Shesa's JANUARY 2019 INVESTMENT BLOG

January 2019 - INVESTMENT BLOG

By Shesa Nayak

U.S. Stock Market Update  

Wishing all my blog readers a WONDERFUL NEW YEAR 2019! Let’s hope that stock market bounces back and goes to the all-time high again! My apologize for not able to publish my December 2018 blog.

The stock market volatility has created havoc in last few months, which started in October and continued till December. In fact, December 2018 was the worst month since the great depression of 1931. In between, we also saw a historic intraday swing on December 26, wherein DOW sky rocketed 1086 points, NASDAQ rose almost 6% on a single day. In the last quarter of 2018, market fell on concerns that economic growth and corporate profits are slowing down, Fed will continue to hike rate and trade war particularly with China could get worse, government shut down, political uncertainties and so on. All stock market indexes almost fell to bear market territory in late December (down more than 20%). The day after Christmas, 12/26, most of the stock indexes exploded as high as 4-6% to give little breather to the investors. But it was like a bucket of water in the ocean as the year ended having market down significantly from its pick.

Then came 2019, started with a slow pace but on 2^nd January Apple warned that its revenue will come much lower than anticipated which was like a bullet to the wounded market. However, on January 3^rd, Fed came forward to rescue the shattered market. Federal Reserve Chairman Jerome Powell said “Fed will be patient and flexible" when considering further interest rate hike in 2019. With this news stock marked zoomed and all the stock indexes bounced back with a vengeance rising more than 3% on the day. Was it just a starter/ignition to the market? Or all those gloom and doom will continue? Meanwhile, US and Chinese officials are due to meet starting this Monday (tonight PST) for two days of talks in Beijing aimed at ending the months long trade war that has rocked the global financial markets. With all these phenomena, what will be the direction of stock market in 2019? Will the market bounce back or turmoil will continue? I will pen my thoughts but before that let’s take a quick glance of U.S stock market major indexes and 2018 market performances.

	2019
Indexes	Close (12/31/18)	Close FRI (1/4/19)	Change in 2019	% Change in 2019	All Time High	All Time High	Diff %
DOW	23,327.46	23,433.16	105.70	0.45	26,769.16	-3,336.00	-12.46%
S&P 500	2,506.85	2,531.94	25.09	1.00	2,940.91	-408.97	-13.91%
NASDAQ	6,635.28	6,738.86	103.58	1.56	8,133.30	-1,394.44	-17.14%
BTK	4,220.85	4,405.60	184.75	4.38	5360.22	-954.62	-17.81%
NBI	3,251.08	3,228.22	-22.86	-0.70	4165.86	-937.64	-22.51%

2018 Performance of Stock Indexes as of 12/31/18

Index or S&P 500 sector	Price change - 2018	Price change - 2017	Decline from 52-week high
DOW	-5.6%	25.1%	-13.4%
NASDAQ	-3.9%	28.2%	-18.4%
S&P 500	-6.2%	19.4%	-14.8%
S&P Mid Cap 400	-12.9%	14.5%	-19.4%
S&P Small Cap 600	-9.8%	11.7%	-23.2%
S&P Composite 1500	-6.8%	18.8%	-15.0%
S&P 500 / Health Care	4.7%	20.0%	-9.6%
S&P 500 / Utilities	0.5%	8.3%	-6.4%
Consumer Discretionary	-0.5%	21.2%	-16.8%
Information Technology	-1.6%	36.9%	-18.3%
Real Estate - SEC	-5.6%	7.2%	-9.5%
Consumer Staples	-11.2%	10.5%	-13.8%
Financials	-14.7%	20.0%	-21.0%
Industrials	-15.0%	18.5%	-20.1%
Communication Services	-16.4%	-6.0%	-17.9%
Materials	-16.4%	21.4%	-21.2%
Energy	-20.5%	-3.8%	-26.8%
Source: FactSet

Major Economy News

Apple warned on Revenue Miss and iPhone Sales for Holiday Quarter

Apple lowered its Q1 guidance (December quarter) attributed to weaker than expected iPhone sales and a weakening economy in China. It reduced its revenue guidance to $84 billion, down from the $89 billion to $93 billion projected, about 12% miss. After the news the stock tanked 10%. Apple stock has lost almost 39% in 3 months from its all time high of $233.47 recorded on Oct 3, 2018. It has lost a whopping $400 billions in its market capitalization!!

