if our economy doesn’t fall off of a cliff. Currently, our markets are projecting ~90% chance of at least a 25bps rate cut in March, 2024. That’s chaos in the making, because everything <i>good </i>has already been priced into this marketplace – including an interest rate cut in 90 days. If Q4 data doesn’t produce <i>Goldilocks </i>results, then all of the inflated P/E ratios and overhyped AI forecasts are going to come home-to-roost with a recessionary hard-landing. If rate cuts are coming, then Q4 data is going to be incredibly weak, and the S&Ps are going to tumble downward. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Two-Sided Trading returned… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and our Options Markets are beginning to price in risk. The VVIX jumped over 110 on Wednesday. News-wise<i> </i>we have a quiet week coming up (between Christmas and New Year’s) – but our options markets are pricing in more risk <i>next week </i>than last – with only 4 trading-days. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $55 (5-day week)… and we ended-up gaining 40 points (after first losing 80).<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $58 (4-day week)… <i>‘keep ur hands ‘n feet inside the vehicle’.<b><o:p></o:p></b></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1025" style="height: 256pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7gqBp-Gj7QrltVX7W6wm2jAUToiWFbH1abV8MQ6G_9mExM0h6T3fGbGOjBMy1hePe3zTSezpg2CLH9VuTG11g_PcXVkNyZXvWUjvzt293jqwvNZZ95dcAfwg13xwymQv-hufnmrxp17FAmH48WBhFq2vUSFrXaKgCTO9dSSEVJ37jX3y_W0OwnY2D6rkE/s1836/Dec24_Engineers_Payroll_2023_wNoWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1186" data-original-width="1836" height="414" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7gqBp-Gj7QrltVX7W6wm2jAUToiWFbH1abV8MQ6G_9mExM0h6T3fGbGOjBMy1hePe3zTSezpg2CLH9VuTG11g_PcXVkNyZXvWUjvzt293jqwvNZZ95dcAfwg13xwymQv-hufnmrxp17FAmH48WBhFq2vUSFrXaKgCTO9dSSEVJ37jX3y_W0OwnY2D6rkE/w640-h414/Dec24_Engineers_Payroll_2023_wNoWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #1: </span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Ethereum (ETH) resistance </span><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">for next week is: $2,386.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> T</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">he Crypto Composite Index is coming off its highest levels since January 2021, and that’s causing me to look for a pause and potentially a pullback. However, the RSI is giving off bull market signals. Keep an eye on Ethereum’s weekly chart for a test of support, and if that happens and the RSI is between 40 and 50 – bulls will push prices higher in ETH. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.4%</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2064/oz. & Silver @ $24.4/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $43,500 / in at $4,310) +911%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,280 / in at $310) +638%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($26.7 / in at $12) +123%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $15.70 / in at $7.78) +102%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($17.7 / in at $12.5) +41%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($175 / in at $125) +40%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.6 / in at $4.8) +38%<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-emoji: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($193 / in at $181) +7%<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">** </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Currency aware<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:450512552;
mso-list-type:hybrid;
mso-list-template-ids:-1981760192 -934108818 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-3487762491747784822023-12-17T10:27:00.000-08:002023-12-17T10:27:42.079-08:00This Week in Barrons: December 17th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgocfjkIEt0ACEdMT59TCIInh-3IzhjfFb54walOVTjp-saaei6r5BjlUId3Dr-Nb8TESTaMi-NM0YHjZSdbijdq1aPE1HsxexdFvy56jwDZ2_wH7NIepwnn9DrABCKI9irvWuVWtErL85OTe8rySnGpV7mhj_zUJw-pmDXNqTrEYbviv61orhU4Z187cqw/s2106/Dec17_The_Rascals_What_Have_You_Done_wWords1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1286" data-original-width="2106" height="339" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgocfjkIEt0ACEdMT59TCIInh-3IzhjfFb54walOVTjp-saaei6r5BjlUId3Dr-Nb8TESTaMi-NM0YHjZSdbijdq1aPE1HsxexdFvy56jwDZ2_wH7NIepwnn9DrABCKI9irvWuVWtErL85OTe8rySnGpV7mhj_zUJw-pmDXNqTrEYbviv61orhU4Z187cqw/w556-h339/Dec17_The_Rascals_What_Have_You_Done_wWords1.jpg" width="556" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">Engagement thru Speculation: </span></i></b><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">As two pro-hockey teams came back out on the ice, the scoreboard in the center of the arena posted the second half over/under in goals and the money-line on the game – because we have become a legion of betting junkies. We are consumed with any form of fintech-based speculation. Everyone is watching a betting/trading app on their phone. Like <i>The Apprentice </i>before it, <i>engagement thru speculation </i>will create more price efficiency and/or sustainability. Engagement (betting) will either move onto listed exchanges, or the speculative capital will move into more efficient, more liquid financial products. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">After years of record quit rates… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">US workers are hunkering down for <i>The Big Stay. </i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <span style="background: white;">But don’t get it twisted: job satisfaction has slumped 10% this year – the lowest since early 2020. Inflation continues to water-down paychecks and <i>return-to-office </i>plans have workers remembering why they don’t sit in traffic by choice. Factually, 40% of workers have run out of their pandemic savings, student-loan repayments have resumed, and we’ve racked up a record $1T+ in credit-card debt. It’s hard to give up a stable job.</span><b><o:p></o:p></b></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_4" o:spid="_x0000_i1031" style="height: 220pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCnqiF_5YclgNYCu097KGGkPdfOnyJDbVwxqq7oqLxK_I0qZnKT4G_u7dhLa-vxRqBi0K2ZZxToeaxnUN149fqz9cJaqYWh5V-6SwmiljT3zlGXaX1Mz2wiF3ll-xIo2sB75WHDL-3GxAEpXw2eP_u71YcAzzEaxNryrPR92xhEemKZ62LRe3hJKM7WJOb/s1096/Dec17_What_We_Watched_A_Netflix_Report_2023Jan-Jun_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="610" data-original-width="1096" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCnqiF_5YclgNYCu097KGGkPdfOnyJDbVwxqq7oqLxK_I0qZnKT4G_u7dhLa-vxRqBi0K2ZZxToeaxnUN149fqz9cJaqYWh5V-6SwmiljT3zlGXaX1Mz2wiF3ll-xIo2sB75WHDL-3GxAEpXw2eP_u71YcAzzEaxNryrPR92xhEemKZ62LRe3hJKM7WJOb/w640-h356/Dec17_What_We_Watched_A_Netflix_Report_2023Jan-Jun_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Marketing 101 … <i>per Seth G:<o:p></o:p></i></span></b></p><p class="MsoListParagraphCxSpFirst" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Trust is worth more than attention.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Helping people get where they’re going… is more effective than persuading them to follow you.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Choose your customers… and let them choose your future.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tell ten people, and if they don’t tell others... make a better product.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Make it easy and rewarding for people to spread <i>your word.</i><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Customer service is free.<span class="apple-converted-space"> <o:p></o:p></span></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Motto: “You’ll pay a lot, but you’ll always get more than you paid for.”<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Act like a million people are watching… because they are.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1030" style="height: 230pt; visibility: visible; width: 350pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid6XmxU7TezVk-k6LKBkErQ_hW1-QLEcvB1GCv6CCbcX7jwggwxTlAWFs-Xnu0MXXVv_1YQbQr7605B8XKU-HDtPLjNkhA7su1Z0etzzfC-1XEn0SRnTQTLYqiTHtPdsN4Kwprqd4KX9oh6f1x6i5EHIuMz34Tzju0ExIWfrAu1bn-CjZ4_jhrJoCPRP5E/s821/Dec17_TNX_FED_Drops_Rates_1pt_in_1Wk_wWords1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="538" data-original-width="821" height="420" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid6XmxU7TezVk-k6LKBkErQ_hW1-QLEcvB1GCv6CCbcX7jwggwxTlAWFs-Xnu0MXXVv_1YQbQr7605B8XKU-HDtPLjNkhA7su1Z0etzzfC-1XEn0SRnTQTLYqiTHtPdsN4Kwprqd4KX9oh6f1x6i5EHIuMz34Tzju0ExIWfrAu1bn-CjZ4_jhrJoCPRP5E/w640-h420/Dec17_TNX_FED_Drops_Rates_1pt_in_1Wk_wWords1.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The US is facing a nursing visa backlog…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as hospitals are looking abroad to fill 100,000 pandemic-related nursing vacancies.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Consumer Inflation came in exactly as predicted…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> up 0.1.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">X</span></i></strong><span class="apple-converted-space"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b>/ Twitter will </b></span></i></span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">generate $2.5B in 2023…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> a decrease from ~$4B in 2022. <o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FCC<span class="apple-converted-space"> </span>has rejected<span class="apple-converted-space"> </span><strong>Starlink</strong>'s application for $885m…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> in public funds to provide internet service to rural America. They say that they: <i>“failed to demonstrate that it could deliver the promised service.”<o:p></o:p></i></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Meta is outdoing itself…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> not only with the<span class="apple-converted-space"> creepiness factor </span>of embedding a camera in a pair of glasses,<span class="apple-converted-space"> but </span>now equipping them with multimodal AI.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tesla</span></i></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">is recalling<span class="apple-converted-space"> </span>nearly all 2m of its cars on U.S. roads… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">due to regulators' concerns over the company's Autopilot feature. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The EU<span class="apple-converted-space"> plans to </span>reclassify gig workers as employees…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> costing ride-hailing and food delivery companies billions. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">AI tools like ChatGPT… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">have not increased cheating rates in schools.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Citi </span></i></b></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">will offer early bonuses for voluntary exits…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as companies struggle with high head-counts, lower quit rates, and workers hunkering down to save $’s.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Elon Musk’s charity outlined plans…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to create a STEM-focused K-12 school in Austin, Texas. He’ll fund the project for $100m, with the school ultimately intending to expand its operations to create a university <i>“dedicated to education at the highest levels.”</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">A Microsoft chatbot gave wrong answers…</span></i></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">to one-third of the political questions it was asked – often misquoting sources or just making stuff up.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_6" o:spid="_x0000_i1029" style="height: 219pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB3QqxUc9AtHYj3ktf00AEIkt08NbACyoO-hCfXBdwPE88zHRxbLZR5bZKvIyfPG0WLoAZC8fuq7HuPhvWbJhImoOTTL8KKDSVNVsQe9efRWcdL5fKqXZduDSaqqPPHa7a5R_SaSExnEP6ctT0AdO0raogCTvBYadvm1idKZj-bZihXQ3mvVKVqMVYQAvn/s949/Dec17_FED_Rate_Cut_in_March_wWords2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="527" data-original-width="949" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB3QqxUc9AtHYj3ktf00AEIkt08NbACyoO-hCfXBdwPE88zHRxbLZR5bZKvIyfPG0WLoAZC8fuq7HuPhvWbJhImoOTTL8KKDSVNVsQe9efRWcdL5fKqXZduDSaqqPPHa7a5R_SaSExnEP6ctT0AdO0raogCTvBYadvm1idKZj-bZihXQ3mvVKVqMVYQAvn/w640-h356/Dec17_FED_Rate_Cut_in_March_wWords2.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Pay no mind to Sen. Warren or Jaime Dimon</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">…</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> the two events that crypto investors are eyeing are: (a) the approval of a crypto spot ETF in January, 2024, and (b) the next halving in April, 2024.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Goldman sees FED rate cuts boosting Bitcoin…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">a</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">s lower interest rates typically increase risk appetite among investors. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Solana’s stellar year…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">has been turning heads as it surpassed Ethereum in on-chain activity and in NFT sales.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Google will soon allow ads for ‘crypto coin trusts’… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> financial products that let investors trade in an actively managed basket of coins. This will pave the way for spot bitcoin ETF<span class="apple-converted-space"> </span>ads on Google – as soon as next month.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">El Salvador proposes ‘volcano bonds’… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as they seek to raise $1B to purchase<span class="apple-converted-space"> bitcoin </span>and build Bitcoin City – a tax-free zone that would host crypto miners powering their rigs with renewable geothermal energy from a volcano.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_7" o:spid="_x0000_i1028" style="height: 204pt; visibility: visible; width: 398pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKlnQ_AztGUmEsgoLqNBS3AsEVQb6tsq90tDEAkkB_ISdEK4r2aFxEEhI3xBlru4jrFMlRHbV-cY6LwCYngeG20gltltA76fo76Z-UNfNoUqddFIORKcXQ7nFXMhxrZGPDBGU2sfH-eyDUZRjdO1JXcX0um_EC0D_LO3aH7rhTUQvm_4AxareBvXc_lcQf/s927/Dec17_XLF_Financials_Moved_18pct_higher_in_10days_wWords3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="476" data-original-width="927" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKlnQ_AztGUmEsgoLqNBS3AsEVQb6tsq90tDEAkkB_ISdEK4r2aFxEEhI3xBlru4jrFMlRHbV-cY6LwCYngeG20gltltA76fo76Z-UNfNoUqddFIORKcXQ7nFXMhxrZGPDBGU2sfH-eyDUZRjdO1JXcX0um_EC0D_LO3aH7rhTUQvm_4AxareBvXc_lcQf/w640-h328/Dec17_XLF_Financials_Moved_18pct_higher_in_10days_wWords3.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">This week is simply too full of market moving events. <b><i> </i></b>Most investors will be focused on CPI, PPI and The Fed this week, but the *real* event will be Tuesday, when the Treasury holds a 30-yr Bond Auction. <b><i> </i></b>The U.S. Treasury prefers its debt sales to be humdrum affairs, but lately they are sparking market fireworks.<b><i> </i></b>For years, many in Washington and on Wall Street assumed that investors would buy any number of bonds the government issued, no matter the fiscal outlook. Testing that assumption, the U.S. will sell a record ~$21T of new Treasuries issued this year. Whether the market can absorb the rolling waves of debt without disruption is the biggest question on Wall Street. The last 30-year auction was so poorly received that it rattled other markets. Investors fear that signs of weak demand may raise the cost of government borrowing and hurt the economy.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Of course, our FED left rates unchanged, but in reality the FOMC results were very close to a full-on, dovish pivot. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Fed says growth of economy <i>"has slowed"</i> since Q3 2023 <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Most Fed officials see 3 rate cuts in 2024 <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Fed sees 4.1% unemployment by end of 2024 <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Fed sees US GDP growth at 2.6% in 2023 and 1.4% in 2024 <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The market immediately priced in DOUBLE the number of FED 2024 rate cuts. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Chairperson Powell said the quiet part out loud – aka that they're probably at the height of rates for this cycle. He also said that rate cuts will be taking place when it is time. The market believes that our FED managed a soft landing, killed inflation, and is now giving a gift to the Democrats in Biden’s White House.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ok, our FED is buying their own baloney that they've got inflation under control, and there is no need for any more tightness. <b><i> </i></b>But wait a minute. If our FED is even thinking about cutting rates, it means the economy has slowed to the point where they need to adjust monetary policy lower – to further ignite commercial activity. The market FALLS 90% of the time from the start of rate cuts.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_8" o:spid="_x0000_i1027" style="height: 188pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy7AnSw-HRDDh_KZRUN_-OavuMSBRHX8JGCaMrOflsOHjK3_OMqiOBxK7EiJvbrc1V-sPMJW8QmfHlNR-D7shDKwsiaiecgkxwj9bfAhWpwNqgcgVOUMoJGVywyyWqb-d_833V9ak2R7yXyNd0waCCZVD2mrQzDfE8Sd3ZB-qYgQIZR3xPzS4M45pHnh-M/s930/Dec17_SPY_Up_23pct_YTD_PMs_up_only_15pct_wWords4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="437" data-original-width="930" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy7AnSw-HRDDh_KZRUN_-OavuMSBRHX8JGCaMrOflsOHjK3_OMqiOBxK7EiJvbrc1V-sPMJW8QmfHlNR-D7shDKwsiaiecgkxwj9bfAhWpwNqgcgVOUMoJGVywyyWqb-d_833V9ak2R7yXyNd0waCCZVD2mrQzDfE8Sd3ZB-qYgQIZR3xPzS4M45pHnh-M/w640-h300/Dec17_SPY_Up_23pct_YTD_PMs_up_only_15pct_wWords4.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">When an online shopping site cuts 11% of its staff two weeks before Christmas, you know something’s up. This should be the happiest time of the year for Etsy, an online marketplace that today was promising <i>“Last minute gifts at every price!”</i> Instead, the firm joined a growing list of businesses laying people off in recent days—including Spotify last week and toy maker Hasbro on Monday. Tougher economic times caused by higher interest rates are likely hurting all these companies. Etsy has cited the impact of consumers’ belt-tightening, as well as competition from overseas-based online sellers such as Temu.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Irrational FED Exuberance…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_9" o:spid="_x0000_i1026" style="height: 228pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCsnxrUjWMzsk4Pk27tj-oQRtYy3sZCp4gNn3Fh7B8ekHLAJSlFTTrZlTj2hSXUvNxBK9pZ3WZiVnXUpIq5xcD696yfmkNKk_1DP3Vpkxb05RBo3njcT0D0_klRZo34LdJitQ8y0lN-ngM3W_5aMKL-Jr-1D59dR7_uWlMEF6k3ZcF4gPyoCeSDFblbwdJ/s924/Dec17_SKEW_2nd_highest_print_ever_wWords5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="531" data-original-width="924" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCsnxrUjWMzsk4Pk27tj-oQRtYy3sZCp4gNn3Fh7B8ekHLAJSlFTTrZlTj2hSXUvNxBK9pZ3WZiVnXUpIq5xcD696yfmkNKk_1DP3Vpkxb05RBo3njcT0D0_klRZo34LdJitQ8y0lN-ngM3W_5aMKL-Jr-1D59dR7_uWlMEF6k3ZcF4gPyoCeSDFblbwdJ/w640-h368/Dec17_SKEW_2nd_highest_print_ever_wWords5.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Rate Cut Mania…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Currently our market is saying that there’s a 70% chance of a rate cut at the FED’s March meeting. In my thinking, that’s almost impossible unless there are <i>other </i>forces at work – in which case:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Let’s ‘talk’ rates lower because the <i>interest payment </i>on our national debt will top $1 Trillion in 2024. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Let’s de-emphasize the <i>CORE </i>inflation still being 4%.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">And let’s allow the market to talk rates lower to stimulate home-buying.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Somebody (or something) spooked Chairperson Powell to move him from: <i>‘higher rates for longer’ </i>to <i>‘3 rate cuts in 2024’. <o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">10-Year takes a dive… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as our FED was extremely effective in talking the 10-Year rate down from ~5% to under 4% … inside of 2 weeks. But how did the financials (who love <i>higher </i>interest rates) go from being down -9%YTD to being +9%YTD over that same 2-week period?<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Portfolio Managers and Hedge funds are in panic mode… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The S&Ps are up ~23% YTD. Good Portfolio Managers (like Citadel) are panicking because they are only up 15%YTD. If you did not own the Magnificent 7, you are potentially down on the year. At this point, what’s to prevent their clients from pulling some of their money from their actively managed portfolios and put it into passively managed S&P funds – earning an additional 8%? We are seeing desperate wild rotations toward virtually any hot sector – by portfolio managers and hedgies in search of yield. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">We have an ‘almost’ record-high SKEW… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last week SKEW (a measure of S&P risk) hit its second highest print in its 12-year history – despite a VIX environment. This implies that traders believe that markets are going lower 30-days from now, and are buying out-of-the-money (OTM) Puts and selling OTM Calls to finance their purchase. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Huge moves in a low VIX environment…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Unfortunately, m<span style="background: white;">ost people think that when our FED starts to cut rates – markets will move higher. <i>THAT IS FALSE</i>. Markets <i>fall 90% of the time </i>from the start of rate cuts. Why? Because for our FED to cut rates, it means the economy has slowed to the point where they need to adjust monetary policy lower – in order to try and ignite commercial activity. This opens the door for the markets to run higher into year end. Is any backpedaling on rates going higher from other Fed heads going to stop markets from moving higher? Probably not. This has all of the earmarks of a Teflon market – that is impervious to anything. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Traders are currently buying January and February Calls in the VIX like they’re going out of style.</span> They either believe: (a) higher parabolic market moves - almost always resolve themselves lower, or (b) portfolios require a hedge – just like everything else in life. </span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM)<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $65 EM … and we moved $105 (with a 12 VIX)<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week == $55 EM<b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_10" o:spid="_x0000_i1025" style="height: 258pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl94QZPFLwFfrx3S9J353a3EuEGeC9j7rdhuLjwFLeYoU2LY3iAtIZ-PTr-Mkz0yV8IFD7nwk5CPAp-diG4vUqrmZtBXRNuXod5GOh2QSuXSa-RXtabUHQDWlycyDLUPeVa9WX1FI2oEwl0AhmnxUEjwFsdIGRD1b38Nbs7VHqmqfosYTfK8ABoYw0NZGQ/s820/Dec17_SPX_EM_AtOnePoint_2Sigma_105_vs_65_wWords6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="534" data-original-width="820" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl94QZPFLwFfrx3S9J353a3EuEGeC9j7rdhuLjwFLeYoU2LY3iAtIZ-PTr-Mkz0yV8IFD7nwk5CPAp-diG4vUqrmZtBXRNuXod5GOh2QSuXSa-RXtabUHQDWlycyDLUPeVa9WX1FI2oEwl0AhmnxUEjwFsdIGRD1b38Nbs7VHqmqfosYTfK8ABoYw0NZGQ/w640-h416/Dec17_SPX_EM_AtOnePoint_2Sigma_105_vs_65_wWords6.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2030/oz. & Silver @ $24.1/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.4%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $42,450 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,250 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $16.30 / in at $7.78)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($198 / in at $181)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($148 / in at $125)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($18.3 / in at $12)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($15.6 / in at $12.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.3 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:783966317;
mso-list-type:hybrid;
mso-list-template-ids:1783399488 -1951133148 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:10;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:821576774;
mso-list-type:hybrid;
mso-list-template-ids:152964634 -1636921590 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:66;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-67239269625514094602023-12-10T10:56:00.000-08:002023-12-10T10:56:11.441-08:00This Week in Barrons: December 10th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirZwSfF3JUbd5930N9Ikek3xJQwzCCY7bYeCnrG5D9_jbmGHTx5tkrU8bB9jzyJxApaQaYWJ6laGzq-Fcf-YpGCz0AhtGeZyxA6HFq3QCqYPndRgPfAOwxtd6jJKvKLqrrZZMrfpVr6LBLmBKndlXrZbao9WyE_kJmZgACiAgoWF6QLl9v-mX2rrP2IKEx/s1172/Dec10_Warren_Dimon3_Large_BTC_Hodlers_wWords1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="575" data-original-width="1172" height="287" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirZwSfF3JUbd5930N9Ikek3xJQwzCCY7bYeCnrG5D9_jbmGHTx5tkrU8bB9jzyJxApaQaYWJ6laGzq-Fcf-YpGCz0AhtGeZyxA6HFq3QCqYPndRgPfAOwxtd6jJKvKLqrrZZMrfpVr6LBLmBKndlXrZbao9WyE_kJmZgACiAgoWF6QLl9v-mX2rrP2IKEx/w585-h287/Dec10_Warren_Dimon3_Large_BTC_Hodlers_wWords1.png" width="585" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">Wrestle, Dance, or Fight – it’s your choice. </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">We<i> </i>can <i>wrestle</i> with a problem and find energy and possibility while doing it.</span><b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">Per Seth G: w</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">e can <i>dance</i> with something in order to find a mutual way forward.</span><b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">Or we can <i>fight </i>– which </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">tends to be more brutal, final, and hurtful than productive. Don’t fight … because <i>words matter.</i></span><b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hope and Expectations are NOT the same things… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hope can fuel us, it be refilled, and it opens the door to possibility.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Expectations (however) are a trap because they make us brittle and lead to disappointment. When we raise our hopes and lower our expectations, we establish a resilient way forward.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_6" o:spid="_x0000_i1031" style="height: 252pt; visibility: visible; width: 383pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPu_93Xx9ap2pYGtliIYSv5tnfSbkN2cT8NSJGHKH5JUcP_2MTatnMpXcoWHkxf_OrDtlC8mJcejGDAl4Hm9DKDtOGsgMMWvnBtpDJkByD46xRqTDhL2s1EHQ6lb1WDtK-a5xg_WUHycEto96a5JYNHiL9r0r8AmJIc1lPmGpfe6p69ZNN_FJn-W0V4V3O/s1480/Dec10_Warren_Dimon2_Crypto_Up_100_wWords2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="978" data-original-width="1480" height="422" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPu_93Xx9ap2pYGtliIYSv5tnfSbkN2cT8NSJGHKH5JUcP_2MTatnMpXcoWHkxf_OrDtlC8mJcejGDAl4Hm9DKDtOGsgMMWvnBtpDJkByD46xRqTDhL2s1EHQ6lb1WDtK-a5xg_WUHycEto96a5JYNHiL9r0r8AmJIc1lPmGpfe6p69ZNN_FJn-W0V4V3O/w640-h422/Dec10_Warren_Dimon2_Crypto_Up_100_wWords2.png" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Face of Finance… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Just as international relations have moved on from Henry Kissinger, we need to find the next <i>Face of Finance? </i>Is it Brian Armstrong from Coinbase or Charles Hoskinson from Cardano? Is it Lex Friedman, Vlad Tenev or Stephanie Kelton? We don’t know who will step up, but we do know that it’s time to move on. The financial industry is ready for fresh new faces, new role models, and new visions.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><em><b><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">“Google (AI) has built three versions of Gemini… </span></b></em><em><span style="color: #404040; font-family: Arial, sans-serif; font-size: 14pt;">The largest, Ultra, is designed to tackle complex tasks and will debut next year. Pro, the mid-tier offering, will be rolled out starting this week into the Bard chatbot. This week, Nano (the smallest version) will begin to power features on its Pixel 8 Pro smartphone such as suggesting text responses in WhatsApp. Gemini is a Large Language Model (LLM) which is a complex mathematical system that can learn skills by analyzing vast amounts of data. By identifying patterns in that data, the LLM learns to generate text on its own. That means it can write term papers, generate computer code, and even carry on conversations.”</span></em><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:</span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4GvY2Eo19AOkBcY802oiwttusFVk8RKsBdAbqWyGIu2ZM9OaXBLFvz2idCWJCeNbiOd9MMdrdBn5Eu9f-Xu4WR9xOwmF4HqlqjrcYt05rzm7_QflgIf7E-M_9HBfWi8WlZwpb7LlhFwZOK2e5mApIdHAXcy0WR3cq78xH1FcuE5nkbJJZD2v73z6CkyfG/s1182/Dec10_ES_SPX_in_50_point_range_month_wWords1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="588" data-original-width="1182" height="318" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4GvY2Eo19AOkBcY802oiwttusFVk8RKsBdAbqWyGIu2ZM9OaXBLFvz2idCWJCeNbiOd9MMdrdBn5Eu9f-Xu4WR9xOwmF4HqlqjrcYt05rzm7_QflgIf7E-M_9HBfWi8WlZwpb7LlhFwZOK2e5mApIdHAXcy0WR3cq78xH1FcuE5nkbJJZD2v73z6CkyfG/w640-h318/Dec10_ES_SPX_in_50_point_range_month_wWords1.jpg" width="640" /></a></i></b></div><b><i><br /></i></b><p></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Over 70% of Americans are ‘doom spending’… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">to ease their anxiety levels.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The real estate market is beginning to roll over...</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> due to a ton of price cuts in <i>winter-warm </i>markets. <i>This won't stop for a while.</i> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">US Factory Orders in October…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> plunged the most since COVID lockdowns.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Spotify is cutting 17% of its workforce…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">its third round of layoffs this year. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Pending home sales just hit their lowest level in history…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> down 6.6% YoY, and ~10% <i>below</i> 2010 levels.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="style-scope" style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Institutions ($3.6T) and retail ($2.2T) are building cash positions:</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> When searching for a catalyst for higher stock prices – think about the ~$6T in money market funds that has missed this rally and needs to rotate into risk assets.<o:p></o:p></span></p><p class="style-scope" style="font-size: medium; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The latest math scores for Americans dropped to all-time lows</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… equivalent to missing three-quarters of a year of learning.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Moody’s cut</span></i></b><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> China’s credit rating to negative</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… citing rising debt levels.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">X is licensed for payment processing in a dozen states...</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as Elon plans to turn X-Twitter into an <i>app </i>that will include its own payment system.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">How can the average American student’s grades be rising…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and their international test scores be falling? <i>Duh…<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Taylor Swift’s Eras Tour became the first to gross over $1B…</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">as it generated </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">~$17m in revenue from each of its 60 concert venues at an average ticket price of ~$230/ticket.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1029" style="height: 218pt; visibility: visible; width: 331pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkWJUt1Hihn-NZqPXQ6Lt35nVOXoSUu8aGKc657TVzyUuITCNniOsfj2fKXWhWjheOpGVT8gChJE98a1ag8EhI0DgrS9V91XF-Qm9iSRhK7ARuLcGhtzNi9eaad8O8B3DRFEBLci0MI_KfEdb23VPQvpLg7ulghahl2knLR8q45fo7dJBHKd5g76bNUwTv/s1247/Dec10_Warren_Dimon_Dont_Like_Invest_wWords3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="820" data-original-width="1247" height="420" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkWJUt1Hihn-NZqPXQ6Lt35nVOXoSUu8aGKc657TVzyUuITCNniOsfj2fKXWhWjheOpGVT8gChJE98a1ag8EhI0DgrS9V91XF-Qm9iSRhK7ARuLcGhtzNi9eaad8O8B3DRFEBLci0MI_KfEdb23VPQvpLg7ulghahl2knLR8q45fo7dJBHKd5g76bNUwTv/w640-h420/Dec10_Warren_Dimon_Dont_Like_Invest_wWords3.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin is surging and…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>hodlers</i> are refusing to sell.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin </span></i></b></span><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">topped $40K this week…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> its highest level since April 2022.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Crypto miners like </span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Riot (RIOT) and</span></i></b><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Marathon Digital (MARA)…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">saw their stocks surge last week. Shares of Coinbase (the largest US crypto exchange) also rose.