Archive: 07/11/2008
Main News
Economists are deeply divided over whether the Federal Reserve should focus more on fostering growth or keeping inflation in check, according to the latest Wall Street Journal forecasting survey. Of 53 economists surveyed, 22 said the Fed should be more concerned by economic weakness than inflation, while 21 said inflation should be the greater concern. The rest said the risks were equally balanced, or declined to answer.
For more information, see:
http://online.wsj.com/article/SB121570752225642929.html?mod=djemalertNEWS
For more information, see:
http://online.wsj.com/article/SB121570752225642929.html?mod=djemalertNEWS
IMF Looks at Skyrocketing Commodity Prices
By: Michael S. Fischer, Senior Financial Correspondent
Posted: 07/10/2008 3:54:12 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=mfad&story=mfad1340.html
By: Michael S. Fischer, Senior Financial Correspondent
Posted: 07/10/2008 3:54:12 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=mfad&story=mfad1340.html
World Bank report blames biofuels for high food prices
A draft report by Don Mitchell, the top agricultural economist at the World Bank, says biofuels are partly causing the increase in global food prices. The report may undermine efforts to boost alternative fuel, which has the support of the White House. "Increased biofuel production has increased the demand for food crops and been the major cause of the increase in food prices," Mitchell said. Reuters (09 Jul.)
A draft report by Don Mitchell, the top agricultural economist at the World Bank, says biofuels are partly causing the increase in global food prices. The report may undermine efforts to boost alternative fuel, which has the support of the White House. "Increased biofuel production has increased the demand for food crops and been the major cause of the increase in food prices," Mitchell said. Reuters (09 Jul.)
Inflation should be the top concern of policymakers confronted by higher food and fuel prices. This was the main message from Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF) to the leaders of the Group of Eight (G8) July 9 in Hokkaido, Japan.
'Regulation-induced Innovation': The Role of the Central Bank in the Subprime Crisis
When are investors like termites? When they are trying to avoid government rules. And that is one reason a host of new regulations won't prevent a crisis like the subprime housing mess from happening again, according to a speaker at the recent annual financial risk roundtable held by the Wharton Financial Institutions Center and the Oliver Wyman Institute. He and others focused their discussion on the causes of, and possible solutions to, the housing and banking crises.
http://knowledge.wharton.upenn.edu/article/2008.cfm
When are investors like termites? When they are trying to avoid government rules. And that is one reason a host of new regulations won't prevent a crisis like the subprime housing mess from happening again, according to a speaker at the recent annual financial risk roundtable held by the Wharton Financial Institutions Center and the Oliver Wyman Institute. He and others focused their discussion on the causes of, and possible solutions to, the housing and banking crises.
http://knowledge.wharton.upenn.edu/article/2008.cfm
Officials Add Jalapeños To Salmonella Warning
(By Annys Shin, The Washington Post)
(By Annys Shin, The Washington Post)
CANADA - Risk management is the key to dampen the 'rollercoaster' effect pension plan funding levels have experienced in recent times, according to Watson Wyatt.
Man Group rides out hedge funds storm<http://www.hedgefund-index.com/newstoday.asp>
Source: Times Online
Man Group, the world's largest listed hedge fund manager, said demand for its investment products had held up well despite the industry suffering a dismal start to the year. More...<http://www.hedgefund-index.com/newstoday.asp>
Source: Times Online
Man Group, the world's largest listed hedge fund manager, said demand for its investment products had held up well despite the industry suffering a dismal start to the year. More...<http://www.hedgefund-index.com/newstoday.asp>
Touradji Hedge Fund Fell 9.4% in June as Commodities Rallied
Pickens' Plan Touts Green, But His Hedge Fund is Fueled by Black Gold
Indie Research via Yahoo! Finance Wed, 09 Jul 2008 6:30 AM PDT
It should come as no surprise that his plan has the potential to increase his already considerable wealth.
Indie Research via Yahoo! Finance Wed, 09 Jul 2008 6:30 AM PDT
It should come as no surprise that his plan has the potential to increase his already considerable wealth.
