News
7 Mar 2023 - Glenmore Asset Management - Market Commentary
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Market Commentary - January Glenmore Asset Management February 2023 Equity markets were stronger in January, as investor sentiment shifted toward a potential soft landing (ie. inflation moving back to acceptable target levels without a severe economic downturn). In the US, the S&P 500 rose +6.2%, the Nasdaq was up +10.7%, whilst in the UK, the FTSE 100 increased +4.3%. On the ASX, the All Ordinaries Accumulation Index rose +6.4%, with consumer discretionary and technology sectors outperforming, whilst utilities underperformed, as investors chased cyclical and higher risk exposure. In bond markets, the US 10 year bond rate fell -31 basis points to close at 3.52%, whilst in Australia, the 10 year yield was broadly flat at 3.55% Commodity markets were broadly stronger in January. Iron ore rose +10%, gold +6%, and copper +11%. After a very strong rise since mid 2020, thermal coal fell sharply (-35%) and has continued to fall in February month to date. Crude oil declined -2% in the month. The A$/US$ appreciated +4% to close at US$0.70. Funds operated by this manager: |
6 Mar 2023 - Magellan Infrastructure Strategy Update
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Magellan Infrastructure Strategy Update Magellan Asset Management January 2023 |
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Magellan's Deputy CIO, Head of Infrastructure and Portfolio Manager, Gerald Stack, mentions the challenges that the Infrastructure portfolio faced in 2022. Gerald describes how the portfolio is positioned now to take advantage of growth trends such as the re-opening of the global economy and the transition to renewable energy. |
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Funds operated by this manager: Magellan Global Fund (Hedged), Magellan Global Fund (Open Class Units) ASX:MGOC, Magellan High Conviction Fund, Magellan Infrastructure Fund, Magellan Infrastructure Fund (Unhedged), MFG Core Infrastructure Fund Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 ('Magellan') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should read and consider any relevant offer documentation applicable to any investment product or service and consider obtaining professional investment advice tailored to your specific circumstances before making any investment decision. A copy of the relevant PDS relating to a Magellan financial product or service may be obtained by calling +61 2 9235 4888 or by visiting www.magellangroup.com.au. Past performance is not necessarily indicative of future results and no person guarantees the future performance of any strategy, the amount or timing of any return from it, that asset allocations will be met, that it will be able to be implemented and its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of a Magellan financial product or service may differ materially from those reflected or contemplated in such forward-looking statements. This material may include data, research and other information from third party sources. Magellan makes no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Magellan. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan. |
3 Mar 2023 - The many facets of gold: Hedging, inflation and interest rates
2 Mar 2023 - Enabling net zero - infrastructure's role in the energy transition
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Enabling net zero - infrastructure's role in the energy transition abrdn February 2023
Infrastructure is an enabler Infrastructure provides heat, power, mobility, clean water, waste treatment and digital connectivity - all services that underpin a functioning society. It also has the potential to enable change: to improve livelihoods, reduce inequality, improve productivity and support environmental outcomes. When there's a societal imperative, infrastructure can provide the foundation for it to be achieved. This is particularly true of our response to climate change. Economies must fully decarbonise globally by 2050 to give a reasonable chance of keeping the temperature rise below 1.5 degrees by the end of the century. This goal is a firm policy objective in many countries, including the UK and the EU. The role of infrastructure in the transition Using the UK as an example, infrastructure accounts for around 54%1 of total annual emissions. The emissions that come from the construction and operation of infrastructure assets (capital and operational carbon, respectively) represent around 13% of the total. But by far the largest component, making up the remaining 41%, are emissions arising from using infrastructure - referred to as user carbon. The carbon footprint of each business and citizen in the economy is highly dependent on the emissions intensity of the infrastructure they use - that is, the energy and physical resources they use, the data they consume, and the transport options available to them. Significant improvements have been made to the emissions intensity of some sectors since 2010. The energy and waste sectors, in particular, have been subject to ambitious policy packages over this period. But progress isn't fast enough and other sectors like transport lag behind. The choices and behaviours of individuals can help, but without accelerated decarbonisation of the infrastructure services on which we all rely, the 2050 target will be hard to meet. Without accelerated decarbonisation of the infrastructure services on which we all rely, the 2050 target will be hard to meet Mobilising investment in the transition This is a theme that came out strongly in the recent independent review of the UK's net-zero policies2 and one that is central to the EU's Green Deal package3. An estimated £40 billion of annual investment in infrastructure is required over the next decade if the UK is to meet its net-zero commitment4. Across the