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">In Coinbase CEO’s Brian Armstrong’s eyes…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin can help traditional currencies like the Dollar, Yuan, and Euro shake off their inflation woes. Nations are warming up to crypto as their go-to inflation shield.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Brazil’s largest lender has launched a crypto-trading service…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> initially focused on BTC and ETH. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">El Salvador’s bitcoin bet has turned profitable…</span></i></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">with BTC soaring above $44,000.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The crypto market is…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> up +106.68% YTD and +93.37% YoY.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9t_OnlyKHv9RJwmycIcWapWuK9jXqIB5C_6fnEIhSO9LL53JhaPioreA9W1bMdoj4RhuFn_qB_PhiPQoEBV_SPWSY7VAUkZAmnXI-vI_0ejExXjg-MYVN_A0N4rqCLd0JslnYGBaOXVWkL-yCP3FWewHaPfSNNYBQw0oxLl646b6HOA8d3SRq7HNwaRi9/s1598/Dec10_HopScotch_Wallet1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1548" data-original-width="1598" height="620" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9t_OnlyKHv9RJwmycIcWapWuK9jXqIB5C_6fnEIhSO9LL53JhaPioreA9W1bMdoj4RhuFn_qB_PhiPQoEBV_SPWSY7VAUkZAmnXI-vI_0ejExXjg-MYVN_A0N4rqCLd0JslnYGBaOXVWkL-yCP3FWewHaPfSNNYBQw0oxLl646b6HOA8d3SRq7HNwaRi9/w640-h620/Dec10_HopScotch_Wallet1.jpg" width="640" /></a></i></b></div><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></i></b><p></p><p class="MsoNormal" style="font-size: medium;"><a href="https://hopscotch.trade/"><b><i><span style="color: black; font-family: Arial, sans-serif; font-size: 14pt; text-decoration: none;"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></span></i></b></a><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hopscotch: The crypto wallet you can talk to:</span></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"></p><ul style="text-align: left;"><li><span style="font-family: Arial, sans-serif; font-size: 14pt; text-indent: -0.25in;">Finally, crypto is: (a) simple to use and (b) easy to manage. With the Hopscotch wallet, simply type what you want to do. For example, "Convert 100 USDC to ETH on Polygon" and be presented with 1 button to make it happen. </span></li><li><span style="font-family: Arial, sans-serif; font-size: 14pt; text-indent: -0.25in;">All you need is an email address to get started. </span></li><li><span style="font-family: Arial, sans-serif; font-size: 14pt; text-indent: -0.25in;">Available on mobile and desktop -></span><a data-link-type="web" href="https://hopscotch.trade/" style="font-family: "Times New Roman", serif; font-size: 12pt; text-indent: -0.25in;" target="_blank"><span style="color: black; font-family: Arial, sans-serif; font-size: 14pt;"> Check it out: </span></a></li></ul><p></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_9" o:spid="_x0000_i1027" style="height: 241pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWYggcGEnu2XyDH-KYlhCXv8iBk9wAmG8KWIHpqkuAMPaUy-pldzdA7QfSSxBSV1qeI6hPgXN5ZuekoN5alkNo7TKphIhpF4dz7QLoqHOkJFu0wTOdYfslRsIuwsaXEvsmKvLs_itIB0cUCdIWWE5pefOeFsxTl22Wp9UedbpMk1JK3WBuy9pOkD2ZDM5W/s1076/Dec10_FED_March_Rate_Cut_wWords2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="656" data-original-width="1076" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWYggcGEnu2XyDH-KYlhCXv8iBk9wAmG8KWIHpqkuAMPaUy-pldzdA7QfSSxBSV1qeI6hPgXN5ZuekoN5alkNo7TKphIhpF4dz7QLoqHOkJFu0wTOdYfslRsIuwsaXEvsmKvLs_itIB0cUCdIWWE5pefOeFsxTl22Wp9UedbpMk1JK3WBuy9pOkD2ZDM5W/w640-h390/Dec10_FED_March_Rate_Cut_wWords2.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Good Riddance to VC Money-Ball… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Howard L: during the <span style="background: white; color: #222222;">2012 to 2022 era, founders continued to take money off-the-table in <i>interesting </i>ways, and because of that – there are a ton of broken cap tables and zombie companies out.</span><b><i> </i></b><span style="background: white; color: #0f1419;">Throughout history some of biggest companies in world started off as being <i>boot-strapped / </i>highly capital efficient / (aka not taking VC investment capital):<o:p></o:p></span></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">1970’s: MSFT bootstrapped until pre-IPO,</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">1980’s: Dell bootstrapped until pre-IPO,</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">1990’s: eBay raised minimal $’s, and </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; color: #0f1419; font-family: Arial, sans-serif; font-size: 14pt;">2010’s: Instagram and WhatsApp remained lean.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Currently, we are in an era of higher interest rates and de-globalization. The <i>art-and-creativity</i>associated with seed-stage company building – is back – and will cripple entrepreneurs who believe that the way to <i>grow-a-company </i>is to <i>raise-more-money.<strong><span style="font-weight: normal;"><o:p></o:p></span></strong></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Stuck in the Middle w/ the SPU’s…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1026" style="height: 220pt; visibility: visible; width: 390pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvGZh7-GH2T1B-uR-heF06iRVtKqoU0zMo8YNfLbmgAXJ9DiFBRYOJL9C_OSC15z9HViYUE1tmBoNsLcEkdv7bAsbnHrkVHmgLSed4to2_EkmjQvvjCCcoo2QL4G5ZUIT7VkfxtVXGszqsSNUxv4-L-ZtH6YY6JREkdi1Zgs1ZCT2TyuNrHvrR-7ERjjCi/s1144/Dec10_C_Used_The_Buyback_Word_wWords5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="646" data-original-width="1144" height="362" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvGZh7-GH2T1B-uR-heF06iRVtKqoU0zMo8YNfLbmgAXJ9DiFBRYOJL9C_OSC15z9HViYUE1tmBoNsLcEkdv7bAsbnHrkVHmgLSed4to2_EkmjQvvjCCcoo2QL4G5ZUIT7VkfxtVXGszqsSNUxv4-L-ZtH6YY6JREkdi1Zgs1ZCT2TyuNrHvrR-7ERjjCi/w640-h362/Dec10_C_Used_The_Buyback_Word_wWords5.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Background: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPU is the original ticker for the S&Ps, and this week the S&Ps are stuck in the middle of a 50-point range. </span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Low VIX but high Volatility: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The VIX (volatility index) is focused on 30-day volatility. The interesting issue we’re all living thru is that all of the movement is occurring in huge, hourly swings. For example, on Friday, within the same hour, we moved 50 S&P points – while we had a VIX in the 12’s. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Isn’t a good JOBS number – Bad for our FED? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">On Friday, we had a good JOBS number with 199,000 jobs being created, and a drop in the unemployment rate from 3.9% to 3.7%. I thought that a lot of JOBS being created and a drop in the unemployment rate were bad for our FED because they are inflationary? They are. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Risky Business and our FED: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The probability of a FED Rate Cut at the March meeting is still ~44%, and at the May meeting has jumped to ~50%. To me, these numbers are absolutely shocking, but I’m firmly in the <i>‘higher-for-longer’ </i>camp. We will learn more about this on Wednesday – with the latest FOMC announcement and the Q&A that follows. Our FED will be forced to <i>play chicken </i>with the market’s desire for <i>rate cuts in 2024. </i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Dollar and Bonds have reversed… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> We’re seeing a slight rally in the Dollar as it moves into the 104 area. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Watch the Dollar over 105 – as that will cause the S&Ps some heartache and pause.</span> Markets are nervous. <b><span style="background: yellow;">Tip #2: </span></b><span style="background: yellow;">If our FED comes out and denounces (out-of-hand) a March / May rate cut – these markets will fall instantly.</span> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Watch Citi and LULU… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">(A) Citibank guided lower in their estimates for next quarter, but said that they would <i>‘buyback’ </i>stock; therefore, their stock moved higher. Remember – they guided lower </span><span style="font-family: Wingdings; font-size: 14pt;">J</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">. (B) Lululemon also had a rough quarter, guided lower, and used the <i>‘buyback’ </i>word in order to move their stock higher. <b><span style="background: yellow;">Tip #3: </span></b><span style="background: yellow;">If our FED comes out hot and denounces a March / May rate-cut, <i>‘buybacks’ </i>will become more costly and therefore both C and LULU should move lower on the news.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week’s EM = $57<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week’s EM = $65<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1025" style="height: 189pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwLdPvV41c2YpmzHjoWr7hAQQTDL35vOtfmaFkMpb_-txsAembi_ZZ94dcmLrZQ318dtNfPAPN3C0zd_li38URzJWq205WrBVec2jl8ZRG4CHuy1TLXmqLbzAEBi5wDeAZj4c8ozQXN6vGC7HDs0-li94cW1Hsxj6YmceIfQaLcAFvIo7AQey5q6fitnyV/s1444/Dec10_LULU_Used_The_Buyback_Word_wWords6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="688" data-original-width="1444" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwLdPvV41c2YpmzHjoWr7hAQQTDL35vOtfmaFkMpb_-txsAembi_ZZ94dcmLrZQ318dtNfPAPN3C0zd_li38URzJWq205WrBVec2jl8ZRG4CHuy1TLXmqLbzAEBi5wDeAZj4c8ozQXN6vGC7HDs0-li94cW1Hsxj6YmceIfQaLcAFvIo7AQey5q6fitnyV/w640-h304/Dec10_LULU_Used_The_Buyback_Word_wWords6.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2020/oz. & Silver @ $23.3/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.4%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $43,900 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,350 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $16.30 / in at $7.78)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($196 / in at $181)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**COIN – Coinbase = ($148 / in at $125)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**MARA – Marathon Digital = ($17 / in at $12)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">**RIOT – Riot Platforms = ($16 / in at $12.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.75 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
p.style-scope, li.style-scope, div.style-scope
{mso-style-name:style-scope;
mso-style-unhide:no;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.indent--1, li.indent--1, div.indent--1
{mso-style-name:indent--1;
mso-style-unhide:no;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:896433852;
mso-list-template-ids:-1317088642;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Symbol;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:1.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:1.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:2.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:2.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:3.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:3.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:4.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:4.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1
{mso-list-id:1591235334;
mso-list-template-ids:-1210547474;}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Symbol;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:1.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:1.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:2.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:2.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:3.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:3.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:4.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:4.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l2
{mso-list-id:1658608212;
mso-list-type:hybrid;
mso-list-template-ids:1902270392 -821253804 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l4
{mso-list-id:1857688284;
mso-list-template-ids:1491526756;}
@list l4:level1
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Symbol;}
@list l4:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:1.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l4:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:1.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l4:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:2.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l4:level5
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:2.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l4:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:3.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l4:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:3.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l4:level8
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:4.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l4:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:4.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-56754048022008298212023-12-03T06:31:00.000-08:002023-12-03T06:31:26.781-08:00This Week in Barrons: December 3rd, 2023<p><b style="font-family: "Times New Roman", serif;"><i></i></b></p><div class="separator" style="clear: both; text-align: center;"><b style="font-family: "Times New Roman", serif;"><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEmeEQogVHngjUhjpbhCGGY9QQKuCTmFjNibP8mZN4TKjPTLDIC55Q3g5-QrmNbaSahSN2QUWeSK-CjQMQEj6IA0Ukgz7rauNmJiyd8a-vL4xNhcytH4sPfyQ3xL0lRb6eNDlGiiV6rak9OrEmNmtpjkA00foUrIwL8y91tEeBosSlrFotBVek-vvGHEnu/s2492/Dec3_BTC_Is_So_Cute_wWords_1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1612" data-original-width="2492" height="376" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEmeEQogVHngjUhjpbhCGGY9QQKuCTmFjNibP8mZN4TKjPTLDIC55Q3g5-QrmNbaSahSN2QUWeSK-CjQMQEj6IA0Ukgz7rauNmJiyd8a-vL4xNhcytH4sPfyQ3xL0lRb6eNDlGiiV6rak9OrEmNmtpjkA00foUrIwL8y91tEeBosSlrFotBVek-vvGHEnu/w581-h376/Dec3_BTC_Is_So_Cute_wWords_1.jpg" width="581" /></a></i></b></div><div class="separator" style="clear: both; text-align: center;"><b style="font-family: "Times New Roman", serif;"><i><br /></i></b></div><p></p><p><b style="font-family: "Times New Roman", serif;"><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Sometimes we need a reminder…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> that <i>technology is king</i>. Betting on an idea, a jockey, a story, or somebody’s ego can be disastrous. </span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">It’s different this time </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as some of the biggest personalities (SBF, C. Zhao, and the Winklevoss twins) are either (a) going to jail, or (b) following the Adam Neumann (WeWork) career path. Their <i>15 minutes </i>are history. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">With all crypto’s ugliness and bad news,</span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> the technology companies supporting digital assets are approaching multi-year highs.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Same Shirt – Different Day. </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">When science and math face off against greed and self-promotion – science and math always win. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">If you’re trying to reduce risk and DIY’ing it…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> do the hard part first. That way, if you fail – you will have minimized your time and effort. But if you’re looking for buy-in and commitment from others … do the easy parts first and the hard part last. People love early wins, increased status, and the momentum that comes from success.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Price does NOT have to be a constant race to the bottom.</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Everybody’s heard about another company’s low-price costing someone a big sales opportunity. Per Seth G: In one camp, sales people are out sharpening their pencils – in hopes of winning the price race to the bottom. In the other camp, sales people are finding the <i>customer’s pain, </i>and reshaping their offering to be a <i>‘pain-killer’ </i>rather than the lowest cost alternative. Customers will spend more for a better, safer, higher status, and more reliable product / service. Now, you won’t have the time to put the <i>‘pain killer’ </i>level of effort into every prospect; therefore, you need to say <i>‘NO’ </i>to the <i>price shoppers </i>– and send those prospects to your <i>previous </i>competition.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_10" o:spid="_x0000_i1031" style="height: 237pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtWotFZgoFAKIO83eKyZNum1W388ASA6X1FoIZMfF7-M8fs1GPc6ZJGbJG1UXxaMu9eUznuO6qlpkfhjOmzMr_8GP77wP3-PDwlMoLMjV0ehd7TZl6e07_h0zB_-HpgoaH1kaWe_VJgSYfb0F0RB06jx5Olmh667lmVaYDnSY68FPoJbTmd5F6okBXLi7L/s1200/Dec3_Monthly_Returns_Historically_wWords_2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="719" data-original-width="1200" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtWotFZgoFAKIO83eKyZNum1W388ASA6X1FoIZMfF7-M8fs1GPc6ZJGbJG1UXxaMu9eUznuO6qlpkfhjOmzMr_8GP77wP3-PDwlMoLMjV0ehd7TZl6e07_h0zB_-HpgoaH1kaWe_VJgSYfb0F0RB06jx5Olmh667lmVaYDnSY68FPoJbTmd5F6okBXLi7L/w640-h384/Dec3_Monthly_Returns_Historically_wWords_2.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The investing world is mourning the loss of Charlie Munger…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> who passed away at age 99. A couple of Charlie’s best investing quotes:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“Show me the incentives, and I will show you the outcome.”</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“The big money is in the HOLDING … not in the buying or selling.”</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“People calculate too much, and think too little.”</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“A majority of life’s errors are caused by forgetting what you’re really trying to do.”</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpLast" style="background: white; layout-grid-mode: char; mso-layout-grid-align: none; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“</span></i><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">I constantly see people rise who are not the smartest, not the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up.”</span></i><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Total US debt hit a record of ~$34T last week…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> after we hit a record $33T in debt just 60 days ago. <i>That seems unsustainable to me. <o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per JC Parets: “</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The stocks that lead in bull markets are leading once again: Technology, Consumer discretionary, and Industrials. In bull markets, the most defensive areas tend to underperform, and that is holding true with Utilities and Consumer Staples having a hard time keeping up. In past bull markets, Tech has outperformed in virtually every one of them.”</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1030" style="height: 182pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfKJ5ALhlP1x6QebG29JnS43KsVmPpLAPtmw987brn5inQWyQ9GGTs0EE3Nm4oY_BnIxg-S6yAJdNxqnx1YzVKA6s1YG-apai56wPttTiLtjpDGeUd7dEQeDE75fZoJC2fpp9ZCWC09cwCtoSTCg4jK3JJY5W5eubihNO4cZIRoFmKLTwPwThxYyuqj4Be/s1934/Dec3_Amazons_Delivery_Empire_wWords_3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="888" data-original-width="1934" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfKJ5ALhlP1x6QebG29JnS43KsVmPpLAPtmw987brn5inQWyQ9GGTs0EE3Nm4oY_BnIxg-S6yAJdNxqnx1YzVKA6s1YG-apai56wPttTiLtjpDGeUd7dEQeDE75fZoJC2fpp9ZCWC09cwCtoSTCg4jK3JJY5W5eubihNO4cZIRoFmKLTwPwThxYyuqj4Be/w640-h294/Dec3_Amazons_Delivery_Empire_wWords_3.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon </span></i></b><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">tops UPS and FedEx as the biggest delivery business in the US.</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> A decade ago, Amazon’s competitors doubted its ability to dominate the delivery industry. Amazon doubled down on its in-house logistics approach, operating scores of warehouses, and managing nearly 280,000 delivery drivers worldwide. By not having to rely solely on any other carrier, Amazon’s ability to control the speed of its deliveries is its biggest strength.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: ArialMT, serif; font-size: 14pt;">~80% of <i>Black Friday weekend purchases…</i></span></b><i><span style="font-family: ArialMT, serif; font-size: 14pt;"> </span></i><span style="font-family: ArialMT, serif; font-size: 14pt;"> came from mobile users.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">~10% of all U.S. credit accounts are in a ‘persistent debt’ category…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> where people are paying more in interest and fees each month than principal (going forever deeper in debt).</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">European startups will raise 50% LESS money this year… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">than last.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Over half (53%) of all new phones purchased in Q3…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> were iPhones. Global smartphone shipments are set to decline -5% in 2023.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The avg. American believes that $1.2m will buy you financial happiness.<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Obese patients on Eli Lilly’s Mounjaro…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> are likely to lose more weight than those on Novo Nordisk’s Ozempic.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Despite the shopping spree…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> reports show holiday shoppers still have about half of their holiday shopping left; however, those shoppers will wait for bargains before pulling the trigger. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Sticker Shock == Tesla’s new steel Cybertruck…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> because the basic model = $61,000 and the fully loaded <i>Cyberbeast</i> = $100,000. That’s up from $40,000 that Musk promised in 2019.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">OpenAI</span></i></strong><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>is giving employees a month to decide</b></span></i><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> whether they want to sell their shares at an $86B company valuation. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1029" style="height: 241pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEga6ZXqeZMiiBM4hCEro4bTGfLgwi4coCY9oWE63EYhAi953SftkJQsTr_0v2_NS48hXfrQtDtHlNmuWXmhETvo2M84t0YPm5QUoKBIOIRghpeDRgeRXwkUcps4tMgQUfVDLHt8t3PxQZbYGm9zJ3DliiWJ7C-Y0VYzpEgNe8UiMuRJFp1QRRZquJziwdBl/s977/Dec3_Market_Pricing_in_65pct_Chance_of_March_Rate_Cut_wWords_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="592" data-original-width="977" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEga6ZXqeZMiiBM4hCEro4bTGfLgwi4coCY9oWE63EYhAi953SftkJQsTr_0v2_NS48hXfrQtDtHlNmuWXmhETvo2M84t0YPm5QUoKBIOIRghpeDRgeRXwkUcps4tMgQUfVDLHt8t3PxQZbYGm9zJ3DliiWJ7C-Y0VYzpEgNe8UiMuRJFp1QRRZquJziwdBl/w640-h388/Dec3_Market_Pricing_in_65pct_Chance_of_March_Rate_Cut_wWords_4.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto equities are outperforming Bitcoin by 2X:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Coinbase (COIN): +263% YTD<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Riot Platforms<span class="apple-converted-space"> (RIOT)</span>: +274% YTD<span class="apple-converted-space">, and <o:p></o:p></span></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Marathon Digital<span class="apple-converted-space"> (MARA)</span>: +260% YTD.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The crypto market is up +83% YTD…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> while BTC is up +127% and ETH +70%.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBj98ixmfAfdC-jHNDvWwyRjXaXFRPcUg8cxqxNbg_OJx-VRbGCeaS9enBHrOuUA-HB5z62yL5M3VQ7O_2zeRrLlc79gmQ1lcOmciUASq9XJR_JbD41KaXB7RH1MAGw4geLuPskG5T0cFYti_5_zg6oVrmXpfd4xRKh2LIqdF6PRysfPqbCY-fCL48TufO/s922/Dec3_XLF_Ripping_to_Upside_wWords_5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="459" data-original-width="922" height="318" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBj98ixmfAfdC-jHNDvWwyRjXaXFRPcUg8cxqxNbg_OJx-VRbGCeaS9enBHrOuUA-HB5z62yL5M3VQ7O_2zeRrLlc79gmQ1lcOmciUASq9XJR_JbD41KaXB7RH1MAGw4geLuPskG5T0cFYti_5_zg6oVrmXpfd4xRKh2LIqdF6PRysfPqbCY-fCL48TufO/w640-h318/Dec3_XLF_Ripping_to_Upside_wWords_5.jpg" width="640" /></a></i></b></div><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></i></b><p></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_20" o:spid="_x0000_i1028" style="height: 196pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Thursday’s massive late day buy program sent prices to the best levels of November, and ended one of the best months for the index in a long time. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The S&P 500 is ~6% away from its all-time high, the Dow hit a fresh 52-week high, and the Nasdaq posted its best monthly return (11%) since July 2022 – rising 46% in 2023. </span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Sentiment is strong, bulls have been in control, and there remains no fear as ~49% of traders are bullish – which is the highest reading since the summer. Bearish sentiment sank to ~20% - the lowest since June 2021. Both of those are usually <i>contra </i>indicators.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The Volatility Index (VIX) touched its 2nd lowest level YTD.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Interest rate hikes are over according to FED Fund futures, which has caused bond yields to fall a whopping -52 bps in November. </span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">In November, stocks enjoyed a broad rally with 10 of the 11 S&P 500 sectors finishing higher. Only energy finished November lower.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Unfortunately, this is not natural. We just had the biggest monthly decline in the 10-Yr. Yield since the Great Financial Crisis of 2008 – <i>that’s not normal. </i>When our Treasury is printing this much money this fast, there’s no telling when this madness will end. </span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">There is a seasonality to funds distributing cash – which often leads to a market draw down. That distribution should still play out, but behind the curtain remain our Treasury and FED.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_21" o:spid="_x0000_i1027" style="height: 182pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMQY0a44quxzezokLTcn7M7w-Zk2NqTUzbpAHZ9HyiWXKS34uCgMzSrwbMzUxXsRudnVeyEI9JmN1taXijfHKwJBKKRepHkkZp3Soi3vnH9pTrneHXJnLZG2WXqLt0SqIUves9ntM-W4-NnGo1GtNso46iA2DxcRU7uYouOqsj-PTuXP-EWSkjmu7Uuwj_/s961/Dec3_BA_4_out_of_last_5_weeks_2_std_dev_moves_wWords_6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="442" data-original-width="961" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMQY0a44quxzezokLTcn7M7w-Zk2NqTUzbpAHZ9HyiWXKS34uCgMzSrwbMzUxXsRudnVeyEI9JmN1taXijfHKwJBKKRepHkkZp3Soi3vnH9pTrneHXJnLZG2WXqLt0SqIUves9ntM-W4-NnGo1GtNso46iA2DxcRU7uYouOqsj-PTuXP-EWSkjmu7Uuwj_/w640-h294/Dec3_BA_4_out_of_last_5_weeks_2_std_dev_moves_wWords_6.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Who is buying our bonds? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Stablecoin issuers are buying US treasuries by the bucketful. They have become the 16th largest holder of treasuries. Other nations (with fiat currencies) have declining interest in our bonds and our dollar. This is a true digital disruption that is misunderstood by most market participants. The future bond buyers are <i>in fact </i>fiat stablecoin issuers. There is a reasonable chance that within the next decade, stablecoin issuers will become the single largest holder of U.S. treasuries in the world. That statement would have been impossible to predict just 5 years ago. Disruption happens fast, and Bill Gates said it best: <i>“We overestimate what we can accomplish in 1 year, but underestimate what we can accomplish in 10.”</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">A Divergence in The Force…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_22" o:spid="_x0000_i1026" style="height: 210pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEielRGE1935CuYwUNQes8PdqwE0tAKNmdtAGrtYvBiJbj6TwsdQs0Ue0a60FVn2004-YCDYWFxGj6moRjd4CbDyEqsdOCfC0vxSq0lYfaPrF8HMZlMp9WWJsrYDPe1HuGAJojZUICJNCFfQCDvToqK60FiY_llE_GMO5fHz1EjXKPZLmKkSFUPggT67n4bU/s952/Dec3_VIX_Large_Amt_Hedging_Nobody_Trusts_This_Marketplace_wWords_7.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="505" data-original-width="952" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEielRGE1935CuYwUNQes8PdqwE0tAKNmdtAGrtYvBiJbj6TwsdQs0Ue0a60FVn2004-YCDYWFxGj6moRjd4CbDyEqsdOCfC0vxSq0lYfaPrF8HMZlMp9WWJsrYDPe1HuGAJojZUICJNCFfQCDvToqK60FiY_llE_GMO5fHz1EjXKPZLmKkSFUPggT67n4bU/w640-h340/Dec3_VIX_Large_Amt_Hedging_Nobody_Trusts_This_Marketplace_wWords_7.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">December historically…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> t</span></b><span style="color: #404040; font-family: ArialMT, serif; font-size: 14pt;">ends to be a good month in markets.</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #404040; font-family: ArialMT, serif; font-size: 14pt;">Presidential election years (2024) have also been good.</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #404040; font-family: ArialMT, serif; font-size: 14pt;">Stock markets never predict or price-in recessions.</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="color: #404040; font-family: ArialMT, serif; font-size: 14pt;">Investors are piling into cash, digital cash, and bonds – all the while dumping equities.</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Financials (and not the Mag 7) are holding the S&P together:</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Both Google and Meta finished the week ~2 standard deviations lower than their expected moves – which is cause for concern. Financials (on the other hand) moved 1.5 standard deviations higher last week, and phenomenally higher during the month of November. All the while, the yield on the 10-Year Note continues to fall. <b><span style="background: yellow;">Tip #1:</span></b><i><span style="background: yellow;"> I thought financials only loved rising rate environments… go figure? </span></i><b><span style="background: yellow;"><o:p></o:p></span></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FED Fund Futures are laughable… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as they are pricing in a ~66% chance of a FED rate cut by March – completely ignoring the FED’s <i>‘higher for longer’ </i>mantra. And if you look toward May, 2024, the market believes that our FED has a 91% chance of cutting rates by 50bps. <b><span style="background: yellow;">Tip #2: </span></b><i><span style="background: yellow;">If any of that comes true, the degree of ‘recession’ required to push through those cuts – would go completely against 50 years of history and logic. When will markets realize that? <b><o:p></o:p></b></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Positioning in a one-sided market (always moving higher)… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">is very difficult because a Call-Spread is priced ~20% higher than the corresponding Put-Spread – effectively zeroing out any anticipated gains. Look at Boeing (BA), 4 out of the last 5 weeks it has moved higher by ~2 standard deviations per week. That’s is statistically impossible and certainly not tradeable. <b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Traders do NOT trust this Market’s Future… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and because of that: <b><span style="background: yellow;">Tip #3:</span></b><span style="background: yellow;"> are buying inexpensive, $10 wide Call Spreads on the VIX out into January 2024 for 85 cents.</span> <b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $46 (5-days) … and we stayed inside the EM.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $57 (5-days) <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_23" o:spid="_x0000_i1025" style="height: 202pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqUxqseK4mmX3-6bTPVpIV5925qg5dR82ciGxI2uPuSVoCDgn2hSIjubB828aQO61e2ZSesZsuS4mvJ2-l02PJqJRlheU5tGkGOQ-XUo2Dx2x97DnAOLCZdcgW4rqd8ywKz0ZTsrIAx91HneJw9VEpdJSFSMPNhzH69_aW5cjvG8WOM3XaI_MNP5QWnf5K/s952/Dec3_VIX_Buy_Jan24_17_27_Call_Spread_as_a_Hedge_Cheap_wWords_8.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="484" data-original-width="952" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqUxqseK4mmX3-6bTPVpIV5925qg5dR82ciGxI2uPuSVoCDgn2hSIjubB828aQO61e2ZSesZsuS4mvJ2-l02PJqJRlheU5tGkGOQ-XUo2Dx2x97DnAOLCZdcgW4rqd8ywKz0ZTsrIAx91HneJw9VEpdJSFSMPNhzH69_aW5cjvG8WOM3XaI_MNP5QWnf5K/w640-h326/Dec3_VIX_Buy_Jan24_17_27_Call_Spread_as_a_Hedge_Cheap_wWords_8.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> I love gold and silver, but also realize that they've been artificially suppressed for years. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Recently Gold closed out the month above $2,000 / ounce, and although Silver is nowhere near its highs – it also has done quite well. Which begs the question: <i>‘Are they finally going to be given some room to run?’ </i>Unfortunately, my pessimistic side taps me on the shoulder and says: <i>“We’ve seen this movie before.” </i>But, <i>this time could be different:<o:p></o:p></i></span></p><p class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The longer time goes on, the more <i>‘precious and rare’ </i>silver ‘n gold become. The current stance on climate change requires an increased use of solar energy by +300% - which means a lot more demand for silver (as it is a main component in a solar panel). <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">I tend to believe that enough of the world has lived through fiat currency depreciation enough to want their money backed by something that has stood the test of time. That explains why so many countries have been buying gold. Unlike our treasury that may default on its debt, gold just kinda sits there. It has zero counter-party risk. It doesn't owe debts and/or derivatives. Gold just hangs out, and has the value placed on it by the currency that buys it.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Remember, <i>NO </i>fiat <span style="background: white;">currency has ever lasted forever – as all have gone to zero. Gold ‘n Silver have never been worth <i>nothing</i>, and that says <i>something. Listen to something.</i></span></span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2090/oz. & Silver @ $25.9/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.3%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $39,300 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,110 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $14.90 / in at $7.78)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($191 / in at $181)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($45.4 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">COIN – Coinbase = ($134 / in at $125)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MARA – Marathon Digital = ($13.7 / in at $12)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">RIOT – Riot Platforms = ($13.8 / in at $12.5)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.5 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">XLK – Technology ETF ($186 / in at $183)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1025787312;