Sandelman restructures hedge fund: report<http://www.hedgefund-index.com/newstoday.asp>
Source: MarketWatch
Sandelman Partners has told investors in its largest fund that they cannot withdraw their money in the near future, The Wall Street Journal reported Thursday. The report said 20% of the investors in the $3.2 billion Sandelman Partners Multi-Strategy Fund Ltd. had recently asked to withdraw their money; they were informed last week that 22% of the fund will be placed in a side account controlled by the firm. More...<http://www.hedgefund-index.com/newstoday.asp>
Source: MarketWatch
Sandelman Partners has told investors in its largest fund that they cannot withdraw their money in the near future, The Wall Street Journal reported Thursday. The report said 20% of the investors in the $3.2 billion Sandelman Partners Multi-Strategy Fund Ltd. had recently asked to withdraw their money; they were informed last week that 22% of the fund will be placed in a side account controlled by the firm. More...<http://www.hedgefund-index.com/newstoday.asp>
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Hedge Funds See Red in June
By: Maggie Shea, Financial Correspondent
Posted: 07/10/2008 12:36:13 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=indx&story=indx1292.html
By: Maggie Shea, Financial Correspondent
Posted: 07/10/2008 12:36:13 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=indx&story=indx1292.html
We lowered our ratings on 109 tranches from 36 U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions. We removed 66 of the lowered ratings from CreditWatch with negative implications. At the same time, we affirmed one 'AAA' rating and removed it from CreditWatch with negative implications. We also affirmed one 'AAA' rating that was not previously on CreditWatch.
We lowered our ratings on 77 classes of mortgage pass-through certificates from 22 U.S. subprime residential mortgage-backed securities (RMBS) transactions issued by various issuers. Additionally, we affirmed our ratings on 235 other classes of certificates from these transactions and 16 additional deals. The lowered ratings reflect the collateral performance of the affected transactions as of the June 2008 remittance period.
The Art of Making Money
Don't believe the headlines. Private equity is alive and (sort of) well. Read More
Don't believe the headlines. Private equity is alive and (sort of) well. Read More
Survey finds private-equity firms may be good owners
A recent survey by Ernst & Young found that businesses that were sold by private-equity groups in 2007 experienced increased value and profit compared with their publicly held firms. "The myth of private equity as financial engineers who cut costs to make their money is false," said John O'Neill of Ernst & Young. FinancialWeek (09 Jul.)
A recent survey by Ernst & Young found that businesses that were sold by private-equity groups in 2007 experienced increased value and profit compared with their publicly held firms. "The myth of private equity as financial engineers who cut costs to make their money is false," said John O'Neill of Ernst & Young. FinancialWeek (09 Jul.)
Cohen backs $4.3bn IAM management buyout
Apax founder Sir Ronald Cohen has backed the management buyout of International Asset Management, the $4.3bn (?2.7bn) fund of hedge funds business, which has been divested by Fortis. (The Independent)
http://mail2.efnmail.co.uk/r/379034/MTk4MTI1OjE3OTEx/
Apax founder Sir Ronald Cohen has backed the management buyout of International Asset Management, the $4.3bn (?2.7bn) fund of hedge funds business, which has been divested by Fortis. (The Independent)
http://mail2.efnmail.co.uk/r/379034/MTk4MTI1OjE3OTEx/
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Yield Curve Corner
Paulson, Bernanke call on Congress to act
CNNMoney.com - USA
By David Ellis, CNNMoney.com staff writer NEW YORK (CNNMoney.com) -- Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged ...
See all stories on this topic
CNNMoney.com - USA
By David Ellis, CNNMoney.com staff writer NEW YORK (CNNMoney.com) -- Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged ...
See all stories on this topic
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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/FSHShawaii192_N5.jpg
Discovery may lead to quake early-warning system
July 10, 2008 03:07 AM ET
WASHINGTON (Reuters) - Scientists working at California's San
Andreas Fault have detected subtle geological changes occurring
hours before an earthquake that could enable them to develop
an early-warning system aimed at saving lives.
http://links.reuters.com/r/U2DRO/8Q2U3/I24QO/Y0WUC/3P4LG/YT/t
July 10, 2008 03:07 AM ET
WASHINGTON (Reuters) - Scientists working at California's San
Andreas Fault have detected subtle geological changes occurring
hours before an earthquake that could enable them to develop
an early-warning system aimed at saving lives.
http://links.reuters.com/r/U2DRO/8Q2U3/I24QO/Y0WUC/3P4LG/YT/t
Bertha Becomes Category 3 Hurricane
Enews 2.0 - London,England,UK
By Diane Anderson According to an infrared satellite image from the National Oceanic and Atmospheric Administration's National Hurricane Center shows ...
Enews 2.0 - London,England,UK
By Diane Anderson According to an infrared satellite image from the National Oceanic and Atmospheric Administration's National Hurricane Center shows ...
