Archive: 09/15/2008
Main News
Reuters - 32 minutes ago
By Dan Wilchins and Glenn Somerville NEW YORK/WASHINGTON (Reuters) - The ruptured US financial system was facing an unprecedented shakeup on Sunday that could lead to the failure of Lehman Brothers, the takeover of Merrill Lynch & Co Inc and big asset ...
New York Times - Related articles »
Bank of America, Merrill Lynch in merger talks
Bank of America and Merrill Lynch are in merger discussions, according to people familiar with the matter.
http://mail.efnmail.co.uk/r/396848/MTk4MTI1OjE4NjQz/
Bank of America and Merrill Lynch are in merger discussions, according to people familiar with the matter.
http://mail.efnmail.co.uk/r/396848/MTk4MTI1OjE4NjQz/
Wall Street asks: 'what next after Lehman?'
The 77% collapse in Lehman Brothers' share price last week that forced the US investment bank into rescue talks with potential buyers has left bankers, traders and analysts looking for signs of stress and weakness elsewhere in the sector.
http://mail.efnmail.co.uk/r/396916/MTk4MTI1OjE4NjQ0/
The 77% collapse in Lehman Brothers' share price last week that forced the US investment bank into rescue talks with potential buyers has left bankers, traders and analysts looking for signs of stress and weakness elsewhere in the sector.
http://mail.efnmail.co.uk/r/396916/MTk4MTI1OjE4NjQ0/
Fannie and Freddie CDS to settle at October auction
After US Treasury Secretary Henry Paulson announced that the troubled GSEs would enter government conservatorship, Isda is preparing to settle hundreds of billions of dollars in CDS.
After US Treasury Secretary Henry Paulson announced that the troubled GSEs would enter government conservatorship, Isda is preparing to settle hundreds of billions of dollars in CDS.
By Alton Cogert
September 9, 2008 5 PM
How Washington Failed to Rein In Fannie, Freddie
As Profits Grew, Firms Used Their Power to Mask Peril
(By Binyamin Appelbaum, Carol D. Leonnig and David S. Hilzenrath, The Washington Post)
As Profits Grew, Firms Used Their Power to Mask Peril
(By Binyamin Appelbaum, Carol D. Leonnig and David S. Hilzenrath, The Washington Post)
Fed to keep key US interest rate steady at 2%
The Herald - Glasgow,Scotland,UK
In the terse statement that accompanies interest rate decisions, Fed chairman Ben Bernanke and his colleagues on the Federal Open Market Committee are ...
The Herald - Glasgow,Scotland,UK
In the terse statement that accompanies interest rate decisions, Fed chairman Ben Bernanke and his colleagues on the Federal Open Market Committee are ...
Former Bank of Canada chief: No one foresaw extent of crisis
In his first interview since retiring as governor of the Bank of Canada, David Dodge said although many saw trouble ahead with the credit crisis, "all of us didn't recognize the extent to which it would come back to hurt financial institutions." Dodge said the most precarious factors were an expanding U.S. housing bubble and an increase in mortgage-linked securities that permitted banks to move risky mortgage loans off their balance sheets and into less-transparent securities. The Globe and Mail (Toronto) (12 Sep.)
In his first interview since retiring as governor of the Bank of Canada, David Dodge said although many saw trouble ahead with the credit crisis, "all of us didn't recognize the extent to which it would come back to hurt financial institutions." Dodge said the most precarious factors were an expanding U.S. housing bubble and an increase in mortgage-linked securities that permitted banks to move risky mortgage loans off their balance sheets and into less-transparent securities. The Globe and Mail (Toronto) (12 Sep.)
Hedge Funds Grow More Wary in Short Financials Bet
By: Reuters
Posted: 09/12/2008 12:01:17 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3587.html
By: Reuters
Posted: 09/12/2008 12:01:17 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3587.html
Sep 12, 2008 ... SAN FRANCISCO (MarketWatch) -- Harvard University's endowment, the largest in the nation, returned 8.6% for fiscal 2008, The Wall Street ...