mso-list-type:hybrid;
mso-list-template-ids:-961403578 -1878999818 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l0:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:.75in;
text-indent:-.25in;}
@list l0:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.25in;
text-indent:-.25in;}
@list l0:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
margin-left:1.75in;
text-indent:-9.0pt;}
@list l0:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.25in;
text-indent:-.25in;}
@list l0:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.75in;
text-indent:-.25in;}
@list l0:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
margin-left:3.25in;
text-indent:-9.0pt;}
@list l0:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.75in;
text-indent:-.25in;}
@list l0:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.25in;
text-indent:-.25in;}
@list l0:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
margin-left:4.75in;
text-indent:-9.0pt;}
@list l1
{mso-list-id:1539397385;
mso-list-type:hybrid;
mso-list-template-ids:2131287940 1130383732 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1547639984;
mso-list-type:hybrid;
mso-list-template-ids:-1723274978 -1264675938 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-37076739412785957192023-11-26T06:40:00.000-08:002023-11-26T06:40:25.388-08:00This Week in Barrons: November 26th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbjvPgFzJLeiQmISFLJ5OvBDB_DNSoXOoVE50wa06qy2F4a27ogUO8BSxJhWpqNZIaEJ4CtZ2VCdxBkxJ30FF4xEUoRIat2RFt5THLBJUzg51yZZmVCwgnRg9nrb7JPbKu221Uqimhrw3tTabCxsmYVo5_PL4pkUuYuThHOqBcg2F0A-Gf4eT37-BG2oIU/s1878/Nov26_All_Clear_Right_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="852" data-original-width="1878" height="260" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbjvPgFzJLeiQmISFLJ5OvBDB_DNSoXOoVE50wa06qy2F4a27ogUO8BSxJhWpqNZIaEJ4CtZ2VCdxBkxJ30FF4xEUoRIat2RFt5THLBJUzg51yZZmVCwgnRg9nrb7JPbKu221Uqimhrw3tTabCxsmYVo5_PL4pkUuYuThHOqBcg2F0A-Gf4eT37-BG2oIU/w573-h260/Nov26_All_Clear_Right_wWords.jpg" width="573" /></a></div><p><b style="font-family: "Times New Roman", serif;"><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">How does Sam Altman get fired… </span></i></b><i style="font-family: "Times New Roman", serif;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">and George Santos still have a job?<b> </b></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple’s success was not due to Steve Jobs’ turtlenecks…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> just as SBF’s hair didn’t put him in jail. Successful marketing and the associated network effects are so confusing that we often try to duplicate someone else’s <span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto;">media circus. But there’s no need to become part of that circus. If you can find a problem that people will pay you to solve, and solve it – you can skip the clown car.<o:p></o:p></span></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Avoid the second mistake…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> because it’s the one that often causes the real trouble.<b> </b>The first miscue: flusters us, breaks our rhythm, and messes with our confidence – often causing the second miscue.<b> </b>We can’t avoid making mistakes, but avoiding the second mishap is a learnable skill.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">We need more people to: ‘hold-the-camera’.</span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">When you’re <i>‘holding-the-camera’, </i>you’re often <i>NOT </i>in the shot – but that doesn’t mean you’re not doing important work.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">I want this to be perfect…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Seth G.:<b> </b></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Somewhere, there is the ideal rose-growing soil, the best possible wave for surfing, and the most romantic sunset for a proposal. Unfortunately, it’s not right here or right now. Our success mostly has to do with how we dance when the conditions aren’t quite perfect.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_8" o:spid="_x0000_i1031" style="height: 238pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvB6pbeWxBf1JKt1M8PSCgVsh0ys_UfKiQyByIgjJRkppTKocZio1oOkmzQP-maPOIgZGzBypdLnmtIBRp4NllqGDbVIxY0pLFXg48aO2nusMXSsEqTXmLzUsJS4g9ZNlDuCykzZ3tKGg15pN0_kbnJlaR0wEdC-auEtT80-Z0Y-9ROsIMvp4BgMxHjTGe/s1081/Nov26_FED_Rate_Watch_Tool_1_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="650" data-original-width="1081" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvB6pbeWxBf1JKt1M8PSCgVsh0ys_UfKiQyByIgjJRkppTKocZio1oOkmzQP-maPOIgZGzBypdLnmtIBRp4NllqGDbVIxY0pLFXg48aO2nusMXSsEqTXmLzUsJS4g9ZNlDuCykzZ3tKGg15pN0_kbnJlaR0wEdC-auEtT80-Z0Y-9ROsIMvp4BgMxHjTGe/w640-h384/Nov26_FED_Rate_Watch_Tool_1_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Luxury does not mean…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> the best, or the highest priced, or the scarcest. <i>Luxury </i>is a state of mind and a function of the experience. Ayron Senna said one of my favorite </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">business building quotes: <i>“You cannot overtake 15 cars in sunny weather… but you can when it’s raining.”<b> </b></i> That is the opportunity. <o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Our FED's preferred inflation Index…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> (Core Services Ex-Shelter) actually <i>accelerated </i>to +3.85% YoY. <i>Funny, I never heard a peep from our media about any aspect of the CPI rising.</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Overall</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">, there is almost a sense of…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>“If it’s stupid, but it works – it’s not stupid”.</i> Maybe that’s the right approach, and maybe sentiment and technicals take the stock market higher for longer. But there are some uncomfortable macro murmurings, and remember: <i>You are buying into a very expensive market.</i> <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">2023 Financial sector layoffs include:</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Citi = 7k employees, Goldman = 4k, Farmers Insurance = 11% of workforce, Robinhood = 7%, Schwab = 6%, Wells = 5%, Ally Financial = 5%, Morgan Stanley = 4%, and the list goes on. Do financial companies naturally do layoffs when things are going well? <i>I don’t think so.</i><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_9" o:spid="_x0000_i1030" style="height: 207pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeIq8XhL_vn8zcutvv-1mwe2cGi9GcAxTH8wDc4TIrJPlXC-U3g1vA5ny517M9-1q5s9CK7RJfjAHq95nCmn3c_KScQk0_J_jIsIwQftAxt2yCEgJlz4YBF92-ECg5yRZVlxrZzFgtLJ0FwH2-cZ0BD7aRtoimG2CJvyR_2SI6uvN27Y1xzbAOMNO0qyD4/s1063/Nov26_VIX_The_Vix_is_dead_2_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="555" data-original-width="1063" height="334" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeIq8XhL_vn8zcutvv-1mwe2cGi9GcAxTH8wDc4TIrJPlXC-U3g1vA5ny517M9-1q5s9CK7RJfjAHq95nCmn3c_KScQk0_J_jIsIwQftAxt2yCEgJlz4YBF92-ECg5yRZVlxrZzFgtLJ0FwH2-cZ0BD7aRtoimG2CJvyR_2SI6uvN27Y1xzbAOMNO0qyD4/w640-h334/Nov26_VIX_The_Vix_is_dead_2_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Serious Q3 delinquencies (+90 days) have increased…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> for credit cards, auto loans, and mortgages.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Chrysler offered a voluntary separation package… </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to 1/2 of its U.S. white-collar employees.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Drive-thru visitors rose 30% from 2019 to 2022</span></i></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> while indoor dining dropped 47%. Chains are in a <i>drive-thru</i> space race.<span class="apple-converted-space"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">McDonald’s</span><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">and<span class="apple-converted-space"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Taco Bell<span class="apple-converted-space"><b> </b></span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">have opened drive-thru-only stores.<span class="apple-converted-space"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Chick-fil-A</span><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">is building a 75-car, four-lane <i>drive-thru </i>location. And AI chatbots are handling orders at Carl’s & Wendy’s.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">A witness in the Google<span class="apple-converted-space"> </span>antitrust trial revealed…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> that Google gives<span class="apple-converted-space"> Apple </span>a 36% cut of search ad revenue that comes from Safari.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Since its launch, Donald's Trump's Truth Social…</span></i></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">has generated $3.7m in net sales, and $73m in losses – raising concerns<span class="apple-converted-space"> </span>about its sustainability.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Women are expected to live for ~80 years…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> while men for only 74 yrs. That’s the largest gap in 30 years.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #222222; font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">Apple remains about 50%...</span></i></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> of Berkshire's stock investments.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Homebuilder sentiment fell to its lowest level in a year</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as high-interest rates and low affordability continue to curtail demand. ~36% of builders cut prices in November.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Continuing Jobless Claims…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> rose to their highest level in two years as the labor market’s softening continues.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><em><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; font-style: normal; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></em><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Walmart’s CFO said consumers are “leaning heavily” into promotions…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> and that <i>“there are trends emerging that are making us pause and rethink </i></span><em><span style="font-family: Arial, sans-serif; font-size: 14pt;">the health of the consumer.”</span></em><em><span style="font-family: Arial, sans-serif; font-size: 14pt; font-style: normal;"><o:p></o:p></span></em></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Janet Yellen (before meeting with Chinese President Xi)…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> stopped at In-N-Out and had a cheeseburger with fries and onions.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ford,<span class="apple-converted-space"> GM, and Tesla have all… </span></span></i></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> put </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">new EV investments on ice – citing slowing demand and economic jitters.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Meta just eliminated its ‘Responsible AI Team’.</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The t</span></i></b><b><i><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;">op contenders to topple GPT-4 are:</span></i></b><span style="color: #222222; font-family: Arial, sans-serif; font-size: 14pt;"> Google Gemini, Claude 3, Inflection 3, and Grok 2. Google Gemini (Q1 arrival) has a 76% probability of beating OpenAI’s GPT-4, but GPT-5 is on the horizon.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_10" o:spid="_x0000_i1029" style="height: 194pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5ZYGbkspS01BuMyGDyVlnRBRcOqA4tY1owiywVjnKJN8mtVSVaViKpyDEQ_1X7QtNgbMQBIit5XJ-q64KYZS2ZimhRw8lDZNB-pyCPZ53gq9tUCGVIcM9Ds0n_LWvF-eRyUjv9bdQrobFbNr_09gzn4gFWkgVN7YbTXVis_wxxjzv1AdqWXM1ixDU6Wgy/s1032/Nov26_ZB_Looking_for_more_downside_3_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="506" data-original-width="1032" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5ZYGbkspS01BuMyGDyVlnRBRcOqA4tY1owiywVjnKJN8mtVSVaViKpyDEQ_1X7QtNgbMQBIit5XJ-q64KYZS2ZimhRw8lDZNB-pyCPZ53gq9tUCGVIcM9Ds0n_LWvF-eRyUjv9bdQrobFbNr_09gzn4gFWkgVN7YbTXVis_wxxjzv1AdqWXM1ixDU6Wgy/w640-h314/Nov26_ZB_Looking_for_more_downside_3_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Former FTX employees are planning to launch a new crypto exchange.</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Maybe this time, the CEO won’t try to steal ~$10B of investors’ money.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">BlackRock filed a spot Ethereum ETF prospectus with the SEC.</span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">JPMorgan is testing tokenized portfolios…</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> using Avalanche blockchain technology.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Circle eyes an IPO…</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as the tightening stablecoin market benefits from high rates.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">With over 70% of all bitcoin in circulation sitting dormant for a year</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… we are poised to see a continued increase in price as new demand enters the market. The bitcoin market is proving that an illiquid asset, that is met with higher demand, must increase in price in order to accommodate everyone.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin’s price popped… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">after Argentina elected a<b> </b>pro-crypto president. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1028" style="height: 212pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxFHGyC_rqUBqAsbhOWLq0aV5-sxLLTi8-gxS1iZKANTRlGUT12cTK80_pv5TDdSmkWsbrtgw-ngyYZxJGiosNdEOYPWjnXzUk6ZMFQy-pxdFO8ScZy7e5fGDBvbjkEAfXJAQ_rbpkCGwq6iJ_36cgvFNNs609OFnsX89KQb7PAITzpz4Unus0KHfkrq5f/s829/Nov26_NVDA_Excellent_Earnings_Sell_The_News_4_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="442" data-original-width="829" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxFHGyC_rqUBqAsbhOWLq0aV5-sxLLTi8-gxS1iZKANTRlGUT12cTK80_pv5TDdSmkWsbrtgw-ngyYZxJGiosNdEOYPWjnXzUk6ZMFQy-pxdFO8ScZy7e5fGDBvbjkEAfXJAQ_rbpkCGwq6iJ_36cgvFNNs609OFnsX89KQb7PAITzpz4Unus0KHfkrq5f/w640-h342/Nov26_NVDA_Excellent_Earnings_Sell_The_News_4_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Stocks <span style="background: white;">remained on track for their 4</span><sup>th</sup><span style="background: white;"> straight week of gains. For the week, the Dow and S&P 500 were up 0.9% each and the Nasdaq was up 1%. It was the longest weekly winning streak for the S&Ps and Nasdaq since June, and for the DOW since April. Stocks have moved higher as Treasury yields eased to multi-month lows on hope inflation is cooling and the Federal Reserve may be done raising rates. The U.S. dollar slipped as investors bet U.S. interest rates have peaked, while the yen edged higher, reinforcing views that the Bank of Japan (BOJ) may soon roll back monetary stimulus.</span><b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_4" o:spid="_x0000_i1027" style="height: 240pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih7Ej3MQ9jjYcQx6Gz_WMI3qRCnaB2seca35BdX220kmKW7p8hNKkhoP5fRyr2gPK4ru3GGloHivh9UOO-bIVQmDmtnIOBw9aF4lKcjQrocdkgL2uSC0x1ayaqNkkZjgWPxJ94DdABD2wvDo5lC55Uknrbb13B2XEIib-iIcYW00VwNiczXYBfksBdBWRY/s1150/Nov26_Holy_S**t_its_an_OpenAI_Coup_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="698" data-original-width="1150" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih7Ej3MQ9jjYcQx6Gz_WMI3qRCnaB2seca35BdX220kmKW7p8hNKkhoP5fRyr2gPK4ru3GGloHivh9UOO-bIVQmDmtnIOBw9aF4lKcjQrocdkgL2uSC0x1ayaqNkkZjgWPxJ94DdABD2wvDo5lC55Uknrbb13B2XEIib-iIcYW00VwNiczXYBfksBdBWRY/w640-h388/Nov26_Holy_S**t_its_an_OpenAI_Coup_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Is OpenAI still open?</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> You could argue that this is just drama and not much changes. Google, Facebook, and the open-source software world – all have comparable AI systems and are racing to develop them as fast as they can. And whether or not OpenAI exists may not even matter. On the other hand, for the last couple of years OpenAI has shown that it has been the company that has made AI matter to consumers, and it has been at the forefront of this technology. Much of that relies on the company’s scientists, but also on Sam, who has raised the vast sums of money that it takes to develop this technology. Without this pairing, OpenAI would almost certainly be in a very tough position. <b><i><o:p></o:p></i></b></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> As the new week begins, it seems that Sam Altman is back at<span class="apple-converted-space"> </span><strong><span style="font-weight: normal;">OpenAI</span></strong><span class="apple-converted-space"><b> </b></span>as CEO. They are still working out the details but a new BOD will include former Salesforce CEO Bret Taylor, former Treasury Secretary Larry Summers, and board member and Quora CEO Adam D'Angelo. No explicit mention was made of whether OpenAI Chief Scientist Ilya Sutskever or OpenAI board members Tasha McCauley and Helen Toner will stay on the board – but the odds are not good. As for Altman and OpenAI president and co-founder Greg Brockman, it’s rumored that they will give up their board seats, and Altman will agree to an investigation into his behavior as CEO. I wonder whether OpenAI's <i>"capped profit"</i> model will remain in place. The idea was to give investors up to 100 times their return before giving away excess profit to the rest of the world. Investors who are planning to buy $1B in secondary shares of OpenAI at an $86B valuation would be very happy to see OpenAI dispense with that model.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Markets Up … Economy Down<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1026" style="height: 213pt; visibility: visible; width: 393pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZCBwKsXXJe_3bc5L8fw2paSOPhaCFixBb4B9Hih13_qd7YjjxFzjk5edbcDsX_puCaJcPMnJJkCbQ17PXC09IUfuH_imrwi-o0HpDR9yCNGckJq4jKZAh1-sJFbpK2NZeYnNvSLaJGMJfhlq39Bx0hVp4_v4BXT4TlyQMHWHr5laA_FlUz8DR7uKJ1OUh/s930/Nov26_SPX_Upside_Potential_vs_Downside_Risk_5_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="503" data-original-width="930" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZCBwKsXXJe_3bc5L8fw2paSOPhaCFixBb4B9Hih13_qd7YjjxFzjk5edbcDsX_puCaJcPMnJJkCbQ17PXC09IUfuH_imrwi-o0HpDR9yCNGckJq4jKZAh1-sJFbpK2NZeYnNvSLaJGMJfhlq39Bx0hVp4_v4BXT4TlyQMHWHr5laA_FlUz8DR7uKJ1OUh/w640-h346/Nov26_SPX_Upside_Potential_vs_Downside_Risk_5_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Some notes: </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Year-to-date: the financials are up 3%, energy is <i>flat, </i>healthcare is down -3%, utilities are down -11%, the Nasdaq is up 47%, and the SPY (due to the Nasdaq) is up 20% YTD. However if you look out into May, markets are predicting a FED rate cut. That means in March / April we will be in a <i>‘deep enough’ </i>recession that our <i>(‘higher for longer’) </i>FED will be admitting: (a) it missed the signs again, and (b) we’re in so much pain that we need to restart the printing presses and inject liquidity ‘n inflation back into our <i>Argentinian </i>economy. WOW – so why are markets higher? The answer to that question is easy == <i>The Magnificent 7. </i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Volatility has been crushed too far… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">there’s even <span style="background: white;">talk (and evidence) that UBS is having troubles, and other banks are running low on liquidity. Could we be seeing the beginning of the <i>credit event? </i>But our VIX (volatility index) is down around 12 – effectively <i>dead </i>and therefore losing its predictive effectiveness. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">The VIX does not see anything that has less than 9 DTE (days ‘till expiration), but the activity that moves markets is all less than 7 DTE.</span> In fact, next week’s implied volatility for the SPX is only 8% - making it dangerous to sell premium; therefore, (to be safe) be a net buyer of that directional premium. </span><b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Is this the last hurrah for bonds? </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">As I think thru supply ‘n demand for bonds, I see a lot more supply than demand – meaning: <b><span style="background: yellow;">Tip #2:</span></b><span style="background: yellow;"> that rates will need to go higher in order to entice buyers; therefore, bonds have more downside in their future – which will put pressure on stocks.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Does anything other than the Magnificent 7 matter? </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Absolutely not. Currently, there is an incredible amount of concentrated risk into these 7 major tech stocks. All you need is for one of the Mag-7 to report stellar earnings and profits (like NVDA) and move significantly to the downside (like NVDA – that’s up 233% YTD) – and the corresponding <i>tsunami </i>will magnify in intensity as it impacts multiple index products. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Will markets hold-it-together until year-end? </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">SKEW (the price of OTM (out-of-the-money) Puts to OTM Calls is incredibly high due to professionals / institutions hedging (buying puts) to protect their end-of-year portfolio winnings. I do <i>NOT</i> think that we will <i>hold-it-together</i>because:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">FED Funds futures are telling me something is wrong economically,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Nvidia (Mag-7) that reported stellar earnings and investors <i>sold-the-news, </i><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Google and Meta (both Mag-7) that rely totally on advertising dollars, <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon (Mag-7) with its huge retail component that depends upon holiday spending for its success.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #3: </span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Combining FED Feds futures with any one of the Mag-7 faltering (as to what almost happened to MSFT with OpenAI last week) – the downside risk is 500 S&P points.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The SPX Expected Move (EM):<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week’s EM = $48.5 (3.5-day week) = we touched the upper edge of the EM.<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">This Week’s EM = $46.3 (5-day week)<b> </b>which is shockingly low – <i>keep your hands and feet inside the vehicle!</i><b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">A Little Extra: </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">A Thanksgiving thought by Samuel F. Pugh:</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“When I have food, help me to remember the hungry;<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">when I have work, help me to remember the jobless;<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">when I have a warm home, help me to remember the homeless;<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">when I am without pain, help me to remember those who suffer;<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">and in remembering, help me to destroy my complacency and ignite my compassion.<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Make me concerned enough to help, by word and deed, for those who cry out for what we take for granted.”<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_7" o:spid="_x0000_i1025" style="height: 242pt; visibility: visible; width: 350pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5la9HX3rXSYlrRJq4N6Ctdv37mSwTbaiqtMGmLPhADSJFc5S8aTZV2z8o4P0yCGg7nJeAASlEHXf6tHzLRaoXDyF0v-iOmCxyWwLDAHZsSk6d28OGVXBEDLzrYv0qWY4uIfTISSNO6pDyCcwTiCZJDGCgRVMWzA5skA0eYwBvFmCa10Xv6MotF4Ay4oIy/s3192/Nov26_Home_for_Thanksgiving_v2_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2211" data-original-width="3192" height="444" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5la9HX3rXSYlrRJq4N6Ctdv37mSwTbaiqtMGmLPhADSJFc5S8aTZV2z8o4P0yCGg7nJeAASlEHXf6tHzLRaoXDyF0v-iOmCxyWwLDAHZsSk6d28OGVXBEDLzrYv0qWY4uIfTISSNO6pDyCcwTiCZJDGCgRVMWzA5skA0eYwBvFmCa10Xv6MotF4Ay4oIy/w640-h444/Nov26_Home_for_Thanksgiving_v2_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Per Howard L: <i>Imagine, how overvalued things are in AI-land, and how big a LOCK Google has on the sector because: (a) they have their own AI toolkit, and (b) because they own all of the traffic & apps that we currently use most (g-mail, search, maps, etc.).</i></span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> I’m watching: (a) TK, (b) ZIM - d<span style="background: white;">own from ~$20 in April, and (c) taking on more </span>CCJ.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2003/oz. & Silver @ $24.4/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.4%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $38,290 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,120 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $14.80 / in at $7.78)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL – Apple = ($190 / in at $181)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($45.1 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($6.4 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:2006014425;
mso-list-type:hybrid;
mso-list-template-ids:110404568 1545735316 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:25;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:2033723696;
mso-list-type:hybrid;
mso-list-template-ids:-1682117786 -363662154 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:25;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-79211398526627406292023-11-19T05:46:00.000-08:002023-11-19T05:46:10.134-08:00This Week in Barrons: November 19th, 2023<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDvLk6nQm8rc9-CMnTaHY8PaVHcEmqqtvJxUlRn0EprecUyIsmGLItb3_YrBzE0Cm_Z_u_elus9LTU_4ZbQZ_j6G3AsKXhuVD_s2UcDTITpApwIy2c2u6iu23gtlaIQqnpoP1Mq2ZI_xkKqknhQXtWv1dk_zA_kBYIXtXT1CLKwEV5PdtwU4jDpYA-BSGp/s761/Alan_Greenspan_Markets_Can_Remain_Irrational_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="354" data-original-width="761" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDvLk6nQm8rc9-CMnTaHY8PaVHcEmqqtvJxUlRn0EprecUyIsmGLItb3_YrBzE0Cm_Z_u_elus9LTU_4ZbQZ_j6G3AsKXhuVD_s2UcDTITpApwIy2c2u6iu23gtlaIQqnpoP1Mq2ZI_xkKqknhQXtWv1dk_zA_kBYIXtXT1CLKwEV5PdtwU4jDpYA-BSGp/w640-h298/Alan_Greenspan_Markets_Can_Remain_Irrational_wWords.jpg" width="640" /></a></div><br /><p></p><p><br /></p>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-10098814365622652802023-11-12T06:00:00.000-08:002023-11-12T06:00:43.058-08:00This Week in Barrons: November 12th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin9GyY_XDpDYdberYZLLOZ8HpNSPbKBVxb52hsg8GcR1Zch9ZWOZA8qW63HogRQ5HbHit2NZWDLkUKnot2bpsXIoSa6GD_6-u-QPlpEd5v4EZkzDNMDVergu3a5KnRxqCpE13pHZrTiwjV5ckwETsHMDbn0r5oqF56ip9UmejxpExjjDyZD8Ny0u42mRLZ/s977/Nov12_Bill_Murray_Stripes4_Happy_Vets_Day_Ty_For_ur_Service_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="621" data-original-width="977" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin9GyY_XDpDYdberYZLLOZ8HpNSPbKBVxb52hsg8GcR1Zch9ZWOZA8qW63HogRQ5HbHit2NZWDLkUKnot2bpsXIoSa6GD_6-u-QPlpEd5v4EZkzDNMDVergu3a5KnRxqCpE13pHZrTiwjV5ckwETsHMDbn0r5oqF56ip9UmejxpExjjDyZD8Ny0u42mRLZ/w554-h352/Nov12_Bill_Murray_Stripes4_Happy_Vets_Day_Ty_For_ur_Service_wWords.jpg" width="554" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">‘Come On Man… Do the Right Thing’ </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">With SBF’s guilty verdict behind us, it’s time to talk about the challenges associated with behaving ethically (aka <i>‘Doing the Right Thing’)</i>. Ethics is virtually <i>never emphasized </i>as part of a business school curriculum. After all:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Unethical behavior and inefficient markets were also responsible for the metals and currency price fixing at major banks like: JPM, Citi, and Barclays.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">A lack of ethics and inefficient OTC desks caused Silicon Valley Bank, Schwab, and First Republic to be caught upside down inside of the yield curve trade.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">And a lack of a moral compass allowed real estate commission collusion to go on far too long.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Everyone needs to understand the importance and value of ethical behavior. We can’t continue to idolize those who refuse to understand the foundational aspects of: <i>Doing the Right Thing!</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Perseverance: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Life is often an exercise in perseverance. Time and time again, it seems like we wait forever, and just before we’re about to leave – the magical transformation occurs. Without knowing that this is how things work, it’s unlikely that most of us would even make it half-way through one of these events. Simply knowing how it’s done – makes it far more likely that we will <i>stick it out</i> and actually do it again.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">‘I remember when…’</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When the internet was young, the major book publishers had everything they needed to create a dominant search engine. After all, they were the grand organizers of the world’s information. Except for the fact – that they didn’t even consider it. That was because they believed that their job was to sell books to bookstores. Per Seth G: This <i>false vision / belief </i>is more urgent for individuals. What you were trained to do, and What you are doing – is all in the past. When someone asks you: <i>“What do you do?”</i> Try responding with: <i>“What I did yesterday was…”</i> It’s a great way to open the door to envisioning what you could be doing tomorrow.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_8" o:spid="_x0000_i1031" style="height: 233pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR7C7i6znF06LrcxRHuB_-fG4zMrYBUe-5fPffLZ8iQVxYtzGsGDC9_qY3xDl-uSWzgRHM0DTNDAO_g0TpkaHdsJFKCkzyASsheiGSibjDjQMXcAnS_lQoqESzIUz_oM4TalQk5gR8Cte0ZXnQAj100CO-neEfazVULF0kwdZTAJQsmpL-PYplr-x6txvG/s1656/Nov12_When_Will_BTC_Reach_100k_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="974" data-original-width="1656" height="376" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR7C7i6znF06LrcxRHuB_-fG4zMrYBUe-5fPffLZ8iQVxYtzGsGDC9_qY3xDl-uSWzgRHM0DTNDAO_g0TpkaHdsJFKCkzyASsheiGSibjDjQMXcAnS_lQoqESzIUz_oM4TalQk5gR8Cte0ZXnQAj100CO-neEfazVULF0kwdZTAJQsmpL-PYplr-x6txvG/w640-h376/Nov12_When_Will_BTC_Reach_100k_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Anthony P: </span><a href="https://twitter.com/geepytee/status/1721705524176257296?s=20"><span style="font-family: Arial, sans-serif; font-size: 14pt;">CLICK HERE</span></a><span style="font-family: Arial, sans-serif; font-size: 14pt;"> to experience a prototype of an AI-generated sports narration that was created by simply feeding the AI-engine a video file and prompting it to narrate what was happening. [</span><a href="https://twitter.com/geepytee/status/1721705524176257296?s=20"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">https://twitter.com/geepytee/status/1721705524176257296?s=20</span></i></a><span style="font-family: Arial, sans-serif; font-size: 14pt;"> ]. A couple thoughts after playing this a half-dozen times:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">(1) It’s <span style="background: white;">becoming obvious that AI products are going to replace humans in a variety of white-collar jobs. I don’t know that very many sports announcers were worried about their jobs before seeing this. </span><b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">(2) This is Version 1.0 of a product that uses sports narration as its proof-of-concept. And yes, this version will not replace the human announcer, but give it 2 to 3 years, and I’m betting the result will be indistinguishable from a human.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <span style="background: white;">In many ways, we are all becoming technology investors. Some of us are using our capital, while others our time and effort. </span><b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">(3) Now is the time to: acquire new skills, build relevant levels of expertise, and position yourself to benefit (rather than suffer) from the coming changes. You can certainly try and delay it happening, but you’ll never avoid it. </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_9" o:spid="_x0000_i1030" style="height: 161pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJjIyADeinaky8x8dbWrBrTA-aewRhggl-dEHs50AOfIvI_SYpbt7oyNruFEPPX5P6yA7qGYV9Q-7ahM_yGr63KtWQyhIXLTYrcoA9ROgQNmxW963vTt4Xr1x78pjvGt9KYM9Vf5_AEc3lJeqrzlY-9J-w9j4ZqnVUihF6Q4tLCrK5wHqbjtnbQkqXmyUd/s860/Nov12_CORRELATION_CAUSED_the_big_move_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="351" data-original-width="860" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJjIyADeinaky8x8dbWrBrTA-aewRhggl-dEHs50AOfIvI_SYpbt7oyNruFEPPX5P6yA7qGYV9Q-7ahM_yGr63KtWQyhIXLTYrcoA9ROgQNmxW963vTt4Xr1x78pjvGt9KYM9Vf5_AEc3lJeqrzlY-9J-w9j4ZqnVUihF6Q4tLCrK5wHqbjtnbQkqXmyUd/w640-h262/Nov12_CORRELATION_CAUSED_the_big_move_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Berkshire Hathaway reported a… </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> 41% jump in YoY Q3 operating earnings, and is sitting on $157B in cash.