Archive: 07/09/2008
Main News
AIMA to Publish Sound Practices Guide
By: Bill McIntosh, Senior Financial Correspondent
Posted: 07/08/2008 3:04:33 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15111.html
By: Bill McIntosh, Senior Financial Correspondent
Posted: 07/08/2008 3:04:33 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15111.html
HEARD ON THE STREET, by David Reilly
from The Wall Street Journal.
The FASB needs to reject calls for exceptions to new accounting rules for Fannie and Freddie that would only open the door for banks to argue for special treatment. Watering down prudent rule changes isn't going relieve the financial crisis.
http://online.wsj.com/article/SB121555820908737335.html?mod=djemheard
from The Wall Street Journal.
The FASB needs to reject calls for exceptions to new accounting rules for Fannie and Freddie that would only open the door for banks to argue for special treatment. Watering down prudent rule changes isn't going relieve the financial crisis.
http://online.wsj.com/article/SB121555820908737335.html?mod=djemheard
Recession 'looming' for UK firms *
A survey of 5,000 businesses suggests the UK faces a "serious risk" of recession within months.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/business/7494508.stm
A survey of 5,000 businesses suggests the UK faces a "serious risk" of recession within months.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/business/7494508.stm
Posted: 07 Jul 2008 01:06 PM CDT
Academic Rains on Weather-Return Correlation Parade: Over the years, many theories have been put forward regarding the relationship between the weather and stock market returns. But in this guest posting, one researcher says that any relationship isn’t quite as direct as some might wish.
U.S. Stocks Slump Won't End Until VIX Index Jumps (Update1)
PRICE DAILY
Misreading the VIX Don't believe the popular notion that the market has further to fall simply because a popular measure of market fear hasn't reached a crisis point.
http://online.barrons.com/article/SB121541263158032137.html?mod=djemBF
Misreading the VIX Don't believe the popular notion that the market has further to fall simply because a popular measure of market fear hasn't reached a crisis point.
http://online.barrons.com/article/SB121541263158032137.html?mod=djemBF
Fed to Clamp Down on Exotic and Subprime Loans
New York Times - United States
Mr. Bernanke’s remarks appeared to have a reassuring effect on the markets, a day after shares of Fannie Mae and Freddie Mac, the mortgage financing giants, ...
New York Times - United States
Mr. Bernanke’s remarks appeared to have a reassuring effect on the markets, a day after shares of Fannie Mae and Freddie Mac, the mortgage financing giants, ...
A month ago, a Pensions & Investments round table of investment experts predicted that the credit crunch is far from over. Today, their warnings of further carnage are ringing true.
Skyrocketing fuel costs mean companies, not just consumers, are getting burned. Standard & Poor’s Managing Director Andrew Watt discusses our revised fuel price assumptions, how companies across sectors are managing higher energy costs, and what it all means for corporate credit quality.
Wachovia Capital Markets analyst Douglas Sipkin became the latest analyst to cut his view on Merrill, saying the bank will need to sell its stake in Bloomberg LP to raise capital.
Banks reincarnate CDOs as Re-Remics
Sales of collateralized-debt obligations made of asset-backed securities plunged from $227 billion last year to less than $1 billion this year as the global credit crunch continues. The situation has prompted Goldman Sachs, JPMorgan Chase and other firms to repackage toxic mortgage bonds as Re-Remics. "It's just the reincarnation of the CDO," said Paul Colonna, chief investment officer for fixed income at GE Asset Management. "The mechanics are the same, but you're getting in at a much different level of valuation." Bloomberg (08 Jul.)
Sales of collateralized-debt obligations made of asset-backed securities plunged from $227 billion last year to less than $1 billion this year as the global credit crunch continues. The situation has prompted Goldman Sachs, JPMorgan Chase and other firms to repackage toxic mortgage bonds as Re-Remics. "It's just the reincarnation of the CDO," said Paul Colonna, chief investment officer for fixed income at GE Asset Management. "The mechanics are the same, but you're getting in at a much different level of valuation." Bloomberg (08 Jul.)