EU, this figure is approximately €737 billion per year to 20305. These are substantial numbers that require unprecedented collaboration between policymakers and investors. Infrastructure assets are characterised by long construction lead times and decades-long operational lifetimes. If such investment is to be mobilised quickly and successfully, investors need a policy mix that provides sufficient confidence in long-term revenues and returns. This capital is required to develop new low-carbon infrastructure, but also to invest in decarbonising and repurposing existing assets that can play a role in the transition. Many traditional infrastructure assets are inconsistent with the net-zero transition and lack a viable plan. In other words, high user carbon is locked in. For these assets, the clock is ticking on their functional life in the face of increasing carbon pricing, regulation and shifting customer sentiment. Conversely, assets that are aligned with the transition and support reductions in user carbon will attract stronger policy support. This means they will not face the same functional obsolescence over time. As a result, they are likely to support stronger returns for investors over the long term. Our role in the transition We focus on small- and mid-market assets where we are either the majority shareholder or the significant minority partner, and we always have board representation. Small- and mid-market assets represent the majority of infrastructure assets - many utilities, energy generation, and fibre assets fall into this category. We take a long-term view that allows us to assess each asset's role in the low-carbon transition. And we position these assets to benefit from opportunities to create value. Our level of influence and proactive approach to asset management mean we can drive real change in this respect. For example, alongside our investments in operational renewables in Poland and Norway, our Finnish utility Auris Energy has a strategy to phase out the supply of fossil-gas entirely by 2040. Additionally, our North Sea gas asset Noordgastransport has recently gained technical approval to transport hydrogen produced from offshore wind where the laying of electrical cables is not economical. In both cases, assets are being repositioned to support the low-carbon transition and to drive much-needed reductions in user carbon for their customers and the wider economy. The vital role that infrastructure must play in enabling the low-carbon transition is clear. We believe our approach to proactive, long-term, direct infrastructure investment presents a unique opportunity to support the net-zero journey. Author: Ruairi Revell, Head of Sustainability - Infrastructure |
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Funds operated by this manager: Aberdeen Standard Actively Hedged International Equities Fund, Aberdeen Standard Asian Opportunities Fund, Aberdeen Standard Australian Small Companies Fund, Aberdeen Standard Emerging Opportunities Fund, Aberdeen Standard Ex-20 Australian Equities Fund (Class A), Aberdeen Standard Focused Sustainable Australian Equity Fund, Aberdeen Standard Fully Hedged International Equities Fund, Aberdeen Standard Global Absolute Return Strategies Fund, Aberdeen Standard Global Corporate Bond Fund, Aberdeen Standard International Equity Fund, Aberdeen Standard Multi Asset Real Return Fund, Aberdeen Standard Multi-Asset Income Fund Companies are selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance. Past performance is not a guide to future results. 1.The Carbon Project: the scale of the net zero 2050 challenge | Institution of Civil Engineers (ICE) |
1 Mar 2023 - The global inflation bogeyman slips away...
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The global inflation bogeyman slips away... Insync Fund Managers February 2023 In this White Paper, Insync said five common assertions had been stirring the pessimism pot, one of which was that the resumption of rising interest rates, and therefore inflation, is firmly established. Insync Portfolio Manager John Lobb said, "We disagreed with those pessimistic assertions then, and in the face of further evidence, we still disagree." In August 2022, Insync said the incredible rate of money creation during 2020-2021 of 20% to 30% pa, had dramatically slowed to the average of the historic range of 5-6%. Excess money had been chasing an interrupted supply of goods and services up until last year, pushing up prices artificially. "Today, the Money Supply (M2) rate of change is negative (-1.3%). This has not happened for at least 80 years," Mr. Lobb said. "This development would be of concern to the Federal Open Market Committee (FOMC), since productive investment relies heavily on the availability of credit." In 2022, Insync had also pointed out that inflation of the price of goods leaving the gates of Chinese factories, which had been running at 13-14%, had dropped back to 4%. "The factory gate prices of Chinese manufacturing plants have now declined at -1.3% over the last year," Mr. Lobb said. Additionally, he said that a decline in the net number of small to medium (SME) businesses looking to implement price hikes, also identified by Insync in August 2022, had continued to such an extent that SME pricing intentions in the next three months now match those prior to the pandemic. Looking to carbon energy supplies, which was also touted as an ongoing inflationary pressure, the reverse has been true. "It fell even further than we predicted," Mr. Lobb said. "In more normal times, central banks largely ignore the ebb and flow of global energy and food prices. However, in today's conditions where the labour force has contracted, rises in food and energy prices may strengthen the case for higher rates since pay demands could create a more sustained impulse to inflation." Mr. Lobb said that fortunately, Natural Gas (MMBtu) has dropped 65% in