My view on Apple Revenue miss: It’s difficult to say whether the stock has bottomed but certainly stock sale is overdone. Now the stock is selling at 9.7 of the forward earnings. The only limitation is without having any major new product since the demise of Steve Jobs, Apple has not come with any major new product which is very concerning. There is no major organic growth so the company must think in terms of acquisition in the growth area. On the positive note, its service revenues have been increasing. Reminding the readers that it has/had astounding around $240 billion in CASH! So, it looks cheap to me.

Some more important Economy News

For more U.S. Economic news and data please click on the following link: http://www.marketwatch.com/economy-politics/calendars/economic

Source: Marketwatch.com

Let’s give a quick glance to the past – 2018

Let me do a fast forward here. The volatility in stock market started from end of January 2018 and continued till February 5 and then market bounced back. After that, during March 2^nd week the correction started with tariff news and it continued till April 2^nd. Again, the market bounced back all the way till September 22. At this time, most investors probably thought that “Sell in May and go away” theory did not work, so everybody expected to have great year! But what happened after that till the end of the year is a story better “not repeated”, now or in future!! I guess you got my point! History turned the table. The only positive I could see after September was 1086 points bounce by DOW on the day after Christmas, December 26^th. I have discussed many factors about the market volatility, so would not like to repeat those again. The tremor caused by tariff and Fed was the story better to be forgotten. The point is, earth did not fall by raising a 0.25% interest rate. But their communication process acted like a tremor for stock market.

Irrespective of how much we learn, learning never comes to an end! In fact, 2018 volatility taught many more lessons to the investors, particularly bout the volatility. During this time, most of us could have done some or other mistakes as market did not spare any equity. The old saying, “when the going gets tough, the tough get going,” so nobody cared about fundamentals. Moreover, the time for excuses and finger-pointing at Fed, trade war, macro events as to why the market is correcting is over. If history is any evidence, then ultimately stock fundamentals should prevail.

Here are some lessons learned:

• Never chase any equity during a volatile market
• No stock price is compelling because you never know how low it can go
• Always, take profit irrespective of how great a company/stock is. Taking profit generate some cash that can be better utilized to buy when equity goes on sale or clearance sale!
• Better to avoid buying any short-term options, which could go to ZERO.
• Gradual accumulation of equity is better than buying at once and do dollar cost average
• Not to go too aggressive in the stock market

Sometime, so called “best time of the market” is the worst time, so history do not necessarily repeat but a new history gets created. 2018 was the best example. See what happened between October and December of 2018 had never happened in decades.

Best Stock Performers for 2018

DOW:        Merck & Co (MRK) è Up 35.8%

S&P 500:   Advanced Micro Device (AMD) è Up 79.6%

NASDAQ: Advanced Micro Device (AMD) è Up 79.6%

What to expect in 2019?

Volatility is expected to continue in 2019 because all those issues of tariff, interest rate, low energy prices, slowing home market, political risks, global economy slow down remain. So, volatility will continue, but I don’t think it should be as bad as 2018. I feel that most of these have been factored in the market. I still perceive the current market phenomena as a major correction within a Bull Market, though NASDAQ and S&P 500 had gone down more than 20% which is usually termed as bear market.

FED is back to market supportive stance

On Dec 19, Fed increased interest rate by 0.25% which was the fourth rate hike of 2018. The statement made during the meeting followed by a conference call was the major culprit. They indicated that two more hikes are expected in 2019 and that Fed is satisfied with its program to shrink its balance sheet and has no plans to change its course. It also indicated that they are not too concerned with the stock market volatility. All these took the market like a storm and created some havoc in the market.

In contrast, on January 3^rd, Fed Chairman Jerome Powell said “Fed will be patient and flexible" when considering further interest rate increases in 2019. In a joint appearance with former Fed Chairs Ben Bernanke and Janet Yellen, Powell said that Fed will use all the tools available to support the economy. This statement was of immense significance to bring market normalcy from a disaster. Powell's statement didn't change anything about the Fed's future stance, however he was a bit more dovish and seemed to be more in tune with what the markets were looking for. After this coupled with good job report reignited the market last Friday. At this point, Fed does not seem to be a hurdle, hence a major barrier is out of the way, which gives further momentum for stock market.

