RF's Financial News

RF's Financial News

Sunday, June 4, 2023

This Week in Barrons: June 4th, 2023


5 Emotionally Secure Phrases that will differentiate you:

-       1. Let me think about that.

-       2. No.

-       3. How can I help?

-       4. I will work on that.

-       5. I will try.


Who cares?  It’s tempting not to care.  After all, if you don’t care – you’re off-the-hook.  It’s easy to do as little as possible in order to avoid doing too much work.  And we all know that caring can lead to heartbreak.  But caring offers us the only chance to make a difference, and to actually be involved in what happens next.  Caring puts us back on-the-hook and offers us a chance to contribute.  When we care, we get a chance to create meaning and significance, and that truly effects all of our lives.  



The Market:


Either the market believes that inflation is coming down…  or A.I. is going to have a massive impact on our economy.  Sure, there’s a chance that A.I. will influence our lives to the same degree that the Internet did.  And per Ivan: If that is true, we are in just the first or second inning of the action.  The bulk of last week’s moves (especially on Friday) felt like irrational exuberance.  So, you might as well ask yourself right now whether you’re buying the next dip in NVDA – because if its action on Friday was any indication – it’s going to get wild in a hurry.  The dips will come when you least expect them, and just when you are completely confident in the invincibility of the A.I. story.  The dips will be so scary that you will question the A.I. narrative, but this will be the time when the best risk-reward entry points appear.  Answer it for yourself now – because it’s coming to a neighborhood near you.


Minnesota became…  the 23rd state to approve the use of recreational marijuana for adults.


JPMorgan is expanding internal unit: 23 Wall…  a division dedicated to managing the wealth of the uber-rich.  23 Wall doesn’t have a minimum wealth threshold, because: “If you have to ask the price, you can’t afford it.”  The unit services the world’s richest 0.01% - or more specifically, roughly 700 families worth more than $4.5T.



InfoBits:


-       "I think everyone should be prepared…  for rates going higher from here. You should be prepared for 6 and +7% as there's still too much liquidity in the system, which is why stocks are high.”… JPM CEO - Jamie Dimon


-       Per BH: “The biggest economic impact of the debt deal is the resumption of student loan payments.  At over $100B, this is the largest peacetime gov’t revenue increase in 40 years.  It acts just like a massive tax.”


-       Per MH: “Americans spend more on lottery tickets than movies, video games, music, sporting events and books - combined.  Mostly the poor buy them.”


-       Gamblers are spending more and winning less in Vegas.  Losses for blackjack players have reached their highest level since 2007.


-       Per Tim Cook in 2016: “It doesn't bother us that we are second, third, fourth or fifth if we still have the best. We don't feel embarrassed because it took us longer to get it right. For Apple, being the best is most important and trumps the other two by far.”


-       “There’s no compelling reason to pause rate hikes.” … Cleveland FED chief Loretta Mester.


-       Our FED and Treasury are incentivized to drive inflation higher…  because it helps them inflate away the debt.


-       The FDIC’s quarterly report indicates that…  U.S. bank deposits fell by the most in 39 years during Q1.  “Banks face significant downside risks from the effects of inflation, rising market interest rates, slower economic growth, and geopolitical uncertainty,” said their chairperson.


-       Ross Perot Jr. (one of the largest property developers)…  warned of a looming real-estate recession if the banks don’t start lending again.


-       Goldman flagged a 25% drop in YoY trading revenue: “And we are preparing for a tougher environment as we’re getting a risk-off tone from clients.”  Pres. John Waldron confirmed plans for a third round of job cuts this year.


-       US companies have announced about 417,500 job cuts this year…  more than in all of 2022.


-       AI is expensive…  as the cost of using LLMs (large language models) = $14 / question – when the cost of having a lawyer answer = $6 / question.


-       “You're already seeing credit tighten up… because the easiest way for a bank to retain capital is not to make the next loan.”… JPM CEO - Jamie Dimon



Crypto-Bytes:


-       Warnings from Gemini continue…  as mounting U.S. market, legal, and regulatory challenges are clouding the future of the Winklevoss’ crypto exchange.  Gemini is seeking an overseas reset.


