Shesa's SEPTEMBER 2022 Investment Blog

By Shesa Nayak

Welcome to my investment blog!

U.S. Stock Market Commentary   

Historically September has never been a great month for the investors. This year the situation has further aggravated and markets rattled due to ongoing macro economic situations. Wall Street wrapped up one of its worst weeks in months. All the stock indexes suffered their fourth losing week in last 5 weeks. The Down Jones is down 16.6%, S&P down 19.6%, NASDAQ down 29.4% from their all-time high. Last week the stock market got smacked because of high CPI (Inflation) number, retail sales number, warnings by FedEx and General Electric. We may see many more companies warn in days and weeks ahead. In addition, we saw quadruple witching that happened last Friday, 9/16 contributing to the downfall of stock indexes . As such, this may not be an exciting time as an investor but we have to understand that stock market takes its own course. The bearish sentiments in the stock markets are still very high. As you know, this year we saw worst first half since 1970 but the indexes bounced back, Nasdaq went up about 18-20% after the low in mid-June and then again the market plummeted after the Jackson Hole speech by Federal Reserve chair “J Powell”. He warned of “some pain” ahead as Fed fights to bring the inflation down. We continue to see higher inflation, higher interest rate, diminishing energy prices, diminishing home prices. The U.S inflation still remains high at 8.3% even though oil/gas prices and car prices down. Because many corporations are increasing prices and passing it to the consumers and coincidently consumers are still spending which is keeping the economy afloat. It’s happening because job market is still strong particularly in the services and leisure sector. Having said that, technology companies have been either laying-off or hiring have been cut down significantly. 

The FOMC meeting is scheduled for this week. I do anticipate another increase of 0.75% interest rate next week during their on Wednesday, 9/21. I am not concerned about the rate increase but the most important thing is what Fed will say about the future rate hikes. That may determine the market direction going forward.

On the earnings front, Q2 earnings are done and we wait for the Q3 earnings to come after mid-October. How will be the Q3 earnings is difficult to predict but one good thing that’s still keeping U.S economy afloat is job market for low paying jobs are still very healthy and that consumers are still spending. One good thing that happened since my last blog is, Congress passed the “Inflation Reduction Act (IRA)” bill. This could help the general public and climate change initiatives as we keep seeing the catastrophic effect of climate change across the globe. This is also a major catalyst for the green energy sector. I will discuss more on this later. 

As I said in my last blog, we see some historical pattern and I am optimistic that stock market will turnaround before the end of this year. I will discuss more on these but before that let’s take a quick look to stock market indexes.

Indexes	1/31/2021 (Close)	Close FRI 9/16	Change in 2022	% Change in 2022	All Time High	From All Time High	% from All Time High
DOW	36,338.30	30,822.42	-5,515.88	-15.18	36,952.65	-6,130.23	-16.59%
S&P 500	4,766.18	3,873.33	-892.85	-18.73	4,818.62	-945.29	-19.62%
NASDAQ	15,644.97	11,448.40	-4,196.57	-26.82	16,212.23	-4,763.83	-29.38%
BTK	5,518.45	4,750.80	-767.65	-13.91	6,376.77	-1,625.97	-25.50%
NBI	4,728.94	3,924.54	-804.40	-17.01	5,517.77	-1,593.23	-28.87%

Economy News

Earnings: Q2 earnings are over and now we wait for Q3 earnings that will kick-off in mid-October. The third quarter earnings growth estimates for the S&P 500 have more than halved to 5.1%, down from 11.1% forecasted on July 1. The third quarter revenue estimates are little changed lately, currently standing at 9.8% versus 9.9% a month ago. 

FED interest rate: The Federal Reserve hiked interest rates by 0.75% in July meeting. I do anticipate another 0.75% rate hike during its September 21 FOMC meeting that would be the third consecutive 0.75% rate hikes. The benchmark overnight borrowing rate currently stands at a range of 2.25%-2.5% should go up to 3.0-3.25%. This is first of that magnitude that Fed raised since 1994. Many Fed members suggest that it should go to 4 - 4.25% by the end of this year.