less than six months, back to the same level as that during the previous four northern hemisphere winters. "Besides being used for heating, it's a core determinant of fertiliser and thus food prices. Crude oil and therefore gasoline prices, have declined in excess of 20% to $78/barrel in the last six months. This is even below its price prior to the Russian invasion of Ukraine," he said. "So, whilst the FOMC is usually more interested in CPI ex food and energy, they would appreciate how reductions in the prices of these non-discretionary goods has a positive indirect effect on wage demands in what is a tight labour market." Insync had asserted that inflation over the past few decades had been abnormally low, and they had expected it to settle around its longer-term norm, which is not bad for equity markets. "This is exactly what it is heading towards. Five-year inflationary expectations are now congruent with the 5-10 year inflationary expectations (2.3%) which will calm the nerves of the FOMC," Mr. Lobb said. "It has always been our view that long-term inflation expectations will not revert to those of the recent abnormal past of around 2% due to a less (internationally) mobile labour force and a higher degree of onshoring. Nevertheless, the FOMC's expectations will also be tempered by their assessment of the new global regime, mainly attributable to the re-evaluation of geopolitical risk by large corporates." Insync had also noted that looking at the core drivers of inflation it was hard to see price rises continuing as had been the case in the previous year and, if the prices of the core drivers of inflation stabilise, inflation would drop dramatically in this coming year. "Even total weekly wages, a significant driver of 'stickier' service inflation, are now only growing at 3.5-3.75%, similar to the rate of growth that existed in 2019," Mr. Lobb said. "As employees and managers become more accustomed to the increased prevalence of the hybrid work schedule, productivity should recover from the currently negative -1.7%, leading to an even greater improvement in unit labour costs (ULC). The Federal Reserve is keenly aware that ULC is the real culprit of endemic inflation." While Insync believes the global economy is unlikely to regain its 'fluidity', it also believes the central banks will feel more comfortable promoting a more neutral policy stance based on the above developments. "Perhaps for those investors that hold a pessimistic view, it may be time to question this, to deploy assets towards those equites that are primed to deliver above average earnings growth in a mediocre at best, GDP environment," Mr. Lobb said. Funds operated by this manager: Insync Global Capital Aware Fund, Insync Global Quality Equity Fund Disclaimer |
28 Feb 2023 - Airlie Quarterly Update
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Airlie Quarterly Update Airlie Funds Management January 2023 |
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Emma Fisher, Portfolio Manager, reflects on the volatility of the past year and discusses Airlie's investment thesis behind a building products company which has been a recent addition to the portfolio. Speaker: Emma Fisher, Portfolio Manager Funds operated by this manager: Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No. 304 301) trading as Airlie Funds Management ('Airlie') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to an Airlie financial product or service may be obtained by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au. Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of an Airlie financial product or service may differ materially from those reflected or contemplated in such forward-looking statements. This material may include data, research and other information from third party sources. Airlie makes no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Airlie. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Any third party trademarks contained herein are the property of their respective owners and Airlie claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks.. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Airlie. |
27 Feb 2023 - 10k Words
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10k Words Equitable Investors February 2023 The "US equity market performance this year can broadly be characterised as a dash for trash," Bespoke declared on Feb 3. Our own analysis of ASX micro-to-mids shows a similar trend - CY2022 losers are now the winners, as are stocks on higher multiples. A case for higher cash rates was charted by Charles Schwab even as Moody's showed inflation is slowing in some countries. FactSet calculated that the decline in the bottom-up EPS estimate recorded during the first month of the first quarter was larger than the 5, 10 and 20 year averages. This follows S&P 500 Q4 GAAP earnings falling 13% year-over-year, as Creative Planning charted. Behind the earnings, JP Morgan found the strongest consensus for a US recession on record. Folkelore Ventures published data on the tough year that was 2022 for Australian VC. In the tech sector we have Apple & Microsoft trading above their 10-year average EV/EBITDA multiples while Google/Alphabet and Meta/Facebook are now below average. JP Morgan reckons households have been deploying into equity and bond funds in early 2023 after underinvesting in 2022. Crypto assets lost $US1.5 trillion in capitalisation says ARK. Finally, we take a look at corruption hot spots via Statista. Russell 1000 Decile Analysis: CY2023-to-date % change
Source: Bespoke
ASX Micro-to-Mids - "Financial, Industrial & Technology" (FIT) factor performance in CY2023-to-date
Source: Equitable Investors Proxy Fed Funds Rate
Source: Charles Schwab Year-on-year inflation is slowing in some countries
Source: Moody's Change in S&P 500 Quarterly EPS: 1st month of quarter
Source: FactSet
S&P 500 As Reported (GAAP) EPS Growth (Year-on-Year %)