Investors pull $6b from hedge funds. So what’s the alternative “alternative”?: A recent survey of members of the Chartered Alternative Investment Analyst (CAIA) Association says it’s “alternative alternatives”.
Is an “integrated” 130/30 portfolio always better than a “combined” one?: Guest contributor Srikanth Iyer examines the question of whether a 130/30 fund is really just a “100” fund plus a “30/30” (market neutral) fund.
130/30 rationale, value, and “myths” covered in newly released slideware: One of our other favourite magazines, Pensions & Investments, releases the slides from its recent 130/30 road show. We pick some of the best.
Jul 3, 2008 ... Jonathan Weil. Lehman's Hedge-Fund Deals Leave Public in Dark: Jonathan Weil. Commentary by Jonathan Weil. Enlarge Image/Details ... www.bloomberg.com/apps/news?pid=20601039&sid=aYbKSTZ5ZYpM&refer=columnist_weil - |
Hedge funds hit troubled banks with a hiring binge
Jul 07 2008 20:02
The biggest hedge funds are on a hiring binge, taking advantage of cutbacks at investment banks to recruit star traders, senior executives and whole teams to help them expand Read more »
Jul 07 2008 20:02
The biggest hedge funds are on a hiring binge, taking advantage of cutbacks at investment banks to recruit star traders, senior executives and whole teams to help them expand Read more »
Investors, Market Conditions Favoring Systematic CTAs
By: Jacob Bunge, Financial Correspondent
Posted: 07/08/2008 3:51:27 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=mfad&story=mfad1335.html
By: Jacob Bunge, Financial Correspondent
Posted: 07/08/2008 3:51:27 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=mfad&story=mfad1335.html
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Hedge Funds: Managers have worst first half since at least 1990, HFR data show
Market Watch Tue, 08 Jul 2008 2:54 PM PDT
SAN FRANCISCO (MarketWatch) - Hedge funds turned in their worst first-half performance since at least 1990 this year as the credit crunch took a heavy toll on some managers, according to data released on Tuesday by industry tracker Hedge Fund Research.
Market Watch Tue, 08 Jul 2008 2:54 PM PDT
SAN FRANCISCO (MarketWatch) - Hedge funds turned in their worst first-half performance since at least 1990 this year as the credit crunch took a heavy toll on some managers, according to data released on Tuesday by industry tracker Hedge Fund Research.
The Abu Dhabi government has become the latest state in the Gulf region to seed hedge funds after committing $300m to ...
eFinancial News Tue, 08 Jul 2008 5:42 AM PDT
The Abu Dhabi government has become the latest state in the Gulf region to seed hedge funds after committing $300m to a portfolio set up by fund of funds manager Man Group.
eFinancial News Tue, 08 Jul 2008 5:42 AM PDT
The Abu Dhabi government has become the latest state in the Gulf region to seed hedge funds after committing $300m to a portfolio set up by fund of funds manager Man Group.
Northern Trust Gives FOFs Daily Transparency
By: Emma Trincal, Senior Financial Correspondent
Posted: 07/08/2008 3:53:26 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15112.html
By: Emma Trincal, Senior Financial Correspondent
Posted: 07/08/2008 3:53:26 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15112.html
Ameriprise buys J & W Seligman
Minneapolis Star Tribune - Minneapolis,MN,USA
Ted Truscott, chief investment officer at Ameriprise, said that the hedge fund business was an especially attractive part of the deal. ...
See all stories on this topic
Minneapolis Star Tribune - Minneapolis,MN,USA
Ted Truscott, chief investment officer at Ameriprise, said that the hedge fund business was an especially attractive part of the deal. ...
