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MHFTR

America's Native Indian Economy

Diary, Newsletter, Research

When I was remodeling my 160-year-old London house years ago, the chimney was in desperate need of attention. After the chimney sweep crawled up the fireplace (yes, they still have them), he found a yellowed and somewhat singed envelope addressed to Santa Claus.

Thinking it was placed there by my kids, he handed it over to me. In it was a letter penned in a childlike scrawl, written with a quill and ink, dated Christmas, 1910, asking for a Red Indian suit.

Europeans have long had a fascination with our Native Americans. So, in preparation for my upcoming European strategy luncheon tour, I thought I would get myself up to date about our earliest North American residents.

Business is booming these days on Indian reservations, or it isn't, depending on where they live.

Of the country's 565 reservations, some 239 have moved into the casino business and the cash flow has followed.

In 2010, Indian gaming reaped some $26.7 billion in revenues, or some $9,275 per indigenous native. That is a stunning 44% of America's total casino revenues.

Some, like the Pequot tribe's massive Foxwoods operation just two hours from New York City, now the world's largest casino, once had money raining down upon it.

But the casino grew so large that it entirely occupied the diminutive Connecticut reservation allocated to it by an obscure 17th century treaty.

During the salad days, the profits were so enormous that an annual $250,000 stipend was paid to each officially registered tribal member.

A poker boom helped. No surprise that the tribe grew from 167 to 665 members during the past 30 years.

Today, the operation is burdened with $2.5 billion in debt, thanks to some bad investments and an ill-timed expansion.

Casinos in more rural locations in the far west, distant from population centers, have fared less well.

Those that contracted out for professional management from Las Vegas and Atlantic City firms, such as Harrah's, MGM and Caesars, earn a modest living.

But the reservations attempting local management on their own fall victim to inefficiencies, incompetence, corruption, nepotism, over hiring of locals and outright theft.

Believe it or not, it is possible to lose money in the casino business, and some have had to shut down.

Overbuilding is another problem. In northern New Mexico you can find several casinos within five miles of each other competing for the same customers. Most of their clients (read losers) are in fact local tribal members, the same individuals these houses are intended to help.

The 326 tribes that avoided the casino industry do so at the cost of a big hit to their standard of living.

That explains why Native American median household income reaches only $35,062, compared to $50,046 for the US as a whole. Many, such as the numerous Hopi, shun it because of their religion.

Without gambling there are few economic opportunities on the reservations, which is why they were given the land in the first place.

The parched conditions of the west limit farming. Unemployment runs as high as 80% on some reservations, such as the White Mountain Apaches.

As a result, a high proportion of the country's 2.9 million Native Americans are wards of the federal government, living on food stamps and other government handouts.

That's not how it was supposed to be. The first modern reservation was set up for the Navajo tribe in 1851 at a baking hellhole on the Pecos River, with the intention of enforcing a primitive form of apartheid to ensure their survival.

The legendary scout Kit Carson was hired to herd the hapless Indians to their new home.

He did it by burning all the crops in their homelands and cutting down every tree.

Because they surrendered early rather than fight, today they are the most populous tribe, with 160,000, owning the largest reservation, at 24,000 square miles, mostly in Arizona.

Those who signed treaties early survived, which gave them status as an independent nation but ceded all matters regarding defense to the federal government.

In fact the Iroquois, Sioux, and the Chippewa separately declared war on Germany during WWII. Some even issued their own passports to attend the last Olympics. Those who didn't had to settle for much smaller reservations, or got wiped out.

In 1975, congress passed the Indian Self-Determination and Education Assistance Act, which devolved power from the government to the tribes.

Florida's Seminole tribe won the right in court to open a casino in 1981, which was confirmed by the Supreme Court in 1987. After that, it was off to the races, with Indian bingo parlors sprouting across the country.

During the 19th century Indian wars when hundreds of thousands died, the practice was to attack a wagon train, kill all the men, marry the women and adopt the children.

As a result, I am descended from three different tribes, the Delaware, Sioux, and the Cherokee, as are about a quarter of native Californians my age. So I tried to cash in on government largess by applying for tribal scholarships to go to college.

It was to no avail. Only those who can trace their lineage to a 1941 Bureau of Indian Affairs census and are one-eighth Native American can qualify.