Fink returns to the hedge stage
Financial Times Sun, 14 Sep 2008 2:50 PM PDT
Stanley Fink, former chief executive of Man Group, the hedge fund manager, has staged a surprise return from retirement. He has taken the reins at International Standard Asset Management, a London-based hedge fund manager, as chief executive.
Financial Times Sun, 14 Sep 2008 2:50 PM PDT
Stanley Fink, former chief executive of Man Group, the hedge fund manager, has staged a surprise return from retirement. He has taken the reins at International Standard Asset Management, a London-based hedge fund manager, as chief executive.
Longevity: Shifting Trends, Shifting Markets<http://now.eloqua.com/e/er.aspx?s=795&lid=7362&elq=D934B2F5ACBA4CAAAA56EF8E29F4D01B>
A once-discreet hedge fund has posted its own version of a lonely hearts message on the internet, saying it would like ...
eFinancial News Fri, 12 Sep 2008 6:47 AM PDT
A once-discreet hedge fund has posted its own version of a lonely hearts message on the internet, saying it would like to meet people to buy parts of the business and provide it with extra working capital.
eFinancial News Fri, 12 Sep 2008 6:47 AM PDT
A once-discreet hedge fund has posted its own version of a lonely hearts message on the internet, saying it would like to meet people to buy parts of the business and provide it with extra working capital.
hedge fund star who crashed to earth
Times Online - UK
Investors were losing faith in the former army captain for the first time in his stellar hedge-fund career, with many demanding their money back.
Times Online - UK
Investors were losing faith in the former army captain for the first time in his stellar hedge-fund career, with many demanding their money back.
It's another sucker punch Sunday:
http://jasonkelly.com/
http://jasonkelly.com/
Return of 8% for Harvard Endowment
New York Times - United States
The disappointments were absolute return funds, or hedge funds, which rose 0.1 percent (the benchmark was a 1.8 percent increase) and the high yield sector,
New York Times - United States
The disappointments were absolute return funds, or hedge funds, which rose 0.1 percent (the benchmark was a 1.8 percent increase) and the high yield sector,
International Financial Reporting Standards for Hedge Funds
Hedgeworld (subscription) - New York,NY,USA
Hedgeworld (subscription) - New York,NY,USA
Hedge Fund Glory Days Fading Fast
New York Times Fri, 12 Sep 2008 4:31 AM PDT
Making millions — or even a few billion — by managing a hedge fund has been a running dream on Wall Street in recent years. But, The New York Times’s Louise Story writes, suddenly even the masters of this $2 trillion universe are falling on hard times, at least by their own gilded standards.
New York Times Fri, 12 Sep 2008 4:31 AM PDT
Making millions — or even a few billion — by managing a hedge fund has been a running dream on Wall Street in recent years. But, The New York Times’s Louise Story writes, suddenly even the masters of this $2 trillion universe are falling on hard times, at least by their own gilded standards.
Tribune Web Traffic So Awful That One Visitor Killed United Stock
How terrible is the Tribune-owned South Florida Sun-Sentinel's Web traffic? Terrible enough that one Web visitor in the middle of the night catapulted a six-year-old story about United Airlines's 2002 bankruptcy onto the site's "most popular" list... which ultimately shaved off 75% of United's market cap. Tribune said a single visit during a low-traffic period early Sunday morning pushed the undated story onto the list of most popular business news of its South Florida Sun-Sentinel newspaper's Web site.
- SEC Investigating United Airlines False-Bankruptcy Stock Crash
How terrible is the Tribune-owned South Florida Sun-Sentinel's Web traffic? Terrible enough that one Web visitor in the middle of the night catapulted a six-year-old story about United Airlines's 2002 bankruptcy onto the site's "most popular" list... which ultimately shaved off 75% of United's market cap. Tribune said a single visit during a low-traffic period early Sunday morning pushed the undated story onto the list of most popular business news of its South Florida Sun-Sentinel newspaper's Web site.