Economy remains strong

With all these doldrum there are many positives as far as overall economy is concerned. We still have 3% GDP growth (2.5% expected this year), near-record-low unemployment, increased consumer confidence, better retail sales, higher wages, cheaper energy, rising corporate profits, modest inflation of 2.2%. This is obviously remained as a strong point. Retail sales were up 5.1% to more than $850 billion, starting Nov. 1 through Christmas according to Mastercard Spending Pulse. That makes this the best holiday shopping season in six years, Mastercard said.

Record shares buy back

Visualizing that the stocks are cheaper, and lot of companies have abundant amount of cash after corporate tax cut, they will continue to buy back their stocks and deploy their available cash. This will help them to meet or beat their earing forecast. In addition, fundamentally the stock will look cheaper that attracts investors and dividends becomes more attractive.

Fourth Quarter Earnings season kicks-off

The Q4 earnings season will kick-off this week. However, major earning reports are scheduled from the 3^rd week of January. As far as earnings are concerned, it should not be as bad as it’s currently thought. At this point, market is behaving as if earnings will be lackluster, which I think should not be the case. If earnings come better than expected, market will bounce back faster than expected. For the fourth quarter, the S&P 500's earnings are expected to slow to an annual pace of 12.4%. On September 30, the estimated earnings growth rate for Q4 2018 was estimated to be 16.6%, which means that analysts have revised down earnings estimates. It can be noted that, first three quarters of 2019 is expected to see single-digit earnings growth. If that happens, it will bring down the valuations of the stock market as well.

Valuations and Earnings

The forward 12 months P/E multiple for the S&P 500 is 14.2. This P/E ratio is below the 5-year average 16.4 and 10-year average of 14.6. As such, valuations today are very reasonable and provide further opportunity for the stocks to bounce back.

Job Market is Robust

The labor market remains strong, and in general, labor market strength is supportive of healthy financial markets. Labor market conditions are only improving. Outside of some noise, the trend in jobless claims remains down. On Friday, 1/4/19, the Labor Department reported that nonfarm payrolls increased to a seasonally adjusted 312,000 in December, the biggest jump since February. Though the unemployment grew from 3.7% to 3.9% but increased job growth was a positive sign. The average hourly earnings went up 0.4% from November and 3.2% from the last December, representing the best year-over-year gain since 2008.

Resolution to Trade war with China

Since president trump China president met in last November there is optimism regarding a trade war resolution as they agreed to bring some resolution within 90-day. The first meeting kicks-off tonight in Beijing. I may not expect a complete resolution but any positive comes out of this meeting should be good news. It’s believed now that trade war is no good for either China or U.S or anybody for that matter. Stock market is the indicator of Trump’s presidency performance achievement failing which may not be good for his next election. As such, both sides are desperate for a fix. If that happens, watch for some of the great Chinese stock bounce back very fast. In addition, it may help Apple and many other companies having larger export to China to bounce back. Their earnings estimate would be revised.

Reduced Growth Estimates

The short-term corporate earnings growth estimates have substantially deteriorated due to surrounding concerns of fading tax cut and tariff. In last few weeks the earnings growth have been reduced, the long term earnings remain reasonable. I do anticipate that many companies could possibly beat the earnings in the coming quarter and that should be good for the overall stock market.

Major Stock Market Risks for 2019

Having talked about the major market positives it does not go without any risks. I can see following negatives:

Global Economy Slowdown: Most of the economy in the world are anticipated to slowdown in 2019, including U.S, Europe, China, Japan etc.

Continued volatility of the stock market: As I said before, the market will remain volatile due to the issues specified earlier (trade war, interest rate etc.). So, taking some profit whenever needed

 would be of immense significance.

Slower Earnings Growth: Once corporate tax cut subsidizes and tariff issues hits corporate America, there will be slow down in the earnings. Consumer spending may slow down unless stock market bounces back higher.

Earnings Comparison will be tough: It will be more difficult for year-over-year comparisons as earnings will start decelerating quarter over quarter in 2019. This is expected because 2018 was a great year as far as earnings growth was concerned.

Political Instability: Trump administration continues to falter on political front and several changes/lay off of political leaders, government shutdown, Britain struggling with BrExit problems, political tensions with China due to trade war are some of the highlights.

So, what is my assessment of 2019?