See all stories on this topic
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Yield Curve Corner
The Bernanke Boost
Rob Wherry
Comments from the Fed chairman fuel buying of financials, health care ETFs. http://www.smartmoney.com/t.cfm?pId=7&mID=621&mDt=07/08/2008&ui=1157312&ctu=%2Fetf%2Doutlook%2Findex%2Ecfm%3Fstory%3D20080708%2Ddaily%2Detf%2Dwrap%2Dup
Rob Wherry
Comments from the Fed chairman fuel buying of financials, health care ETFs. http://www.smartmoney.com/t.cfm?pId=7&mID=621&mDt=07/08/2008&ui=1157312&ctu=%2Fetf%2Doutlook%2Findex%2Ecfm%3Fstory%3D20080708%2Ddaily%2Detf%2Dwrap%2Dup
Bernanke seeks new powers for Fed
MarketWatch - USA
By Greg Robb, MarketWatch WASHINGTON (MarketWatch) - Federal Reserve Chairman Ben Bernanke said Tuesday that the Fed should have additional powers to ...
MarketWatch - USA
By Greg Robb, MarketWatch WASHINGTON (MarketWatch) - Federal Reserve Chairman Ben Bernanke said Tuesday that the Fed should have additional powers to ...
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Natural Disaster Corner
Climate Prediction http://www.nws.noaa.gov/predictions.php
World Meterological Organization http://severe.worldweather.org/
Tornadoes: http://www.disastercenter.com/tornado.htm
Great Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/DSTmiddleeast190_N8.jpg
Bertha weakens to a category one hurricane,
Visit the WNBC.com hurricane section for maps, forecasts and more!
http://www.wnbc.com/tu/5zaqmeRVy.html
Visit the WNBC.com hurricane section for maps, forecasts and more!
http://www.wnbc.com/tu/5zaqmeRVy.html
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Iranian Situation and Other Man Made Disasters
Russia, Iran: Putin, Ahmadinejad Agree That Bushehr Nuke Plant Should Be Built July 8, 2008 1527 GMT Russian Prime Minister Vladimir Putin and Iranian President Mahmoud Ahmadinejad have agreed upon...
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Despite tough talk, Iran still buys American
AP via Yahoo! News Tue, 08 Jul 2008 11:36 AM PDT
Nuclear weapons? No way. But there are plenty of items on Iran's shopping list the United States is more than happy to supply: cigarettes, brassieres, bull semen and more.
AP via Yahoo! News Tue, 08 Jul 2008 11:36 AM PDT
Nuclear weapons? No way. But there are plenty of items on Iran's shopping list the United States is more than happy to supply: cigarettes, brassieres, bull semen and more.
Iran bans sports, film stars from advertisements
AFP via Yahoo! News Tue, 08 Jul 2008 9:53 AM PDT
Iran has banned sports and movie stars from appearing in commercial advertisements on the grounds that celebrities should not promote consumerism, the government newspaper Iran reported on Tuesday.
AFP via Yahoo! News Tue, 08 Jul 2008 9:53 AM PDT
Iran has banned sports and movie stars from appearing in commercial advertisements on the grounds that celebrities should not promote consumerism, the government newspaper Iran reported on Tuesday.
Iran’s Revolutionary Guards chief threatens oil repercussions
June 28: The Guards commander, Mohammad Ali Jafari, issued Tehran’s toughest and most explicit threats yet in response to recent reports of Israeli preparations to strike Iran’s nuclear installations.
Hinting at an American attack, he said: “If there is a confrontation between us and the enemy from outside the region, definitely the scope will reach the oil issue.” After this action (of imposing controls on the Gulf waterway), the oil price will rise very considerably,” he said.
Jafari clearly differentiated between Iran’s responses to possible American and Israeli attacks. The oil weapon would be applied against the former, he said, while “Israelis know if they take military action against Iran… the abilities of the Islamic and Shiite world, especially in the region, will deliver fatal blows.” He noted Israel was in range of Iranian missiles.
Hinting at an American attack, he said: “If there is a confrontation between us and the enemy from outside the region, definitely the scope will reach the oil issue.” After this action (of imposing controls on the Gulf waterway), the oil price will rise very considerably,” he said.
Jafari clearly differentiated between Iran’s responses to possible American and Israeli attacks. The oil weapon would be applied against the former, he said, while “Israelis know if they take military action against Iran… the abilities of the Islamic and Shiite world, especially in the region, will deliver fatal blows.” He noted Israel was in range of Iranian missiles.