-       Charles Schwab and Nomura are among the Wall Street titans…   backing or building their own crypto companies.  In a post-FTX world, financial institutions are hoping that customers will trust them more than they do crypto-native firms.


-       Tether (USDT) now has a record $83B+ market cap.  Tether’s share of the stablecoin market grew this year after regulators ordered its competitor (Binance) to stop minting BUSD.


-       May’s Bitcoin mining revenue increased 13.7% MoM.  This significant increase was driven by heightened on-chain activity, including a surge in transaction fee revenue due to the rise of Bitcoin NFTs via Ordinals.



TW3 (That Was - The Week - That Was): 


Monday:  Over the weekend, our government came up with a debt ceiling deal.  Add that to NVDA announcing a deal with an outfit out of Taiwan – and we are soaring this morning.  Are we truly looking at a breakout and a new bull leg up?  This can be resolved in a couple ways.  One is that the darlings keep going, and finally the breadth expands until everyone hops on board for a new leg higher.  Or, the mania for buying the darlings dries up, and they fade back pulling everyone else with them.  I think that our markets have a lot to worry about.  Our markets are NOT prepared for another rate hike and it feels like they're going to do another one.  The markets feel heavy ‘and shorted’ to me, but if things warm up then: AAPL over $180 works, AMZN $123 looks good, and ENPH has an enormous overhead gap that it needs to fill.


Thursday:  The house passed the debt bill, and the Senate will too.  Last night CRM reported and the street didn't like it.  Dollar General is getting hammered as they cut their full year outlook.  But then ‘IT’ happened = the manufacturing PMI came in with prices lower than expected and instantly everyone jumped on the "FED is DONE" bandwagon.  And guess who's moving: META, NVDA, AMZN, AAPL, and the other darlings.  I am watching PYPL again here.  I’ll nibble on some over yesterday's high of $63.25, and I'd go heavier over $63.30.



AMA (Ask Me Anything…)


Coming to grips with the ‘new look’ of Education:  College enrollments are dropping, and in large part due to a hot labor market.  Potential students are forgoing higher education and diving head first into fields that may require special training – but not 4 or even 2-year degrees.  Student bodies are shrinking, but 16 to 19-year olds are joining the workforce in droves.  Despite their career choices not requiring degrees, many are finding appealing and lucrative salaries.  Leisure and hospitality salaries have increased 30% since pre-COVID, and trade jobs are averaging $25/hr. compared to the national average of $22/hr.  In previous decades, a college degree was seen as a necessity to obtaining a white-collar job with upward mobility, but America could be duplicating the 70’s and 80’s – where the Baby Boomers got their start.  56% of Americans think earning a 4-year degree isn’t worth the time, money, or effort.  After all, demand for blue-collar workers is high, and employers are offering better pay, benefits, and working conditions than any time in the past decade.


How about that JOBS Report?  How to you create 339,000 jobs in May when:

-       the # Employed Decreased by 310,000, 

-       the # Unemployed Increased by 440,000, 

-       and the # Not in the Labor Force Increased by 45,000? 

Honestly, it can't be done.  They tried adding 231,000 imaginary jobs via the birth/death model – but it doesn’t come close.  We were lied to, just move on – nothing to see here!



Next Week:  It’s a Buying Frenzy…


The range that is no more:  We finally broke out of a range that we entered back in November of 2022.  There were things being bought last week that had no business going higher: IWM, Caterpillar (CAT), Target (TGT), XLF, XLE and EEM = wow.  Nobody was buying tech, so everyone bought the stragglers (that didn’t deserve it).  The market jammed higher on nothing being sold, and various short squeezes.  


We became a fully correlated market:  Last week, this market become fully correlated (everybody moving in the same direction) – as that was a necessity to break out of this range.  Short sellers covered, and this is what ‘frothy, blow-off market-top’ looks like.  