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Mortgage rates are <i>AVERAGE </i>(historically), but demand is down:</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">50% from pre-pandemic levels, <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">At its lowest level in 30 years,<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">And is down ~75% from its 2005 all-time-high.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">One of the biggest global shipping giants is cutting 10,000 jobs…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> due to a global trade slowdown.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Over 26 trucking companies have declared bankruptcy YTD…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> putting tens of thousands of truck drivers out of work.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">How about our poor <i>‘student athletes’: </i></span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <o:p></o:p></span></p><p class="MsoNormal" style="margin-left: 1.0in; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">USC basketball’s Bronny James earns an NCAA-topping ~$6m/year in NIL (Name, Image, and Likeness) revenues. <o:p></o:p></span></p><p class="MsoNormal" style="margin-left: 1.0in; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Colorado University’s QB Shedeur Sanders leads college football with $4.3m/year in NIL revs. <o:p></o:p></span></p><p class="MsoNormal" style="margin-left: 1.0in; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">And LSU gymnast Livvy Dunne will make $3.2m doing commercials for American Eagle and Vuori.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">FedEx Express is encouraging cargo pilots…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to take other jobs at regional passenger carriers for the holidays – due to the lack of shipping demand.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The WSJ reported:</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> “<i><span style="background: white;">The U.S. and its NATO allies are serving notice that they are formally suspending their participation in a 1990 treaty limiting conventional forces in Europe.”</span></i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; color: #444444; font-family: Arial, sans-serif; font-size: 14pt;">Amazon will offer its Prime members…</span></b><span style="background: white; color: #444444; font-family: Arial, sans-serif; font-size: 14pt;"> low-cost memberships to its boutique One Medical primary care business. It truly sees a future in healthcare.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The latest in wearable tech is…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> a <i>Star-Trek’esque</i> pin made by Humane. The Ai Pin (a smartphone replacement) is screen less and controlled by voice commands.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Eli Lilly</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>received FDA approval for its own weight-loss drug… </b>Zepbound. Lilly said that it will cost 21% less than rivals </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Wegovy and Ozempic.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Following a Cruise-powered robotaxi collision…</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"> that dragged a pedestrian beneath the car – the CEO of Cruise announced: <i>“Layoffs are coming.”</i></span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Moody’s cuts USA’s outlook to negative… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">as t</span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">he ratings agency pointed to the rising risks of our nation’s fiscal strength.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UAW workers at one GM plan narrowly vote against the labor deal… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">hoping that other shops will <i>press their leverage </i>and hold o</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">ut for a better deal.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_6" o:spid="_x0000_i1029" style="height: 148pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf6OR45wGjHBBGnbJferbfjPwoIxb_y51boFS9VM63Jv_3OoXCJwmYq09zacSEMyhZNZjLFPL_naBgVL_9svWDeN-qCBHh38KNN_FAzn8ZAF0ZeVRplzJ90Q2w7XVusBTjSd-VnFnfGqFSBZgh6CtKXc7A3q-DUryccqIxp_r_kRVlGEwH5WVnRmv1kXOV/s4068/Nov12_Mag_4_Cryptos_Back_ur_Winners_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1515" data-original-width="4068" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf6OR45wGjHBBGnbJferbfjPwoIxb_y51boFS9VM63Jv_3OoXCJwmYq09zacSEMyhZNZjLFPL_naBgVL_9svWDeN-qCBHh38KNN_FAzn8ZAF0ZeVRplzJ90Q2w7XVusBTjSd-VnFnfGqFSBZgh6CtKXc7A3q-DUryccqIxp_r_kRVlGEwH5WVnRmv1kXOV/w640-h238/Nov12_Mag_4_Cryptos_Back_ur_Winners_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Stablecoin issuer Circle Internet is considering<span class="apple-converted-space"> </span>going public – again...</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> as last year, it tried and failed to go public via SPAC.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">MicroStrategy's (MSTR) stock price has soared<span class="apple-converted-space"> </span>250% this year…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> thanks in large part to the billions it holds in Bitcoin.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin hit an 18-month high… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and Ethereum climbed </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">above $2k for the first time since April. The world’s anticipation of our SEC approving a spot bitcoin ETF is the catalyst for the move.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="bard-text-block" style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The total crypto market cap just exceeded $1.3T…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> for the first time in 18 months.<span class="apple-converted-space"> </span>This means that there is more crypto than silver in the world.<o:p></o:p></span></p><p class="bard-text-block" style="font-size: medium; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="bard-text-block" style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin just exceeded their $31k resistance level…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> making <i>‘resistance’ </i>the new <i>‘support’. </i>It makes the path of least resistance = higher – much higher.<o:p></o:p></span></p><p class="bard-text-block" style="font-size: medium; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="bard-text-block" style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">When will Bitcoin reach $100,000?</span></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Probably soon, but how much more after that – $200,000 or $1m? What I know is that the risk vs reward is very much in favor of the bulls. As long as BTC is over $31k, the amount of risk someone is taking by NOT being long – is too large to calculate.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_10" o:spid="_x0000_i1028" style="height: 186pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwWKyAWdSspTDCfJM4sBqsELrww9HviyQjWZjVW3y6ujfFK_PC2bpDn5ti9dJdTLrBI3nVr7VgLv1Egue85xLbh6613iRkWPx5ZG7zA4e2T99j27lBUwsSh5v4h-GsayTq27EOTh0OmQSIQ06pk232mDnTimdiBG68_XHvQRPuNBk-iUa_360D2Qtdt6G-/s918/Nov12_MSFT_UR_Either_In_MSFT_Move_or_UR_Not_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="431" data-original-width="918" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwWKyAWdSspTDCfJM4sBqsELrww9HviyQjWZjVW3y6ujfFK_PC2bpDn5ti9dJdTLrBI3nVr7VgLv1Egue85xLbh6613iRkWPx5ZG7zA4e2T99j27lBUwsSh5v4h-GsayTq27EOTh0OmQSIQ06pk232mDnTimdiBG68_XHvQRPuNBk-iUa_360D2Qtdt6G-/w640-h300/Nov12_MSFT_UR_Either_In_MSFT_Move_or_UR_Not_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Stocks rose Friday after a soft jobs report drove bond yields lower as the S&P jumped 5.85% WoW, the Dow climbed 5.07%, the Nasdaq gained 6.61% and the Russell surged 7.56%. The Volatility Index (VIX) tumbled ~30% on the week, and the US dollar is down at a 7-week low.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">T<span style="background: white;">reasury yields declined as markets remained confident that no more interest rate increases are coming this year. Oil prices dropped to their lowest level in 3.5 months as global economic data is pointing toward a potential slowdown in energy demand. Y</span><span style="color: #3e3e3e;">esterday the S&P tried several times to break-over 4385 but couldn't do it. This market is not running on logic, but rather on the 10-Year interest rate. </span> <span style="color: #3e3e3e;">If the 10-Year falls below 4.5%, the techs are going to scream higher.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday. </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">There’s a lot of resistance right here, as this market is </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">being held up by the Magnificent-7. The results of the 30-year bond auction hit were ugly. None of the foreign bidders showed up, and our own dealers refused to buy into the ‘eat where you poop’ philosophy. Even worse, Powell’s remarks today were quite hawkish. He said we're a LONG way from target inflation, and rates may have to rise more if growth continues at this pace. Up went the 10-Year and the Dollar, and down went the S&Ps.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Put CCJ on your radar as an example of a cup and handle pattern. When the handle breaks over the lip of the cup, it's often a very good buy signal. We'd want to see it get over $42.85 before seriously considering it. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">For anyone that likes to play the really little names, watch KOPN over $1.36. <span style="background: white;">We're in a period where they want this market higher, and nothing is going to get in their way. Remember, markets can remain insane longer than you can stay solvent.</span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1027" style="height: 174pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghj47hXCOXdEDtPNq8WfH-Ro3jGQ9JLKxi6Mw7fmqLcMTkYLRYIhNMvBZjVe2KhkkpEvW7uCEnO7mwxIXW1C2_iGQ3_99J6IKKPtej5NbMF4nzffa2JueGfJbBEuEJKbbDe7WRq-ofbtvklVoo4Ug81pvuVKnzrexFnQrxOhHsTPGG6z-1M5mlTHHUuaby/s921/Nov12_QQQ_Market_Getting_Ripped_Apart_at_the_seams_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="404" data-original-width="921" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghj47hXCOXdEDtPNq8WfH-Ro3jGQ9JLKxi6Mw7fmqLcMTkYLRYIhNMvBZjVe2KhkkpEvW7uCEnO7mwxIXW1C2_iGQ3_99J6IKKPtej5NbMF4nzffa2JueGfJbBEuEJKbbDe7WRq-ofbtvklVoo4Ug81pvuVKnzrexFnQrxOhHsTPGG6z-1M5mlTHHUuaby/w640-h280/Nov12_QQQ_Market_Getting_Ripped_Apart_at_the_seams_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; color: #222426; font-family: Arial, sans-serif; font-size: 14pt;">What about WeWork? </span></i></b><span style="background: white; color: #222426; font-family: Arial, sans-serif; font-size: 14pt;">Often people think of SoftBank as an unfortunate passenger on the WeWork train wreck. You know, the one that turned a $49B valuation into last week’s latest bankruptcy. In my opinion, o</span><span style="color: #222426; font-family: Arial, sans-serif; font-size: 14pt;">ne of the real tragedies of WeWork was that the VCs (mainly SoftBank) made their business model <i>worse </i>instead of <i>better. </i>WeWork’s failures (despite needing better commercial real estate options) included mirroring their needs and growth strategy to that of SoftBank. After all <span style="background: white;">(per Anthony P.)</span>, the VCs were writing the big checks, so they got to make the big decisions – including when, why, and how to go public. It’s interesting that a number of <i>co-working’esque</i> businesses have survived and are still growing – admittedly without the massive VC and growth expectations once associated with WeWork. SoftBank’s value destruction at WeWork goes deeper than its own more than $14B cumulative loss, missed lease payments, and evaporated equity for WeWork employees. SoftBank actually destroyed something that could have worked under better stewardship.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Going forward, h<span style="background: white;">as WeWork's demise permanently ruined SoftBank CEO Masayoshi Son’s reputation as an investor? Prof. Damodaran at the Stern School of Business said: <i>“You </i></span><i><span style="background: white;">can recover from mistakes, but not from the perception that you don’t know what you’re doing.” </span><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">It’s High-Stakes Gambling…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1026" style="height: 204pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg67S9DWktLmz5_lIFqfl_AQC_gPzPvc0eM4WomZmc3UJgN-Oy79blzqvgDExglETAcIOFPbQoGBgfCJSt2Dqbn_KNAhFk8jAqNlYxZxU33z_uXHjyt20ZCHOIbyP5T33EE0029tG3RcKE5DxZF_TjzjTY1fYUx8a9JiBqsNlbgnUHOSKRBGsHjb-V9BHvA/s924/Nov12_SPX_Despite_VIX_This_is_Volatility_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="477" data-original-width="924" height="330" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg67S9DWktLmz5_lIFqfl_AQC_gPzPvc0eM4WomZmc3UJgN-Oy79blzqvgDExglETAcIOFPbQoGBgfCJSt2Dqbn_KNAhFk8jAqNlYxZxU33z_uXHjyt20ZCHOIbyP5T33EE0029tG3RcKE5DxZF_TjzjTY1fYUx8a9JiBqsNlbgnUHOSKRBGsHjb-V9BHvA/w640-h330/Nov12_SPX_Despite_VIX_This_is_Volatility_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Some Notes:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: ArialMT, serif; font-size: 14pt;">Sentiment shifted and it became a risk-on environment.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: ArialMT, serif; font-size: 14pt;">But it came after a shakeout in positioning.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: ArialMT, serif; font-size: 14pt;">Assets are trading as if the Fed is finished hiking rates.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: ArialMT, serif; font-size: 14pt;">Borrowing costs remain trending higher for listed companies.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: ArialMT, serif; font-size: 14pt;">The yield curves act as a reminder of the importance of risk management.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Correlation kicked in and markets flew… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> This week markets suddenly became <i>correlated</i>to the upside, and when that happens (Friday) you will <i>cause</i> large, over-sized moves. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Watch the NASDAQ Expected Move… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">because when it comes down to it – it’s all about <i>Big Tech. </i>But when you put everything in perspective using Expected Moves (EM), you find that the Nasdaq (QQQ) was destroyed with outside EMs lower in October and applauded with outside EMs higher in November. At this point the Nasdaq is getting ripped apart at the seams – it’s an ‘<i>out-of-control’ </i>marketplace. <b><span style="background: yellow;">Tip #1: </span></b><span style="background: yellow;">Never trust a market that is behaving in an unruly fashion.</span> Get ready for some wild-n-wooly reversals coming out of the QQQ’s. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our FED speaks and markets do NOT listen… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">J. Powell was incredibly hawkish in his remarks last Thursday, and the markets promptly forgot everything he said by Friday morning.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bond market auctions DO matter… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday, the US Gov’t tried to borrow $24B by selling a bunch of 30-year debt. It was a huge disaster, and in order to get enough people to buy, the rate had to dramatically increase. Even then, the primary dealers (the buyers of last resort) had to buy 25% of the debt. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">China, Japan, Saudi Arabia, and Russia are <i>no longer </i>buying our debt. In fact, most are selling what they already have. </span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">With fewer buyers and us needing to borrow more than ever ($1.5T in the past 4 months and another $1.5T in the next 6) we will need to offer higher rates to attract lenders.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Tip #2: </span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Am I to assume that China’s Premier Xi’s visit next week with Pres. Biden in San Francisco is purely a routine discussion? Please, simply follow the bonds.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Major Economic Data week… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Starting on Tuesday with the CPI Report, Retail sales and Manufacturing – next week gives us many, market-moving news events. <b><i> </i></b><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium; vertical-align: baseline;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in; vertical-align: baseline;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week = $62 … and we basically moved +$62 to the upside. <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in; vertical-align: baseline;"><!--[if !supportLists]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week = $64 … <b>Tip #3: </b><span style="background: yellow;">Fair Warning: Volatility is <i>NOT </i>collapsing in an upwardly moving market. </span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1025" style="height: 225pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKSPx6pFJsi4HiaEW-5Wh2TQlldqMymWyZv3jQkTbAIMmzXzC2Y8_09bAf61hHkkdn4yed07uezYy2rcdzTRrUzTS_I6ddgvgU-OsD_EkbOH33Nv8VgNACDzood4fgArdMPOP7ogzNs0-UAQX-lhILpVraW8fr-O4Rot_hKBTruiJ5A5btrxHtosjFNm9d/s744/Nov12_Happy_Veterans_Day_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="422" data-original-width="744" height="364" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKSPx6pFJsi4HiaEW-5Wh2TQlldqMymWyZv3jQkTbAIMmzXzC2Y8_09bAf61hHkkdn4yed07uezYy2rcdzTRrUzTS_I6ddgvgU-OsD_EkbOH33Nv8VgNACDzood4fgArdMPOP7ogzNs0-UAQX-lhILpVraW8fr-O4Rot_hKBTruiJ5A5btrxHtosjFNm9d/w640-h364/Nov12_Happy_Veterans_Day_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">A salute to any and all of you who have worn the uniform in any capacity.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $1941/oz. & Silver @ $22.3/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.4%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $37,600 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $2,100 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**ChainLink (LINK = $16.20 / in at $7.78)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($42.5 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($3.6 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.6 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
p.bard-text-block, li.bard-text-block, div.bard-text-block
{mso-style-name:bard-text-block;
mso-style-unhide:no;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:955285143;
mso-list-type:hybrid;
mso-list-template-ids:1473026008 458919826 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:10;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
color:black;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:2012415254;
mso-list-type:hybrid;
mso-list-template-ids:893948316 358784760 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:10;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com1tag:blogger.com,1999:blog-4872027023836758220.post-38424268025900664892023-11-05T05:22:00.000-08:002023-11-05T05:22:03.141-08:00This Week in Barrons: November 5th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5_DAb8ZsmBQ4ecUFcbp1T4_i-sKQOv-4jUk_1sn9-Et3iSnlqMC-da_XnKX5m9A3o5wXlECmCoq5eSVZqaHmNDR7uQL9wZVcdQSRLs5sA3sA1UHkjJAoY4G2zcvPOkQevWupiNrzrrXpYZdTFm7LsCBp0J3rdX8c-wexKIn0xMLqq3k1Xj7q27FeHwnnh/s1218/Nov5_Harry_Bosch_Keep_Head_on_a_Swivel3_wWords_1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="714" data-original-width="1218" height="344" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5_DAb8ZsmBQ4ecUFcbp1T4_i-sKQOv-4jUk_1sn9-Et3iSnlqMC-da_XnKX5m9A3o5wXlECmCoq5eSVZqaHmNDR7uQL9wZVcdQSRLs5sA3sA1UHkjJAoY4G2zcvPOkQevWupiNrzrrXpYZdTFm7LsCBp0J3rdX8c-wexKIn0xMLqq3k1Xj7q27FeHwnnh/w585-h344/Nov5_Harry_Bosch_Keep_Head_on_a_Swivel3_wWords_1.jpg" width="585" /></a></div><p><b style="font-family: "Times New Roman", serif;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Innovation:</span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Will never be embraced by everyone, and <i>IF</i> you require unanimous consent – you will never move forward.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Will never be convenient, and <i>IF </i>it were – someone would have done it before you.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">May not work, and hopefully everyone is ok with failure.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium; margin-left: 0.25in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Therefore, if your project needs any of the above to move forward, you probably need to choose a different project.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When Defending the Status Quo:<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Try denying the problem, minimizing it, making up data, distracting from the conversation, making people feel like hypocrites, and emphasizing the convenient elements of what is already in place.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="background: white; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Try acknowledging the problem, but also pointing out that it’s far too late to do anything about it.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium; text-indent: 0.25in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Seth G: Both defenses work and happen constantly. But neither defense is true, helpful, or generous.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_11" o:spid="_x0000_i1031" style="height: 163pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUkCVSwO6dLvNqupuZc32dH0Mil98mUpkZENskKGJ37japQ-Caj1WDHYAPpVIlbs6qkwW1gLTOgieQHZGwIZ-E3O7buFnSO8YtBatEHtgU1ynO0X5YBH0ogbgI8-I9H9VeCD196ssmPFumVwpqbzEYlLeU5eMNMY6A5axBLKzuEcQVi43cbJdCWn5qD3dh/s1248/Nov5_AAPL_The_Big_Get_Bigger_wWords_2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="517" data-original-width="1248" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUkCVSwO6dLvNqupuZc32dH0Mil98mUpkZENskKGJ37japQ-Caj1WDHYAPpVIlbs6qkwW1gLTOgieQHZGwIZ-E3O7buFnSO8YtBatEHtgU1ynO0X5YBH0ogbgI8-I9H9VeCD196ssmPFumVwpqbzEYlLeU5eMNMY6A5axBLKzuEcQVi43cbJdCWn5qD3dh/w640-h266/Nov5_AAPL_The_Big_Get_Bigger_wWords_2.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">What a week Tim Cook (CEO of Apple) had… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">On Thursday, Apple reported anemic Q3 results, completing a fiscal year where revenues fell 2.8%. That’s actually not a bad result given the smartphone market shrank 10.5% in the same time period. Still, it’s yet another reminder that Apple is no longer a growth company. Tim’s other big event this past week was his sixty-third birthday – which puts him at least a decade older (and wiser) than his respective tech counterparts. <i>Happy Birthday Tim Cook!</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1030" style="height: 168pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSR2BhYLbnIP3ofRyCcEItRu5x9H42WkrxQTz35yCM6YtD2fA2AzFXZXM3chcHuw9cVqaxhjS1hxt-yomerNY5MtUa0sGWZyoc9X9_FsQlBblfmJkxDT-895pNVuORS_YA5FHwBwulf6uz-iozSD_KpU4zzbX3uhPuNj3iUhZpyxHnFNC8lSlztGz3Z3-2/s1283/Nov5_Crypto_Everything_is_Relative_wWords_3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="547" data-original-width="1283" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSR2BhYLbnIP3ofRyCcEItRu5x9H42WkrxQTz35yCM6YtD2fA2AzFXZXM3chcHuw9cVqaxhjS1hxt-yomerNY5MtUa0sGWZyoc9X9_FsQlBblfmJkxDT-895pNVuORS_YA5FHwBwulf6uz-iozSD_KpU4zzbX3uhPuNj3iUhZpyxHnFNC8lSlztGz3Z3-2/w640-h272/Nov5_Crypto_Everything_is_Relative_wWords_3.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Big Oil went on a buying spree… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">betting that a green future is a distant future.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Charlie Munger</span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>has never liked VCs…</b> <i>“If you want to make money by screwing your investors, then being a VC is for you.”</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">The</span></strong><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> average yearly VC returns…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> over the past 20 years is 11.8%, versus 12% for the Nasdaq.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Twitter’s valuation is down ~57%... </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">since Elon purchased it. <b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">WeWork</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">will declare bankruptcy<span class="apple-converted-space"> </span>next week.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> In 2019 it was valued by SoftBank at $47B – before it lost its mojo.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Anheuser-Busch’s (Budweiser’s) U.S. revenue…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> fell 1</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">3.5% YoY.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">A Rodin sculpture worth $3.6m went missing…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> from a Glasgow museum. It was last seen 74 years ago, and is one of ~1,800 other missing pieces from the city’s museums.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">McDonald’s and Chipotle will raise worker wages in CA to $20/hr… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> and pass the entire wage-increase directly on to their customers.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">UAW work stoppages cost Big-Auto…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> GM = $800m, Ford = $1.3B, and Jeep maker Stellantis = $3.2B.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Six Flags and Cedar Fair will merge<span class="apple-converted-space"> </span>in an $8B deal</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">. The merger will put 27 amusement parks, 15 water parks, and 9 resorts across Canada, the US, and Mexico under one stock ticker.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s Pharmageddon for CVS, Walgreens, and Rite Aid… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as they plan to close 1.5K stores. Many continue to turn to mail-order services like<span class="apple-converted-space"> Express Scripts, Amazon Pharmacy, and Cost-Plus Drugs – fueling </span>even more brick-n-mortar closures.</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Labor market cools… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as October’s nonfarm payrolls increased by 150,000 jobs. The unemployment rate rose to 3.9% - the highest level since Jan. 2022. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1029" style="height: 218pt; visibility: visible; width: 353pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzCkMdoQGKXwSuOZoKGoVTn1HiWuyuBq18cBE7aU-q33XkrKGFGztYBB7sidcAWS_aQh24LUIqSsIXaxSBvGic38tJ0LD2q7mT4f9pPWh6jDfrCtnGAzbGPK8-JlhWbIzKL_4P52tYcbvt9psw4DfvQ3qPhpufBS7na1txbTpiQluJOyhNGAGvrNOJX1gw/s7036/Nov5_Billions_Paul_Giamatti_Justice3_wWords_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="4084" data-original-width="7036" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzCkMdoQGKXwSuOZoKGoVTn1HiWuyuBq18cBE7aU-q33XkrKGFGztYBB7sidcAWS_aQh24LUIqSsIXaxSBvGic38tJ0LD2q7mT4f9pPWh6jDfrCtnGAzbGPK8-JlhWbIzKL_4P52tYcbvt9psw4DfvQ3qPhpufBS7na1txbTpiQluJOyhNGAGvrNOJX1gw/w640-h372/Nov5_Billions_Paul_Giamatti_Justice3_wWords_4.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">At his own trial, SBF’s response to the facts was… </span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“I don’t know” or “I don’t recall” </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">over 150 times</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">SBF was found guilty on seven counts of fraud...</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> as the jury only needed 4 hours<span class="apple-converted-space"> </span>to deliberate – <i>which means they knew within a few minutes and then ordered lunch.<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">SBF’s sentencing is scheduled for March 28<sup>th</sup>…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and he is expected to get 20 to 30 years in prison – although it could go up to 105 years.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">saw a “golden cross” last week…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> which some traders interpret as bullish. Bitcoin’s price has more than doubled this year, and analysts point to the ETF excitement being the latest catalyst – <i>along with the impending debt crisis.</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Coinbase reported</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">its seventh straight quarterly loss…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> however, its stablecoin partnership (USDC) with Circle saw profitability as interest rates rose.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><em><span style="font-family: ArialMT, serif; font-size: 14pt; font-style: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></em><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Jurrien Trimmer (Director of Global Macro at Fidelity)…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>“Bitcoin’s current price rise is in-line with past bull markets. </i></span><em><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement. I think of it as exponential gold.” Exponential Gold == the downside protection of gold + the upside advantage of tech stocks.</span></em><em><span style="font-family: Arial, sans-serif; font-size: 14pt; font-style: normal;"><o:p></o:p></span></em></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Balaji Srinivasan…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>“By 2040 everyone under the age of 30 will have grown up in a world where bitcoin has always existed. There will be no difference between bitcoin and gold as both have been around forever in their eyes.”<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1028" style="height: 187pt; visibility: visible; width: 424pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3xeq7fEuhyLyCHuFkRIpZovwJ0csBZPUYbaTrMwVldQTo1vUijn4q4Sq34phW0TkJbfS8a5aGaRGh25qkoyjbr3lWwBwpuIwYoI8w95uhsFx4n187I9gNgb9tC5axGSGAcR37EJw5skKLHmMVWN_7D6RVcvHSa0qAKI9TcmsxRySy33C11KL-jQNvadwi/s1747/Nov5_SPX_Regained_its_200_and_50_day_MAs_wWords_6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="740" data-original-width="1747" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3xeq7fEuhyLyCHuFkRIpZovwJ0csBZPUYbaTrMwVldQTo1vUijn4q4Sq34phW0TkJbfS8a5aGaRGh25qkoyjbr3lWwBwpuIwYoI8w95uhsFx4n187I9gNgb9tC5axGSGAcR37EJw5skKLHmMVWN_7D6RVcvHSa0qAKI9TcmsxRySy33C11KL-jQNvadwi/w640-h272/Nov5_SPX_Regained_its_200_and_50_day_MAs_wWords_6.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Our FED’s preferred measure of underlying inflation accelerated in September to a four-month high – all the while consumer spending increased, and October’s near-term inflation expectations rose to a five-month high. The data comes ahead of the FOMC interest rate policy decision mid-week though no changes are expected. Currently, over two-thirds of the S&P stocks are trading below their 200-day moving averages, and the 10-Y</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">ear has climbed back to 4.93%. Watch Raytheon (RTX) as a move over $80 would pull me in.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wow. After sliding sideways and down for 3 months, I can only assume that <i>‘the collective’ </i>decided that on Monday we should take back 500 DOW points. Was there any news driving that, maybe peace in the Middle East? Nope. I’m confused.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">I continue to like uranium (UEC) and would buy more over $6.04, but currently we’re waiting on Powell. The only real question is: ‘How hawkish/dovish is he going to be?’ A few excerpts that I gathered from Powell’s press conference:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">"Strongly committed"</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> to achieving 2% inflation. <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The full effects of tightening have yet to be felt. <b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Nominal wage growth is showing <i>“some signs” </i>of easing.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The labor market remains stronger than expected.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FED will <i>“proceed carefully” </i>on upcoming policy.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Reducing inflation will likely require a weaker labor market.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">And, <i><span style="background: white;">“We are not talking cuts or even thinking about them at this point.”</span><b><o:p></o:p></b></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Heading into Friday, major averages are on track for their best weekly performance in nearly a year. The S&Ps are up 4.87% week-to-date, Nasdaq +5.15% WTD, the Dow +4.38%, and the Russell +4.72%. Per @jasongoepfert: <i>“This is the 24th time the Russell closed at a 52-week low, then surged to its best 4-day rally in at least 3 months. A year later, the small-cap index was higher 100% of the time with a median return of +25.6%.”</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Gaining 1,512 DOW points in four sessions is not normal. Our FED jumped into the debt market, bought bonds, and got the 10-Year to drop like a rock. Instantly the market thought that corporations can now roll over their debts at a lesser rate, and borrow their way to glory. That instantly pushed the 10-Year yield down to 4.57 and the futures spiked higher.