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Iranian Situation and Other Man Made Disasters
Iran fires more missiles in war games
AFP via Yahoo! News Thu, 10 Jul 2008 11:47 AM PDT
Iran test-fired more weaponry on Thursday as it continued war games, ignoring global concern over its launch of a broadside of missiles amid efforts to end the crisis over its nuclear programme.
AFP via Yahoo! News Thu, 10 Jul 2008 11:47 AM PDT
Iran test-fired more weaponry on Thursday as it continued war games, ignoring global concern over its launch of a broadside of missiles amid efforts to end the crisis over its nuclear programme.
Rice says US won't back down; Iran fires back
AP via Yahoo! News Thu, 10 Jul 2008 10:55 AM PDT
Secretary of State Condoleezza Rice warned Iran on Thursday that the United States will not back down in the face of threats against Israel.
AP via Yahoo! News Thu, 10 Jul 2008 10:55 AM PDT
Secretary of State Condoleezza Rice warned Iran on Thursday that the United States will not back down in the face of threats against Israel.
Iran doctored missile test-firing photo: defence analyst
AFP via Yahoo! News Thu, 10 Jul 2008 9:57 AM PDT
A defence analyst said on Thursday that Iran had apparently doctored photographs of missile test-firings and exaggerated the capabilities of the weapons.
AFP via Yahoo! News Thu, 10 Jul 2008 9:57 AM PDT
A defence analyst said on Thursday that Iran had apparently doctored photographs of missile test-firings and exaggerated the capabilities of the weapons.
Amanpour: Iran, U.S. both sending mixed signals
CNN.com Thu, 10 Jul 2008 9:13 AM PDT
Iran test-fired medium- and long-range missiles Thursday, a day after the Islamic republic launched the long-range Shahab-3 and other weapons during exercises in the Persian Gulf region, state-run media said.
CNN.com Thu, 10 Jul 2008 9:13 AM PDT
Iran test-fired medium- and long-range missiles Thursday, a day after the Islamic republic launched the long-range Shahab-3 and other weapons during exercises in the Persian Gulf region, state-run media said.
Geopolitical Diary: Middle East Peace and the Persian Rug
July 10, 2008 0156 GMT
Iran on Wednesday tested a ballistic missile capable of reaching Israel.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_middle_east_peace_and_persian_rug
July 10, 2008 0156 GMT
Iran on Wednesday tested a ballistic missile capable of reaching Israel.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_middle_east_peace_and_persian_rug
Israel: Won't Hesitate To Act Against Iran -- Barak
July 10, 2008 1558 GMT
Israeli Defense Minister Ehud Barak on July 10 said Israel will not hesitate to move against Iran...
http://www.stratfor.com/sitrep/israel_wont_hesitate_act_against_iran_barak
July 10, 2008 1558 GMT
Israeli Defense Minister Ehud Barak on July 10 said Israel will not hesitate to move against Iran...
http://www.stratfor.com/sitrep/israel_wont_hesitate_act_against_iran_barak
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Opalesque’s Corner
- Fund closures: Opalesque Exclusive: Liquidation of United Capital`s Horizon funds - actions of lenders (Deutsche, Pershing) `ended any recovery that might have been available to the funds`, says Devaney, Devaney has personally lost over $150m, plans to rebuild business and reputation, Comment: Are hedge funds really `roach motels`?