When whites married Indians 150 years ago, the common practice was to baptize them and give them western names, obliterating their true heritage.

They were also pretty casual with marriage records in the Wild West. Jumping over a broom doesn't exactly make it into the county records. But we still have many of the wedding photos, and it's clear who they are.

I never did find out if that little boy got his Red Indian suit for Christmas, but I hope he did.

indianSo, Should I Double Down?

https://www.madhedgefundtrader.com/wp-content/uploads/2012/08/indian.jpg 229 321 MHFTR https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png MHFTR2018-03-20 01:06:132018-03-20 01:06:13America's Native Indian Economy
MHFTR

The Battle for Control of CRISPR Technology is Over and You Won!

Tech Letter

It was the battle of the Titans: Harvard versus the University of California.

At stake was who would control the patent for the most important biotechnology of the century, that for CRISPR-Cas9 gene editing.

Harvard won. And you did, too.

Tens of billions of dollars of potential profits are up for grabs.

The decision also sets up stock investment opportunities that are nothing less than spectacular. Pick the right company, and a 100-fold return on your capital is possible.

For the uninformed, CRISPR stands for "clustered regularly interspaced short palindromic repeats."

Say that fast three times.

The outline of the original CRISPR technology was published by UC Berkeley professors Jennifer Doudna, Ph.D., and Emmanuelle Charpentier, Ph.D., in 2012 in the prestigious Science Magazine.

It was widely applauded as the scientific breakthrough of the century, on par with Newton's discovery of calculus and Einstein's theory of relativity.

Building on their research, Feng Zhang, Ph.D., a Chinese immigrant, of Harvard University's Broad Institute (of real estate developer Kaufman and Broad fame) filed 14 patents the following year on derivative downstream processes.

However, because the Broad Institute used a fast track application process, it beat Berkeley to the patent.

A year of litigation ensued at the beginning of 2016, with the Unlisted States Patent & Trade Office holding an extremely rare "interference" hearing.

The Broad Institute argued that Feng Zhang conceptualized using the CRISPR system in human and mouse cells in February 2011, well before Doudna's 2012 patent application.

The USPO ruled in the Broad Institute's favor on February 14, 2017, setting off a firestorm in the scientific community. The Berkeley team still has the right to appear, potentially taking the dispute out several more years.

The decision sets up investment opportunities that are nothing less than spectacular. Pick the right company, and a 100-fold return on your capital is possible.

As a biochemist myself, I have been following with utter fascination the evolution of the groundbreaking CRISPR technology since Berkeley's Doudna/Charpentier team published its first paper.

If you have been living in a cave for the past five years, let me take a brief time-out and explain what is CRISPR-Cas 9 technology.

If you are the average Joe stock trader, which are most of you, suffice it to say that CRISPR technology is being developed that will enable you to edit your own DNA on a customized basis and then pass the changes on to your future generations.

This will eventually allow you to become immune to all diseases, increase your intelligence, and possibly enable you to live forever. Just cut out a bad gene and put in a new one and you, and all your future decedents are fixed for good.

You only have to make it five or 10 more years at the most with your current vintage DNA, and you can easily live another century.

The potential value of this technology is therefore immense.

CRISPR technology is moving forward so fast that amateurs can now rent labs by the hour, such as at Genspace in Brooklyn, NY, and use them to create the designers' DNA for yeasts that will brew out-of-this-world beers.

In other words, CRISPR has gone retail.

I gave readers my last update in August with my research piece on "How CRSPR Technology May Save Your Life"?(click here for the link at https://madhedgefundtrader.com/how-crispr-technology-may-save-your-life/).

With the patent issue decided, at least temporarily, it is now easier to pick the winner in the race to profitability.

That would be Cambridge, Mass., Editas Medicine (EDIT), in which the winner of the patent dispute, Feng Zhang, is a major shareholder.

Editas Medicine has been granted an exclusive license for the use of Cpf1 and other advanced Cas9 forms in relation to human genetic therapies.

Editas also has the coolest website I have ever seen (click here for its stunning home page at http://www.editasmedicine.com).

Editas already has a half dozen CRISPR-generated treatments in its pipeline, including those for cancer, Usher syndrome, sickle cell anemia, muscular dystrophy and cystic fibrosis.