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1027" style="height: 235pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisFmxNzDpInr3Ed1yHN9s5bnxqi-CHmd6nsn9x80TRywNGhcRSWBMXv7QaxgDQGwIw4wqX2IJFmgSbuudUREQZN9dwRgDq7iAuSNWhwemp-67ZxYayaTSWsgy_dBg5CUb-HQUzQB9iZQxIhHqSXNLJL2AXpnA9K59O9EazZS2bIIywY0aSYeNXgi-oIClI/s1050/Nov5_BTC_Above_31k_moving_higher_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="622" data-original-width="1050" height="380" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisFmxNzDpInr3Ed1yHN9s5bnxqi-CHmd6nsn9x80TRywNGhcRSWBMXv7QaxgDQGwIw4wqX2IJFmgSbuudUREQZN9dwRgDq7iAuSNWhwemp-67ZxYayaTSWsgy_dBg5CUb-HQUzQB9iZQxIhHqSXNLJL2AXpnA9K59O9EazZS2bIIywY0aSYeNXgi-oIClI/w640-h380/Nov5_BTC_Above_31k_moving_higher_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Should I be investing more in bitcoin?</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> As US Treasuries continue to fall in value – bitcoin continues to rise. Investors appear to be treating bitcoin as a safe haven – as they dump bonds to buy bitcoin. Since the start of Russia v. Ukraine – bitcoin has gained ~50%. Since the beginning of Hamas v. Israel – bitcoin is up ~24%. The entire crypto market is up ~67% YTD, and ~33% YoY. As bonds move lower, bitcoin has been appreciating because professional investors are viewing bitcoin as the ultimate safe haven asset. After all, bitcoin provides clarity and predictability regardless of what is happening in the world. Peace or war, loose or tight monetary policy – bitcoin will continue to produce 900 bitcoin per day until the next halving. This level of predictability is foreign to financial markets because their legacy systems have become a <i>reactive cesspool of guessing and human error.</i> Currently large financial institutions, pensions, endowments, and foundations – all hold trillions of dollars in bonds. If that capital was to flow in a different direction, it would be catastrophic for the U.S. and an asset like bitcoin would have to re-price at substantially higher levels. Financial assets have traditionally benefited or suffered due to confidence. Currently, capital flows suggest investors are decreasing their trust in Treasuries and increasing their trust in bitcoin. If this phenomenon continues, it will mark one of the most significant changes to financial markets in decades. <i>Yes, you should increase your allocation to BTC.<b><span style="background: white;"><o:p></o:p></span></b></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Do they think we’re stupid?</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzNN-E8jXfWkng_jKHdhbKYr8i-zR3qf-WIFIm43dx_03V1utIpIHkOyOkyUKvCJdLguEom4tU2mL1tzkPU9ZXBKUERIAEng7E_EAhVS6KJhLF_IdCN1gchMj4ZTqUUW3-wV3wmFA5tUElKCGLmjb7R4cAgfk89wwjdZZzaarb80X8sY624QudhyphenhyphenyVR1jl/s1096/Nov5_SPX_Violent_Breaches_wWords_7.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="531" data-original-width="1096" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzNN-E8jXfWkng_jKHdhbKYr8i-zR3qf-WIFIm43dx_03V1utIpIHkOyOkyUKvCJdLguEom4tU2mL1tzkPU9ZXBKUERIAEng7E_EAhVS6KJhLF_IdCN1gchMj4ZTqUUW3-wV3wmFA5tUElKCGLmjb7R4cAgfk89wwjdZZzaarb80X8sY624QudhyphenhyphenyVR1jl/w640-h310/Nov5_SPX_Violent_Breaches_wWords_7.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When you look at the above chart you notice 2 things:<o:p></o:p></span></i></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The best forecasters in the world – have gotten it <i>‘dead wrong’ </i>for 8 out of the last 13 weeks. That’s a horrible average and begs the question: <i>‘Manipulation’?<o:p></o:p></i></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">We moved +1,750 DOW points last week – on what news? Is there peace in the Ukraine, or did we cure cancer? No, to both. Again: <i>‘Manipulation’?<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#1 = The Jobs Report…. </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Bob R: </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Financial news commentators told us that in October we created 150k new jobs. Unfortunately, the BLS’s Birth/Death model had injected 412,000 fake jobs into that number. So, in reality we lost 262,000 jobs in October (removing 412k from the +150k) – but that’s not all. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">The BLS data also showed that we lost all of the 348,000 phantom jobs that they created in September. So, w</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">e’re in a recession, it's getting deeper, and we’re not allowed to know it.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#2 = Last Week’s Action… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The yield on the 10-Year Treasury is the <i>‘benchmark’</i> off which many things are based. In mid-October, the 10-Year had gotten to 5%, and you could hear things breaking in the debt market. Contracts were being cancelled, defaults were soaring, and repos were off-the-charts. So, last Monday we had a treasury with no money, an upcoming government shut-down, and a bond market on the edge of a full-blown credit meltdown. So, Ms. Yellen did what any <i>‘drunken sailor’ </i>would do: she conjured up an enormous bond offering, printed money, and bought it all herself – driving the 10-Year yield back down to 4.5%. And guess what – it worked: it drove the stock market <i>bat-crap </i>crazy. CNBC’s Steve Liesmann remarked: <i>"The bond market is moving like a penny stock".</i> Unfortunately Janet, that’s not a sustainable model.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#3 = The Santa Rally… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Each year we tend to get a seasonal year-end rally that some call the Santa rally. Simply looking at this past week, we gained over 1750 DOW points. And while the DOW is the most widely watched index in the world, it's only 30 stocks – the real focus is the S&P. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">In July, the S&P topped at 4607, and slid to 4325 in August.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">It bounced higher to 4515, and then plunged to 4430.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Then it rallied to 4511, before falling to 4220.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Finally, it moved back to 4380, before bottoming at 4103. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">What you saw was a series of lower lows and lower highs, and currently the market is in <i>wicked-bounce </i>mode. The S&Ps are currently around 4380:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">If the S&Ps roll back over, we're probably going to see 4230 again, and if that doesn't hold – we’ll be back to testing 4100. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: ArialMT, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">If the S&Ps take a shallow pause at the 4380 level and then push through that – we could be looking at a run to 4500.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1025" style="height: 215pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaaLlDtEtczMnKFNkDhemyTXn95ULmGisA18dcCbuRtFjqGmB7_LKMSj12fVGnr-RBWGck6VqRhLt2eNx-C5M1ZY66ZYrhEMlH-uD5OZC4YISwCrXNcBRV3wiK2OFN_IDr2AsvqmfQtj9ymhYzam8x6_TL78wq9uOQ50doo6voZRTDUrmuYjxg1QUAnEY0/s1248/Nov5_Can_Santa_Rally_be_too_far_away_wWords_8.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="697" data-original-width="1248" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaaLlDtEtczMnKFNkDhemyTXn95ULmGisA18dcCbuRtFjqGmB7_LKMSj12fVGnr-RBWGck6VqRhLt2eNx-C5M1ZY66ZYrhEMlH-uD5OZC4YISwCrXNcBRV3wiK2OFN_IDr2AsvqmfQtj9ymhYzam8x6_TL78wq9uOQ50doo6voZRTDUrmuYjxg1QUAnEY0/w640-h358/Nov5_Can_Santa_Rally_be_too_far_away_wWords_8.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2000/oz. & Silver @ $23.3/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.45%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $34,750 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $1,830 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple (AAPL = $177 / in at $177)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">BITO (Bitcoin Strategy ETF = $17.40 / in at $17.22)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($42 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DO – Diamond Offshore ($13.4 / in at $15)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($3.8 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD Jan. $5.00 CALLS<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.8 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:159010609;
mso-list-type:hybrid;
mso-list-template-ids:1205520864 1935470568 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"ArialMT",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";
color:black;
mso-ansi-font-weight:normal;
mso-ansi-font-style:normal;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:2049866373;
mso-list-type:hybrid;
mso-list-template-ids:702596480 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l2:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-30124136854282615112023-10-29T06:11:00.000-07:002023-10-29T06:11:18.963-07:00This Week in Barrons: October 29th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVC-fiFYbA_iZcUELEjVWyy64p7ZlGjFYOZH92GP43FqD70_JJI1KmMABwtT9TTKi1bT0OV6CHXU_iUyBOl2iBOGVM2G7nLLu2MmiPBXG6VY5Vj-YFsmNf2qk5vpoGf53jFGnhhRp4b-ofP4Mk-i6vUooJJr_bdHY5JPAaVpH2Q6m1BpQzMmCm1iHNUtB1/s2816/Oct29_Murphy_Akyroid_Trading-Places_3_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1320" data-original-width="2816" height="271" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVC-fiFYbA_iZcUELEjVWyy64p7ZlGjFYOZH92GP43FqD70_JJI1KmMABwtT9TTKi1bT0OV6CHXU_iUyBOl2iBOGVM2G7nLLu2MmiPBXG6VY5Vj-YFsmNf2qk5vpoGf53jFGnhhRp4b-ofP4Mk-i6vUooJJr_bdHY5JPAaVpH2Q6m1BpQzMmCm1iHNUtB1/w578-h271/Oct29_Murphy_Akyroid_Trading-Places_3_wWords.jpg" width="578" /></a></div><p><b style="background-color: white; font-size: 10pt;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“The Next One”… </span></i></b><span style="background-color: white; font-family: Arial, sans-serif; font-size: 14pt;">That’s the answer Duke Ellington always gave when reporters would ask him: <i>What’s your favorite composition? “The next one”</i> is the essence of the artistic process. Forget about rehashing the past. Per Seth G: You’re only fully alive when you’re in-the-zone between <i>now and</i> <i>what’s next.</i></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Why? </span></i></b><em><span style="font-family: Arial, sans-serif; font-size: 14pt;">Why</span></em><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">is easy to sell, but difficult to deliver. That’s because <i>WHY </i>is all about knowledge, understanding and forecasting. When someone gives you a <i>WHY</i>, just ask them to predict a week, a month, and/or a year from now. After all, if someone knows <i>WHY, </i>then telling you <i>WHAT </i>is going to happen should be easy.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_12" o:spid="_x0000_i1031" style="height: 233pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1UTD5RqmPMvOFOqN8Zu4egpe51OB7LLkHHYhD781TAkY8LhS5RoP2vea9dt-Kl64Cxw7CqYWTYQrDvejrcI-Nn0nw5-QiPsTWgahnc-BMt01ByBPTGdAbBbFhTRrU43LT6SpGO3HFWgmXxwrjbcg8imqD5f8a6CLG21mVUGw2MAkoly3RNr95lJN-SP9R/s1030/Oct29_Artistic_Innovation_Grey_Area_wWords.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="612" data-original-width="1030" height="380" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1UTD5RqmPMvOFOqN8Zu4egpe51OB7LLkHHYhD781TAkY8LhS5RoP2vea9dt-Kl64Cxw7CqYWTYQrDvejrcI-Nn0nw5-QiPsTWgahnc-BMt01ByBPTGdAbBbFhTRrU43LT6SpGO3HFWgmXxwrjbcg8imqD5f8a6CLG21mVUGw2MAkoly3RNr95lJN-SP9R/w640-h380/Oct29_Artistic_Innovation_Grey_Area_wWords.png" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“You need a well-organized small group”… </span></i></b><span style="font-family: ArialMT, serif; font-size: 14pt;">Those are the first two challenges of anyone seeking to make an impact. Change requires tension. Groups that are too large are incoherent, and groups that are too small can be too comfortable. Your goal should be to: (a) organize the people you already have (saving money and time), and (b) find a way to give them the tools that will allow risk-taking and communication with others. Building the right-sized group and allowing for increased rates of failure are the basic foundation of a culture change.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i></i></b></p><div class="separator" style="clear: both; text-align: center;"><b><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCl7nCozkay4CoZ1iWvOE-z9T7moLlujBchM8iuKg8hvhEoogATIPuRyYhPvtK44hCc6bybGVqkziXGXbcvnCkd2tiQ2rNRyAxU8olDrTt3Q1oExzHs72qJHD3rZPRqnPnh16ZSpe8Ie91s7sdHLnbXTxlGOQ5eNbex1dd1KvMcxtKV97wdkhKkdak09B7/s2122/Oct29_Amazon_Warehouse_Workers_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1228" data-original-width="2122" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCl7nCozkay4CoZ1iWvOE-z9T7moLlujBchM8iuKg8hvhEoogATIPuRyYhPvtK44hCc6bybGVqkziXGXbcvnCkd2tiQ2rNRyAxU8olDrTt3Q1oExzHs72qJHD3rZPRqnPnh16ZSpe8Ie91s7sdHLnbXTxlGOQ5eNbex1dd1KvMcxtKV97wdkhKkdak09B7/w640-h370/Oct29_Amazon_Warehouse_Workers_wWords.jpg" width="640" /></a></i></b></div><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br /></span></i></b><p></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1030" style="height: 231pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon believes it will run out of U.S. warehouse workers next year.<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">42 state Attorney Generals are suing Meta…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> for building a<span style="background: white;">ddictive product features geared towards children into both Facebook and Instagram – all the while knowing their negative impact on mental health.<span class="apple-converted-space"> 42%</span> of high schoolers experience persistent hopelessness, while 30% of females admit to making a suicide plan.</span><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">General Motors is having engine trouble…</span></i></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as this week they announced a bit of good news encased in a ton of bad. While both net income and revenue beat expectations, profits were down 7% YoY, and the ongoing UAW strike is eating away at their cash flow. They admitted to their EV targets being <i>stupidly </i>optimistic, and Cruise (their self-driving car<span class="apple-converted-space"> unit) facing a major setback.</span><b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">I think the biggest catalyst for stocks will be… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">the US Dollar (DXY) breaking below $105. [It’s currently around $106.5.]</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">"We went from zero percent rates to 5%...</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> in the fastest time period since the 60s. It's remarkable that we haven't had a recession. If you have a client sitting on a lot of cash, I would hope you're getting them into treasuries.”</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> -<span class="apple-converted-space"> Morgan Stanley</span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> CEO</span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> James Gorman.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The 10-Year</span></b><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Treasury rate hit 5% for the first time since 2007.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">New car financing…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> can cost up to 14% for the worst credit scores, and used car loans can go as high as 21%.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The percentage of subprime auto borrowers…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> 60+ days past due hit a record rate in September. <i>Nothing says ‘market-rally’ like people defaulting on loans.<o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">It’s a great time to be a DINK<span class="apple-converted-space"> </span>(double income, no kids).</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> In the US, couples without children have the highest median net worth of all family types. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Times New Roman", serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The California DMV suspended<span class="apple-converted-space"> Cruise’s</span> robotaxi permit</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… effective immediately. It seems Cruise withheld the full video from an accident that killed a pedestrian.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Twitter’s </span></strong><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">mobile app, U.S. downloads</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… are down 57% YoY.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">U.S. GDP<span class="apple-converted-space"> grew </span>at an annualized rate of 4.9% in Q3.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> That’s the fifth straight month of growth, and is the largest gain in nearly two years.</span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14.0pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Small businesses are facing +10% borrowing rates.</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_13" o:spid="_x0000_i1029" style="height: 155pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs5SFfZYTI5rzkGqhNNx64YB9yHzOW0m5GBARBJZbNP36at8YWsR_gQRfmyp8vYTpgmTo-zqvbT6suYi5gycHFZe2VUJklm7nl7flu1dWzh4zeDWLPW-iKefUulnacyf3a_VCxSlZEdkqWIDfB46Yd7yNr5gl34tl7cb6qzOsDu1kPgD2sZVd-oljC1UUI/s1461/Oct29_Peter_Brandt_BTC_Blueprint_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="565" data-original-width="1461" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs5SFfZYTI5rzkGqhNNx64YB9yHzOW0m5GBARBJZbNP36at8YWsR_gQRfmyp8vYTpgmTo-zqvbT6suYi5gycHFZe2VUJklm7nl7flu1dWzh4zeDWLPW-iKefUulnacyf3a_VCxSlZEdkqWIDfB46Yd7yNr5gl34tl7cb6qzOsDu1kPgD2sZVd-oljC1UUI/w640-h248/Oct29_Peter_Brandt_BTC_Blueprint_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Times New Roman", serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Peter Brandt has used this BTC blueprint for ~2 years, and believes:</span></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Bitcoin (BTC)<span class="apple-converted-space"> </span>bottom is in.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">All-time-highs are not coming until Q3 2024.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin will experience a<i> ‘chop-fest’ </i>in the meanwhile<i><o:p></o:p></i></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto: ‘Haters gonna Hate’:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2013 – <i>Bitcoin Is A Joke</i>… The Insider</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2014 – <i>Bitcoin Is (Nearly) All Dead</i>… The Action Institute</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2015 – Jamie Dimon: <i>“Bitcoin Will Not Survive”…</i> Coindesk</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2016 – <i>Bitcoin was going to change the world. What happened?…</i> Vox</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2017 – <i>Technology Will Kill Bitcoin</i>… Forbes</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2018 – <i>Bitcoin: 10 Years of Smoke and Mirrors</i>… Karen Webster </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2019 – <i>Bitcoin Will Be Dead By 2030</i>… Timothy Peterson</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2020 – <i>Bitcoin is over</i>… Mark Dow</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2021 – <i>Bitcoin is a scam which will only end in tears</i>… the Daily Mail</span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-left: 1in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><strong><span style="font-family: "Courier New"; font-size: 14pt; font-weight: normal;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">2022 – <i>Crypto is Never Coming Back, Bitcoin Is a Failed Experiment</i>, <i>Bitcoin Is A Scam… </i>CNBC’s Jim Cramer, JPM’s Jamie Dimon, to Berkshire’s Charlie Munger </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"><o:p></o:p></span></strong></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Over 56% of all bitcoin in circulation…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> has not moved in the last two years. That is a level of conviction from bitcoin holders that cannot be found in any other financial asset.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14.0pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Chainalysis says that…</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">North America is the largest crypto market by total transaction value, but 76% of that volume is from institutional investors.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1028" style="height: 197pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4_r3L0dkGX3K7frUlPyDSBnqTTdy-WMehkCfaujTz6KxgyzVDgzjYrzy9cqW9VIV3nRN04QVdXxjV14RCZX7ZrnvGoPc-mZceAEW4p-6lWcaHyA_e1ZasCi6D_cRJXKtOjlB_hW1P7sOh04bI9hHkcbxkpHBACZdyU9zumCDAMBoINUWjNmIfVkSDa2T2/s982/Oct29_Higher_Rates_Longer_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="496" data-original-width="982" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4_r3L0dkGX3K7frUlPyDSBnqTTdy-WMehkCfaujTz6KxgyzVDgzjYrzy9cqW9VIV3nRN04QVdXxjV14RCZX7ZrnvGoPc-mZceAEW4p-6lWcaHyA_e1ZasCi6D_cRJXKtOjlB_hW1P7sOh04bI9hHkcbxkpHBACZdyU9zumCDAMBoINUWjNmIfVkSDa2T2/w640-h324/Oct29_Higher_Rates_Longer_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The FOMC’s most recent dot-plot revealed that another rate hike may be appropriate, and that higher rate would be in place for longer. Markets expect the Nov 1 FED decision to be a pause on rates, and wait on more data before the Dec. meeting. The rise in yields is raising borrowing costs – which is putting more pressure on economic growth.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">GOOGL and MSFT will be reporting quarterly earnings after the bell tonight. They will set the stage for either a fade back down, or a continuation bounce. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> The <i>Magnificent 7 </i>are moving higher this morning: AAPL, AMZN, TSLA, NVDA, META, MSFT and GOOGL.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">There is a GDP reading tomorrow, and the PCE inflation data on Friday.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <span style="background: white;">Something still doesn't feel right, and I think that the debt market is hiding something. </span>The NASDAQ is off 325 points, and the S&P cut through its 200-day like a knife thru butter. Octobers have a way of humbling people, and this one is sure working on it. It appears that 4150 is the next stop on the S&P. I've been fearing a credit event for weeks, and it smells like something is breaking somewhere.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">This morning GDP came in hot, the PCE a tad lighter. Durable goods were a lot higher. It was not a Fed friendly release, if you're looking for the Fed to cut interest rates. Car Market Records:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Avg. New Car Pmt. = a record $730/mo., <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Avg. New Car Loan = a record 9.9%,<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Avg. Used Car Loan = a record 13.9%, <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Avg. New Car Price = a record $49,000, and <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">5.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Auto Loan Delinquency Rate = a record 6.1%.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">I suppose they're going to try and manufacture a bounce after yesterday’s rout. They've got to get that S&P up over 4150, or the trap door could open.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <span style="background: white;">There are rumors of a black Monday coming. Crashes are extremely rare, but we are sitting on all of the ingredients to make one happen.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_23" o:spid="_x0000_i1027" style="height: 173pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvcUjiTdUe1U9Ly3RZh-pzcMmXvOm31Yr2aoiDHQiNRVCbcruZna-ygrYtd6Vvqu7HyQKlPzlwjw26nF2mGCDzmbGzxtmGkpUx22QyxushZ_LRYBZ_zTnCTL0_j1Z2mFkMzpifvvbf2keIkWtSz9QagQhrrcvzILcRKfZU_5rj-JVvz_qrqvW45xeYoCzP/s799/Oct29_GLD_a_breakout_waiting_to_happen_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="343" data-original-width="799" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvcUjiTdUe1U9Ly3RZh-pzcMmXvOm31Yr2aoiDHQiNRVCbcruZna-ygrYtd6Vvqu7HyQKlPzlwjw26nF2mGCDzmbGzxtmGkpUx22QyxushZ_LRYBZ_zTnCTL0_j1Z2mFkMzpifvvbf2keIkWtSz9QagQhrrcvzILcRKfZU_5rj-JVvz_qrqvW45xeYoCzP/w640-h274/Oct29_GLD_a_breakout_waiting_to_happen_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Hello Bello declares bankruptcy:</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Yes, the baby care brand founded by celebrity couple Kristen Bell and Dax Shepard (with their 20m Instagram followers) – has declared bankruptcy. <i>Hello Bello</i> even had widespread brick-n-mortar distribution in stores like Walmart. Their demise began with Apple’s privacy updates in 2021. <i>Hello Bello</i> (like many small businesses) had banked on targeted, digital ads on platforms like Facebook and Instagram – being cheap, reliable ways to get in front of prospects. The data privacy changes made this targeting less effective and made customer acquisition and retention too costly for small businesses on a tight budget. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Are the Mag-7 Headed Off a Cliff?</span></i></b><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_22" o:spid="_x0000_i1026" style="height: 169pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipWZc23fgKPxCu47PNNhJGu-j1xc1hfieVHupGW6ez0byDNoXlzFTl2iOvn4FvQE6SoRSrFoLTpdUUXQ6noabyaNZJQGyR3VZW8ZAKMb-yfxDtjV8N-d7H_VYKWBgLcbqDMkLz9V8HrK_r3p5_pT4_BywgDNno3NzU0Gt8NNkDVZ9ysdP4_KHv3tmwQF9g/s802/Oct29_BTC_Weekly_Watch_31000_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="342" data-original-width="802" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipWZc23fgKPxCu47PNNhJGu-j1xc1hfieVHupGW6ez0byDNoXlzFTl2iOvn4FvQE6SoRSrFoLTpdUUXQ6noabyaNZJQGyR3VZW8ZAKMb-yfxDtjV8N-d7H_VYKWBgLcbqDMkLz9V8HrK_r3p5_pT4_BywgDNno3NzU0Gt8NNkDVZ9ysdP4_KHv3tmwQF9g/w640-h272/Oct29_BTC_Weekly_Watch_31000_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin… the World’s most Important Chart: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">It’s currently the perfect product: (a) most don’t understand or trust it, and (b) our government hates it, but (c) when volatility increased to a point of <i>global-thermonuclear-war </i>– everyone declared Bitcoin to be their mobile store-of-value. The world also put GOLD on notice as setting up for a break higher, and the owners of the Magnificent Seven aware of a potential collapse. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">We are having sustained Tech-Troubles… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The S&Ps are up ~7% YTD, while the small caps (IWM) and financials (XLF) are down -7%, and energy is flat on the year. Some of the Magnificent Seven (GOOGL and AAPL) are beginning to show some real signs of distress. But we still have META higher by +138% YTD, TSLA up by +92%, and NVDA higher by +183%. [Watch NVDA if it loses the $400 level – because it’s a quick-n-easy shot down to $350 and then $300.]<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Russell is finding its Inner-Bear… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as it has declined ~20% since July. Due to higher interest rates, it will be a lot more difficult for small businesses to obtain and pay-off loans going forward. <b><i> </i></b><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Financials have Considerable Implications… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and due to their bond losses companies like Charles Schwab (SCHW) are down ~40% YTD. The KRE (regional bank ETF) is approaching its banking crisis low. Jamie Dimon came out and announced that he’s selling 1m shares of JPM because </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">his family needs the money. I guess with all of this inflation even the Dimon household needs an extra $135m.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Remember, traders run the major financial institutions. And when traders (who are in-the-know) see action in these major institutions like they saw last week – it becomes a herd mentality that is tough to stop. Be careful, something is very close to breaking in the financial sector. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds Consolidated… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">but we’re not out of danger yet as we’re still close to 5% on the 10-Year T-Bill. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FED cometh on strong data (GDP & Spending)… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and the data does not support anything other than ‘pause’ or ‘raising rates’. Due to the downward action in stocks, our FED will be very careful with their statement on Wednesday. [FYI – 39% of the U.S. population own stocks, and only 9% own treasuries.]<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week’s EM = $94… and we were down $104 on the week.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week’s EM = $97.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Think risk mitigation and capital preservation from now thru mid-November!<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_21" o:spid="_x0000_i1025" style="height: 254pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi56YBgHnZPD7pzJAiMUg6p8MfxoBPOc3s4khhea1Zk0Z5DyliUxS9L_Y6AVmYwJxq87WokyfSRpMP1bvb9Q4hP-R_oxayd_mJOsqPPW73x2NfxvSrrpKxLgO8uLIVurTn82IXfxHzeHsitkqmBbU9ACXttOXJHdbZZWF-PDjHsbZTdoGvElR0-jpw5hUf_/s1144/Oct29_Cash_Yield_Exceeds_Stock_Yield_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="734" data-original-width="1144" height="410" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi56YBgHnZPD7pzJAiMUg6p8MfxoBPOc3s4khhea1Zk0Z5DyliUxS9L_Y6AVmYwJxq87WokyfSRpMP1bvb9Q4hP-R_oxayd_mJOsqPPW73x2NfxvSrrpKxLgO8uLIVurTn82IXfxHzeHsitkqmBbU9ACXttOXJHdbZZWF-PDjHsbZTdoGvElR0-jpw5hUf_/w640-h410/Oct29_Cash_Yield_Exceeds_Stock_Yield_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $2015/oz. & Silver @ $23.2/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">13-Week Treasuries @ 5.5%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $34,115 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $1,790 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple (AAPL = $168 / in at $177)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">BITO (Bitcoin Strategy ETF = $17.25 / in at $17.22)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($38 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DO – Diamond Offshore ($12.3 / in at $15)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($4.3 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD Jan. $5.00 CALLS<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.5 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">QQQ – Dec. $350 Puts for $8.85 per</span></b><b><span style="font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1717044842;
mso-list-type:hybrid;
mso-list-template-ids:-1668233326 -1252493536 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:4730;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1856458422;
mso-list-type:hybrid;
mso-list-template-ids:-1654361106 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l2:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;}
@list l2:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3
{mso-list-id:2086610658;
mso-list-type:hybrid;