- SEC Investigating United Airlines False-Bankruptcy Stock Crash
Fortis closes three hedge funds
Sep 11 2008 17:52
Following the Belgian bank's takeover of ABN Amro, it has shut half of a stable of six funds due to personnel changes, but plans to open new funds as opportunities arise Read more »
Sep 11 2008 17:52
Following the Belgian bank's takeover of ABN Amro, it has shut half of a stable of six funds due to personnel changes, but plans to open new funds as opportunities arise Read more »
Eco trader plunges on slowdown
Sep 12 2008 03:20
Shares in EcoSecurities, which is experiencing serious delays and a slowdown in the number of new projects generating carbon credits, dropped 14% on Thursday Read more »
Sep 12 2008 03:20
Shares in EcoSecurities, which is experiencing serious delays and a slowdown in the number of new projects generating carbon credits, dropped 14% on Thursday Read more »
China: Making Due With U.S. Assets. September 12, 2008 | 2036 GMT. U.S.—Freddie Mac, Detour Sign. PAUL J. RICHARDS/AFP/Getty Images ...
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Yield Curve Corner
Rescue or folly? Analysts debate Fannie-Freddie takeover
AFP -
"Comrades Bush, Paulson and (Fed chairman Ben) Bernanke have now turned the USA into the USSRA -- the United Socialist State Republic of America," Roubini ...
AFP -
"Comrades Bush, Paulson and (Fed chairman Ben) Bernanke have now turned the USA into the USSRA -- the United Socialist State Republic of America," Roubini ...
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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/TRCike256_G12.jpg
Texas mounts massive search for those who defied 'Ike' warning
Kansas City Star - MO,USA
Angie Wright, 49, spent Friday night at a hurricane shelter with her pit bull-boxer mix and tried to return to her Galveston neighborhood Saturday. ...
Kansas City Star - MO,USA
Angie Wright, 49, spent Friday night at a hurricane shelter with her pit bull-boxer mix and tried to return to her Galveston neighborhood Saturday. ...
United States: Hurricane Ike Targets an Energy Industry Achilles' Heel. September 12, 2008 | 2351 GMT. A man watches waves from Hurricane Ike slap the sea ...
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Iranian Situation and Other Man Made Disasters
Iran ex-president slams Ahmadinejad foreign policy
AFP via Yahoo! News Sun, 14 Sep 2008 4:37 AM PDT
Iran's former president Mohammad Khatami criticised the government's confrontational foreign policy, saying it plays into the hands of the enemy, in comments reported on Sunday.
AFP via Yahoo! News Sun, 14 Sep 2008 4:37 AM PDT
Iran's former president Mohammad Khatami criticised the government's confrontational foreign policy, saying it plays into the hands of the enemy, in comments reported on Sunday.
Iraq ready for new talks with U.S. and Iran: minister
Reuters via Yahoo! News Sun, 14 Sep 2008 2:22 AM PDT
Iraq is prepared to restart talks with the United States and Iran, and is checking with both sides to see if a fresh round can be scheduled, Iraqi Foreign Minister Hoshiyar Zebari said on Sunday.
Reuters via Yahoo! News Sun, 14 Sep 2008 2:22 AM PDT
Iraq is prepared to restart talks with the United States and Iran, and is checking with both sides to see if a fresh round can be scheduled, Iraqi Foreign Minister Hoshiyar Zebari said on Sunday.
War film shows a different side of Iran
Los Angeles Times Sun, 14 Sep 2008 0:22 AM PDT
In the hit 'Ekhrajiha,' the soldiers who fought in the Iran-Iraq war were bawdy, undisciplined young men, not pious Muslim recruits. But they were no less fierce against their enemies. The plot may seem familiar: A group of wayward and foulmouthed young men volunteer to go to the front because of their devotion to their bomber-jacket-wearing ringleader. They are wisecracking, rude and ...