The patent win will enable Editas Medicine to attract the additional capital it needs to expand both the breadth and depth of its product lineup.

Dozens of companies are lining up to license the revolutionary technology from the Broad Institute and Editas, including Monsanto, GE Healthcare and Germany's Evotec.

The ruling has big consequences for a phalanx of biotech start-ups racing to commercialize CRISPR technology.

Companies that backed the wrong horse will have to scramble to shore up their intellectual property portfolio.

Berkeley, Calif.-based Caribou Biosciences, Inc., holds the exclusive license on the CRISPR-Cas9 inventions made by Doudna and her colleagues, while Basel, Switzerland-based CRISPR Therapeutics licensed essentially the same inventions from the University of Vienna, where Charpentier once worked and which sided with UC in the patent case.

Even though they came out on the wrong side of the patent dispute, other companies bear consideration when looking for CRISPR investment targets.

The market for this technology is going to be so enormous that any participants, no matter what their position on the patent ladder, will reap financial windfalls.

In other words, even the losers will become winners.

Those would include Intellia (NTLA) (click here for its site at http://www.intelliatx.com) and Crisper Therapeutics (CRSP) (its site is at http://crisprtx.com).

We will continue to hear a lot more about CRISPR technology and the investment implications therein.

I will keep a laser-like focus on the sector and update my research pieces when I can.

 

 

 

 

 

 

 

The Winner, For Now

___________________________________________________________________________________________________

Quote of the Day

"Insanity is doing the same thing over and over again and expecting different results," said the Nobel Prize winner and theoretical physicist Albert Einstein.

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 MHFTR https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png MHFTR2018-03-20 01:05:252018-03-20 01:05:25The Battle for Control of CRISPR Technology is Over and You Won!
Arthur Henry

Tech Trade Alert - (FB) March 19, 2018 BUY

Tech Alert

When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 Arthur Henry https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png Arthur Henry2018-03-19 14:23:292018-03-19 14:23:29Tech Trade Alert - (FB) March 19, 2018 BUY
Arthur Henry

Trade Alert - (FB) March 19, 2018 BUY

Trade Alert

Trade Alert - (FB) - BUY

BUY the Facebook (FB) April, 2018 $150-$160 in-the-money vertical BULL CALL spread at $8.60 or best

Opening Trade

3-19-2018

expiration date: April 20, 2018

Portfolio weighting: 10%

Number of Contracts = 12 contracts

Information warfare has finally become a trading issue.

In the wake of disclosures that the UK based Cambridge Analytica improperly held on to the customer data of 50 million accounts has triggered the biggest selloff in Facebook shares (FB) in four years.

For the first time in ages, Facebook is now selling at a screaming discount to the main market, with a PE multiple of only 17X, compared to 19X, and 15X if you strip out cash on the balance sheet. Facebook has in effect become another Apple (AAPL) in valuation terms.

Fundamentals have not changed. Some 66% of advertisers say they will increase their spend over the next year.

Regulatory fear is overdone, and it is difficult to image in what form that such regulation would take. What, an (FB) friend tax on your account?

The worst case is that founder Mark Zuckerberg may have to undergo an unpleasant appearance in front of the technophobes in congress.

The company is growing at a compound 30% annual rate and is far and away the dominant player in it a deeply moated space. In other words, it is still a company whose shares you should die for.

Nevertheless, I am going to be very cautious here, buy the Facebook (FB) April, 2018 $150-$160 in-the-money vertical BULL CALL spread at $8.60 or best.

This is a bet that (FB) shares will not trade below $160 by the April 20 options expiration in 24 trading days.

Notice that I am being more cautious than usual with this trade, given the seasonality and the great height of the market. I am going for short duration, deep in the money, and a wide $10 spread. And the stock has just sold off a breathtaking $15, or 8.1% in only two days.

Don't pay more than $9.00 for this position or you?ll be chasing.

If you don't do options, close your eyes and buy Facebook shares outright.

Here are the specific trades you need to execute this position:

Buy 12 April 2018 (FB) $150 calls at.............$24.70
Sell short 12 April 2018 (FB) $160 calls at....$16.10
Net Cost:...........................................................$8.60

Potential Profit: $10.00 - $8.60 = $1.40

(12 X 100 X $1.40) = $1,680 or 16.28% in 24 trading days.