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Opalesque’s Corner
- Emerging Markets Special: Opalesque Exclusive: Investing in Iran, The First Persia Equity Fund final closing date August 31, 2008
- Launches: Opalesque Exclusive: Swiss alternative investment manager Harcourt launched Belmont (Lux) Asset Based Lending fund on May 1st, Ex-Clarium Capital Management trader Matthew Kratter starts a hybrid fund, Mass. hedge fund Bay Hill Capital launches volatility multi-strategy fund
- Performance: Opalesque Exclusive: SGAM's clone fund returns 1.3% YTD, reverse fund recently launched, Opalesque Exclusive: CTA` strategy returns 33.26% YTD, 20.94% p.a. since 2005 inception as unstable economic environment favors managed futures investments, RAB Capital` share price plunges 10% on downgrade
- Assets: Phaunos Timber fund proposes to raise $33m, Partners Group sees further hedge fund outflows in 2 H
- Indices: HFRX indices are down in June, Macro Index best performer (+3.25%), Event Driven Index worst performer (-3.35%)
- Hedge funds on a hiring binge, recruit star traders and executives from investment banks
- EPFR: Investors retreat from EM, Global, and Europe equity funds and most bond fund groups, but Japan and MENA equity funds continue inflow streak
- Strategies: Goldman advises clients to sell S&P 500 stocks with most hedge fund owners in advance of second quarter results
- M&A / Stakes: Ameriprise Financial to acquire asset manager J. & W. Seligman & Co., Schroders argues FoHFs space is ripe for consolidation and managers must significantly increase assets in the future if they want to compete, Bigger may be better as smaller hedge funds give up, more than a dozen smaller funds have been bought into YTD
- Institutions: Opalesque Exclusive: In modernization move, Peru pension funds eye alternative investments, Mercer reports pension plan losses masked by increasing corporate bond yields
- Credit Crunch: Barclays Wealth: chance of `severe problems` from inflation, Deutsche Bank confident, does it plan to sell some assets?, B&B shares dive again as housing fears accelerate, Euro sentiment, economic outlook worsen - ECB may not be able to raise rates, Shares in Fannie and Freddie tumble, Goldman had 20 days of trading losses last quarter as value of credit products fell, Lehman to run Euro16bln for German bank, Businesses file bankruptcy at faster rate, up 33% this month
- Lehman`s chairman Richard Fuld vents about short sellers as stocks loose value
- Manager profile: Former Man chief Stanley Fink thinks reputation is all, wins business leaders award
- People: Australian group Hatfield Liptak expands with new Head of Distribution, RAB`s George Philips resigned, to focus on fund management, RBC Capital hires ex-Bear MD Jim Wolfe, Alternatives head Jon Bailie departs Russell Investments, UBS Global names Larochelle as new head of Canadian business, Goldman`s Toronto hedge-fund office
- Interview: Professional Risk Managers` Dr Rowe on risk management and its role in corporate defense
- Regulatory: Lawyer: UK`s FSA must back-pedal on shorting rules, Ireland expected to follow suit on shorting disclosure rules, ISE Chief laments rumor has replaced analysis, AIMA to publish sound practices guide for FOHF managers, SEC finds conflicts of interest at rating agencies, findings to be made public this week, Federal Reserve and SEC issue memorandum of understanding to deepen information sharing and cooperation, SEC, Fed and banks (video), Comment: Needed: independent panel to evaluate SEC`s enforcement program, SIFMA, ASF and ESF announce global working group to restore confidence in the securitization markets, FoHF investors face (more) tax issues
- Legal: Update: White Peaks sues AbCap, Homm accused of fraud scheme with penny stocks, Update: UBS Liechtenstein adviser had scandal-tainted clients, Former UBS broker files suit in U.S. over securities investigation, HSBC clerk jailed for 9 years in Britain for $141m fraud
- Opalesque Exclusive: The Comeback of FoHFs: London based FoHFs and investors set the record straight
- New top 20 China stocks index launched in Singapore
- Australian survey shows institutional investors are increasing allocations to alternatives, private equity and Infrastructure
- Emerging Markets: U.S. dollar-pegged currencies pose risk global economy, currencies helping to fuel commodity price inflation, Rising oil threatens to damage emerging markets, inflation going global
- Environmental Investing: Water may become a hot investment - oilman T. Boone Pickens started to buy up water rights, G8 leaders reach deal on climate change