Did you catch the NVDA chart on Friday?  Notice Friday’s chart on NVDA.  While the DOW was gaining 700+ points, NVDA fell 12 points in 10 minutes – moving out of the $1T Club! 


Trades:

-       Tip #1:  BOT META In/Out Put Spread (+$175 / -$170) for July 7…  because this was the 3rd week in a row that we closed outside the expected move.  

-       Tip #2:  SOLD SPX way-OTM Calls…  as we tagged the upper edge of the SPX Expected Move.


SPX Expected Move (EM):

-       Last week - $80 (EM 4-day week) … and we moved EXACTLY $80 higher!

-       Next Week - $55 (EM 5-day week) … If there was time to sell short-term premium – it is NOT NOW!  



TIPS:


HODL’s: (Hold On for Dear Life)

-       PHYSICAL COMMODITIES = Gold @ $1964/oz. & Silver @ $23.7/oz.

-       13 Week Treasuries @ 5.25 to 6% / VMFXX

-       **Bitcoin (BTC = $27,300 / in at $4,310)

-       **Ethereum (ETH = $1,910 / in at $310)

-       **Chainlink (LINK = $6.50 / in at $7.17)

-       Big Bear Holdings (BBAI = $2.02 / in at $2.90)

o   BOT Sept $4 CALLS for $0.35

-       DNN – Denison Mines ($1.17 / in at $1.32)

-       MESO – Mesoblast Ltd. ($3.63 / in at $3.60)

o   SOLD July $5 CALLS for $0.85

-       META – Meta / Facebook

o   BOT July 7th +$175 / -$170 PUT Spread

-       NFGC – Newfound Gold ($4.44 / in at $3.75)

o   SOLD July & Oct $5.00 CALLS


Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.


Please be safe out there!


Disclaimer:

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.  You can learn more and get your subscription by visiting: <http://rfcfinancialnews.blogspot.com/>. 

 

Please write to Mr. Culbertson at: <rfc@culbertsons.com> 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 <http://rfcfinancialnews.blogspot.com/>.

 

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 -  "taylorpamm" is the handle.

 

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: 

https://www.youtube.com/watch?v=K2Z9I_6ciH0   

Creativity = https://youtu.be/n2QiPSe_dKk   

Investing = https://youtu.be/zIIlk6DlSOM

Marketing = https://youtu.be/p0wWGdOfYXI

Sales = https://youtu.be/blKw0zb6SZk

Startup Incinerator = https://youtu.be/ieR6vzCFldI

 

To unsubscribe please refer to the bottom of the email.

 

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.  Mr. Culbertson and related parties are not registered and licensed brokers.  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.  Please make sure to review important disclosures at the end of each article.

 

Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.

 

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.

 

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.

 

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.

 

Remember the Blog: <http://rfcfinancialnews.blogspot.com/> 
Until next week – be safe.


R.F. Culbertson

<mailto:rfc@culbertsons.com>

<http://rfcfinancialnews.blogspot.com>

 

Monday, May 29, 2023

This Week in Barrons: May 29th, 2023


“Thank you for your service”…  It's Memorial Day weekend, and while my wife and I have never served – we come from families that have.  When I was younger, I had older friends that not only served – but several that never came back.  My wife and I try to look at Memorial Day as a day when we honor those that have gone before us – forever defending our freedoms.


It’s not easy to make things look easy:  Per SG: Sometimes, you don’t need to make things look easy because making them look harder may be a plus.  Let’s not forget, the important part is how it makes the recipient feel.


“You’ll know it when you feel it”… Mike Schur, co-creator of Parks and Recreation, said of his entrepreneurial career: “This is not stuff you can read about in a book.  This is stuff that you have to experience.”  Books allow things to sound easy.  Books give you the structure and the words to explain to someone else why they might want to come along with you on the journey.  But explaining entrepreneurship is a lot like explaining ‘falling in love’ – most of the time: “You’ll just know it when you feel it.”