Los Angeles Times Sun, 14 Sep 2008 0:22 AM PDT
In the hit 'Ekhrajiha,' the soldiers who fought in the Iran-Iraq war were bawdy, undisciplined young men, not pious Muslim recruits. But they were no less fierce against their enemies. The plot may seem familiar: A group of wayward and foulmouthed young men volunteer to go to the front because of their devotion to their bomber-jacket-wearing ringleader. They are wisecracking, rude and ...
Iran calls US sanctions on shipping line illegal
AP via Yahoo! News Fri, 12 Sep 2008 3:34 PM PDT
Iran on Friday condemned U.S. sanctions on the country's largest shipping line as "illegal and unjustifiable," insisting the company never engaged in any illicit activities such as the transfer of equipment for Tehran's missile and nuclear programs.
AP via Yahoo! News Fri, 12 Sep 2008 3:34 PM PDT
Iran on Friday condemned U.S. sanctions on the country's largest shipping line as "illegal and unjustifiable," insisting the company never engaged in any illicit activities such as the transfer of equipment for Tehran's missile and nuclear programs.
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Palin talks tough on Iran, Russia in ABC interview
Los Angeles Times Thu, 11 Sep 2008 11:28 PM PDT
Her interview with anchor Charles Gibson isn't without stumbles as she discusses foreign policy. Sarah Palin took a hard line on Russia and Iran on Thursday as she fielded questions on foreign affairs for the first time since Republican presidential candidate John McCain named her his running mate two weeks ago.
Los Angeles Times Thu, 11 Sep 2008 11:28 PM PDT
Her interview with anchor Charles Gibson isn't without stumbles as she discusses foreign policy. Sarah Palin took a hard line on Russia and Iran on Thursday as she fielded questions on foreign affairs for the first time since Republican presidential candidate John McCain named her his running mate two weeks ago.
Geopolitical Diary: Pakistan and the U.S. -- The Crisis Begins
September 12, 2008 0200 GMT
Tensions between the United States and Pakistan continue to mount.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_pakistan_and_u_s_crisis_begins
September 12, 2008 0200 GMT
Tensions between the United States and Pakistan continue to mount.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_pakistan_and_u_s_crisis_begins
Sep 11, 2008 ... NEW YORK, NY, Sep 11, 2008 (MARKET WIRE via COMTEX) -- The President of Iran will have to get past the "Ahmadinejad Wall of Shame" -- a ...
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Opalesque’s Corner
- Fund launches - ED Capital Management postpones launch of second fund, Atyant Capital to launch India-focused algorithm fund, Absolute Return Partners launched ABL fund, Cedarcroft launches FX hedge fund, Schonfeld alum launches market-timing hedge fund
- Closures - Fortis closed three hedge funds by June following ABN Amro takeover, Thales Fund Management shut down multi strategy fund in March to re-focus on statistical arbitrage
- Assets - Monarch Alternative Investments has raised $1bln this year, bringing total AUM to over $3bln
- Indices - Dow Jones Hedge Fund Indices: All strategies except for merger arbitrage posted losses for August, RBC Hedge 250 Index down -1.05% in August, -5.22% YTD
- Opalesque Exclusive: Celent report reflects hedge fund industry assets still poised for explosive growth from pensions and institutions, Hedge fund administrators helping managers reach the same goals via different philosophies - Part Two
- Investment performance reporting: From obligation to differentiator
- Comment - HF redemption terms look increasingly like a wrestling match, Hedge fund glory days fading fast
- Strategies - FoHF manager Tremont favours macro and trading strategies
- Trends - Global equity trading falls 37% in August compared to 2007
- M&A - Update: LGT Capital completes acquisition of Hong Kong based KGR Capital, Distribution boutiques KP Securities and Sophia Capital Securities join forces
- Legal - Deutsche unit to pay record fine of $575,000 for short selling violations