- Commodities: Morgan Stanley tells investors to cut back TIPS holdings as US government calculations of consumer goods cannot be trusted as accurate, Gold charts point to $1,000
- Activist Investing: Harbinger in new take-over territory involving Inmarsat, Algebris criticizes Generali for asset management, Activist hedge funds breaking the news through disclosures and letters, In era of activists, look to changes as boards run scared
- Hohn`s charity reinvests bulk of GBP800m back in his own fund, has so far made disbursements of less than 5% of its value
- Events: High Water Women kick off 4th Annual Backpack Drive to collect back to school items, participation, donation makes a difference to a disadvantaged child, The 2nd Singapore Hedge Funds Club Networking Evening
- News Briefs: City fury as B&B adviser Goldman reaps `success` fee, Citi grows hedge fund outsourcing business, NYSE Euronext Liffe to guarantee credit-default swaps, One of Toronto-Dominion Bank`s traders incorrectly priced CDs, incurring loss of C$96m, UBS gains Saudi licence, set to expand in Middle East, Russia in talks with UBS on sovereign wealth fund management, Australia and Hong Kong agree milestone fund trading alliance
- And Finally.Beating humans? Scientists give Rubiks Cubes to octopuses as they `think with their arms`
- Logon: http://www.opalesque.com/index.php?act=archive
- Launches: Opalesque Exclusive: Swiss alternative investment manager Harcourt launched Belmont (Lux) Asset Based Lending fund on May 1st, Ex-Clarium Capital Management trader Matthew Kratter starts a hybrid fund, Mass. hedge fund Bay Hill Capital launches volatility multi-strategy fund
- Performance: Opalesque Exclusive: SGAM's clone fund returns 1.3% YTD, reverse fund recently launched, Opalesque Exclusive: CTA` strategy returns 33.26% YTD, 20.94% p.a. since 2005 inception as unstable economic environment favors managed futures investments, RAB Capital` share price plunges 10% on downgrade
- Assets: Phaunos Timber fund proposes to raise $33m, Partners Group sees further hedge fund outflows in 2 H
- Indices: HFRX indices are down in June, Macro Index best performer (+3.25%), Event Driven Index worst performer (-3.35%)
- Hedge funds on a hiring binge, recruit star traders and executives from investment banks
- EPFR: Investors retreat from EM, Global, and Europe equity funds and most bond fund groups, but Japan and MENA equity funds continue inflow streak
- Strategies: Goldman advises clients to sell S&P 500 stocks with most hedge fund owners in advance of second quarter results
- M&A / Stakes: Ameriprise Financial to acquire asset manager J. & W. Seligman & Co., Schroders argues FoHFs space is ripe for consolidation and managers must significantly increase assets in the future if they want to compete, Bigger may be better as smaller hedge funds give up, more than a dozen smaller funds have been bought into YTD
- Institutions: Opalesque Exclusive: In modernization move, Peru pension funds eye alternative investments, Mercer reports pension plan losses masked by increasing corporate bond yields
- Credit Crunch: Barclays Wealth: chance of `severe problems` from inflation, Deutsche Bank confident, does it plan to sell some assets?, B&B shares dive again as housing fears accelerate, Euro sentiment, economic outlook worsen - ECB may not be able to raise rates, Shares in Fannie and Freddie tumble, Goldman had 20 days of trading losses last quarter as value of credit products fell, Lehman to run Euro16bln for German bank, Businesses file bankruptcy at faster rate, up 33% this month
- Lehman`s chairman Richard Fuld vents about short sellers as stocks loose value
- Manager profile: Former Man chief Stanley Fink thinks reputation is all, wins business leaders award
- People: Australian group Hatfield Liptak expands with new Head of Distribution, RAB`s George Philips resigned, to focus on fund management, RBC Capital hires ex-Bear MD Jim Wolfe, Alternatives head Jon Bailie departs Russell Investments, UBS Global names Larochelle as new head of Canadian business, Goldman`s Toronto hedge-fund office
- Interview: Professional Risk Managers` Dr Rowe on risk management and its role in corporate defense