- Fund Launches: Opalesque Exclusive: Tech and alternative energy investing, Connective Capital Management launching additional funds focused on the future, Gibraltar firm Quay Financials offers special situations, managed futures funds
- Restructuring: Sandelman restructures $3.2bln hedge fund as investors rush for the exits, Russell revamps alternative investments group following head's departure, Hermes merges Focus funds into a single partnership structure
- Performance: Clarium hedge fund posts gains of 57.9% YTD, Ellington Capital Management`s funds are back in the red in 2008, Touradji hedge fund fell 9.4% in June as commodities rallied, Baring`s China Absolute Return fund loses 8.4% in June, 18.83% YTD, Conquest Capital enjoys profitable first half, Macro program up 26.6%, Managed Futures Select up 16.3% YTD, F&C Asset Management shares drop 20% on share placing talk, South Africa`s Peregrine sees share falling 3.9%, rated `new buy` by Citigroup,
- Comment: Hedge funds post worst first half since records, fear of more collapses to come, Hedge funds have not done so badly
- Assets: Man Group assets jump to $79.5bln on sales, gains, Update: International Asset Management' Spenner sees asset growth picking up in 2009 as firm taps new markets, McKinsey: Oil exporters, Asian govts, HFs, PE, which controlled $11.5tln at end-2007, are new power brokers
- Views: Steinhardt: US stocks to decline further despite buy signals, Jim Cramer: Stocks are doomed, sell now, Credit Suisse: Stay defensive in H2 2008 and focus on inflation themes, cautious outlook for Asian equities
- Institutions: NYC police and fire pension funds seek FoHFs, North Carolina college shifts from to FoHFs to direct hedge fund investments, Japan`s pension fund boosts hedge fund investments, aims to increase to 4% of assets
- People: OpHedge hires former Bear Sterns` managing director Jack Li as director of P&L/valuations, GLG replaces Coffey with Morgan Stanley pair, Robeco`s merger arbitrage team merges with NYC`s AM Investment Partners, C.P. Eaton Partners hires four additional senior professionals as part of expansion, Harvard Business School dean likely to join Citigroup board, CFTC announces appointment of Stephen J. Obie as acting director of the division of enforcement
- Tax Update: U.S.: Funds of hedge funds` tax loophole closes, investors must treat management fees as investment expenses, Comment: Hedge fund fees, the best is yet to come
- Legal: Ex-Morgan Stanley employee Peteka pleads guilty in client list theft case, Judge bars suit alleging negligence by Beacon Hill Master hedge fund accountants
- Credit Crunch Update: Lehman has enough capital to rebuild, former chief Peter Cohen says, Fitch puts Merrill on verge of downgrade amid debt worries, Comment: Hedge funds fled Bear Stearns before the rumors hit, Reassessing MBIA's risk: credit investors may be looking in the wrong direction, Administration ramps up contingency planning as mortgage giants Fannie, Freddie struggle
- Regulatory: Fed not fretting over hedge funds, but derivatives markets pose problems, London lawyer doubts legality of FSA`s new shorting rules, says FSA doesn`t have power to make rules, CME Group CEO to discuss credit derivatives at Senate hearing today, Higher margins considered to curb commodity speculation
- Commodities: SAC Capital Management said to end electricity trading operations as team leaves company, EDF battles hedge funds, power traders to keep nuclear secrets, HSBC nudges retail investors out of commodities
- Exchanges: Singapore to get new commodity exchange, Liffe anounces derivatives volume record
- Middle East: New investment trends in the GCC to determine deployment of an estimated $10tln of wealth over coming decade
- Australasia: Managed futures win favour with Australian investors: SuperAlphaFund returns 31.18% YTD, Superfund Gold returns 42.32% YTD as Australian All Ordinaries index falls 20%
- LatAm: Bramdean Alternatives` Horlick eyes Brazilian farmland, follows moves by Schroders, Eclectica and Dexion, Buy Petrobras preferred and short common becoming top Brazil HF trade, Brazil addresses investors' concerns with new regulation, market matures quickly
- Tech Update: Linedata forms strategic partnership with Altaira, integrating advanced risk analytics into its product suite
- Activist News: Steel Partners says recommends sale of Sapporo, Obrem withdraws attempt to replace board of Micrel, HFs wage fewer activist shareholder battles
- News Briefs: Update: Apax founder Cohen backs $4.3bln IAM management buyout, DTCC and SWIFT to collaborate on global message standards for the alternative investments market, Hedge Fund Hotel turns two and announces Canada`s first Annual Hedge Fund Awards, AEGON Canada selects RBC Dexia for investment accounting for C$8.5bln portfolio, Bank of England likely to hold interest rates for now, Abu Dhabi SWF buys majority stake in NY Chrysler Building from Prudential, Shanghai stocks climb on intervention rumors
- ...And finally: Woman calls emergency services to rescue her from friend who came over for a chat and and talked for 30 hours straight
- Logon: http://www.opalesque.com/index.php?act=archive
- Fund Launches: Opalesque Exclusive: Tech and alternative energy investing, Connective Capital Management launching additional funds focused on the future, Gibraltar firm Quay Financials offers special situations, managed futures funds