mso-list-template-ids:-343778216 458780344 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:4730;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-6471336728631967492023-10-22T06:55:00.002-07:002023-10-22T06:55:43.542-07:00This Week in Barrons: Oct 22nd, 2023<p> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGyUfXEaAikIILiruAS8HsW7dBz71fA_XMH7jfYsqTcGFXGwb2_8SkRAjMTHZxSSEGeEyNaPS6BfEMoyYMG2PzaEJeNVh-qAkT0wTgZLdgLzQIZpMD6Fp28f2Uwp1kibEaOhmq61brb74umhxQY2QqZC67kVJum7zFEfHhADl5XT1ttJCU7kiG8VSGt9rW/s1854/Oct22_Mortimer_we_are_back_2_wWords.jpg" imageanchor="1" style="font-size: 10pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="926" data-original-width="1854" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGyUfXEaAikIILiruAS8HsW7dBz71fA_XMH7jfYsqTcGFXGwb2_8SkRAjMTHZxSSEGeEyNaPS6BfEMoyYMG2PzaEJeNVh-qAkT0wTgZLdgLzQIZpMD6Fp28f2Uwp1kibEaOhmq61brb74umhxQY2QqZC67kVJum7zFEfHhADl5XT1ttJCU7kiG8VSGt9rW/w560-h280/Oct22_Mortimer_we_are_back_2_wWords.jpg" width="560" /></a></p><p></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;">#1 - Commodity traders are positioned well…</span></i></b><span style="background-attachment: scroll; background-clip: border-box; background-image: none; background-origin: padding-box; background-position: 0% 0%; background-repeat: repeat; background-size: auto; font-family: Arial, sans-serif; font-size: 14pt;"> as the multi-year, secular uptrend in commodities relative to stocks continues. Randolph and Mortimer (pictured above from the movie <i>Trading Places</i>) </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">know that commodity bull markets don't just last a few years, but rather traditionally last over a decade. Something else they know is that, all bullish commodity cycles include <i>Gold</i> - participating to the upside.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#2 – Randolph and Mortimer are passionate about what they do. </span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Passion </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">is almost the direct opposite of industry’s task-based – measured output. All of the recent concentration on AI has dimmed the effect(s) of <i>passion, </i>and (instead) turned it into a race-to-the-bottom. But this too shall pass, and <i>passion </i>will again become a competitive advantage. Yo</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">ur <i>passion </i>for showing-up, especially when you don’t feel like it – is precisely how you create value. And, it’s the <i>passion </i>that gives us a sense of <i>purpose and value</i>.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">#3 – Is this market in trouble? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Factually: (a) </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">consumer school loans & credit card debt are at all-time highs, (b) 8% mortgages and WFH have killed the real estate business, (c) cars aren't selling and repos are soaring, (d) banks (except for a couple) are basically insolvent, and (e) we as a nation are still <i>‘spending like drunken sailors’. </i>(f) What if the <i>Magnificent 7 </i>stocks (AAPL, MSFT, GOOGL, META, AMZN etc.) lose their mojo? (g) What if bonds continue their upward climb toward 7%? Although that creates a nice stable return, it’s not so hot for small businesses that are suddenly borrowing at 12% vs 3% two years ago. So <i>YES, </i>I’m scared of this marketplace.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_45" o:spid="_x0000_i1031" style="height: 201pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMYRR3Qpjje5dg4hcUEMP2TgZYvZKagB2s1EzaPHZB2fYH_PUF1w6riUQHguf1tHChT9SxWs6Z6Qkly6FWxltU-9ZIlSX1Xxx_1_JQ7-eO0FlHkWIXMfjR2g0FtEp8LfBS-f_0iP15tfZemwUjntbY2YczFJwhOL1Qbb0T3hyphenhyphen87yfgoGnZhr96M0UPn-K0/s927/Oct22_ZB_Down_40pct_over_3_years_Crashing_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="470" data-original-width="927" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMYRR3Qpjje5dg4hcUEMP2TgZYvZKagB2s1EzaPHZB2fYH_PUF1w6riUQHguf1tHChT9SxWs6Z6Qkly6FWxltU-9ZIlSX1Xxx_1_JQ7-eO0FlHkWIXMfjR2g0FtEp8LfBS-f_0iP15tfZemwUjntbY2YczFJwhOL1Qbb0T3hyphenhyphen87yfgoGnZhr96M0UPn-K0/w640-h324/Oct22_ZB_Down_40pct_over_3_years_Crashing_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">In 2023, the bond market has experienced an orderly crash.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> It was the first such crash in over four decades. The amount of principal lost in the meltdown of the debt markets is ~$20T. And, for 99% of bondholders, their positions are illiquid and non-hedgeable. That’s pretty close to the definition of <i>‘really ugly’</i>.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">U.S. Treasury faces an “interesting” situation as rates rise.</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The U.S. government’s fiscal outlook is souring because the recent rise in interest rates puts it on track to spend more on interest payments than initially anticipated. Just paying the interest on our nation’s debts will eclipse defense spending in 2025 and surpass Medicare in 2026. More cautious forecasters say that if <i>interest rates remain above economic growth rates for a sustained period,</i> the country risks a <i>‘debt spiral.’</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Regional Bank </span></b></span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">fears are growing… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">which could mean that more weakness is ahead for the industry. </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Confidence is waning among bank investors as all of their stocks are approaching their spring lows.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Small Cap stocks…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> not only underperformed when stocks rallied, but are now leading them lower. </span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">With high interest rates and a slowing global economy, the environment for small business is getting harder.</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Investors are flocking to larger companies with robust balance sheets and lots of cash – that will allow them to ride out any economic weakness.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_46" o:spid="_x0000_i1030" style="height: 195pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkbPzIRFj2N7mP6I0OO4aYaPAIeV3WbrziewaFOVmTP1AzYIKZEm0zEu8W5zFnx5GvlenYE2HcWTRYgkexYGeWxBuWKduzsimccKaYXnPWXFpQG2MZNsLhs1bjECueV5DmvhT2N4GlxMyTIi-KT3ftYRvdHuuEO7WOMXqpsGDjYQUKS_dpUi4XemvsYzbs/s929/Oct22_ES_Last_Time_Vol_This_Large_SnPs_were_3900_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="459" data-original-width="929" height="316" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkbPzIRFj2N7mP6I0OO4aYaPAIeV3WbrziewaFOVmTP1AzYIKZEm0zEu8W5zFnx5GvlenYE2HcWTRYgkexYGeWxBuWKduzsimccKaYXnPWXFpQG2MZNsLhs1bjECueV5DmvhT2N4GlxMyTIi-KT3ftYRvdHuuEO7WOMXqpsGDjYQUKS_dpUi4XemvsYzbs/w640-h316/Oct22_ES_Last_Time_Vol_This_Large_SnPs_were_3900_wWords.jpg" width="640" /></a></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Rite Aid officially filed</span></strong><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">for Chapter 11 bankruptcy protection. </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">They appointed a new CEO</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">, </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">reached a deal with creditors, and found $3.45B in new funding to execute a restructuring plan. <i>It’s a miracle!</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">"Taylor Swift: The Eras Tour" film…</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">hauled in $130m at the global box office, and is now the highest-grossing concert film ever.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Whatever job security existed in tech…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> is gone. LinkedIn<span class="apple-converted-space"> is </span>cutting 668 workers, Stack Overflow is firing 28% of its staff, Flexport is laying off 20%, and Qualcomm is reducing headcount by 1,258 people. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Olympic officials approved 5 additional sports…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> for the 2028 summer Olympics. They are: cricket, lacrosse, baseball and softball, as well as the Olympic debuts of squash and flag football. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Costco</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>sells more hot dogs…</b> than all Major League Baseball stadiums combined, and half of the entire world’s cashews.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Home sales hit 2008’s lows, but prices remain high.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">63% of our youth are using AI weekly.<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Non-college life expectancy plummeted to a new 30-year low.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">This quarter marks Goldman’s eighth straight quarter…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> of declining profits. Many inside GS would like the bank to spend more time on its core caviar crowd, and a little less time on the Filet-O-Fish set.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">China’s Q3 GDP came in higher than expected… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> +4.9% YoY.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tesla’s</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b>profits declined -44% YoY in Q3…</b> even as revenues increased +9%.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Netflix</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b>added 8.8m global subscribers in Q3…</b> and raised prices $3/mo.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Bank of America reported -$131.6B in unrealized losses…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> in Q3. <i>Yep, they’re basically insolvent. </i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">US banks are sitting on $165T in derivative exposure.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> What happens if a credit event hits and the dominos start falling?</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">A record number of households (58%) own stocks.</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;"> </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The previous record was ~53% during the dot-com boom and before the 2008 financial crisis.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Shoppers are substituting <i>private label </i>for <i>‘name brands’: </i></span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Private label sales grew 8% in the first half of this year, and over half of the shoppers say that they will continue to choose them.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">This year 30% of white-collar workers have taken paid sick leave…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> up from 21% in 2019.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The world’s largest semiconductor manufacturer,</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Taiwan Semiconductor, saw its largest profit decline in 5 years as demand for consumer electronics slows.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_47" o:spid="_x0000_i1029" style="height: 186pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBg0sm9eNu_XUm7iFhtlkvOy8a07hVuFFqO2MPfahmEOEQkmfnQvQZIX_S_DZh24nInB9CJxWlUwcUTuvSTQF7ncKtEAZS1m5aRquyk4PJtUQSeMVMSHu58gm2JlqGbv9LR2BjVODgqNbDCS4zTh0RglScLO2cCK9VlIm6QfeDwxDC3L9B9SvBT9cJP7hX/s1974/Oct22_CoinTelegraph_Post_Shaky_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="927" data-original-width="1974" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBg0sm9eNu_XUm7iFhtlkvOy8a07hVuFFqO2MPfahmEOEQkmfnQvQZIX_S_DZh24nInB9CJxWlUwcUTuvSTQF7ncKtEAZS1m5aRquyk4PJtUQSeMVMSHu58gm2JlqGbv9LR2BjVODgqNbDCS4zTh0RglScLO2cCK9VlIm6QfeDwxDC3L9B9SvBT9cJP7hX/w640-h300/Oct22_CoinTelegraph_Post_Shaky_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">On a tweet proclaiming the SEC just approved an iShares Bitcoin ETF…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> a $50k BTC</span><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">long position at 50x leverage – registered an ~$2.5m profit.</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The FTX estate</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> estimates 90% recovery of customer claims.<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="apple-converted-space"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Ferrari </span></b></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">started accepting crypto payments…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> in the US, and said it plans to do the same in Europe. <b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“At $120B, stablecoins are currently the 16th largest ‘sovereign holder’ of US treasuries. As demand for stablecoins grows, they will soon become too large for the US Government to let fail.”<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The time limit for the SEC to appeal the Grayscale case passed.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> The court’s <i>“final mandate”</i> is expected within a week, and </span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Bloomberg’s James Seyffart is calling Bitcoin ETFs: a <i>“done deal”.</i></span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> A legal, crypto ETF will </span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">be a game-changer – opening the floodgates for mainstream investment into digital assets.</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_48" o:spid="_x0000_i1028" style="height: 178pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzlnHZfKKYkkNr9AVcNHYGZGg91qUzf22q1CfLSE7mWxi-tQd3xx8a9vvt7bEa0dEpXqvWqBnjhlBDnHa10N2li_atxoNws-n3Diqq8q6m3uVA0L_O1yUaxRvdO724dHd5uR9W0eYurCgSn7mb1QtVbkCeu7nLac7sgtT2bm78B2xyX1-Te9zhJYIAJ5jn/s1398/Oct22_SPY_Roadmap_Going_Forward_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="629" data-original-width="1398" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzlnHZfKKYkkNr9AVcNHYGZGg91qUzf22q1CfLSE7mWxi-tQd3xx8a9vvt7bEa0dEpXqvWqBnjhlBDnHa10N2li_atxoNws-n3Diqq8q6m3uVA0L_O1yUaxRvdO724dHd5uR9W0eYurCgSn7mb1QtVbkCeu7nLac7sgtT2bm78B2xyX1-Te9zhJYIAJ5jn/w640-h288/Oct22_SPY_Roadmap_Going_Forward_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">There’s a rumor going ‘round that the war will stop, and diplomatic measures will take over. <b><i> </i></b>Putin and China have called for it. But from where I sit, I'm still seeing stuff blow-up and dead bodies everywhere. There are a <span style="background: white;">total of 21 FED heads speaking this week.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">U.S. futures slip as oil and gold prices rise following escalated tensions in the Middle East. Global news headlines are dominated by the hospital blast in Gaza – with both sides blaming each other for the horrific event. US crude futures rise over 3% to ~$90/barrel while gold prices increase over 1% to $1,958 an ounce.</span><span style="font-size: 14pt;"> </span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The GDXJ (the ETF for junior miners) is doing well and our NFGC has come back to life.</span><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Treasury yields continue to wreak havoc on market sentiment. The 10-year yield hit highs around 4.985% overnight (highest since 2007) while the 2-yr rose to 5.24% - raising fears of rates continuing to impact consumer spending negatively.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Treasury yields pulled back after the 10-yr yield briefly topped 5%, and while oil prices remained ~$90/barrel amid fears that the Israel-Hamas conflict may escalate or expand into other regions of the Middle East. The Volatility Index (VIX) closed above the 21 level for the first time since March. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">We are below the 200-day moving average, and if we don’t bounce here – 4200 is next and then 3800 on the S&Ps.<span style="background: white;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<strong><o:p></o:p></strong></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_44" o:spid="_x0000_i1027" style="height: 225pt; visibility: visible; width: 468pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC_jq92d6e_ullO_hyphenhyphenmQDz22iL-vJRjZYvf8RawZVnyN7KEtRrtPnU97RGd9qZcIAYMIr7rVhpZjPiwEruuk-VClcHYGyNMXMQWV2YItqQwFiMTUNSufx23H4L-Ic6bZKsXItp338MyP-6yCM6imMqWD5bwbhbYXdjhBdcjUHh58zjU2OJHPO44q0L6xsb/s1972/Oct22_Which_Problem_To_Attack_Grid_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="948" data-original-width="1972" height="308" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC_jq92d6e_ullO_hyphenhyphenmQDz22iL-vJRjZYvf8RawZVnyN7KEtRrtPnU97RGd9qZcIAYMIr7rVhpZjPiwEruuk-VClcHYGyNMXMQWV2YItqQwFiMTUNSufx23H4L-Ic6bZKsXItp338MyP-6yCM6imMqWD5bwbhbYXdjhBdcjUHh58zjU2OJHPO44q0L6xsb/w640-h308/Oct22_Which_Problem_To_Attack_Grid_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><span style="font-family: ArialMT, serif; font-size: 14pt;"> <i>All too common are ‘fun’ businesses…</i></span></b><span style="font-family: ArialMT, serif; font-size: 14pt;"> where someone finds a hobby they like and tries to turn it into a genuine working opportunity. While the work may be fun, the uphill grind of the project(s) can be exhausting. As a rule of thumb: if it’s something that lots of people can do and customers don’t value that much – it’s probably not worth your time. Taking pictures, singing songs, or playing an instrument are fine hobbies – but hard to turn into occupations.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: ArialMT, serif; font-size: 14pt;"> On the other hand (in the top right quadrant) there are endless opportunities and plenty of work for people who can do difficult things, that are highly valued by customers who are ready to pay for the solution. For example, a forensic accountant gets more paying gigs than a bagpiper.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: ArialMT, serif; font-size: 14pt;"> When you choose to take on a real problem that involves difficult work, you’re serving a customer base that has less alternatives. Your quest will be a long one, but if you’re <i>passionate </i>about the impact you’re creating – this can be an amazing way forward.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: ArialMT, serif; font-size: 14pt;"> If you find yourself in the bottom right quadrant (like a professional athlete or champion poker player) – you’ll do fine. Just know what you’re getting into before you start.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Bonds Down … Geo-Political Risks Up!</span></i></b><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_41" o:spid="_x0000_i1026" style="height: 221pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMsRZ_XnUY0QWFcwF54n_ETNbsoIl7gIeJIyxBmqdaZcFHvlGxxFLcHnT77Ymqz11kxHHKgZkrFuRLyCnXna8lEsxZ1WCwPFnfu84wbPfMsKPv7vZPFy6crxjORpOJlnCwa8C4nMP4Bps5i_J9UZ2_j6Mpl9kz3Qy3cL1CtkSnJ31zhaLtRWEJ-1wyM6fS/s1835/Oct22_JJordan_Hindsight_is_20_20_Pt2_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1024" data-original-width="1835" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMsRZ_XnUY0QWFcwF54n_ETNbsoIl7gIeJIyxBmqdaZcFHvlGxxFLcHnT77Ymqz11kxHHKgZkrFuRLyCnXna8lEsxZ1WCwPFnfu84wbPfMsKPv7vZPFy6crxjORpOJlnCwa8C4nMP4Bps5i_J9UZ2_j6Mpl9kz3Qy3cL1CtkSnJ31zhaLtRWEJ-1wyM6fS/w640-h358/Oct22_JJordan_Hindsight_is_20_20_Pt2_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds have crashed… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">with the 30-Year (/ZB) loosing ~40% of its principal over the past 36 months. Can you imagine how large the unrealized losses are at our Regional Banks? The more important question is: What’s Left? I realize that if everyone holds their bonds to maturity (another 27 years) – they will get a 100% return on their principal. BUT which institutions / investors have the staying power to wait 27 years to get their principal back. The volume in the bond pits has been orderly; therefore, we have yet to see <i>capitulation. </i>Bonds have caused our corporation’s <i>‘cost of capital’</i> to be ~10% - when it was almost 3% two years ago. So, everyone that is <i>‘rolling over’</i> debt in the near future – will be in for a rude awakening. The volatility inside of the bond market is higher than the S&P500 – and that’s not good. Even if you see the bonds rally massively, that could be an incredibly bearish sign for the S&Ps.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Volatility is elevated, but is it high enough? </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Everything right now is about risk / reward and capital preservation. Markets do not <i>‘tank’ </i>from all-time-highs, they <i>‘tank’ </i>from over-sold conditions – like what we have now. The last time we had volatility at these levels, the S&Ps were around 3900. That was with the Regional Banking crisis, and it tells me we have about 350 S&P points lower to go. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tech is getting dangerous right before earnings: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> GOOGL, META, and MSFT are virtually unscathed. If/when they release bad earnings next week or question their forward-looking visibility – all three could get sold in a hurry.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Risk / Reward and Capital Preservation… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> compels us to watch the bonds closely. (a) If bonds continue to sell-off, it’s going to be full on: <i>‘Panic at the Disco’ because rates will climb higher. </i>(b) If bonds significantly rally, it probably means that traders are selling out of tech stocks<i> (Magnificent 7) </i>and equity markets are moving lower. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last Week (EM) = $90… </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">and we exceeded that declined over $100.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week (EM) = $94… </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">so we have more risk this coming week than last week. <b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_50" o:spid="_x0000_i1025" style="height: 215pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSQsgJfsyYPeYO07jlgEjkB-dOtls3f1VYAswzEzaxPt7gtGYRcjJPGFPhnenSKDhG-3tlIvqWi1XDaEIeUPH9q9lNO2HiPL10Hq4FNOsZKbwgLnAKiyRDTRSuMcCaPI2VhZYU7GbWe2Ed3nG7Wn0GK4mY4gWo6llnF3K2eEaGng5etMyq_srw1Yi-Mjc-/s1292/Oct22_4_year_Election_Cycle_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1292" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSQsgJfsyYPeYO07jlgEjkB-dOtls3f1VYAswzEzaxPt7gtGYRcjJPGFPhnenSKDhG-3tlIvqWi1XDaEIeUPH9q9lNO2HiPL10Hq4FNOsZKbwgLnAKiyRDTRSuMcCaPI2VhZYU7GbWe2Ed3nG7Wn0GK4mY4gWo6llnF3K2eEaGng5etMyq_srw1Yi-Mjc-/w640-h346/Oct22_4_year_Election_Cycle_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $1992/oz. & Silver @ $23.5/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">17-Week Treasuries @ 5.5%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $29,600 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $1,600 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple (AAPL = $173 / in at $177)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($38.2 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DO – Diamond Offshore ($13.1 / in at $15)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">MESO – Mesoblast Ltd. ($1.2 / in at $3.6)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($4.3 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD Jan. $5.00 CALLS<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.3 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1681468667;
mso-list-type:hybrid;
mso-list-template-ids:55746286 -322257432 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:2019841912;
mso-list-type:hybrid;
mso-list-template-ids:-1607018284 1794177898 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-3680134622078569002023-10-15T05:20:00.003-07:002023-10-15T05:20:39.856-07:00This Week in Barrons: October 15th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjspZp9a3MgKW5XK-54YmztXvfPhtl2sWKszkytw2FYqBD9maCdYcCUeO2oWqr14CaEe3ulj0Qkr7cy8Aq3Vkkn_KOoB55HzUcROtrBVjLi7Q6drs2VuC4jiPXI1RxGYiN__2UrrTRmwgfabxCnI_D9_m6wqNlv7DN8tqipMMMzy97e94wPrYC3lR7pFi-o/s1986/Oct15_Iceberg_80pct_Below_the_Surface_wWords1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1042" data-original-width="1986" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjspZp9a3MgKW5XK-54YmztXvfPhtl2sWKszkytw2FYqBD9maCdYcCUeO2oWqr14CaEe3ulj0Qkr7cy8Aq3Vkkn_KOoB55HzUcROtrBVjLi7Q6drs2VuC4jiPXI1RxGYiN__2UrrTRmwgfabxCnI_D9_m6wqNlv7DN8tqipMMMzy97e94wPrYC3lR7pFi-o/w560-h294/Oct15_Iceberg_80pct_Below_the_Surface_wWords1.jpg" width="560" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Get it WRONG the first time… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Nobody </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">paints a masterpiece from scratch, writes a novel without revisions, or builds a structure without alterations. Embrace the process of improvement. Allow iteration, revision, and evolution to deliver progress – not necessarily perfection. Sign up for <i>better </i>instead of <i>perfect.</i> Practice: <i>‘Getting it wrong the first time, and then making it better.’ </i><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Old problems need new solutions</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">…<span class="apple-converted-space"> </span></span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Lawmakers have long fought against skyrocketing medical costs, and now end-users are demanding affordable meds. Walmart and Cost Plus<span class="apple-converted-space"> </span>have entered the market with cheaper generics, and Amazon has a new $5/month RxPass. Blue Shield of California replaced<span class="apple-converted-space"> CVS</span>’s pharmacy benefit services with Amazon and Cost Plus drugs in order to lower costs.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Tom P: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Launching a new business is just like riding a bike: At some point, your motivation outweighs your hesitation and you go for it. That’s when you start winning.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Per Seth G:</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Good pizza (like many things) is rare, even though the method to create it is well known. Any efforts to make it cheaper, easier, or more convenient will make it worse.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1031" style="height: 230pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHuUzMUY_67Kl-5M6PNItsoeMJZ3TLLcmj8dOgfh3hHC3I6UiXl2gIMxAScTEv8vmr4e25i-n1wep8Q-gPvMhynXJdExe4ExnaMZXmbVltFCJpD243HwHOh4YHIYIfTBA6H2bnQgOKl03DFhBc-Sz2zWKkuSeJMb3JAPfiQV5vHlTMVwh2Hdb-raonhDR6/s1622/Oct15_DXY_Index_Decision_Tme_wWords_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="940" data-original-width="1622" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHuUzMUY_67Kl-5M6PNItsoeMJZ3TLLcmj8dOgfh3hHC3I6UiXl2gIMxAScTEv8vmr4e25i-n1wep8Q-gPvMhynXJdExe4ExnaMZXmbVltFCJpD243HwHOh4YHIYIfTBA6H2bnQgOKl03DFhBc-Sz2zWKkuSeJMb3JAPfiQV5vHlTMVwh2Hdb-raonhDR6/w640-h370/Oct15_DXY_Index_Decision_Tme_wWords_4.jpg" width="640" /></a></div><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">WARS create Inflation:</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Central Banks link inflation expectations to outcomes. Therefore, anticipated inflation prompts businesses to raise prices and consumers to buy in bulk.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">During conflicts, nations rely on the U.S. for resources. As the U.S. provides this aid, its own resources deplete – which triggers more conflicts in a recurring cycle.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">We are forced to increase our national debt in order to pay for all the <i>free </i>resources. We just added $500B to the debt in a matter of weeks, and could soon add another $1T in a single month – for the first time in history.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Overextending ourselves in global conflicts risks economic inflationary ruin. China's strategic restraint can secure victory by just letting the U.S. weaken itself and bleed <i>itself</i>dry.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1030" style="height: 209pt; visibility: visible; width: 359pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnRH5mV6g16ouym2sDmSeHDkOHbRHNc34Y7z81Tt7pgICJOxJUkp4KVpCqd3WBKTnk0HLKT4OnlbG9g5qYQ5UJD75quVcd3MVraU4Ud24yERm5u4CQEyYGXeC2eJWj7ZyqlePyyBCdN6YxjEgaic6YQ2Xy9d-3PpQK_IUP13gqhWmu89GDGfmf6C1QgEAu/s457/Oct15_VX_33_Day_Risks_Over_66_Day_wWords_5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="267" data-original-width="457" height="374" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnRH5mV6g16ouym2sDmSeHDkOHbRHNc34Y7z81Tt7pgICJOxJUkp4KVpCqd3WBKTnk0HLKT4OnlbG9g5qYQ5UJD75quVcd3MVraU4Ud24yERm5u4CQEyYGXeC2eJWj7ZyqlePyyBCdN6YxjEgaic6YQ2Xy9d-3PpQK_IUP13gqhWmu89GDGfmf6C1QgEAu/w640-h374/Oct15_VX_33_Day_Risks_Over_66_Day_wWords_5.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoListParagraph" style="mso-list: l1 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Paramount<span class="apple-converted-space"> </span></span></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">put the <i>“Mean Girls”</i> movie on<span class="apple-converted-space"> </span></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TikTok</span></b><span class="apple-converted-space"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">in 23 clips.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> TikTok’ers were already posting full (pirated) movies. The platform gives studios a workaround to avoid paying writers and actors.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Jamie Dimon (CEO of JPM) said:</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>“I just tell people, be prepared for higher rates and slower growth. I think the geopolitical situation is the thing that most concerns me, and we don't know the effect of that on the economy.”</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Shipping rates remain depressed</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… with the largest container carriers facing weaker volume as consumers continue to buy fewer goods.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Mortgage rates are above 8%.</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The IMF (International Monetary Fund) cut…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> China’s and the Eurozone’s growth estimates.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Texas has the highest U.S. office-vacancy rate ~25%.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Teenagers watch more YouTube videos than Netflix.</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Taylor Swift's -<span class="apple-converted-space"> </span></span></b><em><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Eras Tour…</span></b></em><em><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></em><em><span style="font-family: Arial, sans-serif; font-size: 14pt; font-style: normal;">was produced and financed by T. Swift. She then </span></em><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">sold it directly to the AMC theater chain rather than distributing it through a studio. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Buying an EV could get easier</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">... as our Treasury proposed a rule that would let EV and plug-in-hybrid buyers get up to $7,500 in tax credits right at the dealership.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">OpenAI</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> revenues are $1.3B in 2023…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> up from $28m in 2022.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The CPI</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> (Consumer Price Index)…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> came in above Sept.’s expectations.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The UK</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> approved Microsoft's $68.7B purchase of Activision.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">U.S. VCs are on pace for their </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">slowest year since 2019.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1029" style="height: 289pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFopdwe7TVAYxV4c5u7ofzPEBuE9UrZgY4BwnjTIwZN08Tau_YhVv6MnEQIQ7sp6wgHTLHBA77EcRT0jM6bKxb0KDHKv9yoinmtAz-2H5vV76nKatVTaya_COKi4bTULrakL-DLGn7sgm53q6D474h-C1gLpw8ickBlKvF0YVLvdMFpOwVRad-x6toKLWZ/s2150/Oct15_SBF_w_Crazy_Eyes_wWords3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1572" data-original-width="2150" height="468" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFopdwe7TVAYxV4c5u7ofzPEBuE9UrZgY4BwnjTIwZN08Tau_YhVv6MnEQIQ7sp6wgHTLHBA77EcRT0jM6bKxb0KDHKv9yoinmtAz-2H5vV76nKatVTaya_COKi4bTULrakL-DLGn7sgm53q6D474h-C1gLpw8ickBlKvF0YVLvdMFpOwVRad-x6toKLWZ/w640-h468/Oct15_SBF_w_Crazy_Eyes_wWords3.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">CME’s Terry Duffy infamously told SBF…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <i>“You’re a fraud. You’re an absolute fraud”</i> – the first time they met … after speaking for 15 minutes.</span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Alameda Research</span></strong><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">CEO Caroline Ellison testified that:</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SBF instructed her to pay a bribe</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>"of ~$100m"<span style="background: white;"> </span></i><span style="background: white;">to Chinese officials </span></span><span style="color: #222222; font-family: Helvetica; font-size: 14pt;">in exchange for the release of ~ $1B of Alameda's money on OKX and Huobi.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SBF instructed her to prepare 7 ‘<i>fake balance sheets’</i> to show lenders, and SBF would decide which one </span><span style="color: #222222; font-family: Helvetica; font-size: 14pt;">would look better. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">SBF </span></strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“directed” </span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Caroline to use FTX customer deposits to finance venture investments and loan repayments.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin is the best performing asset class of 2023…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> but it’s struggling to stay above its 200-day.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Frax Finance (FXS) is set to launch Frax v3…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> enabling users to access US T-bills on-chain.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin holdings on exchanges hit a new yearly low…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> suggesting a bullish sentiment as large investors move Bitcoin to private wallets for long-term holding.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Israel worked with </span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Binance</span></b><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> to freeze Hamas’ crypto accounts</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… as wallets linked to Hamas had received $41m in crypto between mid-2021 and June.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Paul Tudor Jones finds equities risky, but as for Bitcoin…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> he’s all in. He appreciates its: volatile nature, limited supply, and resistance to manipulation.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Jim Cramer recently warned of the impending doom of Bitcoin.</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <i>“Look, our viewers want to make money, not lose it. Gold? Nah, not feeling it. And Bitcoin? Oh boy, Mr. Bitcoin is about to take a nosedive.”</i><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bloomberg thinks that there’s a 90% chance of…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> a Bitcoin spot ETF in January 2024 as the SEC works through their issues.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">MetaMask & Stripe launched U.S. fiat on-ramps…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> as they add one-click dollar trading – bringing crypto closer to mainstream adoption.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_20" o:spid="_x0000_i1028" style="height: 240pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPQUjwSZUrjimdMBqNQwTzd6ITcB00stUPI6SZUG0Y9QAYPaSvOzv7wZNIqEJhJ6K8WpwJuMv22tBVDrLHJ_Oay1mkslIq0sEczKmeXkZYIvAryyUJbdFcWN1fuQiRD2T-f2NCJhn7-Wp3GtURZp3Q9dnv37HyaQMff3QybbL0cimjoaYzrMr7NmzbtNVu/s921/Oct15_DXY_Dollar_Moving_Higher_in_Channel_wWords6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="504" data-original-width="921" height="350" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPQUjwSZUrjimdMBqNQwTzd6ITcB00stUPI6SZUG0Y9QAYPaSvOzv7wZNIqEJhJ6K8WpwJuMv22tBVDrLHJ_Oay1mkslIq0sEczKmeXkZYIvAryyUJbdFcWN1fuQiRD2T-f2NCJhn7-Wp3GtURZp3Q9dnv37HyaQMff3QybbL0cimjoaYzrMr7NmzbtNVu/w640-h350/Oct15_DXY_Dollar_Moving_Higher_in_Channel_wWords6.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Oil surged more than 4% as the surprise attack on Israel threatened to destabilize the Middle East, adding to surging Treasury yields, the Ukrainian / Russia conflict, and volatile commodity prices. After that huge up day on Friday, you may have expected some follow through today, but the war got in the way. As bizarre as it sounds, markets often do pretty well during war times as they print more debt and spend more. Yeah, it's upside down, but then again – what isn't?</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The ten year is behaving, and we got earnings this morning from Pepsi that beat expectations. That has them feeling like the financials at the end of the week will also be good. I’m liking: </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">AAPL > $179, OLED > $161, HALO > $38, AMAT > $141, and NEE > $51.