U.S GDP: Second quarter had a negative GDP growth of -0.9%, less than 0.3% gain expected by the economists. It follows a -1.6% decline in the first quarter. So technically we are in recession, However, corporate earnings are still reasonable and unemployment numbers are less, hence we are yet to be in a real recession

• Inflation rate: 8.3% in August, down from 8.5% in July but it was beyond street estimate to 8.0%.
• Retail Sales:  up 0.3% in August, July was down 0.4%, 
• Unemployment rate: 3.7% in August, up from 3.5% in July.
• Consumer Confidence: 58.2% in August up from July
• Business Confidence:    52.8% remained unchanged
• U.S Crude Oil:  $85.40 a barrel, down significantly in last couple of months
• Home Sales: New -12.6% YoY, existing home sales: -20.2%, Median Home Prices up 10.8% from July 2022.

Economy Positives and Negatives

Positives

• Lowest Unemployment @3.7%.
• Retail sales were up 0.3% in August. 
• Strong dollar making import cheaper but Export becomes expensive, so it’s +ve and -ve as well. 
• Continued strong business investment despite challenging environment.

Negatives 

• Higher Inflation: Despite low oil/gas prices we still see higher inflation at 8.3% in August, highest since NOV 1981.
• FED Rate Hike: FED will keep raising interest rate till there is cooldown in inflation. The 30 Years Mortgage Rate rises to 6.02% impacting home market.
• Negative GDP growth: GDP declined to -0.3% in the second quarter following -1.6% in Q1.
• Global slow down: China economy is in a dire state, Russia and Ukraine war continues. Recession in Europe is very much in the card as it faces of a full-blown energy crisis this winter.
• Revenue/Earnings are decelerating, Q2 earnings were up only 6%.

Why the Stock market has been going Crazy?

Historically September has never been an investor’s friendly month. This year further aggravated due to all these ongoing macro economic situations. The stock market saw a good bounce in July and August but after the Jackson Hole speech by Federal Reserve chair “J Powell” market started plummeting again. Specifically last week stock market was rattled because of high CPI (Inflation) number, retail sales number Warnings by FedEx and GE, Adobe lost 25% in just last 4 days. So, there is nothing bullet proof investment in such an environment. On all these, certainly Macro Economic factors are the cause, however I also see some of these can be attributed to the company specific issues or missteps in the current environment. We also saw “quadruple witching “ that happened on Friday, 9/16 that happens on 3rd Friday of each quarter, so four times in a year.  On these days, four types of derivatives expire - stock options, stock index options, stock futures, stock index futures where profitable options contracts are automatically executed and futures contracts are transacted or rolled over to a new contract. All in all, market is in a terrible state and hence it may not be an exciting time as an investor but we have to understand that stock market takes its own course, hence we have to get acclimatized to the changing environment and take the right decision.

What to expect next? 

All of us would like to know what would happen to the stock market. But nobody knows the future. We all can do our analysis and make some assumptions. So, it’s better to listen or read but we need to do our own due diligence. Here is my thought. 

We may see some bounce next week before the FOMC meeting. It’s almost certain that Fed will be raising 0.75% interest on September 21. The stock market has already factored in that scenario. However, what the Fed statement about the future is of immense significance. If they raise the rate and indicate to “pause” or “not raise interest so much so fast” then that’s also a good sign. Under such scenario, the stock market may bounce back. However, if they continue to say that they want to crush the inflation and till then they won’t stop then such hawkish statement my be detrimental for the stock market. In that scenario, stock market will remain very volatile.  Now let’s see another factor which is impacting the stock market. Let’s see two other factors which influence the stock markets.

September and October effect

If we analyze the history then “September effect” refers to weak stock market returns for the month of September. Over the past 25 years, the S&P 500 average monthly return for September is about -0.4%, but if we analyze last 100 years then September has around -1% return. Hence it’s denoted as the worst month for the stock. Actually, 1% down in the market is not a big deal but it’s not a favorable month. It is believed to be happening because of the following reasons:

1. Investors return from summer vacation in September ready to lock in gains as well as tax losses before the end of the year
2. Individual investors liquidate some stocks to offset schooling cost for their children
3. This is a dull quarter for technology sector from earning perspective
4. Some investors sell their stocks with hope to buy in the later part of the year at a cheaper price 
5. Short sellers and hedge funds take the above opportunity to short stock

The October Effect 

Frankly there is no relationship between these two month (Sept & Oct). However, if we see the history then we find that there were several major crashes in the month of October. Foe example,

• 1907 Panic: The Panic was caused by a build-up of excessive speculative investment 
• Black Tue, Thu and Mon 1929, Black Monday 1987 (Dow plummeted -22% in a single day)
• 2008 Subprime Mortgage Crisis ramped up during 2008 after the financial service firm Lehman Brother declared bankruptcy on September 15, 2008.