- Regulatory: Lawyer: UK`s FSA must back-pedal on shorting rules, Ireland expected to follow suit on shorting disclosure rules, ISE Chief laments rumor has replaced analysis, AIMA to publish sound practices guide for FOHF managers, SEC finds conflicts of interest at rating agencies, findings to be made public this week, Federal Reserve and SEC issue memorandum of understanding to deepen information sharing and cooperation, SEC, Fed and banks (video), Comment: Needed: independent panel to evaluate SEC`s enforcement program, SIFMA, ASF and ESF announce global working group to restore confidence in the securitization markets, FoHF investors face (more) tax issues
- Legal: Update: White Peaks sues AbCap, Homm accused of fraud scheme with penny stocks, Update: UBS Liechtenstein adviser had scandal-tainted clients, Former UBS broker files suit in U.S. over securities investigation, HSBC clerk jailed for 9 years in Britain for $141m fraud
- Opalesque Exclusive: The Comeback of FoHFs: London based FoHFs and investors set the record straight
- New top 20 China stocks index launched in Singapore
- Australian survey shows institutional investors are increasing allocations to alternatives, private equity and Infrastructure
- Emerging Markets: U.S. dollar-pegged currencies pose risk global economy, currencies helping to fuel commodity price inflation, Rising oil threatens to damage emerging markets, inflation going global
- Environmental Investing: Water may become a hot investment - oilman T. Boone Pickens started to buy up water rights, G8 leaders reach deal on climate change
- Commodities: Morgan Stanley tells investors to cut back TIPS holdings as US government calculations of consumer goods cannot be trusted as accurate, Gold charts point to $1,000
- Activist Investing: Harbinger in new take-over territory involving Inmarsat, Algebris criticizes Generali for asset management, Activist hedge funds breaking the news through disclosures and letters, In era of activists, look to changes as boards run scared
- Hohn`s charity reinvests bulk of GBP800m back in his own fund, has so far made disbursements of less than 5% of its value
- Events: High Water Women kick off 4th Annual Backpack Drive to collect back to school items, participation, donation makes a difference to a disadvantaged child, The 2nd Singapore Hedge Funds Club Networking Evening
- News Briefs: City fury as B&B adviser Goldman reaps `success` fee, Citi grows hedge fund outsourcing business, NYSE Euronext Liffe to guarantee credit-default swaps, One of Toronto-Dominion Bank`s traders incorrectly priced CDs, incurring loss of C$96m, UBS gains Saudi licence, set to expand in Middle East, Russia in talks with UBS on sovereign wealth fund management, Australia and Hong Kong agree milestone fund trading alliance
- And Finally.Beating humans? Scientists give Rubiks Cubes to octopuses as they `think with their arms`
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
BBC: The murder of former Russian agent Alexander Litvinenko was carried out with the backing of the Russian state, a senior United Kingdom security official said. Mr. Litvinenko, who was a fierce critic of former Russian President Vladimir Putin, was poisoned in London in 2006.
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Funnies, Facts, Quotes, etc….
troglodyte TROG-luh-dyt, noun:
1. A member of a primitive people that lived in caves, dens, or holes; a cave dweller.
2. One who is regarded as reclusive, reactionary, out of date, or brutish.
2. One who is regarded as reclusive, reactionary, out of date, or brutish.
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Conference, Courses, Books, Papers
Great Research Sites:
Merrill Lynch research Link to full report including important disclosures see example
John Mauldin’s Weekly Analysis
James Altucher’s Website:
Other useful sites:
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Index Corner
The CSFB/Tremont Hedge Fund Index www.hedgeindex.com.
The Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp
The Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent (free registration)
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Regulatory Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
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Disclaimer
The information contained in this document does not constitute an offer or solicitation to sell any security or other type of vehicles to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this document be considered as financial advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Investor DNA, LLC from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Investor DNA, LLC is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice. All materials are the property of the
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