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The PPI is out and it is stronger than estimated. We’re seeing a flight to safety via bonds catching a bid, rates going lower, allowing investors to run back to the <i>Magnificent Seven. </i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;">This feels a bit <i>"desperate"</i> to me. Yesterday, we had eyes on NEE, HALO, AMAT, AAPL, and OLED. I think you can watch the same group today.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">The newly released CPI details are: (a) it rose 0.4% MoM vs 0.3% est, (b) </span><span style="color: #3e3e3e; font-family: Arial, sans-serif; font-size: 14pt;">excluding food and energy, it was up 0.3%, (c) YoY it’s up 3.7%, and (d) YoY core is up 4.1% - all <i>hotter </i>than expected.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<strong><o:p></o:p></strong></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1027" style="height: 295pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXlpW77eqhJBWHyCof1_EemfEcgWNKBimplJ0_Mby6Qs2WP8MSZyxGLXkbsImK1PvrcfdlJ_jsPFaqH8vw9fRsELbQ7T6jNhv7SmBkApLd2gxjmtjJi1sEXlNzSLGPhD83_jcvuYBDMjR1kiTdpvRcea-pYx_mom4Lpr_8gpEROxhvXkKlQKVU0I_6Ipqy/s1904/Oct15_Paul_Krugman_Inflation_Down_as_long_as_u_dont_live_wWords2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1416" data-original-width="1904" height="476" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXlpW77eqhJBWHyCof1_EemfEcgWNKBimplJ0_Mby6Qs2WP8MSZyxGLXkbsImK1PvrcfdlJ_jsPFaqH8vw9fRsELbQ7T6jNhv7SmBkApLd2gxjmtjJi1sEXlNzSLGPhD83_jcvuYBDMjR1kiTdpvRcea-pYx_mom4Lpr_8gpEROxhvXkKlQKVU0I_6Ipqy/w640-h476/Oct15_Paul_Krugman_Inflation_Down_as_long_as_u_dont_live_wWords2.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Is Inflation really under 2%? </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">On Friday, Paul Krugman gifted us with one of his worst tweets in years. He tweeted a chart of the CPI X-food, energy, shelter, and transportation – while exclaiming that the war on inflation is over. <i>Per Anthony P: </i>this is so ridiculous that it may not be worth responding to, but I honestly can’t help myself. Paul Krugman's recent claim of the end of the war on inflation lacks substance. Neglecting vital costs like food, energy, shelter and transport weakens his argument. His oversight of widening income inequality and financial losses dismisses the toll on many Americans. We saw a 0.6% inflation increase in the month of August, and a 0.4% increase in September. Not many people are arrogant enough to claim victory when inflation is still increasing by half a percent each month. W</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">hile economists are worried about the <i>rate</i> of price change, consumers are worried about the final price. Prices rising a little less each month is a sign of progress, but prices are still increasing. That’s why consumers remain concerned about inflation, and are turning more pessimistic about the U.S. economy. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">NASDAQ caves under Geo-Political Risk…</span></i></b><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1026" style="height: 218pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></b><span class="yt-core-attributed-string--link-inherit-color"><b><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"><o:p></o:p></span></b></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy_9HyDzGbowOuw75GEaVIy6yw19AYi4L5wb8re4AFxTFHDbSS0NUrlDqNyiZDJutManBrlRGf3MKVZK5alSuU5pq3kJp4XKF_NCUAu1cAn89X1r-0MCPMMkAGn8FC9hvqkZoV1x2YRtf5hFsSNGca-z2cn2Bqdd9cNQTkmDJ187uhQe60DTKW2BVbRUVi/s1572/Oct15_ADBE_Confusing_Chart_wWords7.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="862" data-original-width="1572" height="350" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy_9HyDzGbowOuw75GEaVIy6yw19AYi4L5wb8re4AFxTFHDbSS0NUrlDqNyiZDJutManBrlRGf3MKVZK5alSuU5pq3kJp4XKF_NCUAu1cAn89X1r-0MCPMMkAGn8FC9hvqkZoV1x2YRtf5hFsSNGca-z2cn2Bqdd9cNQTkmDJ187uhQe60DTKW2BVbRUVi/w640-h350/Oct15_ADBE_Confusing_Chart_wWords7.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> If we're going to get the classic year-end rally, you’ll need to see the U.S. Dollar under the</span><span style="font-family: Arial, sans-serif; font-size: 14pt;">$<span style="background: white;">105 level. If the Dollar loses that, I would expect to see new all-time highs for the indexes. </span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Risk metrics come Alive… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">but the S&Ps ended the week slightly higher. Everywhere you look in the marketplace, you will find horrendous risk vs reward scenarios. Specifically, inside of the Nasdaq – the downside risks far outweigh any upside potential. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">We are in Backwardation… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">which means that short-term risks are out-weighing their longer-term counterparts. For example: Risk over the next 33 days – outweighs the risk over the next 66 days. The VIX (a measure of our markets volatility) is becoming <i>‘a little squirrely.’ </i>We traded over 700% more VIX options on Friday – than in the previous 5 days. Traders are buying VIX Calls as a risk mitigation / hedging instrument.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bonds and Gold catch a bid… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">as a hedging activity. What’s unusual about this is that both rallied – while the U.S. Dollar was also moving higher. All of this is pointing toward an upcoming, unstable equity market. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Magnificent Tech Seven… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">traded lower last week. Watch, if the S&P futures start being sold – because tech will take the brunt of the selling. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Inflation is making a comeback… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and although the PPI and CPI saw a move higher, the worry surrounds oil (/CL) spiking to $150/barrel – and the<i> </i>corresponding global impact. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Financials faded on strong earnings. </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next week we have Tesla’s earnings, and investors are beginning to get nervous for their estimates. If risk comes to fruition, it will hit technology the hardest. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">SPX Expected Move (EM):<o:p></o:p></span></i></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Last week’s EM = $77 … and we moved about $20 to the upside.<b><i><o:p></o:p></i></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next week’s EM = $90 … that’s an <i>expected</i> <i>big league move,</i> and a warning to manage your upcoming risk.<b><i><o:p></o:p></i></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1025" style="height: 218pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioVcrWxGfmEyEM49C64aWrd8EjGQi1cTqF8zXb2ci3WddTiURVmMIFnj0Ol9kDsPSTGGqr9JytxMF-yE2CvnmH_H3em2-ViaJfdesqajw_l2oORjifxcEW6jCxmtffdoF3MWIKsXwmi7GBR_2md4awKfTgu-imXJoekN7I-dgxxxRyXJhxLg7KVsURPMR0/s843/Oct15_ADBE_Explain_Path_Chart_wWords8.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="465" data-original-width="843" height="354" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioVcrWxGfmEyEM49C64aWrd8EjGQi1cTqF8zXb2ci3WddTiURVmMIFnj0Ol9kDsPSTGGqr9JytxMF-yE2CvnmH_H3em2-ViaJfdesqajw_l2oORjifxcEW6jCxmtffdoF3MWIKsXwmi7GBR_2md4awKfTgu-imXJoekN7I-dgxxxRyXJhxLg7KVsURPMR0/w640-h354/Oct15_ADBE_Explain_Path_Chart_wWords8.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">If you like to trade in high volatility markets, look at 2-sided trades like: </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SELLing the ADBE June $460 PUT and BUYing the corresponding $700 CALL for a net credit. Make sure you get a credit (get paid) to take the risk.</span><span style="font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">You can reduce the risk of this trade – by selling a PUT Spread instead of the naked PUT. Any ADBE closing price below $500 is my signal to get out of this trade, whatever it costs. And take profits if/when ADBE hits $700 per share. This is a bet on the bull market resuming, and ADBE being one of its leaders. <i>I would only put this trade on if/when the Dollar (DXY) is below $105.</i></span><i><span style="font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $1946/oz. & Silver @ $22.9/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">17-Week Treasuries @ 5.5%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $27,050 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $1,550 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple (AAPL = $179 / in at $177)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($36.5 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DO – Diamond Offshore ($14.1 / in at $15)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">MESO – Mesoblast Ltd. ($1.2 / in at $3.6)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SOLD Oct $5 CALLS</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($4.2 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD Oct. & Jan. $5.00 CALLS<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.2 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!</span></i><i><span style="font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
span.yt-core-attributed-string--link-inherit-color
{mso-style-name:yt-core-attributed-string--link-inherit-color;
mso-style-unhide:no;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:282545408;
mso-list-type:hybrid;
mso-list-template-ids:-1392089448 1776840176 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
mso-ascii-font-family:Arial;
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:Arial;
mso-bidi-font-family:Arial;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1567305037;
mso-list-type:hybrid;
mso-list-template-ids:357861010 -895419646 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";
mso-ansi-font-weight:bold;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1657684465;
mso-list-type:hybrid;
mso-list-template-ids:1580250094 -1841138056 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:5;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l3:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-51940725031752730422023-10-08T06:57:00.005-07:002023-10-08T06:57:57.779-07:00This Week in Barrons: October 8th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZj33ghA7OnXYv1I4oCN_yxC6m8fQ8ez2szsrT085bUvvYIPX1BQFU3NcZR7N-1TgxsZVHHcfb2et2Nn2RdAMZEhz95yque0zqzbuaoOGivpOXpiWhMFq0CIHPsr5Wi8mxvc5Jn3xbj2ytRH1AnyYSAjd8Cl9ds3rFS0LYkhDVqNorm4eOi7Q6o7plLoAp/s2771/Oct8_What_Breaks_w_rates_go_higher_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1461" data-original-width="2771" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZj33ghA7OnXYv1I4oCN_yxC6m8fQ8ez2szsrT085bUvvYIPX1BQFU3NcZR7N-1TgxsZVHHcfb2et2Nn2RdAMZEhz95yque0zqzbuaoOGivpOXpiWhMFq0CIHPsr5Wi8mxvc5Jn3xbj2ytRH1AnyYSAjd8Cl9ds3rFS0LYkhDVqNorm4eOi7Q6o7plLoAp/w559-h295/Oct8_What_Breaks_w_rates_go_higher_wWords.jpg" width="559" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">AI has numerous potential applications</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… but I wonder whether it will transcend serving and perpetuating mediocrity. I've used AI for various tasks like answering questions, writing letters, and coding – with reasonable success. While AI can save resources, time, and money – so can fast food, online degrees, and remote work. At times, it seems like the market may be overvaluing AI, much like it did with 3D printing. Currently, I see AI primarily as a tool for accelerating mediocrity.<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">When facing a complex problem…</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> it’s easy to become confused. Lately, it has become fashionable to express one’s confusion with certainty. The thing is, confusion shared often leads to learning and progress. <i>“I don’t understand this part,”</i> is a great thing to say before someone helps you understand it. On the other hand, certainty is almost guaranteed to maintain your confusion, particularly when the thing you were sure was going to work – <i>does not</i>.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Choose your bucket(s) wisely… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">because in many situations, success depends on context. If you douse a small campfire with a bucket of water, you'll extinguish it. However, if you pour a bucket of vodka into a shot glass, most of it will go to waste, and the table will be ruined. Everything is relative. If a small tech company's mission is to <i>'Change the World,'</i> but it only delivers a useful tool – it’s perceived as a failure. The promises we make set expectations, and when they don't align with what's delivered – people tend to overlook the effort and quality. </span><span style="font-family: ArialMT, serif; font-size: 14pt;">The key challenges are: (a) picking the right bucket for the problem you’re trying to solve, and (b) making sure you fill the bucket all the way to the top. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">Mastering these two aspects makes predicting the future much easier.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyydRFkFcWpa0m989b30ILbNXaVsKEHoulGwY7kua7nOVVCiGWx_SUdL5hHP3FBmXtITy_WUDQ-pfbpWqus6PPo2sPG_gX8grq18FHIbRbZqlIjyPLyuYg1zCwV63wsDB-yK8lqvO1Zva5ME5HZKKPmMC_1__fvi3xrAslHJgdQ4KUkg_6XsoiP9oaIt4s/s3776/Oct8_USDebt_Hits_Highest_Levels_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1969" data-original-width="3776" height="334" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyydRFkFcWpa0m989b30ILbNXaVsKEHoulGwY7kua7nOVVCiGWx_SUdL5hHP3FBmXtITy_WUDQ-pfbpWqus6PPo2sPG_gX8grq18FHIbRbZqlIjyPLyuYg1zCwV63wsDB-yK8lqvO1Zva5ME5HZKKPmMC_1__fvi3xrAslHJgdQ4KUkg_6XsoiP9oaIt4s/w640-h334/Oct8_USDebt_Hits_Highest_Levels_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“The way I think about relative price strength vs popularity</span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">:” Per Howard L.</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; tab-stops: 149.25pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">In <i>Up-Trending </i>markets,<i> </i>I like the least followed stocks with the highest relative price strength.<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; tab-stops: 149.25pt; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">In <i>Down-Trending </i>markets,<i> </i>I like the most followed stocks with the weakest relative price strength.<b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">5-star ride...</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Uber’s g<span class="apple-converted-space">etting </span>into the $212B un-delivery biz with a <i>“return a package”</i> feature. Users in dozens of US cities can now pay a flat $5 to send packages to their local post office, UPS, or FedEx. Uber has pivoted from a ride-hailing app to an <i>everything transportation</i> app – delivering: people, food, freight, and pharmacy.<span class="apple-converted-space"> </span></span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Inflation’s under control… </span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">LoL</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;">. The price of orange juice is up 315%, and cattle prices are up 125% - since 2020. <i> </i>Olive oil prices are up 130% YTD. U.S. Bank losses on <i>held-to-maturity assets</i> have soared to an all-time-high of $400B. U.S. mortgage rates surpassed 8% for the first time in this century. Taiwan Semiconductor’s revenue <i>fell </i>13% YoY, and given they make all of the chips for Nvidia, Apple, and AMD – maybe all is not great in AI-land.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1030" style="height: 197pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.jpg"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhU1iYh6nq3tXqTBZdR2J2eJrEoXH09soW09cEOHBDT2p4ToQZ66bgjv9hCL6TseMDl1bbse92P3VW8OrxHhmCexAYTYZnM0QxO250MrtcPGUbRiaukntVZWFlFjsiHFXamScTZ5UMlAPvPqE7wTQcYRe94DuWhWbb-IBT7qv4rwacMkvO6nV2vGwm6dfkP/s922/Oct8_ZB_Bonds_Continue_to_Sell_Off_wWords_1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="461" data-original-width="922" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhU1iYh6nq3tXqTBZdR2J2eJrEoXH09soW09cEOHBDT2p4ToQZ66bgjv9hCL6TseMDl1bbse92P3VW8OrxHhmCexAYTYZnM0QxO250MrtcPGUbRiaukntVZWFlFjsiHFXamScTZ5UMlAPvPqE7wTQcYRe94DuWhWbb-IBT7qv4rwacMkvO6nV2vGwm6dfkP/w640-h320/Oct8_ZB_Bonds_Continue_to_Sell_Off_wWords_1.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Pandemic era childcare funds are expiring… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">and <span style="background: white;">student-loan repayments are re-starting – stretching thin budgets even thinner.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">OpenAI announces that ChatGPT can now…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> hold 2-way, verbal conversations. Next up = video generation from text.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">JPM’s CEO believes that stress and stagflation…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> will hit when the FED rate hits 7%.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">All of the most recent IPOs… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">are trading </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">at or below their initial IPO price. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Demand for instant noodles hit a record 121B servings last year.</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Consumer confidence fell in September…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> along with increasing consumer recession concerns.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">GDP estimates were lowered to 2.1% for the year.</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Costco has been selling one-ounce gold bars…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> so quickly that they had to limit each customer to a maximum of two.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Blue Apron (APRN) made its last delivery…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> and was sold to the Wonder Group for 99% <i>LESS </i>than its IPO price 6 years ago.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Restspace</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>allows </b></span></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">users to rent private</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <b>bathrooms</b>… for $1 per minute. <i>Call it: AirPnP.</i></span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: ArialMT, serif; font-size: 14pt;">The U.S. is now $33T in debt.</span></b><span style="font-family: ArialMT, serif; font-size: 14pt;"> We have not balanced a budget in 22 years – regardless of </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">which political party is in power.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: ArialMT, serif; font-size: 14pt;">We added $275B to the national debt in a single day… </span></b><span style="font-family: ArialMT, serif; font-size: 14pt;">and we’re on track to add $1T to the debt in a single month. <i>Ain’t printing money fun?</i></span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">We created 336k new jobs in September…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> the largest</span><span style="font-family: Roboto; font-size: 14pt;"> monthly increase since January. This allows our FED to continue raising rates to tame inflation.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">AMC confirmed that Swift’s The Eras Tour movie</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… sold more than $100m in advanced tickets – making it the </span><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">highest single-day ticket revenue in their 103-year history.</span></strong><span class="apple-converted-space"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1029" style="height: 272pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8QJAAzXcCX-u48_y22W7lhmX9qbT8XyLkkX9bWWyz3S8EyWG8zt_y2Bv_FuP_YtOdBAqm15Ql7K4a3liOhwY9Sy7OENy3HNV1wBLhPzH8lxlC3Y2shK8XTECvZ5G81FB5OQPwuVzrovnL-Y1rYqIpyC1TVicuTYc_YePSeAudxU2Td5TWDOYBoAa8h9qZ/s1748/Oct8_SBF_Before_Courtroom_Haircut_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1202" data-original-width="1748" height="440" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8QJAAzXcCX-u48_y22W7lhmX9qbT8XyLkkX9bWWyz3S8EyWG8zt_y2Bv_FuP_YtOdBAqm15Ql7K4a3liOhwY9Sy7OENy3HNV1wBLhPzH8lxlC3Y2shK8XTECvZ5G81FB5OQPwuVzrovnL-Y1rYqIpyC1TVicuTYc_YePSeAudxU2Td5TWDOYBoAa8h9qZ/w640-h440/Oct8_SBF_Before_Courtroom_Haircut_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">MicroStrategy bought $147m worth of Bitcoin in August…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> raising its stake to 158,000 BTC.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Congress told the SEC to approve a Bitcoin spot ETF</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… <i>immediately</i><span style="background: white;"> – arguing that the SEC can no longer justify rejecting Bitcoin ETFs based upon manipulation and fraud concerns.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Ethereum hit $10B in revenue faster than Facebook & Microsoft<span style="background: white;">.</span><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">6 of the top 10 countries leading in crypto adoption are</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">… India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></strong><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Europe is eclipsing the U.S. in crypto regulation… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">and drawing investors because of it.</span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The crypto market is up +39.32% YTD and +17.13% YoY.</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">‘<i>The Big Short’ </i>author Michael Lewis said… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">that SBF considered paying Donald Trump $5B to withdraw his presidential bid</span></strong><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">– viewing him as a threat to democracy.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Coinbase obtained a crypto payment license…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> from the Central Bank of Singapore to expand its services to institutions and retail investors. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">In 2022, FTX employees discovered a back-door to Alameda…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> which allowed FTX to borrow / embezzle $65B. They told their bosses and they flagged the code – right before those same bosses were fired.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">A lawyer for </span></b><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">FTX’s </span></strong><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">creditors said…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> <i>“SBF’s 2022 investment in Anthropic could make it possible for FTX to post a 100% recovery rate in assets.</i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">A new report from K33 Research recommends…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> rotating from Ethereum into Bitcoin after the recent Ether futures ETF launch saw weak trading volumes.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1028" style="height: 204pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.jpg"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh__1exLoMVfyZDqGEfeVghZVU9HimNaHGqr8P2Y_4eR0PLX5h2meiC40O8nEJnpc3-hd3kmfo8D9OktXg50LiuKcAKm_4xHVGfHfBPk3fyNcRf8zbaR33lHOArcRUKyLxrdhRgq09yiIBWMG1gKYBfeENR4P8jAExQ9w1zLJ3tlQ3HUJiYr9WZTMc8RYHR/s923/Oct8_ZB_Banks_got_long_bonds_over_20yrs_TRAPPED_wWords_2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="475" data-original-width="923" height="330" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh__1exLoMVfyZDqGEfeVghZVU9HimNaHGqr8P2Y_4eR0PLX5h2meiC40O8nEJnpc3-hd3kmfo8D9OktXg50LiuKcAKm_4xHVGfHfBPk3fyNcRf8zbaR33lHOArcRUKyLxrdhRgq09yiIBWMG1gKYBfeENR4P8jAExQ9w1zLJ3tlQ3HUJiYr9WZTMc8RYHR/w640-h330/Oct8_ZB_Banks_got_long_bonds_over_20yrs_TRAPPED_wWords_2.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">The 10-year note yield is now up ~440 basis points from its 2020 low. Almost every move of this size, dating back to the 1980’s, resulted in some form of a crisis. Currently, the gap between treasury yields and equity valuations is unfilled, so either equity valuations or treasury yields need to fall to close this gap.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday: </span></i></b><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Anthropic</span></strong><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">,</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> one of the main rivals of OpenAI, is in talks with investors to raise at least $2B in new funding – after Amazon committed $1.25B last week. Google, which bought a 10% stake in the startup in 2022, is expected to invest at a valuation ~$25B. That’s at least six times the $4B valuation investors assigned the company when it raised 7 months ago.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Friday:</span></i></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> In other news, the oil majors have been sold vigorously, and when the selling ends and they turn higher – I’m going to load the boat with: VLO, XOM, and MRO. In Friday’s Jobs Report, 885k </span><span style="font-family: Arial, sans-serif; font-size: 14pt;">full-time jobs were lost, and over 1m part-time and government jobs were added. Enjoy this rally while it lasts.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_14" o:spid="_x0000_i1027" style="height: 207pt; visibility: visible; width: 468pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM05L-HboCbg2WbQQiW3IoVUsWtwIFuWIcOj5Gd048WdfM-_s4qhBXJq7-xqbY4hiE03KfQ4ZEjLg2H4sBYrXsl5hhyXBtdKi0hmnfoHYBBA4VCB_H_sAYqnQyF0mtC0q-C45vYvsLedCPMXAEfFXyYQwSmghptMNt8ZhzMed3nkD1zE05VnQRxmapxWId/s854/Oct8_Password_Requirements_wWords.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="408" data-original-width="854" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM05L-HboCbg2WbQQiW3IoVUsWtwIFuWIcOj5Gd048WdfM-_s4qhBXJq7-xqbY4hiE03KfQ4ZEjLg2H4sBYrXsl5hhyXBtdKi0hmnfoHYBBA4VCB_H_sAYqnQyF0mtC0q-C45vYvsLedCPMXAEfFXyYQwSmghptMNt8ZhzMed3nkD1zE05VnQRxmapxWId/w640-h306/Oct8_Password_Requirements_wWords.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> <b>The above is a waste of time.</b> Per Seth G, the math makes no sense, and it leads people to create inferior passwords – not better ones. There’s plenty of insightful, effective thinking about online security out there, and your organization only embarrasses itself when it hassles customers to engage in silliness like this. The good news is that <i>stupidity </i>is easier to spot and fix than ever before. The challenge is that the person doing the work often has a boss who won’t put in the time to understand the work. For example: there’s no good reason for the <i>country drop-down </i>to start with Andorra and put two of the largest ecommerce countries in the world at the end of a hundred plus list. Don’t tell me that it’s the way we’ve done it since the last century, and ‘<i>if it ain’t broke’.</i> Now that AI is about to rewrite every rule of our culture, perhaps it’s a good time for the bosses to commit to understanding them?<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Bond Markets Tank…<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1026" style="height: 230pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.jpg"></v:imagedata></v:shape></span></i></b><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"><o:p></o:p></span></i></b></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUrPaonKSBUHEdpvY96DiLXlAD-wA7LalMgMAt3Ri-sHa-9xv01nsG4G0SlN_NB8_DxRTlfjJFA72Fgc0ojYEhto7DXlROO1cjqvt4k2ilvcGMGYpPfXSB3EiqXNQfSsjeoI3v9lEXFs3MGZ-Uo199iXf_8gpBCr4lRdJYRRzShif9_NdzaNqGl2gjWwMS/s894/Oct8_TNX_Rates_Have_Gone_Parabolic_wWords_3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="521" data-original-width="894" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUrPaonKSBUHEdpvY96DiLXlAD-wA7LalMgMAt3Ri-sHa-9xv01nsG4G0SlN_NB8_DxRTlfjJFA72Fgc0ojYEhto7DXlROO1cjqvt4k2ilvcGMGYpPfXSB3EiqXNQfSsjeoI3v9lEXFs3MGZ-Uo199iXf_8gpBCr4lRdJYRRzShif9_NdzaNqGl2gjWwMS/w640-h372/Oct8_TNX_Rates_Have_Gone_Parabolic_wWords_3.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Bonds continue panic selling – damage report? </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">The bond situation just keeps getting worse, and if they don’t recover soon it will be <i>‘game over’ </i>in the S&P’s along with the bonds. But in the midst of all of the chaos, technology saved the week as the QQQs ended the week on the upper edge of their expected move. As the 10-year approached 5%, currently it’s all about the ‘<i>bond-induced panic’</i> price action. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Unrealized Losses for regional banks and brokers are mounting: </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">There are tons of risk managers and portfolio managers that are <i>‘massively’ </i>long bonds from years ago. They originally bought bonds in order to earn any fixed income return – until they fell asleep at the switch. There are unfathomable, unrealized losses across the entire banking community. Schwab (for example) could be showing ~$35B in unrealized losses – for a company that’s only worth $90B. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Is the selling in Bonds over… </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">not yet – as every bond rally is met with increased selling by banks exiting their positions. The implied volatility of the TLT (1 week out) is 23%. When I compare this to the volatility of the S&Ps (16%) – I’m scared that there is more bond selling to come because we’re only about <i>‘half-way’ </i>on the <i>‘bond fear’ </i>index. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Watch retail as WMT and COST were hit hard…</span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"> and this is the first time that a virtually unscathed area – took a largely unprovoked marketplace hit.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Tech saved the market (again), but for how long?</span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"> The financials are down 4% YTD. The energy sector is flat on the year. The S&Ps are up about 13% on the coattails of 7 technology stocks. Retail is one of the last soldiers standing – along with tech. Until tech starts to fade, this marketplace will be resilient. Watch AMZN, AAPL, GOOGL, NVDA, META, TSLA, and NFLX for the cues for any deeper correction. Bonds will continue to sell-off, but until we see tech respond – there could be a case for buying the bonds (/ZB) that others are selling. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">SPX Expected Move (EM):<o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Last Week’s EM = $80… and we moved ~$30 higher on the week. <b><i><o:p></o:p></i></b></span></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Next Week’s EM = $77… keep your helmet on as:<b><i><o:p></o:p></i></b></span></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: "Courier New"; font-size: 14pt; padding: 0in;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Bonds could continue selling / or <b><i><o:p></o:p></i></b></span></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: "Courier New"; font-size: 14pt; padding: 0in;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">We could rally in bonds and have the money to support the rally come out of selling tech stocks!<b><i><o:p></o:p></i></b></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_4" o:spid="_x0000_i1025" style="height: 165pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.jpg"></v:imagedata></v:shape></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgemcPsNup94fq2ACsqEONN3h0jED7L5vgh8TcvgBFuU6S9qW1Tp9LvpViqJLs7WNmx3LnxqFXU0F38iXqHV_Pys25irm2p72bYySZZ0moAPbpgvcuY2KFsRKSrKRHaIZFeis9iyfaCO-1iBAiIrpv4Bg_Rbj_VPUAe4LHoJ_oDVjtb00FOKSOAlL2jHH4n/s2498/Oct8_ZB_Have_Rates_Peaked_NO_for_2_reasons_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1040" data-original-width="2498" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgemcPsNup94fq2ACsqEONN3h0jED7L5vgh8TcvgBFuU6S9qW1Tp9LvpViqJLs7WNmx3LnxqFXU0F38iXqHV_Pys25irm2p72bYySZZ0moAPbpgvcuY2KFsRKSrKRHaIZFeis9iyfaCO-1iBAiIrpv4Bg_Rbj_VPUAe4LHoJ_oDVjtb00FOKSOAlL2jHH4n/w640-h266/Oct8_ZB_Have_Rates_Peaked_NO_for_2_reasons_wWords.jpg" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The market continues to trade as if there will be no recession.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">The yield curve is turning higher, which (following an inversion) has historically been a bearish/recession signal.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Over the long-term, the tactic of letting winning stocks keep winning has been a productive strategy.<o:p></o:p></span></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">Overall, </span></strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">the picture remains murky with recession leading indicator signals rising, rates increasing, a continued tight labor market, and some signs of resurgent growth. In the short-term, the improvement in the technicals and<span class="apple-converted-space"> lurch in sentiment to the bearish side – set </span>things up for a short rebound.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $1847/oz. & Silver @ $21.8/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">17-Week Treasuries @ 5.5%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $28,100 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $1,650 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple (AAPL = $177.5 / in at $177)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($37.7 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DO – Diamond Offshore ($13.6 / in at $15)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">MESO – Mesoblast Ltd. ($1.2 / in at $3.6)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SOLD Oct $5 CALLS</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($4.1 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD Oct. & Jan. $5.00 CALLS<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.3 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
span.yt-core-attributed-string--link-inherit-color
{mso-style-name:yt-core-attributed-string--link-inherit-color;