The Market:


The S&P is up 9% YTD…  and a 1-Year (riskless) T-Bill is paying almost 6%.  By the way, Tina Turner – you were: “Simply the Best” … R.I.P.


Question: Will U.S. regulatory pressure on web3 result in reduced web3 investing?  

Answer per FW: “When they want to shut web3 down, I say double down.  The most powerful technologies send waves of fear through the establishment.  When you see that fear in their eyes, invest in the cause of that fear.”


There are 2 economic conclusions here: 

-       1. Assuming they get a deal on the debt ceiling that isn't too disruptive economically or financially, it's hard to see much change in the trajectory to the U.S. growth picture. 

-       2. If you are under the assumption that we need to see a real slowdown in order to get inflation under control then this is not the end of the rate hiking cycle.


In Bull markets…  there's less of a need for stocks in defensive sectors such as: consumer staples, utilities, healthcare and stocks with low volatility.  All of the major defensive names are currently making new 52-week lows relative to the S&Ps.



InfoBits:


-       Meta released their open-source AI platform…  capable of producing speech-to-text and text-to-speech for about 1,100 different languages.


-       Morgan Stanley says…  “Don’t be fooled into believing that the rally in U.S. stocks is the beginning of a new bull market – because there are many market problems ahead.”


-       Consumer spending trends softened in Q1…  and Home Depot was spooked enough by their underperformance that they reduced guidance for the full year. 


-       Home sales have plunged from last year.  Sellers feel trapped in their existing low mortgage rates.  And buyers believe that prices and rates are too high because inventory is limited.


-       Dollar stores could be foods companies’ next growth driver?  America’s largest household brands are repositioning their products for the 34,000 dollar stores.  The category was the #1-growing food retailer in 2022.


-       TikTok will “soon” grant Oracle full access  to its source code, algorithm and content-moderation material as part of efforts to alleviate national security concerns about the app. 


-       Rest, Relaxation, and Remote Work…  are the reasons Marriott and Hilton are joining the ‘extended-stay’ hotel business.  Extended-stay occupancy rates are 75% versus 63% for hotels.  Marriott is targeting $80/night and Hilton $100.


-       It costs retailers $27 to process $100 of returns. 


-       The percentage of companies above their 200-day avg…  is at a YTD low. 


-       Germany is in a recession…  extinguishing hopes that Europe’s top economy might escape such a fate.


-       Yeezy’s…  accounted for 8% of Adidas’s total revenue and 40% of their profit.


-       Nvidia jumped 25% even as revenue fell 13% YoY…. The numbers were not remarkable: revenue fell 13% YoY, and non-GAAP income fell 21%.  There were 91 mentions of AI on the earnings call.


-       Best Buy CEO Corie Barry reaffirmed that: We’re seeing a consumer who is exhibiting some recessionary behaviors.” 


-       Good news for Tesla…  Ford has agreed to use their charging stations..


-       Amazon has given up a key part of its climate pledge…  the part that announced its "Shipment Zero" initiative.


-       Neuralink has received FDA approval on their brain chip…  that “unlocks human potential – tomorrow.”  Their current focus is on quadriplegic patients.


-       Uber partnered with Waymo to add robotaxis to its app.  The partnership will begin with a set number of Waymo vehicles available for Uber and Uber Eats customers in Phoenix.


-       Microsoft is putting new AI assistant tools in everything.  It will change the way we use computers.



Crypto-Bytes:


-       Happy Bitcoin Pizza Week…  13 years ago Laszlo Hanyecz bought 2 Papa John’s pizzas for 10,000 BTC ($250 million).


-       Miners are moving…  after the White House proposed a 30% tax on crypto miners' electricity costs,  Some are expanding to Iceland while some are opening facilities in Bermuda and Singapore as regulators turn the screws at home.


-       Robert F. Kennedy Jr. announced that his campaign…  will accept Bitcoin donations.  He applauded Bitcoin’s representation of “democracy and freedom”,highlighting its durability and flexibility. 