- Restructuring: Sandelman restructures $3.2bln hedge fund as investors rush for the exits, Russell revamps alternative investments group following head's departure, Hermes merges Focus funds into a single partnership structure
- Performance: Clarium hedge fund posts gains of 57.9% YTD, Ellington Capital Management`s funds are back in the red in 2008, Touradji hedge fund fell 9.4% in June as commodities rallied, Baring`s China Absolute Return fund loses 8.4% in June, 18.83% YTD, Conquest Capital enjoys profitable first half, Macro program up 26.6%, Managed Futures Select up 16.3% YTD, F&C Asset Management shares drop 20% on share placing talk, South Africa`s Peregrine sees share falling 3.9%, rated `new buy` by Citigroup,
- Comment: Hedge funds post worst first half since records, fear of more collapses to come, Hedge funds have not done so badly
- Assets: Man Group assets jump to $79.5bln on sales, gains, Update: International Asset Management' Spenner sees asset growth picking up in 2009 as firm taps new markets, McKinsey: Oil exporters, Asian govts, HFs, PE, which controlled $11.5tln at end-2007, are new power brokers
- Views: Steinhardt: US stocks to decline further despite buy signals, Jim Cramer: Stocks are doomed, sell now, Credit Suisse: Stay defensive in H2 2008 and focus on inflation themes, cautious outlook for Asian equities
- Institutions: NYC police and fire pension funds seek FoHFs, North Carolina college shifts from to FoHFs to direct hedge fund investments, Japan`s pension fund boosts hedge fund investments, aims to increase to 4% of assets
- People: OpHedge hires former Bear Sterns` managing director Jack Li as director of P&L/valuations, GLG replaces Coffey with Morgan Stanley pair, Robeco`s merger arbitrage team merges with NYC`s AM Investment Partners, C.P. Eaton Partners hires four additional senior professionals as part of expansion, Harvard Business School dean likely to join Citigroup board, CFTC announces appointment of Stephen J. Obie as acting director of the division of enforcement
- Tax Update: U.S.: Funds of hedge funds` tax loophole closes, investors must treat management fees as investment expenses, Comment: Hedge fund fees, the best is yet to come
- Legal: Ex-Morgan Stanley employee Peteka pleads guilty in client list theft case, Judge bars suit alleging negligence by Beacon Hill Master hedge fund accountants
- Credit Crunch Update: Lehman has enough capital to rebuild, former chief Peter Cohen says, Fitch puts Merrill on verge of downgrade amid debt worries, Comment: Hedge funds fled Bear Stearns before the rumors hit, Reassessing MBIA's risk: credit investors may be looking in the wrong direction, Administration ramps up contingency planning as mortgage giants Fannie, Freddie struggle
- Regulatory: Fed not fretting over hedge funds, but derivatives markets pose problems, London lawyer doubts legality of FSA`s new shorting rules, says FSA doesn`t have power to make rules, CME Group CEO to discuss credit derivatives at Senate hearing today, Higher margins considered to curb commodity speculation
- Commodities: SAC Capital Management said to end electricity trading operations as team leaves company, EDF battles hedge funds, power traders to keep nuclear secrets, HSBC nudges retail investors out of commodities
- Exchanges: Singapore to get new commodity exchange, Liffe anounces derivatives volume record
- Middle East: New investment trends in the GCC to determine deployment of an estimated $10tln of wealth over coming decade
- Australasia: Managed futures win favour with Australian investors: SuperAlphaFund returns 31.18% YTD, Superfund Gold returns 42.32% YTD as Australian All Ordinaries index falls 20%
- LatAm: Bramdean Alternatives` Horlick eyes Brazilian farmland, follows moves by Schroders, Eclectica and Dexion, Buy Petrobras preferred and short common becoming top Brazil HF trade, Brazil addresses investors' concerns with new regulation, market matures quickly
- Tech Update: Linedata forms strategic partnership with Altaira, integrating advanced risk analytics into its product suite
- Activist News: Steel Partners says recommends sale of Sapporo, Obrem withdraws attempt to replace board of Micrel, HFs wage fewer activist shareholder battles
- News Briefs: Update: Apax founder Cohen backs $4.3bln IAM management buyout, DTCC and SWIFT to collaborate on global message standards for the alternative investments market, Hedge Fund Hotel turns two and announces Canada`s first Annual Hedge Fund Awards, AEGON Canada selects RBC Dexia for investment accounting for C$8.5bln portfolio, Bank of England likely to hold interest rates for now, Abu Dhabi SWF buys majority stake in NY Chrysler Building from Prudential, Shanghai stocks climb on intervention rumors
- ...And finally: Woman calls emergency services to rescue her from friend who came over for a chat and and talked for 30 hours straight
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
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Funnies, Facts, Quotes, etc….
contemn kuhn-TEM, transitive verb:
To regard or treat with disdain or contempt; to scorn; to despise
emolument ih-MOL-yuh-muhnt, noun:
The wages or perquisites arising from office, employment, or labor; gain; compensation.
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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
respective publishers, as referenced by header and appropriate hypertext links.
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