Irrespective of the above impediments, I am still optimistic that we may see a reasonable good bounce before the end of the year. Why is that? I discussed it in my last blog but again I am reiterating because the turnaround may happen based on the below historical evidence.

Mid-Term Election Year is a big Catalyst for the Stock Market

Please note that I had written about this event in my last month’s blog and discussed during our last investment meet too. However, I feel it as an important criteria for our investment decision. Hence, I am refining and reproducing again for the benefit of the readers.

Historically, mid-term election year has been a huge catalyst for the stock market. This year mid-term election will be held on Tuesday, November 8, 2022. During this midterm election, all 435 seats in the House of Representatives and 34-35 of the 100 seats in the Senate will be contested. During these mid-term election years, 23 out of 27 times or 85% of the time in past midterm election years stock market have ended the year on a higher note. But if we see the mid-term year’s low to next year’s high then the stock market have NEVER gone negative. The average return has been outstanding 46.9%. The lowest return was 14.6% in 1946 and highest return was 88.1% in 1914. So, hypothetically saying, let’s assume that this 2022 mid-term election year low was on June 16, when S&P 500 and Nasdaq had a low of 3636.87 and 10,565 points respectively. So, the high till end of next next year i.e. Dec 31, 2023 should go anywhere from 14% to 88% from the lowest to highest point based on past metrics. Now, if we consider from the lowest of mid-term election i.e 2022 and assuming that the lowest point for S&P is 3636.87, then till the end of next year (in this example Dec 31, 2023), the average return has been 15.9%, lowest being -52.7% in 1931 when U.S struggled with the great depression. Please note that every four years, stocks make an important low in the midterm election year. And this year, we are facing so many challenges of inflation, Fed rate hikes, supply chain constraint, Covid etc. 

Based on another research conducted by U.S Bank for pre-midterm election stock market performance - S&P 500 Index has historically underperformed in the year leading up to midterm elections. The average annual return of the S&P 500 in the 12 months before a midterm election is -0.3% which is significantly lower than the historical average of 8.1%. This year it will be significantly more because stock market has already lost about -19% (S&P 500) to -27% (Nasdaq). But post-midterm election period is a very different story. The S&P 500 has historically outperformed the market in the 12-month period after a midterm election, with an average return of 16.3%. For 3 month (Nov 1 - Jan 31) it has returned 7.3%, 6 months (Nov 1 - Apr 30) it has returned 15.1% and 1 year (Nov 1 - Oct 31) it has returned 16.3% respectively. 

Here are some of the pattens identified for the Mid-Term Election Years:

- Stocks usually have a bad start to the year: This year we saw worst beginning since 1970.

- Stocks makes an important low: This is we saw Nasdaq shattered 35% and 25% for S&P 500. 

- Stocks turnaround and soar  50% in next 12-18 months on an average. 

Source: chaikinanalytics.com

My final thoughts: In general stock market has/had an excellent return just around the mid-term election time to the next one year. If history is any evidence and it repeats than it would be investors may see excellent returns. Having said that, nobody can predict whether history will repeat or not! But it provides us good information for our decision making. Hence, we should plan and invest diligently.

My thoughts about Current State of Stock Market

Just because Fed raises the interest rate does not necessarily mean that market will keep falling. But market will get some momentum only when the investors realize that Fed is approaching towards end of the rate hike cycle.

I expect another 0.75% rate hike on September FOMC meeting on 9/21. The statement by Fed will be the key indicator for stock market.

We may see some nice bounce before the end of the year.

We may get into a mild/moderate recession in next 6-9 months as Fed has been very aggressive. The interest rate takes at least 6-8 months for its impact to the economy.

We may continue to see volatility to continue in September/October.

Alternate energy/Green Energy companies are expected to benefit because of IRA bill

Many Semiconductor companies are depressed and may benefits because of $52B bill for Chip act. This sector is in a dire state at this time.

Inflation Reduction Act

The U.S Congress passed “Inflation Reduction Act” last month. It includes the following:

• Lower Healthcare & Prescription Drug cost
• 15% Corporate minimum Tax
• $300 billion deficit reduction
• $400 billion bill to fight climate change & energy. Here are some key provisions:
• Residential clean energy credit: 30% if you install solar @home
• 30% tax credit toward the cost of installing efficient exterior windows, skylights, exterior doors, water heaters and other items (up to $1,200 a year, though a larger $2,000 total annual credit).
• Electric Car: Up to $7.5K and $4K for used EVs. Any car that’s manufactured in USA - including batteries and raw materials. At this time <10% TVs may be eligible.
• Which stocks are expected to benefit:
• Hydrogen: PLUG, BE
• Solar and Solar Storage: ENPH, STEM, LAZR, RUN, SPWR, FSLR, NOVA
• Charging: CHPT, BLNK

In addition, It would also benefit other alternate energy companies like wind, lithium, battery and EV manufacturers. 