- Institutions - Philips` Eur13bln pension fund doubles alternatives commitment to 30% of portfolio, San Bernardino beefs up credit hedge fund portfolio, California Uni to increase hedge funds, Fort Worth pension moves from FoHFs to direct investing, Texas ERS takes first step into FoHFs, Update: York Capital wins mandate, London Camden to begin search in alternatives in 2009, London Bexley ups FoHF allocation to 5%, MFA shares GAO`s goals of ensuring safety and soundness in pension plans, Analyst cuts rating on reinsurer Max Capital Group to `Neutral` due to 20% allocation to hedge funds
- Hedge Funds in Credit Crunch - Jim Cramer: `market at the mercy of hedge funds gone wild`, Soros US hedge fund posts loss on Lehman bet, Mortgage lender `Lend America` launches institutional mortgage solution to help hedge funds exit mortgage portfolios
- Credit Crunch Update - Lehman fights to stay afloat, Donald Putnam: Neuberger sale symbolic but vital, WaMu sees $4.5bn loan loss provision, Biggs bullish on a bottom (video), Goldman may take $2bln mark-to-market loss, says Deutsche Bank analyst, Markets, Lehman and WaMu (video), Merrill catches `Lehman bug`, UBS sees IPO comeback once credit crisis eases
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Speculators` role uncertain in oil prices - CFTC, Index traders cut oil positions this year, CFTC says, Mining co. Ausdrill suffers volatility `due to hedge funds`
- Environmental Investing - Investors seek changes in oil company reserves reporting, pressure SEC
- People - Opalesque Exclusive: Joost Lobler resigns as MD of Equity Fund Services, BlueCrest hires four asset managers for new division, Ex-Optima CIO Robert Picard plans heading/acquiring a hedge fund firm in near future, MF Global names Bernard W. Dan president and global COO, Kim Sang-Won takes over RCM`s Korea fund
- Europe - Sabre signs up for Hedge Fund Standards Board accreditation, Update: EU parliament launches attack on hedge funds, Medvedev demands action to lure funds into Russian market
- Middle East - Clifford Chance advises on the Sharia compliant first ever securitisation of Middle East real estate installment sales receivables, Malaysia becomes base for new ING Islamic funds unit
- Asia - Islamic funds seen as alternative source of funding in Asia, Interview with Tai Tam Capital: `We are now approaching a true bear market`, Chinese hedge funds outperformed benchmark indices in August
- Australasia - UK hedge fund Ashton Advisors offers products to Australia
- Emerging Markets - Greenwich Associates: Institutional investments in emerging market equities grow amid volatility, Hermes plans significant emerging markets ramp-up
- Activist News - Deutsche Borse feels the heat from 2 hedge funds, seeks potential saboteurs, Pershing Spurns CVS-Longs deal
- News Briefs - Postbank sale to Deutsche Bank imminent, CFA Institute and EDHEC Business School make investment management seminar bi-annual
- ...And Finally - About time: Lost cat returned home after nine years
- Logon: http://www.opalesque.com/index.php?act=archive
- Closures - Fortis closed three hedge funds by June following ABN Amro takeover, Thales Fund Management shut down multi strategy fund in March to re-focus on statistical arbitrage
- Assets - Monarch Alternative Investments has raised $1bln this year, bringing total AUM to over $3bln
- Indices - Dow Jones Hedge Fund Indices: All strategies except for merger arbitrage posted losses for August, RBC Hedge 250 Index down -1.05% in August, -5.22% YTD
- Opalesque Exclusive: Celent report reflects hedge fund industry assets still poised for explosive growth from pensions and institutions, Hedge fund administrators helping managers reach the same goals via different philosophies - Part Two
- Investment performance reporting: From obligation to differentiator
- Comment - HF redemption terms look increasingly like a wrestling match, Hedge fund glory days fading fast
- Strategies - FoHF manager Tremont favours macro and trading strategies
- Trends - Global equity trading falls 37% in August compared to 2007
- M&A - Update: LGT Capital completes acquisition of Hong Kong based KGR Capital, Distribution boutiques KP Securities and Sophia Capital Securities join forces
- Legal - Deutsche unit to pay record fine of $575,000 for short selling violations