?


?

To see how to enter this trade in your online platform, please look at the order ticket above, which I pulled off of?Interactive Brokers.

If you are uncertain on how to execute an options spread, please watch my training video on How to Execute Vertical Call and Put Debit?Spreads?by?clicking here.

You must be logged into your account to view the video.

Please keep in mind that these are ballpark prices only. There is no telling how much the market can move by the time you get this.

Be sure you've signed up for our?FREE?text alert service. When seconds count, this feature offers a trading advantage.? In today's market, investors need every advantage they can get.

The best execution can be had by placing your bid for the entire spread in the middle market and waiting for the market to come to you.

The difference between the bid and the offer on these deep in-the-money spread trades can be enormous.

Don?t execute the legs individually or you will end up losing much of your profit. Spread pricing can be very volatile close?to expiration.

If you don?t get it done, don?t worry. There are another 250?Trade Alerts?coming at you over the coming 12 months.

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 Arthur Henry https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png Arthur Henry2018-03-19 14:20:302018-03-19 14:20:30Trade Alert - (FB) March 19, 2018 BUY
Arthur Henry

Trade Alert - (FB) March 19, 2018 CALL SPREAD EXPIRATION

Diary

When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 Arthur Henry https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png Arthur Henry2018-03-19 12:12:082018-03-19 12:12:08Trade Alert - (FB) March 19, 2018 CALL SPREAD EXPIRATION
Arthur Henry

Trade Alert - (FXE) - March 19, 2018 EXPIRATION

Diary

When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 Arthur Henry https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png Arthur Henry2018-03-19 10:23:232018-03-19 10:23:23Trade Alert - (FXE) - March 19, 2018 EXPIRATION
Douglas Davenport

Trade Alert - (FB) EXPIRATION March 19, 2018

Trade Alert

When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more

https://www.madhedgefundtrader.com/wp-content/uploads/2013/03/Alert.jpg 259 294 Douglas Davenport https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png Douglas Davenport2018-03-19 10:03:222018-03-19 10:03:22Trade Alert - (FB) EXPIRATION March 19, 2018
DougD

March 19, 2018 - MDT Pro Tips A.M.

MDT Alert

While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points. Read more

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 DougD https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png DougD2018-03-19 08:57:082018-03-19 08:57:08March 19, 2018 - MDT Pro Tips A.M.
MHFTR

March 19, 2018

Tech Letter

Mad Hedge Technology Letter
March 19, 2018
Fiat Lux

Featured Trade:

(DON'T BUY THE SPOTIFY IPO ON PAIN OF DEATH)
(IHRTQ), (AMZN), (FB), (GOOGL), (P)

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 MHFTR https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png MHFTR2018-03-19 08:01:492018-03-19 08:01:49March 19, 2018
Douglas Davenport

Don't Buy The Spotify IPO on Pain of Death

Tech Letter

The music business has long been a graveyard for new startups and their business models, and it looks like we are about to get another victim.

Investors should avoid the upcoming Spotify initial public offering (IPO) as if it were the Black Plague.

Streaming live music is an impractical business and makes it impossible to turn a profit.

The model is a gift to consumers because unlimited music for $9.99 per month is a steal, and the service is free if users can endure annoying ads.

Apple music (AAPL) and Amazon prime music (AMZN) complicate Spotify's future because competing with Goliath is a guaranteed money loser.

These two FANGs also have the luxury of not worrying about losing money in music streaming, as it's just one miniscule slice of their overall business.

Apple music is second in market share with 37 million subscribers. However, Apple offers a multitude of integrated services, and its synergistic end products far surpass Spotify's music-only business.

Recent legislation has not cooperated either.

The Copyright Royalty Board (CRB) elevated royalty payments for songwriters from 10.5 percent to 15.1 percent of total revenue constituting a 43.8 percent increase.

The aftermath will stoke more operational losses for Spotify.

The modification is the largest in CRB increase in history and is a big win for the music industry against tech.

The 71 million Spotify subscribers are indeed formidable, but history is cluttered with examples of music streaming platforms gone astray.