Are we trending towards a recession?

• We saw two consecutive -ve GDP growth technically in recession Q2: -0.6%, Q1: -1.6%. So technically we are in recession. But only one factor is satisfied i.e. higher inflation. There are still job growth and corporate earnings still looking good.
• Fed seems determined to increase rate high to bring to inflation down to about 2%. Please note that the impact of interest rate takes 6-8 months to be effective. Fed has already hiked interest rate to 2.25%. I am 90% confident that it will raise another 0.75% rate. So, it would be 3-3.25%. Many Fed members want to see 4% interest rate by the end of this year. If that’s the case then it’s highly likely that we will get into a recession. I hope and wish Fed will be diligent, not adamant. 
• Since 1940 whenever inflation has gone beyond 5% has mostly resulted into recession. 
• The Yield curve has inverted 28 times since 1900 resulting in 22 recessions 
• Europe has 90% probability to get into recession in next few month due to high oil and gas prices.

Sectorial Stock Market Performances (TOP 5 sectors for 2022)

Sector	YTD Performance in %age
Energy	41.05
Utilities	3.41
Consumer Staples	-7.98
Health Care	-9.90
Financials	-15.78
IT	-26.31

Please click below link to view complete sectorial performances:

https://eresearch.fidelity.com/eresearch/markets_sectors/sectors/si_performance.jhtml?tab=siperformance

Source: fidelity.com

Now let me discuss this month’s stock of my Blog Portfolio. Please note that the information about Fisker car may or may not be completely true as the car is yet to hit the road. Hence, due diligence of the reader(s) are needed. 

Fisker Inc (FSR) 

Fisker is an American electric vehicle automaker founded by Henrik Fisker and his wife Geeta Gupta-Fisker. The company was launched in 2016 and based in Manhattan Beach, Southern California. Fisker develops, manufactures, markets, leases, or sale of electric vehicles (EVs). The company is coming with its first Electric Vehicle (EV) Fishker Ocean once production starts on 11/17/22. This car was conceptualized two years ago and going into production in November, so that's really fast. I don't think Tesla did anything that fast.

Fishker seems to be a very promising upcoming EV company. I have told a few times to my WhatsApp group members and during the investment meets as well. I thought it’s time now to put it in my blog. First of all, I have sold my Lucid Motors (LCID) shares and removed it from my blog portfolio. As I said before, Lucid Motors has disappointed investors time and again by missing the manufacturing numbers and revenue consecutively. Hence, I diverted my fund towards Fisker (FSR). As I said, Fisker production is scheduled to start from November 17, 2022 and delivery expected thereafter. I have done lots of research on this company before investing and that attracted me to invest in this company. As we know, future is going to be very competitive in the EV space and hence it’s imperative to do our due diligence.

Why do I like Fisker?

Fisker is coming with its first EV “Fishker Ocean”. Fisker Ocean and another model “Fisker Extreme” comes with a solar roof that puts 2,000 miles in the car over the course of a year just sitting in the sunshine. This is free extra mile that the car owner gets. There has been no other U.S. EV manufacturer which has solar panel built-in to its roof. 

The company is planning to manufacture various models viz. Fisker Ocean, Fisker Ocean Extreme, Fisker Ocean Ultra and Fisker Ocean Sports. All these models will range its price from $70,000 to about $35,000. After the passage of Inflation Reduction Act (IRA) by congress Fishker is planning to start their manufacturing in USA to avail $7,500 EV tax credit. At this time, less than 5% of the EVs in U.S qualifies to get the tax credits because IRA has many stringent conditions to qualify. 

Most of its new vehicles are SUVs with more spaces, great interior and outside design. The vehicle goes 350 miles per charge and acceleration speed is 0-60 miles in 2.8 second, which is almost twice faster than Tesla Model Y and Model 3. Please note that, not all the models will have the same specifications. So, one needs to do the research.