-       Bitget received a Polish Regulatory License…  as the 5th largest exchange moves further into the EU.


-       The Texas House of Representatives…  voted in favor of requiring digital asset service providers to have proof of reserves available to protect customers. This could make Texas: ‘Bitcoin Country’ – yee-haw!


-       The maker of the Ledger crypto hardware wallet…  paused the rollout of a key recovery feature after customers pushed back over worries that "Ledger Recover"could put their secret seed phrases at risk.



TW3 (That Was - The Week - That Was): 


Monday:  The FED’s Bullard said: “I’m thinking of 2 more rate hikes this year.  Markets are ratcheting up expectations for inflation, and U.S. recession probabilities are overstated.”


Tuesday:  2023 has the fourth most extreme Mega-Cap Divergence on record.  The Top-10 largest stocks in the S&P have returned +32%, vs the bottom 490 are flat’ish to red.  This is NOT a healthy bull market.


Wednesday:  The beige book is out and the big take away is: “Inflation is slowing more slowly than hoped", and they ALL agreed that it was very likely that there would be NO RATE CUTS this year – which flies in the face of wall Street expectations.  I think that they're leaning toward at least one more hike.  If the PCE is hot Friday and the jobs numbers are strong next week, I think Powell goes again.  


Friday:  We just got a ton of economic news and NONE of it was FED friendly.  Core Inflation ROSE to 0.4%, while estimates hoped that it would remain at 0.3%.  Incomes rose and consumer spending doubled estimates.  Durable goods spending was up 1.1% vs estimates of 0.8%.  Our FED has been whining that inflation isn't coming down as fast as they'd like.  Well it seems that inflation is no longer falling … it’s rising.



AMA (Ask Me Anything…)


Only in entrepreneurship can 2 + 2 = 10…  that is to say when two little things combine to form one huge thing.  Per HL: A little cool air from the north is no big deal.  A little warm breeze from the south is pleasant.  But when they mix together over Missouri you get a tornado.  It’s easy to underestimate risk or at least be surprised at what happens – because the initial ingredients seem harmless.  The idea that two innocent small things can combine to form one big dangerous thing isn’t intuitive.  This same thing happens with personality traits.  The right balance is knowing what you’re good at, and not being afraid to say it – while being just as eager to share what you’re not great at.



Next Week:  It’s a One-Stock, Stock Market!


Same range – Different day.  We ended just north of 4211 on the S&Ps, and we are very close to where markets could break out of this range.  But until we officially break to the upside, there is no difference between the 4211 and the 4106 levels.  


NVDA saved the markets…  Things were ugly earlier this week, and we were threatening to break below the 4106 level – until NVDA’s earnings became the reason to rally.  Effectively one stock Nvidia (NVDA) drove order-flow into the monsters of tech (APPL, MSFT, META, AMZN, & GOOGL).  NVDA started the week at $305, and ended the week at $390.  NVDA had a 4-sigma move – for which the probability was slim and mostly none.  We are ‘gamma squeezing’ all over the place – from TSLA to META to MSFT.  Had NVDA come out with average or below average earning – markets were set to completely break-down.  We are living with a one-stock, stock market.


Updates on: 

-       XLP – Consumer Staples is a terrible chart and is down -2% YTD.

-       XHM – The Homebuilders are up 15% YTD, and could be the SHORT of the year – because interest rates are flying higher.

-       IWM – The Small Cap Index is flat on the year.

-       SPY – The S&P is up 9% YTD.

-       XLF – The Financials are down almost 7% YTD.

-       XLE – Energy is down almost 7%.

-       DOW – The DOW is flat on the year.

-       QQQ – The NASDAQ is the big winner on the year.  The marketplace sees that the entire marketplace hinges on a handful of stocks.  Ask yourself: How have we been in a 100-point range for 8 weeks – and the VIX is still 18?  We should be under 10, but the marketplace is scared of one big tech stock disappointing.  If TECH goes, this market is going with it because no other sector has stepped up to help lead this marketplace.