Frankly, I am not a fortune teller and I do not like to predict anything. So, prediction is not the right word for me. Rather, I will say that these are my anticipations for 2019 after doing my due research of current positive and negative scenarios:

I do anticipate that Stock market indexes, particularly Nasdaq should go up at least 15-20% or more during 2019 from its low. It may not necessarily end 2019 with so much high but I expect substantial bounce during the year. Possibly, S&P 500 index could reach to 3000.

I expect 2019 to be a stock picker’s market. Company who performs well in such market will do substantially better than the others. So, selective individual stock may do better than Mutual Funds and ETFs. One can focus on the area where there will be more earnings growth. Some growth with dividend paying stock should do well. Investing in the sector with major earnings growth should be of immense significance. Here are the top five sectors which are expected to come with major earnings during 2019:

Energy	30.8%
Healthcare	25.6%
Information Tech.	12.0%
Financials	11.3%
Consumer Discretionary	8.7%

My favorite stocks from Blog Portfolio for 2019

STOCK: BABA, FB, IQ, SHOP, EXEL.

BABA, IQ: Watch for trade deal with China. If that happens, these stocks are too cheap to be ignored. For long term, I still believe BABA should be in any investment portfolio. IQ – so called Netflix of China had come below its IPO price. It has amazing revenue growth, but profit is the concern. Patience is needed for this stock.

FB: too cheap to be ignored for long term. It will start monetizing WhatsApp and Instagram.

SHOP: This stock is little expensive from the whole lot, but solid Cloud/eCommerce growth to back up its valuation is well justified.

EXEL: Robust revenue and profit growth, one of the best in biotech. I still think this company has high potential to be bought!

Watch List

AAPL: It looks much cheaper now. If the tariff settles it can move higher. But not having a solid new product since almost a decade is becoming concerning. It has tons of cash so unless there is organic growth it should look for acquisition in the growth area like cloud computing or anything that is in-line with its business objectives.

Amazon (AMZN): A compelling one for long term. Though in short-term it may face some legal/government headwinds, increased delivery cost and higher wages. I expect it to beat revenue and earnings this quarter. This is gorilla and no online retailer can pose a great threat at this point.

If trade dispute settles with China, please watch JD and MOMO. Most of these good Chinese companies were beaten down to earth. So, anticipate bouncing hard and fast.

SECTORS: Energy, Technology and Healthcare are expected to be major earnings grower. Watch for FAANG stocks, I expect most of these to bounce back.

Biotech sector is beaten down to the earth, so I expect a major bounce back. Expect further acquisitions in this sector. Those who are not aware, a couple of days ago, Bristol Myers bought Celgne (CELG) for $74 billion. Expect some changes in healthcare policy after democratic win of house.

I will also keep an eye on Marijuana stock this year.

Future Sales & Earnings Expectations

	Earnings Growth	Sales Growth
Q4 2018	12.4% reduced from 14.6%	6.8%
FY2018 (whole year)	20.5%	8.9%
Q1 2019	5.3%	6.4%
Q2 2019	5.8%	4.8%
FY2019 (whole year)	9.0%	5.3%

Major Stock Market Performances across the World so far in 2018

	52 week (% age change)	YTD
DOW	-7.36%	0.45%
S&P 500	-7.70%	1.0%
NASDAQ	-3.47	1.46%
China Shanghai Index	-25.85%	0.84%
India BSE Sensex	4.51%	-1.03
Japan Nikki	-16.84%	-2.26%
Hongkong Hang Seng	-13.34%	-.85%
Germany: DAX	-19.16%	1.98%
UK: FTSE 100	-11.48%	1.62%

Sectorial Performances (1 Month, 3 Month, Year to date)

Sector	Performance			Price per Earnings (P/E)	Dividend Yield
	1 Month	3 Month	Year-To Date
Communication Services	-0.99%	-9.39%	+3.87%	22.6x	1.3x
Consumer Discretionary	-5.40%	-11.96%	+2.12%	16.5x	1.0x
Consumer Staples	-6.79%	-4.55%	+1.06%	15.1x	1.0x
Energy	-8.68%	-24.35%	+4.99%	14.0x	1.2x
Financials	-5.97%	-13.66%	+1.90%	15.2x	2.1x
Health Care	-7.89%	-10.24%	-0.38%	18.2x	1.2x
Industrials	-6.70%	-17.94%	+1.30%	15.7x	1.1x
Information Technology	-7.35%	-17.02%	-0.67%	14.8x	2.1x
Materials	-4.77%	-13.77%	+1.79%	13.2x	1.1x
Utilities	-5.48%	-0.46%	-0.27%	17.1x	1.3x

Source: Bloomberg.com

Now let me discuss about this month’s inclusion to my Blog Portfolio.