Source: Creative Planning. @CharlieBilello Survey of Professional Forecasters US Recession Probability
Source: Pitchbook, Morningstar, @macroalf Australian Venture Capital raisings by number and amount
Source: Cut Through Venture, Folkelore Ventures Forward EV/EVITDA multiples over 10 years for tech leaders
Source: TIKR, Equitable Investors Global equity & bond fund flows Source: JP Morgan ~$US1.5 trillion wiped out in crypto market capitalisation in 2022
Source: ARK Investment Management Perceived public sector corruption in 2022
Source: Statista, Transparency International February Edition Funds operated by this manager: Equitable Investors Dragonfly Fund Disclaimer Nothing in this blog constitutes investment advice - or advice in any other field. Neither the information, commentary or any opinion contained in this blog constitutes a solicitation or offer by Equitable Investors Pty Ltd (Equitable Investors) or its affiliates to buy or sell any securities or other financial instruments. Nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. The content of this blog should not be relied upon in making investment decisions. Any decisions based on information contained on this blog are the sole responsibility of the visitor. In exchange for using this blog, the visitor agree to indemnify Equitable Investors and hold Equitable Investors, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to legal fees) arising from your use of this blog, from your violation of these Terms or from any decisions that the visitor makes based on such information. This blog is for information purposes only and is not intended to be relied upon as a forecast, research or investment advice. The information on this blog does not constitute a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Although this material is based upon information that Equitable Investors considers reliable and endeavours to keep current, Equitable Investors does not assure that this material is accurate, current or complete, and it should not be relied upon as such. Any opinions expressed on this blog may change as subsequent conditions vary. Equitable Investors does not warrant, either expressly or implied, the accuracy or completeness of the information, text, graphics, links or other items contained on this blog and does not warrant that the functions contained in this blog will be uninterrupted or error-free, that defects will be corrected, or that the blog will be free of viruses or other harmful components. Equitable Investors expressly disclaims all liability for errors and omissions in the materials on this blog and for the use or interpretation by others of information contained on the blog |
24 Feb 2023 - China's reopening presents opportunities for investors
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China's reopening presents opportunities for investors WaveStone Capital February 2023 The end of China's zero Covid Policy has spurred a dramatic turnaround in not only China's equity market, but also those with China-linked revenues. The opportunity for Australia has historically been in resources, but WaveStone Capital think it will be different this time. Hear from Raaz Bhuyan, Principal and Portfolio Manager on the opportunities for investors as the biggest contributor to global economic output opens its doors.
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Funds operated by this manager: WaveStone Australian Share Fund, WaveStone Capital Absolute Return Fund, WaveStone Dynamic Australian Equity Fund |
23 Feb 2023 - The Safeguard Mechanism - What's all the fuss about?
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The Safeguard Mechanism - What's all the fuss about? Alphinity Investment Management February 2023 The Australian ESG world was sent into a flurry by changes to the Safeguard Mechanism and Australian Carbon Credit Units (ACCUs) that were proposed in January. The Safeguard Mechanism was put in place in 2016 as part of the Emissions Reduction Fund. It essentially set emissions limits (baselines) for high-emitting industrial facilities across Australia and required facilities to buy carbon credits to compensate for any emissions in excess of that baseline. The scheme covers more than 200 individual facilities, each of which emits more than 100 000 tonnes of carbon equivalents per year. These Safeguard Facilities generate almost 30% of Australia's total emissions between them and many are owned by some of Australia's biggest listed companies including BHP, Rio Tinto, BlueScope Steel, Santos, Woodside Energy, Orica, and South32. Last year, when the new Federal Government made a commitment - and legislated - to reduce national emissions 43% by 2030 and reach net zero by 2050, it flagged the need to strengthen the Safeguard Mechanism which would continue to encourage Australia's largest emitters to reduce emissions. The Government finally released its position paper in January which proposed changes to the scheme. Although many expected this would be the final say on the changes, the Government has committed to one more round of feedback (due 24 February), before final changes will come into force on 1 July 2023. There are a number of key changes to the scheme which may mean many companies will exceed their baselines at a facility level (at least initially), however, this will be more of an issue for companies which have most of their operations in Australia. The Safeguard Mechanism will have less of an impact on companies like BHP, that operate globally, since the facility level impact will be diluted at the group level. Changes to the schemeA few important changes to be aware of:
For example, the graph below shows the change to the baselines for Bluescope Steel's Port Kembla asset. Assuming its production remains largely consistent, there would be a 14% difference between emissions at the facility and the baseline requirements in 2030.