10-Year Rates and a FED rate hike probability…  The Bonds have effectively broken.  The 10-Year interest rate is at 3.8% and if it gets over 4% - tech will begin to deflate like no tomorrow.  On Friday our FED’s inflation indicator (the PCE deflator) came out inflationary and is causing our markets to price in another rate hike when our FED meets in June.  And when I add 0.25 to 3.8 – I get a 10-Year rate that’s north of 4%.  The XHM (Homebuilders) is barely clinging to ‘hopium’, but another bump higher in mortgage rates is not going to be good for anybody. 


It’s all about the fundamentals / technicals…  NOPE = it’s all about order-flow.  The PPT has found a way to manipulate order-flow to one or two mega-cap tech stocks and the rest of the marketplace is just following along.  


U.S. Dollar rally is defensive.  The Dollar is clearly in rally-mode, and being used as a ‘flight-to-quality’.  SKEW (the ratio of OTM Put Vol. to OTM Call Vol.) is extraordinarily high – meaning a lot of hedging / PUT buying is going on. 


TRADE:

-       Opened a Call Spread on GLD: BOT the June 30th, +$180 / -$184 spread

-       Opened a Synthetic Short Stock position on XHB:  BOT (deep-in-the-money), July $79 PUTS


SPX Expected Move (EM):

-       Last week – EM = $63.  We ended slightly higher on the week, but I remain convinced that breaking out of this 8-week range is going to be violent.

-       Next week (4-day week) – EM = $80 = It’s all about the 4211.  Why do we have an $80 Expected Move for a 4-day trading week?  Everybody from politicians to FED-heads are nervous about what’s coming up.  This will be Mr. Toad’s Wild Ride!



TIPS:


HODL’s: (Hold On for Dear Life)

-       PHYSICAL COMMODITIES = Gold @ $1965/oz. & Silver @ $23.4/oz.

-       13 Week Treasuries @ 5.25 to 5.8% / VMFXX

-       **Bitcoin (BTC = $26,900 / in at $4,310)

-       **Ethereum (ETH = $1,840 / in at $310)

-       **Chainlink (LINK = $6.50 / in at $7.17)

-       Big Bear Holdings (BBAI = $2.35 / in at $2.90)

o   BOT Sept $4 CALLS for $0.35

-       DNN – Denison Mines ($1.06 / in at $1.32)

-       GLD – Gold ETF

o   BOT June 30th, Call Spread +$180 / -$184

-       MESO – Mesoblast Ltd. ($3.63 / in at $3.60)

o   SOLD July $5 CALLS for $0.85

-       NFGC – Newfound Gold ($4.15 / in at $3.75)

o   SOLD July & Oct $5.00 CALLS

-       TPH – Tri Pointe Group ($29.14 / in at $26.50)

o   BOT July $35 Call


Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.


Please be safe out there!


Disclaimer:

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.  You can learn more and get your subscription by visiting: <http://rfcfinancialnews.blogspot.com/>. 

 

Please write to Mr. Culbertson at: <rfc@culbertsons.com> 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 <http://rfcfinancialnews.blogspot.com/>.

 

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 -  "taylorpamm" is the handle.

 

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: 

https://www.youtube.com/watch?v=K2Z9I_6ciH0   

Creativity = https://youtu.be/n2QiPSe_dKk   

Investing = https://youtu.be/zIIlk6DlSOM

Marketing = https://youtu.be/p0wWGdOfYXI

Sales = https://youtu.be/blKw0zb6SZk

Startup Incinerator = https://youtu.be/ieR6vzCFldI

 

To unsubscribe please refer to the bottom of the email.

 

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.  Mr. Culbertson and related parties are not registered and licensed brokers.  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.  Please make sure to review important disclosures at the end of each article.

 

Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.

 

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.

 

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.

 

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.

 

Remember the Blog: <http://rfcfinancialnews.blogspot.com/> 
Until next week – be safe.


R.F. Culbertson

<mailto:rfc@culbertsons.com>

<http://rfcfinancialnews.blogspot.com>