Netflix (NFLX)

I don’t think any blog reader who may not be aware of Netflix! In the past I was asked several time what about owning Netflix stock? I always thought Netflix was overvalued based on fundamentals. So, I kept avoiding till probably a couple of years ago when I bought some shares around $100. I had also bought Netflix about a decade ago at around $2 (1:7 split adjusted) but sold with a lot of joy when I got 200% return. But what happened after that was “history”. So, why do I include it in my blog portfolio now? Let me do a deep dive.

Netflix was at $420 not so long ago, to be specific in June 2018. Things were going great but in July 2018, Netflix reported its first subscriber miss since early 2017 and Netflix stock plunged. After that, since September concern over trade-war with China, slowing economy, interest rate hike caused Netflix losing 50% of its value. It can be noted that Netflix does not have direct exposure to China rather they do have partnership with iQuiyi (IQ – another stock in my blog portfolio) through which they do some business. However, since December 26 the stock bounced back from a low of $233 to $297.57, about 27%, as of last Friday. Moreover, it’s still down 30% from its all-time high of $423.21. But I can also argue that Netflix stock has gone up almost 1300% in last 5 years, so it’s still not a cheap stock. It’s still up 28% in last one year.

Business: Today, Netflix has nearly 150 million people paying around $10-11 per month for the company’s streaming service. Most people still use cable TV but that trend is changing. Netflix has gone international and it’s operating in more than 190 countries. I believe their international revenue is larger than U.S revenue at this time. But these international counties are still in the early stage of growth. As a matter of fact, it won’t be surprising if Netflix doubles its subscriber growth in next couple of years. Of course, populous countries like India and China will be its “key to success”. If we do the math with 300 million people paying around $10 per month equates to a $30 billion in revenue opportunity, which is doubling its revenue growth. Thus, it brings a significant rise in share price as well. Streaming adoption rates are still growing rapidly and globally. And Netflix is still the king of streaming space, that leadership position is only growing with better, more unique and more diverse original content despite competition from Amazon and few other small competitors. Now let’s see the fundamentals:

Fundamentals:

Market Cap	$118.27B	52 Week High	423.21
Trailing PE	106.2	52 Week Low	206.91
Forward PE	71.53	Total Cash	3.07B
Price to Sales	8.71	Total Debt	8.34B
Revenue / Sales	14.89B	Book Value	11.49
Quarterly Sales Growth (yoy)	34.00%	Beta	1.53
Profit / Earnings	1.26B	Institutional holders	76%
Quarterly Earnings Growth (yoy)	210.90%	% Held by Insiders	1.74%
EPS	2.80	Return on Equity	30.29%

My View: If we see the P/E ratio then it’s still not a cheap sock by any measure. Having said that, it gives a pretty good entry point opportunity to the stock at current price. The company has sustainable competitive advantage, double-digit sales and earnings growth, and gradually returning to its strong share price momentum. This may be suitable for long term growth investors. Obviously, it does not pay any dividend. I have bought the stock when it was around $100 and continue to accumulate in a small way. Usually, I avoid accumulating any stock more than 4-5% of my portfolio value. As usual, when it bounces back, I will not hesitate to take some profit. The current market condition is so volatile that nothing can be predicted, hence one must be diligent to accumulate in a phased manner.

RISKs: Netflix is a growth and momentum stock. So, it depends on the direction of the stock market, particularly how NADAQ performs. If market turns further south than it can go further down. If market bounces back, then Netflix could soon approach towards its 52-week high.  One has to evaluate the risk and rewards and decide diligently. Irrespective of the market situation, Netflix is positioned to be winner in the long term. And of course, I am invested!