Internet radio firm iHeartRadio (IHRTQ), mired in $15 billion of crushing debt, is the latest on the verge of bankruptcy.

Let's look at the only pure music streaming stock out there in Pandora (P): The original architect of this industry is a dud. Pandora's total subscribers peaked in Q4 2014 along with its share price at $37.42 and has taken investors on a downhill toboggan ride to $5 today.

Dispensing the former CEO and changing direction with new management were obvious considering Pandora is a bad business model. But there is only so much the board of directors with an inferior business model can do.

Spotify's most recently reported loss more than doubled YOY as the exorbitant royalty costs ate into gross margins. Compare Spotify with Facebook (FB), which pays nothing for its content and has terrific growth margins.

Spotify's royalty and distribution costs to the music industry amounts to 79% of total revenue. Ouch! In brief, it's incredibly expensive to corral together new users into the Spotify ecosystem.

Spotify has hyped up scale as its one-way ticket to profits, but scale is FANG's secret weapon along with unlimited cash flow to spruce up any desirable business. Apple and Amazon could easily target Spotify and dismantle their user ship.

To reach the scale desired, Spotify will have to really dig deep and splurge on adding incremental subscribers. This type of strategy is futile against deep pocketed Apple and Amazon.

YouTube, owned by Google (GOOGL), is the last part of the equation where music is completely free, and if you download an ad-blocker application, ads are removed as well.

In 2018, there is no reason to ever pay for music and that's why YouTube enjoys 1 billion monthly users. Users have voted with their wallets.

Spoiled Millennials, having grown up with Napster, expect and demand a world of downloadable free music.

Spotify's unconventional decision to directly list is also grounds to abstain.

Usually a company offers shares to the market to raise cash. Spotify isn't raising any cash, and the company must raise cash at some point. Any share dilution will occur after stock purchases, not before as in a normal IPO.

In a normal IPO banks normally put up their own capital to close the deal. They are responsible to make a market for the new shares once it is priced. However, in an unusual IPO process, banks have been completely shut out of the Spotify deal, which could result in a wave of extreme volatility on the first day.

Banks also "Build a book" to solicit interest from potential investors at specific prices leading up to the IPO day. Investors miffed at pricing will give an incentive to wait out the madness. The end result could be a disaster for this IPO.

Shareholders usually are subject to a lockup period to limit the potential shares offered for sale by "flippers." This new unconventional process allows investors to unload all Spotify shares anytime, which increases the downside risk on IPO day. This irregular method will lack a stable set of shareholders who buy and wait out the initial frenetic price movement.

The lack of a road show will harbor more confusion about the inner workings of the business.

Spotify is gambling that its brand is widespread enough to stir up a risky appetite, but this strategy could blow up in its face.

There is one way to save Spotify. Using an injection of funds to reinvest into enhancing the platform to gain more subscribers. Subscriber growth must outperform royalty costs on a relative basis or it never will recoup the losses. Ultimately, it's an insufficient endeavor because anything Spotify can do, the FANGs can do better.

The long-lasting benefit of making it to FANG status is that FANGs can disrupt their competition better than anyone since they are the Original Disruptors.

It makes no sense for Spotify to skimp on the IPO process just to circumvent paying investment bankers their usual excessive fees. The wild card in this experiment is that an unequivocal IPO success could spell the imminent doom of the investment banking business.

A smooth IPO would mobilize Uber, which has a similar loss-making, user growth sensitive business to follow in Spotify's path and bypass the traditional route.

In one day, big banks could be condemned to the graveyard of tech victims in a blink of an eye.

Spotify could be a great buy after the dust settles, but it would be a mistake to get caught up in the pandemonium that will ensue the day Spotify goes public.

I did the same with Tesla (TSLA) many years ago, only buying after the IPO flopped. It turned out to be a stroke of genius.

https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png 0 0 Douglas Davenport https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png Douglas Davenport2018-03-19 08:00:232018-03-19 08:00:23Don't Buy The Spotify IPO on Pain of Death
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There is a very high degree of risk involved in trading. Past results are not indicative of future returns. MadHedgeFundTrader.com and all individuals affiliated with this site assume no responsibilities for your trading and investment results. The indicators, strategies, columns, articles and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of MadHedgeFundTrader.com may have a position or effect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies.

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