Its PowerHouse technology uses the battery as an emergency power source to run the entire home for up to seven days. I guess it’s a very important feature these days due to unprecedented impact of climate change. The company is also is using high quality recycled sustainable material and producing abroad to manufacture EVs in an economical manner and most sustainable car. 

While going through the Fisker features, we can find most of the Tesla features or even better except self-driving feature. It also has 17” display screen with nice interior design. But let me remind the reader that car is still not available in the market, so it’s difficult to exactly explain about its look and feel other than seeing in pictures and videos. I believe it could be a potential competitor to Tesla in the years to come. If anyone wants to see the list of features then you can see visit their web site: https://www.fiskerinc.com/ or see on YouTube. 

Fisker is confident that it will sell all of the EVs that it produces, as it has received more than 58,000 reservations from consumers, each of whom paid a $5,000 deposit are sold out, which amounts to $350 million in potential revenue once all the vehicles are delivered. The company has already built 55 prototypes cars, tested all of them, and reviewed their design. Hence, it is well-positioned to meet its vehicle-production schedule of 17 November 2022. It also has all the required chips available to start its production uninterrupted. Currently, the company is conducting road shows in different parts of U.S and Europe to accelerate further demand and reservations.

Financials

On August 3, Fisker posted a second-quarter net loss of $106 million, or 36 cents a share, compared with the analyst estimate of a loss of 41 cents a share.  The company has over $850 million in cash, and their business continues to scale.

Pricing: Fisker Ocean One and Fisker Ocean Extreme has a price of USD 69,999. It also has a wide range of pricing which would enables them to tap into the massive worldwide SUV market. According to CarsDirect, the average cost of an SUV in the United States as of 2022 is $35,000. Fisker has made their lowest trim model start at $37,499 USD  which is expected to hit the market at later part of 2023. If they get $7,500 tax credits then it would cost around USD 30,000. 

As the company already has 58,000 reservations, assuming $70,000 price that makes a revenue of about $4 billion. Even with a 50% convert rate it would be more than $2 billion in revenue. Moreover, their bookings have been increasing rapidly in last few months. The first booking of 5,000 cars got exhausted in just one day and now the next round of bookings will start after the product launch on November 17. They are expecting to produce 40-50,000 EVs next year which brings over $3 billions in revenue. Let me be pessimist and say that they will have $2 billion in revenue and a Price to Sales ratio of only 10 (Tesla has 14, Rivian has 67 and Lucid 149!!), then also it should have market capitalization should be around $20 billion. Currently, the company has a market cap of only $2.5 billion. Hence, it’s extremely undervalued based on its future projected revenue. 

Why FSR share price is depressed? 

In my view, there are a few reasons. First of all, the federal tax credit can’t be available unless an EV is fully manufactured in U.S including its raw materials. So, Fishker is no exception. That’s the reason the EV companies did not rally after the IRA bill was passed by the Congress. This is not specific to Fisker but applicable to all EV manufacturers.

Secondly, more than 30% of the total stocks float are short. Many short sellers are expecting that company will further dilute its share to meet the production requirement despite Fisker’s repetitive assurance that they are not going to dilute further. Hence, I won’t be surprised if there will be some short squeeze in the foreseeable future. That may bump the share prices significantly.

Fourth, Lucid Motors (LCID) and Rivian (RIVN) stunned the Wall Street with ridiculously high stock price and unable to meet production and revenue expectations. That shattered the investors confidence for the whole sector. I guess Wall Street is still not believing that the company will be able to deliver the cars as promised. Having said that, I do see a very limited downside for Fisker stock from the current price unless something goes seriously wrong.

This company is yet to start production, hence there is not much fundamentals to talk about. But it’s gaining lot of attention in U.S and Europe. 

My View and Strategy

In my view, Fisker car has tremendous potential to sale and can generate billions in revenues for the company in next 1-2 years. The stock is trading in a very limited trading range ($8-10) for last several months. Currently the stock is trading at $8.94. It had a 52-week high of $23.75, so it sells at a discount of 63% from its 52-week high. As a strategy, I never buy any stock at once. So, I have been accumulating this stock in small quantities for last few months. Now the market is extremely volatile, EV stocks are trounced and the company is approaching to its production schedule in 8-weeks. Hence, I thought this could be right time to make a move. The stock market is and will remain volatile for a foreseeable future. So, it’s possible that stock price may come down but that may give me further opportunity to accumulate at lower price. I do feel that the stock should start taking momentum as soon as its production time line gets closer and closer to the target date of 11/17. Whenever the stock price goes up significantly, I trim a small portion and add when it comes down. Let me compare some of the stocks in this EV sector. 