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Funds operated by this manager: Alphinity Australian Share Fund, Alphinity Concentrated Australian Share Fund, Alphinity Global Equity Fund, Alphinity Sustainable Share Fund Disclaimer |
22 Feb 2023 - China re-opening post COVID
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China re-opening post COVID 4D Infrastructure February 2023
While it was always a matter of when (not if) China would reopen, the abrupt change in stance has reaffirmed and brought forward multiple domestic and global investment opportunities, and could also support a global economy that was rapidly weakening. In this article, we summarise key policy changes, the improving macro outlook, and what the reopening of the world's second biggest economy means for global listed infrastructure investors. COVID-zero policyOn December 26, 2022, China's National Health Commission (NHC) announced that its COVID prevention and control management would be downgraded from class A (covering bubonic plague and cholera) to class B (SARS, AIDS, anthrax), effective from January 8, 2023. Class B relinquishes the power of local authorities to quarantine patients and close contacts, and lock down regions. Since dismantling its zero-COVID policy, China has been grappling with what's shaping-up to be the biggest COVID outbreak ever seen. By mid-January, many local authorities had indicated that daily cases had passed the peak. However, we anticipate an uptick in cases following the Lunar New Year holiday, particularly in country and rural areas. It remains unclear just how severe and widespread the outbreak is, given the government stopped universal testing and changed how it defines COVID mortality. Additionally, the abrupt policy change caught many domestic operators off guard, preventing immediate normalisation of business activity to pre-COVID activity levels. These impediments include labour disruptions (either through infection or re-training requirements), capacity and/or services shortages, entry restrictions imposed by other countries, and passport renewals/visa applications. While this may weigh on sentiment and economic activity in the near term, we expect pent-up demand, willingness to spend and policy support measures to continue to reduce bottlenecks and drive a consumption-led rebound in economic activity relatively quickly. The Chinese roadmap to reopening post-congress
Improving macro outlook - in country and globalChina held its annual Central Economic Conference in late December 2022. Emerging from the conference, policymakers set sights on growth in 2023. Officials called for targeted and forceful monetary policy and strengthened fiscal policy. The aim is to expand domestic demand, with priority given to employment, and boosting consumption. Despite no official nationwide economic growth target being set, most provinces, municipalities and autonomous regions have unveiled their GDP growth targets for 2023, with rates ranging from 4.0-9.5% and an average of 5.95%. Consumption, investment, stimuli and policy are core pillars of the rebound. Most targets remain above the forecasts by foreign institutions and agencies, which range between 4.5-5.5%, although we have recently seen upward revisions to these following the re-opening. (Notably, IMF increased its growth forecast to 5.2% in late January-23 from 4.6% earlier projected in November-22). At 4D, we look for the underlying data and other proxies that support the headline growth numbers. Specific to infrastructure, these include expressway traffic, railway patronage, airline passengers, gas & electricity consumption, port throughput data and plant utilisation rates. Outside of infrastructure, data includes retail sales, new car sales, new property development and sales. We accumulate and amalgamate this data as a thermometer to gauge economic activity. The re-opening of China could also benefit a world anticipating its own domestic slowdown. For example:
Xinhua News Agency - Passengers crowded at the North Railway Station, Shenzhen waiting to cross into Hong Kong as cross-border services resumed for the first time since January 2020 Infrastructure sectorInvestment in infrastructure has been a key pillar of China's stimulus plan for decades, supporting and boosting economic growth in times of need, such as post the GFC and, more recently, throughout the pandemic. Fixed asset investment increased 5.1% to CNY57.2 trillion in 2022, up from 4.9% in 2021 and 2.9% in 2020. The table below summarises the opportunities across the key infrastructure sub-sectors from re-opening and related policy/stimuli at both a domestic and international level. The Chinese roadmap to reopening post-congress |
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Funds operated by this manager: 4D Global Infrastructure Fund, 4D Emerging Markets Infrastructure FundThe content contained in this article represents the opinions of the authors. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely as an avenue for the authors to express their personal views on investing and for the entertainment of the reader. |