  Shesa’s Blog Portfolio (As of NOV 25, 2018)

Equity	Suggest Price	Current Price	Suggest Date	% Change	My View (see disclaimer)
STOCK (All prices are in USD)
AAPL	51.63	148.26	1/25/13	187%	BUY
BIDU	86.43	160.95	4/18/13	86%	HOLD
FB	47	137.95	11/13/13	194%	BUY (Added more)
TSLA	135	317.69	11/13/13	135%	HOLD
MA	77.18	189.76	12/12/13	146%	BUY on dip
AMZN	311.73	1575.39	4/12/14	405%	BUY
BABA	67.28	139.75	2/21/16	108%	BUY (Added more)
XON	26.37	9.99	7/4/16	-62%	SOLD (See 2018 sold table)
EXEL	26.33	20.73	8/20/17	-21%	BUY
MOMO	32.14	25.41	11/25/17	-21%	BUY
BRK-B	206.96	195.2	3/18/18	-6%	HOLD
NVDA	228.71	136.19	4/22/18	-40%	HOLD (Trimmed)
EDIT	36.53	23.2	5/28/18	-36%	BUY
JKS	14.04	10.93	7/4/18	-22%	HOLD
GERN	3.77	1.53	8/12/18	-59%	SOLD (See 2018 sold table)
IQ	26.13	19.7	9/18/18	-25%	HOLD
SHOP	134.81	138.06	11/25/18	2%	BUY
NFLX	297.57	297.57	1/6/19	0%	NEW ADDITION
ETF
INCO	34.46	41.9	5/15/15	22%	HOLD
IHF	139.1	189.84	8/16/15	36%	HOLD
XLY	77.76	102.02	8/16/15	31%	HOLD
IYG	112.03	123.1	3/19/16	10%	SOLD (See 2018 sold table)
EMQQ	32.65	27.71	5/21/17	-15%	HOLD
KWEB	58.52	41.49	2/11/18	-29%	HOLD
MUTUAL FUND
FBIOX	11.46	18.61	3/1/13	62%	HOLD
PRHSX	47.25	67.29	2/2/14	42%	HOLD
PRMTX	59.45	96.25	12/20/14	62%	Accumulate
MCDFX	12.37	14.34	12/9/15	16%	Accumulate
FSRPX	9.05	13.94	1/15/16	54%	Accumulate
FBSOX	37.32	54.56	3/20/16	46%	Accumulate
FSMEX	43.66	46.33	9/24/17	6%	Accumulate
FOCPX	11.72	10.07	10/21/18	-14%	Accumulate
Note: 2018 DIV are not yet adjusted for the Equities

 Positions CLOSED during 2018:

EQUITY SOLD IN 2018
Equity	Sales Price	Buy Price	Date Sold	Gain / Loss (%)
GASFX	29.06	28.04	9-Jan	4%
GBTC	12.52	7.71	2-Feb	62%
JUNO	87	23.13	2/13/18	276%
MO	57.23	50.05	25-May	10.34%
LUV	55.47	50.05	5-Jun	10.80%
CELG	78.46	104.36	19-Jun	-24.80%
GDX	22.2	26.88	15-Jun	-17.40%
RIO	47.68	36.41	17-Sep	30.10%
INDA	32.6	31.94	24-Sep	0.66%
FSCHX	15.8	12.7	1-Oct	19.60%
FSCRX	24.64	24.3	22-Oct	1.30%
MINDX	27.82	26	22-Oct	6.5%%
EEM	39.88	39.67	9-Nov	1.00%
JD	19.23	23.45	23-Nov	-17.90%
PVH	152.32	92.82	26-Jun	64.10%
XON	9.18	26.37	27-Nov	-65.20%
GERN	1.39	3.77	12-Dec	-63.12%
IYG	118.14	112.03	10-Dec	6.34%

That’s all for today. Wish you great investing! Stay tuned for my next blog. Thanks for your time. If you want to get alert on my action, then please subscribe to shesagroup_invest@googlegroups.com. You can also join my WhatsApp group, if interested.

Disclaimer: This blog is meant to provide my opinion only. The information provided is to the best of my knowledge but may not be accurate. I do NOT provide any professional recommendation to buy/sell any stock, ETF, mutual fund, or any other security(s). As an investor, it’s your hard-earned money and you decide what is best for you. The above are merely my own opinions and some of the information provided may not be accurate. Please contact a professional money manager to buy/sell any security. I do not charge any fees or commission by writing the blog except anything from Google AdSense. I have position(s) on whatever security I write on my blog and avoid recommending any security that I do not own or follow. Anybody buying or selling the equities mentioned here would do it on their own risk.

Note: Click on Blog archives to read all my Blogs and updates.