EV Manufacturer	Sales	Market Cap	Stock Price
Tesla (TSLA)	$67.17 billion	$915.38 billion	$303.35
Rivian (RVAN)	$514 million	$34.68 billion	$39.26
Lucid (LCID)	$151 million	$27.14 billion	$16.29
Fisker (FSR)	Production starts - 11/17/22	$2.67 billion	$9.06

We can see the above table and particularly compare the market capitalization and see that this stock is extremely undervalued. Visualizing the potential Fisker may have provided they execute as planned may see its share value go up significantly. So, in my view it’s great opportunity to accumulate this stock for long run. However, each investor(s) should do their due diligence before investing in any stock. We should not invest if we do not like the stock or the company. If it was a mistake, it’s better to get rid of the stock rather than being emotional. There is always a bull market somewhere.

Risks

Currently, the stock market going through an uncertain period because of many macro economic factors. This is a great EV stock for future but investors need to have patience. Nothing happens overnight. This stock is not for risk averse or impatient investor. I do take calculated risk and keep accumulating with patience when the stock price is doomed. If the company can’t keep its production and revenue target like Lucid motor -or- if its car run into unforeseen problems then the stock may get hammered. Those may be the red flags to sell this stock. 

My final thoughts

In my view, Fisker has a great future potential and severely under valued stock. As the company approaches to its production kick-off on November 17, this may be the right time to buy or accumulate the stock. And that’s what I have been doing. But nobody knows the future and any unforeseen issue. One can only evaluate based on the information available. So, due diligence is KEY. As I have said many times, when I see some red flags I just get out of the stock irrespective of how great the stock or company may be. If I still want to hold then I trim it significantly. However, if I still see the potential then I keep accumulating in small quantities. We can’t win every time, so better to accept some failures as well. With Fisker (FSR), whether I will succeed or fail only time will tell. I do not invest for weeks or months rather invest for long term or till I see red flags. Barring any unforeseen exception, I do believe that it has terrific potential for long term investors (at least 2-3 years). I do not want to forecast but I will not be surprised if this stock gets doubled or tripled in next 18-24 months. Hence, I am invested. If I see any red flags in future I will dump it the way I did to Lucid. However, at this time, I am very hopeful and optimistic that it would be a great long-term winner and this may be the right time to get invested as production will kick-off in next few weeks.

Shesa’s Blog Portfolio (As of SEPT 18, 2022)

Equity	Suggested Price	Current Price	Suggested Date	% Change	My View  (see disclaimer)
STOCK (All prices are in USD)
AAPL	12.9	150.70	1/25/13	1068%	Buy below $145
META	47	146.29	11/13/13	211%	HOLD
MA	77.18	315.13	12/12/13	308%	HOLD
AMZN	15.58	123.53	4/12/14	693%	Accumulate
SHOP	13.48	31.73	11/25/18	135%	HOLD
SPG	54.59	99.70	5/25/20	83%	HOLD
ENPH	45.3	318.1	6/28/20	602%	Accumulate
PLUG	27.98	28.25	4/25/21	1%	Accumulate
CLNE	8.11	6.29	8/27/21	-22%	HOLD
SAVA	51.49	31.04	10/10/21	-40%	Accumulate
NTLA	118.24	65.71	1/2/22	-44%	HOLD
NVDA	239.49	131.98	2/13/22	-45%	Accumulate
CHPT	18.44	17.97	3/20/22	-3%	Accumulate
TSLA	290.25	303.35	5/1/22	5%	HOLD
ZIM	62.95	29.53	6/5/22	-53%	Accumulate. 88% Dividend.
DIS	106.1	108.25	7/31/22	2%	Buy
FSR	8.95	8.95	9/18/22	0%	NEW ADDITION
ETF
IHF	139.1	271.65	8/16/15	95%	HOLD
QCLN	70.23	65.70	1/3/21	-6%	HOLD
MUTUAL FUND
PRMTX	59.45	121.07	12/20/14	104%	HOLD
FSRPX	9.05	16.37	1/15/16	81%	HOLD
FSMEX	43.66	60.12	9/24/17	38%	HOLD

Sold since my Last Blog

Lucide Motor (LCID).

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 on what I do. 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 put on my blog portfolio and avoid including any security that I do not own or follow. Anybody buying or selling the equities mentioned here is their own risk.

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