- Institutions - Philips` Eur13bln pension fund doubles alternatives commitment to 30% of portfolio, San Bernardino beefs up credit hedge fund portfolio, California Uni to increase hedge funds, Fort Worth pension moves from FoHFs to direct investing, Texas ERS takes first step into FoHFs, Update: York Capital wins mandate, London Camden to begin search in alternatives in 2009, London Bexley ups FoHF allocation to 5%, MFA shares GAO`s goals of ensuring safety and soundness in pension plans, Analyst cuts rating on reinsurer Max Capital Group to `Neutral` due to 20% allocation to hedge funds
- Hedge Funds in Credit Crunch - Jim Cramer: `market at the mercy of hedge funds gone wild`, Soros US hedge fund posts loss on Lehman bet, Mortgage lender `Lend America` launches institutional mortgage solution to help hedge funds exit mortgage portfolios
- Credit Crunch Update - Lehman fights to stay afloat, Donald Putnam: Neuberger sale symbolic but vital, WaMu sees $4.5bn loan loss provision, Biggs bullish on a bottom (video), Goldman may take $2bln mark-to-market loss, says Deutsche Bank analyst, Markets, Lehman and WaMu (video), Merrill catches `Lehman bug`, UBS sees IPO comeback once credit crisis eases
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Speculators` role uncertain in oil prices - CFTC, Index traders cut oil positions this year, CFTC says, Mining co. Ausdrill suffers volatility `due to hedge funds`
- Environmental Investing - Investors seek changes in oil company reserves reporting, pressure SEC
- People - Opalesque Exclusive: Joost Lobler resigns as MD of Equity Fund Services, BlueCrest hires four asset managers for new division, Ex-Optima CIO Robert Picard plans heading/acquiring a hedge fund firm in near future, MF Global names Bernard W. Dan president and global COO, Kim Sang-Won takes over RCM`s Korea fund
- Europe - Sabre signs up for Hedge Fund Standards Board accreditation, Update: EU parliament launches attack on hedge funds, Medvedev demands action to lure funds into Russian market
- Middle East - Clifford Chance advises on the Sharia compliant first ever securitisation of Middle East real estate installment sales receivables, Malaysia becomes base for new ING Islamic funds unit
- Asia - Islamic funds seen as alternative source of funding in Asia, Interview with Tai Tam Capital: `We are now approaching a true bear market`, Chinese hedge funds outperformed benchmark indices in August
- Australasia - UK hedge fund Ashton Advisors offers products to Australia
- Emerging Markets - Greenwich Associates: Institutional investments in emerging market equities grow amid volatility, Hermes plans significant emerging markets ramp-up
- Activist News - Deutsche Borse feels the heat from 2 hedge funds, seeks potential saboteurs, Pershing Spurns CVS-Longs deal
- News Briefs - Postbank sale to Deutsche Bank imminent, CFA Institute and EDHEC Business School make investment management seminar bi-annual
- ...And Finally - About time: Lost cat returned home after nine years
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
That was the week that was
In case you missed it, the world did not end at 8.32am last Wednesday (London time). That was when the first beam of proton particles started their initial circuit of a 27km underground ring which houses the Large Hadron Collider at the nuclear research organisation Cern, in what has been described as the most important scientific experiment ever.
http://mail.efnmail.co.uk/r/396926/MTk4MTI1OjE4NjQ0/
In case you missed it, the world did not end at 8.32am last Wednesday (London time). That was when the first beam of proton particles started their initial circuit of a 27km underground ring which houses the Large Hadron Collider at the nuclear research organisation Cern, in what has been described as the most important scientific experiment ever.
http://mail.efnmail.co.uk/r/396926/MTk4MTI1OjE4NjQ0/
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Funnies, Facts, Quotes, etc….
kitsch KICH, noun:
1. Art characterized by pretentious bad taste.
2. Relating to, or characterized by, kitsch.
2. Relating to, or characterized by, kitsch.
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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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