mso-style-unhide:no;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1609503481;
mso-list-type:hybrid;
mso-list-template-ids:-1187506388 1542096602 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:7;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1682128222;
mso-list-type:hybrid;
mso-list-template-ids:1585578920 -2062381420 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:9;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l2:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l2:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l2:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l2:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l2:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0tag:blogger.com,1999:blog-4872027023836758220.post-2008924511933358412023-09-24T07:05:00.002-07:002023-09-24T07:05:33.937-07:00This Week in Barrons: September 24th, 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4AYPvr_-IJPozN6YnGINk3CoxQDEiy_fk0HjG_GY5zEzjG9f-uoIA9qjAK-bJV7atvqKC7MchPJveKv_tFZuHo5ii7FT89S6S9undHYsfAj3R_HGsG7FaWq3BXoL7L0NWKQhTTnDGCRJbrHumJNf4vmCtspRbVzm77YygtTTq6xa33EWjZqx7NfaIjtW0/s1948/Sept25_Cali_Heating_Bills_Gone_Down_ALot_wWords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1948" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4AYPvr_-IJPozN6YnGINk3CoxQDEiy_fk0HjG_GY5zEzjG9f-uoIA9qjAK-bJV7atvqKC7MchPJveKv_tFZuHo5ii7FT89S6S9undHYsfAj3R_HGsG7FaWq3BXoL7L0NWKQhTTnDGCRJbrHumJNf4vmCtspRbVzm77YygtTTq6xa33EWjZqx7NfaIjtW0/w566-h290/Sept25_Cali_Heating_Bills_Gone_Down_ALot_wWords.jpg" width="566" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Many people visit the beach…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> but very few swim. 20,000 students attend a football game to watch 30 play. At conferences, we aim to connect, but wait for others to approach us. Next time, ask a stranger a few generous questions that you wish they would ask you. Don't wait for the varsity team; start an intramural league. For those seeking to make a difference, it begins with helping others make a difference.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Getting to a ‘No’… </span></i></b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">'YES'</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> is magical and initiates forward thinking, but it often begins with confronting <i>'NO'</i> – which can be quite intimidating. The many forms of <i>'NO,'</i> range from refusing to compromise and avoiding unethical shortcuts, to demanding specifics. <i>‘NO’ </i>is essential for focus, specialization, and meaningful actions – rather than simply pleasing whomever is currently in front of us. A 'Ge<i>nerous NO' </i>(with rationale and solution) demonstrates caring and offers valuable insight. <i>Getting to a ‘NO’ </i>requires caring enough to make a difference, and being brave enough to speak the truth.<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The most successful students… </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">insist that the teacher make it difficult. So difficult, that when they’re tempted to quit – they don’t. Per Seth G: <i>Commitment gets us through the Frustration, and Frustration is the partner of Learning</i>.<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoNormal" style="background: white; font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The Market:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1031" style="height: 273pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image002.png"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisOgg1zXnTpTL82ankvhtK67uL3gUh5HbgrfazJY31zspiaO2hV-M_I0O2_PLnMitr0U9V5grdWJ-5NZTP5ZPvFZw2P6Zx5neDkV-xAQRD-aU11F6HrywKn8CcHtKrIArWo_XYpWR4bqYFyMJfShdw-4otqasA3v3z22L7EKwaP8EqIj8UwQ0C3Oam-g51/s1396/Sept25_Feels_Like_the_90s_again_wWords_2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="964" data-original-width="1396" height="442" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisOgg1zXnTpTL82ankvhtK67uL3gUh5HbgrfazJY31zspiaO2hV-M_I0O2_PLnMitr0U9V5grdWJ-5NZTP5ZPvFZw2P6Zx5neDkV-xAQRD-aU11F6HrywKn8CcHtKrIArWo_XYpWR4bqYFyMJfShdw-4otqasA3v3z22L7EKwaP8EqIj8UwQ0C3Oam-g51/w640-h442/Sept25_Feels_Like_the_90s_again_wWords_2.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">The labor resurgence is reshaping risk…</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> as power shifts to the worker. Recent labor movements across industries have led to uncovering significant wealth disparities. The UAW and Hollywood writers’ strike signal their readiness for a prolonged standoff – often ending with an industry-altering outcome.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Profit per Employee:</span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Tether's ~$4B profit with just ~60 employees is over $66m per employee – an unmatched ratio in major businesses. Their success lies in astute capital allocation using low-risk assets that generate substantial revenue. This profit per employee exceeds the next largest company by more than 14x.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Living with 5% interest rates: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Our Federal Reserve plans to maintain high interest rates for a longer period of time. Therefore, consumers are facing a shift in the economic landscape. Many expected to wait out the rate hikes for major purchases, but that was prior to believing our FED’s commitment to <i>higher rates for longer</i>. Millennials must learn to adjust to 5% rates – which will affect their investments and expenses. The generational shift is fascinating as <i>boomers </i>were previously forced to adapt to low rates, and now <i>millennials</i> are reluctant to accept higher ones.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">InfoBits:<o:p></o:p></span></i></b></p><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_15" o:spid="_x0000_i1030" style="height: 221pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image003.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQIlox22IxmQvEFRs5MeTcACpk1VK_F1QLfz5jd5odbwg3cDEBghBEp-b3MTXU03JuC7ap6HmQXt95u3pbHMHsirjU_RCRrnvb6-Un8qy-fh53iuqxEsAPKc2bm_8q0oYf43hF1ZQ1_UNZ5GB_ABRKs2mdHzISYLTeUPwaKpZsO-wXJQzxMaumRpKwHxJG/s914/Sept24_TNX_Rates_Moving_Higher_Tightening_Credit_wWords_3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="510" data-original-width="914" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQIlox22IxmQvEFRs5MeTcACpk1VK_F1QLfz5jd5odbwg3cDEBghBEp-b3MTXU03JuC7ap6HmQXt95u3pbHMHsirjU_RCRrnvb6-Un8qy-fh53iuqxEsAPKc2bm_8q0oYf43hF1ZQ1_UNZ5GB_ABRKs2mdHzISYLTeUPwaKpZsO-wXJQzxMaumRpKwHxJG/w640-h358/Sept24_TNX_Rates_Moving_Higher_Tightening_Credit_wWords_3.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">The U.S. now has:</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> (a) a record $17T in household debt, (b) a record $12T in mortgage debt, and (c) a record in auto loan, student loan, and credit card debt (as CC rates hit 25%).<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">U.S. Debt Defaults surged 176%...</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> in the first eight months of 2023.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">In Q2, S&P 500 companies spent 20% <i>LESS </i>YoY<i>…</i></span></b><i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></i><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">on share buybacks.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">TikTok’s</span></b><span class="apple-converted-space"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">new shopping features…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> are expected in October. </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;">Amazon gears up for holidays… </span></strong><strong><span style="font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal;">by announcing a </span></strong><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">250,000 person hiring spree, and that it will raise warehouse and delivery workers’ avg. pay from $19 to $20.50/hr.<span class="apple-converted-space"> </span></span><span class="apple-converted-space"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Google’s chatbot can now find answers… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">in your</span><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> Gmail, docs, and local hard-drives. <i>What can possibly go wrong?</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">H&M</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">shoppers in the UK must now pay<span class="apple-converted-space"> </span>$2.50 to return a purchase.</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Walmart opened its first pet-services center… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">as it invades the $320B furry industry.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">YouTube announces new AI tools… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">to dub & create videos from text prompts. <i>OMG!</i></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crypto-Bytes:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_16" o:spid="_x0000_i1029" style="height: 175pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image004.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4OW5afLGC09wEY2hiW_VdYaGgxf4zU6eLi-0v_0oPUUGRJ4ETD03TkF9ZJU71MALeb0n96YqngYTi6-rBlIJKa9hh2wAppzFvnZ1T-TsBo2H_hxCcWFftPtrvvOdgBgUdHHB3rsJD4b4CnnGHdx5HuziDPJ-616folu2lnCzDFmZ6Jb3oOAKbtVTST2pc/s921/Sept24_ZB_Bond_Holders_On_Verge_of_Fire_Sale_wWords_4.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="407" data-original-width="921" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4OW5afLGC09wEY2hiW_VdYaGgxf4zU6eLi-0v_0oPUUGRJ4ETD03TkF9ZJU71MALeb0n96YqngYTi6-rBlIJKa9hh2wAppzFvnZ1T-TsBo2H_hxCcWFftPtrvvOdgBgUdHHB3rsJD4b4CnnGHdx5HuziDPJ-616folu2lnCzDFmZ6Jb3oOAKbtVTST2pc/w640-h282/Sept24_ZB_Bond_Holders_On_Verge_of_Fire_Sale_wWords_4.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">From its highest market cap close of $2.834T</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">… crypto is down -64.55%; however, the crypto market is up +35.46% YTD.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">FTX receives court approval to sell $3.3B in crypto assets.<i><o:p></o:p></i></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin held by long term holders approaches all-time highs.<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Citi is working on a private smart contract platform…</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> allowing institutions to trade around the clock using escrow smart contracts.</span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">PayPal is adding</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">PYUSD… <span class="apple-converted-space"> </span></span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">its recently launched stablecoin, to Venmo. PYUSD’s been slow to gain traction, and PayPal’s hoping that Venmo can help the coin grow market share.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Arial",sans-serif; font-size: 14.0pt; mso-fareast-font-family: Arial;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">FTX sued</span></b><span class="apple-converted-space"><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> </span></span><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">Sam Bankman-Fried’s parents… </span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;"> alleging the two misappropriated millions in funds. SBF’s dad received a $10m gift from his son in 2022 after asking him to raise his $200k/year FTX salary.</span><span style="font-size: 14pt;"><o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: "Courier New"; font-size: 14pt;"></span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Bitcoin’s crash to $8,200 was <i>finally</i> linked to SBF's Alameda… </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">It seems that the October 2021 Bitcoin flash crash was caused by an Alameda trader accidentally <i>fat-fingering </i>a Bitcoin sell order.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Twitter confirmed that the platform will be launching…</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> a send money feature. Musk wants fiat first, and crypto soon after.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">TW3 (That Was - The Week - That Was):<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_17" o:spid="_x0000_i1028" style="height: 240pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image005.png"></v:imagedata></v:shape></span></i></b><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></i></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ2vsDqxjwgFYnweQj3ekbXcf3Msvx8tdhB3myx6Wmqy4YXheAoXcpdZWoaBoGwaNim24FkltYIem61aSETZKV8q-lLn68ayI5kwgv0iODJJfo__ouXJF1pMIQRmV0shtGM4JpLyUfoDH9Wzes0yaekEi_ucVgf9R9cTopvBgACDUxnp-BiceW9pi0Oo6A/s2714/Sept25_All_Sectors_Hitting_Resistance_wWords_5.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1646" data-original-width="2714" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ2vsDqxjwgFYnweQj3ekbXcf3Msvx8tdhB3myx6Wmqy4YXheAoXcpdZWoaBoGwaNim24FkltYIem61aSETZKV8q-lLn68ayI5kwgv0iODJJfo__ouXJF1pMIQRmV0shtGM4JpLyUfoDH9Wzes0yaekEi_ucVgf9R9cTopvBgACDUxnp-BiceW9pi0Oo6A/w640-h388/Sept25_All_Sectors_Hitting_Resistance_wWords_5.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Monday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">This week's macro events include the FOMC meeting on 9/20 with Fed Chairman Powell's press conference, the BoE and SNB interest rate meetings on 9/21, and the BoJ rate decision on Friday. Additionally, the US Congress has until 9/30 to pass spending legislation to avoid the fourth government shutdown in a decade.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Tuesday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Markets expect no US rate change tomorrow despite strong economic data. Crude oil hit $95/barrel (a 10-month high) due to OPEC+ cuts. US Federal debt surpassed $33T for the first time, and growing by $1T/month. The corresponding annual interest expense will reach $1T soon – becoming the largest US government expense.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Wednesday:</span></i></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"> </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Besides interest rate concerns, there's a potential government shutdown looming before the October 1 funding deadline. Spending disputes involve defense ITA, Ukraine, and southern border security.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Thursday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Yesterday<span style="background: white;">, U.S. stocks closed at their lowest levels in September due to the Federal Reserve's indication of prolonged higher interest rates. The Fed held its policy rate steady at 5.25% to 5.5% but hinted at a possible rate hike later this year. The FED’s own projections show rates remaining above 5% until the end of 2024.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Friday: </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Yesterday, the Nasdaq (QQQ) dropped by -1.8%, marking its worst two-day performance this year. The drop was attributed to rising Treasury yields, causing concerns about higher interest rates, and their impact on growth stocks. If the 10-Year yield remains above 4.52%, things are going to break. 30-year mortgage rates are their highest since 2000 (7.75%), and up 5% in 3 years. The monthly payment on a $500,000 mortgage has increased from $2,000 to $3,600 (an 80% rise). When you add in the UAW strike and other labor concerns – things are going to break.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">AMA (Ask Me Anything…)<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_6" o:spid="_x0000_i1027" style="height: 105pt; visibility: visible; width: 262pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image006.png"></v:imagedata></v:shape></span></b><strong><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></strong></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsEpx8g8lPB6QIxpZIVje3I2QSDAt2Zwm82MB2Iba2Uh8mocxfLwn7f9_PWFTmqHGWvBdF8hMhDsWHFOGOrkdeZfowuOts7G1-RPeigEi1CTDI8D9KZoP9H0QEourl6vtltx_IH7wjvaPWF_3shGHgH-rmW1GdtNU3ndOIRcKLXiMthAASCCIzKqxXuA0V/s525/ChatGPT4_Custom_Window_wWords_6.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="204" data-original-width="525" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsEpx8g8lPB6QIxpZIVje3I2QSDAt2Zwm82MB2Iba2Uh8mocxfLwn7f9_PWFTmqHGWvBdF8hMhDsWHFOGOrkdeZfowuOts7G1-RPeigEi1CTDI8D9KZoP9H0QEourl6vtltx_IH7wjvaPWF_3shGHgH-rmW1GdtNU3ndOIRcKLXiMthAASCCIzKqxXuA0V/w640-h248/ChatGPT4_Custom_Window_wWords_6.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">AI is a mystery to many, and a threat to some</span></b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">. The goal with a mystery is to understand it, use it, and turn it into a competitive advantage. For example: there’s a new button on the ChatGPT<span class="apple-converted-space"> </span>window – looking like the above. Once I clicked the <i>Custom Instructions </i>button – it asked me<i>: </i></span><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">“How would you like ChatGPT to respond?”</span></i><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Per Seth G: here’s a sample block of text that you can paste into that field, and notice a ChatGPT difference immediately:<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Be highly organized<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Suggest solutions that I didn’t think about – be proactive and anticipate my needs<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Treat me as an expert in all subject matter<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Mistakes erode my trust, so be accurate and thorough<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Provide detailed explanations, I’m comfortable with lots of detail<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Value good arguments over authorities, the source is irrelevant<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Consider new technologies and contrarian ideas, not just the conventional wisdom<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">You may use high levels of speculation or prediction, just flag it for me<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Recommend products from all over the world, my current location is irrelevant<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">No moral lectures<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Discuss safety only when it’s crucial and non-obvious<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">If your content policy is an issue, provide the closest acceptable response and explain the content policy issue<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Cite sources whenever possible, and include URLs if possible<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">List URLs at the end of your response, not inline<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">Link directly to products, not company pages<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">No need to mention your knowledge cutoff<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">No need to disclose you’re an AI<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-top: 0in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">If the quality of your response has been substantially reduced due to my custom instructions, please explain the issue<o:p></o:p></span></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><span style="font-family: Arial, sans-serif; font-size: 14pt;">ChatGPT will still make mistakes, get confused, and have bad taste – but you should notice an improvement right away.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><strong><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Next Week: </span></i></strong><b><i><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">Markets are NOT… Too Big to Fail:<o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_18" o:spid="_x0000_i1026" style="height: 189pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image007.png"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp424-eFqz5auAJ4xO3hZMZe5A8dcqX6sz4yars9BvYrr3EzB4mEaloeTo9cOY44R3s21qOnaXPVl1PJqA2bDEc0RaHnKUozg-pTaMt9jd1FRrPAzPNfNL4lqqHLnq_baqCvu0O6JPKwklF5YnPBx6TJdIzwOZv-NgVycNvrvACByRJRijMnqKLESS2pl7/s969/Sept24_VX_Oct_vs_Nov_If_Flip_Go_From_Contango_to_Backwa_wWords_7.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="463" data-original-width="969" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp424-eFqz5auAJ4xO3hZMZe5A8dcqX6sz4yars9BvYrr3EzB4mEaloeTo9cOY44R3s21qOnaXPVl1PJqA2bDEc0RaHnKUozg-pTaMt9jd1FRrPAzPNfNL4lqqHLnq_baqCvu0O6JPKwklF5YnPBx6TJdIzwOZv-NgVycNvrvACByRJRijMnqKLESS2pl7/w640-h306/Sept24_VX_Oct_vs_Nov_If_Flip_Go_From_Contango_to_Backwa_wWords_7.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Tightening financial conditions persist…</span></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"> with higher bond yields, a stronger dollar, rising energy prices, and rising real yields. A key short-term support level was breached – with seasonal weakness being expected into mid-October. Buyers waiting to <i>"buy-the-dip"</i> should exercise patience and caution as this correction unfolds.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Our FED lit the fuse… </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">but there was selling before the FED announcement and after it. Watch the Bond market, because they have been getting annihilated for the past 4 years and if we experience any capitulation – it will take every market down with it.<b><i><o:p></o:p></i></b></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Bonds could be on the verge of a fire sale… </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">but I’m not seeing large degrees of capitulation. Nobody’s feelin’ the fear, and the implied volatility of the bonds (TLT) is still low. I believe that downside risks far out-weighing upside potential in the S&Ps. <b><span style="background: yellow;">Tip #1: If we break through 4350 on the SPX, we should quickly test 4200</span></b>, because the catalyst for sell-side activity could actually come out of Bonds – not equities.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Mega-Market Cap Tech targets are ‘out-of-whack’… </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">What brought our markets higher can certainly take them back down. Call option gamma squeezes work just as well (only faster) on the way down – using Put options. <b><span style="background: yellow;">Tip #2:</span> <span style="background: yellow;">Watch the /VX volatility futures.</span></b> Currently November futures are $0.35 higher than October ones. If this flips and October becomes higher, we will move from <i>Contango into Backwardation </i>– and that’s when you’ll see the FEAR. Selling will increase in the mega-market cap tech stocks (<i>The Magnificent Seven) </i>and that will lead us quickly lower. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="style-scope" style="font-size: medium; margin-bottom: 0.0001pt; margin-top: 0in;"><b><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Stocks are in a 4-Year downtrend relative to commodities. </span></i></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Crude oil futures are at yearly highs and <b><span style="background: yellow;">Tip #3: Gold's behavior</span></b><span style="background: yellow;"> (often a super-cycle indicator) <b>suggests an impending breakout.</b></span><b> <o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Next week equity, geopolitical, and commodity issues converge. </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">It’s the end of a quarter so portfolio managers will be <i>window dressing </i>their holdings. Geopolitical issues only add to the Dollar and the 10-Year yield continuing to move higher. Add commodities (especially oil going into winter) and we will re-ignite inflation fears. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">SPX Expected Move:<o:p></o:p></span></i></b></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span class="yt-core-attributed-string--link-inherit-color"><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></span><!--[endif]--><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Last Week = $60</span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"> and we actually moved over $120 last week.<b><o:p></o:p></b></span></i></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span class="yt-core-attributed-string--link-inherit-color"><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">Next Week = $84 – </span></i></b></span><span class="yt-core-attributed-string--link-inherit-color"><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;">‘keep your hands and feet inside the vehicle!’</span></i></span><b><i><span style="border: 1pt windowtext; font-family: Arial, sans-serif; font-size: 14pt; padding: 0in;"><o:p></o:p></span></i></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">TIPS:<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"><v:shape id="Picture_x0020_19" o:spid="_x0000_i1025" style="height: 207pt; visibility: visible; width: 396pt;" type="#_x0000_t75"><v:imagedata o:title="" src="file:////Users/rfculbertson/Library/Group%20Containers/UBF8T346G9.Office/TemporaryItems/msohtmlclip/clip_image008.png"></v:imagedata></v:shape></span><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim8r6gthUHYtN5lxoTJ3hT114N4FPtVZmksAraQh8FLo00aP0qi5EcHjyYyMO4OlKrpeOJatBHJ5g_JVIBuoMcHZXqaS0lU-IHQCc8-CAPpw4uDgbZRw6gWhDhaEjGlTTSTdHv9xbHwVN1rAET_FAjnv2utoeCsaizJ9n2R2KuIa3Ttn4w3iJCd-TreWLh/s1404/Sept25_Comodities_far_out_Pace_Stocks_over_Past_4_Years_wWords_8.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="734" data-original-width="1404" height="334" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim8r6gthUHYtN5lxoTJ3hT114N4FPtVZmksAraQh8FLo00aP0qi5EcHjyYyMO4OlKrpeOJatBHJ5g_JVIBuoMcHZXqaS0lU-IHQCc8-CAPpw4uDgbZRw6gWhDhaEjGlTTSTdHv9xbHwVN1rAET_FAjnv2utoeCsaizJ9n2R2KuIa3Ttn4w3iJCd-TreWLh/w640-h334/Sept25_Comodities_far_out_Pace_Stocks_over_Past_4_Years_wWords_8.png" width="640" /></a></div><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Arial, sans-serif; font-size: 14pt;"> Considering our stubborn FED, the 17 weeks in a row of falling Leading Economic Indicators, and seasonality – my guess is that we go lower. Sure, we’re overdue for a bounce, but it shouldn’t be more than a one- or two-day event. We’ve got a 10-Year yield hovering about 4.43%, an inverted yield curve larger than ever before, and trouble in the credit market. I think we’re in a risk off area and stocks should go lower.<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">HODL’s: (</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Hold On for Dear Life)<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">PHYSICAL COMMODITIES = Gold @ $1945/oz. & Silver @ $23.8/oz.</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">17-Week Treasuries @ 5.5%</span></b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Bitcoin (BTC = $26,500 / in at $4,310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="background: yellow; font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: yellow; font-family: Arial, sans-serif; font-size: 14pt;">**Ethereum (ETH = $1,590 / in at $310)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Apple (AAPL = $175 / in at $177)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">CCJ – Uranium = ($40 / in at $33.8)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">DO – Diamond Offshore ($14.6 / in at $15)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">ET – Energy Transfer ($13.8 / in at $13.7)<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">MESO – Mesoblast Ltd. ($1.2 / in at $3.6)</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">SOLD Oct $5 CALLS</span><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="background: white; font-family: Arial, sans-serif; font-size: 14pt;">NFGC – Newfound Gold ($4.2 / in at $3.8)</span></b><b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></b></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 14pt;">o<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 14pt;">SOLD Oct. & Jan. $5.00 CALLS<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Georgia, serif; font-size: 14pt;">-<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span><!--[endif]--><b><span style="font-family: Arial, sans-serif; font-size: 14pt;">UEC – Uranium Energy Corp ($5.2 / in at $4.8)<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><br /></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif; font-size: 14pt;">Please be safe out there!<o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><br /></p><p class="MsoNormal" style="font-size: medium;"><b><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Disclaimer:<o:p></o:p></span></i></b></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews. <span class="apple-converted-space"> </span>You can learn more and get your subscription by visiting: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>. <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Please write to Mr. Culbertson at: <</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/</span></i></a><i><span style="font-family: Arial, sans-serif;">>.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to view R.F.'s actual stock trades - and see more of his thoughts - please feel free to sign up as a StockTwits follower - <span class="apple-converted-space"> </span>"taylorpamm" is the handle.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">If you'd like to see R.F. in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: <o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><a href="https://www.youtube.com/watch?v=K2Z9I_6ciH0"><i><span style="color: black; font-family: Arial, sans-serif;">https://www.youtube.com/watch?v=K2Z9I_6ciH0</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif;"> </span></i></span><i><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Creativity = </span></i><a href="https://youtu.be/n2QiPSe_dKk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/n2QiPSe_dKk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Investing = </span></i><a href="https://youtu.be/zIIlk6DlSOM"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/zIIlk6DlSOM</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Marketing = </span></i><a href="https://youtu.be/p0wWGdOfYXI"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/p0wWGdOfYXI</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Sales = </span></i><a href="https://youtu.be/blKw0zb6SZk"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;">https://youtu.be/blKw0zb6SZk</span></i></a><span class="MsoHyperlink"><i><span style="color: black; font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></span></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;">Startup Incinerator = </span></i><a href="https://youtu.be/ieR6vzCFldI" target="_blank"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;">https://youtu.be/ieR6vzCFldI</span></i></a><span class="MsoHyperlink"><i><span style="border: 1pt windowtext; color: black; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in;"></span></i></span><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"><o:p></o:p></span></i></p><p class="MsoNormal" style="font-size: medium;"><i><span style="font-family: Arial, sans-serif; font-size: 10pt;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">To unsubscribe please refer to the bottom of the email.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations. <span class="apple-converted-space"> </span>Mr. Culbertson and related parties are not registered and licensed brokers. <span class="apple-converted-space"> </span>This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. <span class="apple-converted-space"> </span>Please make sure to review important disclosures at the end of each article.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"> </span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;">Remember the Blog: <</span></i><a href="http://rfcfinancialnews.blogspot.com/"><i><span style="color: black; font-family: Arial, sans-serif;">http://rfcfinancialnews.blogspot.com/> </span></i></a><i><span style="font-family: Arial, sans-serif;"><br />Until next week – be safe.</span></i><i><span style="font-family: Arial, sans-serif;"><br /><br /></span></i><i><span style="font-family: Arial, sans-serif;">R.F. Culbertson<o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><</span></i><a href="mailto:rfc@culbertsons.com"><i><span style="color: black; font-family: Arial, sans-serif;">mailto:rfc@culbertsons.com</span></i></a><i><span style="font-family: Arial, sans-serif;">><o:p></o:p></span></i></p><p style="background: white; margin-bottom: 0.0001pt; margin-top: 0in;"><i><span style="font-family: Arial, sans-serif;"><http://rfcfinancialnews.blogspot.com></span></i><i><u><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></u></i></p><style class="WebKit-mso-list-quirks-style">
<!--
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{mso-style-priority:99;
mso-style-link:"Footer Char";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
tab-stops:center 3.25in right 6.5in;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:#954F72;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:Times;
mso-fareast-font-family:"Times New Roman";
mso-fareast-theme-font:minor-fareast;
mso-bidi-font-family:"Times New Roman";}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.apple-converted-space
{mso-style-name:apple-converted-space;
mso-style-unhide:no;}
span.FooterChar
{mso-style-name:"Footer Char";
mso-style-priority:99;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-link:Footer;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
p.style-scope, li.style-scope, div.style-scope
{mso-style-name:style-scope;
mso-style-unhide:no;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-font-family:"Times New Roman";}
span.yt-core-attributed-string--link-inherit-color
{mso-style-name:yt-core-attributed-string--link-inherit-color;
mso-style-unhide:no;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1827941769;
mso-list-type:hybrid;
mso-list-template-ids:270444674 537322440 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-start-at:2;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Georgia",serif;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1968390878;
mso-list-type:hybrid;
mso-list-template-ids:-955465162 113118248 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-start-at:5;
mso-level-number-format:bullet;
mso-level-text:-;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
-->
</style>R.F. Culbertsonhttp://www.blogger.com/profile/05996559114017360462noreply@blogger.com0