Dear New World Investor:

The January Consumer Price Index (CPI) came in at +6.4% year-over-year, its lowest since October 2021 but hotter than expected, and +0,5% month-over-month. The index for shelter accounted for nearly half of the monthly increase and was by far the largest contributor. As we (and the Fed) know, that index badly lags the real-world costs.

When it starts picking up the downturn in rent, it will have a large negative impact on inflation that will last longer than before. Actually, it was a silver lining in the CPI data. With rent at -0.3%, closer to the real world, the month-over-month CPI would have been 0.0%.

Housing is a massive driver of inflation right now, with the official measures of rent prices rising at the fastest rate in more than 40 years. But given the lags in official data, we know rent prices should decelerate soon – peak rent inflation is coming, or already here.

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The core CPI, excluding the volatile food and energy components but including rent, rose 5.6% from last year and 0.4% in January. Can you imagine the market response if the CPI came in hotter than expected two months ago? Despite Tuesday’s miss, the market did everything right. Strength broadened out that day and growth led.

Then we got more bad inflation news this morning. January’s producer price index (PPI) came in at a monthly increase of 0.7%, hotter than the 0.4% expected by economists. But since the CPI announcement, the S&P 500 is down just 48 points or 1.1%. How can that be?

Investors are realizing the economy is pretty resilient. Yes, the Fed will keep posting 25-basis-point increases for a while. But the economy is adapting to the post-pandemic world as the supply chain shortages disappear. The Atlanta Fed’s GDPNow model is up to +2.5% for the March quarter as housing starts recover.

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Inflation is the next shoe to drop in this cycle:

h/t @topdowncharts Click for larger graphic

Market Outlook

After three good days, today’s down day meant the S&P 500 added only 0.2% since last Thursday. The Index is up 6.5% year-to-date. In the four months since the S&P bottomed, it has enjoyed a historic cluster of days with more than 80% of issues or volume advancing. Since 1950, here are the one-year returns following every similar cluster: +36.0%, +35.7%, +18.4%, +11.6%, +12.3%, +37.0%, +21.7%, +14.0%, +17.4 %,+33.3%. Are you sensing a pattern?

h/t @sentimentrader Click for larger graphic

The Nasdaq Composite gained 0.6% and is up 13.3% for the year. The small-cap Russell 2000 rose 1.4% and is up/down 10.3% in 2023.

The fractal dimension clearly is consolidating again as the run towards 4200 stalled. For now. There’s still plenty of energy to power a big trending move.

Top 5

Changes this week: None.

Near-Term – chronological order
INO Inovio – VGX-3100 HPV Phase 3 results any day
EQT EQT – cold February
OIL iPath Pure Beta Crude Oil Exchange-Traded Note – crude should rise quickly
GBTC Grayscale Bitcoin Trust – Bitcoin is coming out of one of its periodic sharp drops
VLD Velo3D – Rapid revenue growth; low market cap

Long-Term – alphabetical order
EQT EQT – largest US natural gas company
NVTA Invitae – the winner-take-most of genetic testing
META Meta – a (the?) leader in the metaverse
RKLB Rocket Lab – #2 to SpaceX in space
VLD Velo3D – Return manufacturing to the US

Coming Events
All times below are ET, and most presentations and slides are archived on the companies’ websites so you can listen to them.

Monday, February 20
Market Closed

via GIPHY

Tuesday, February 21
SAND – SandStorm – 11:30am – Earnings conference call

Wednesday, February 22
CDE – Coeur Mining – After the close – Earnings release; call tomorrow

Thursday, February 23
December quarter GDP – 8:30am – Second estimate; first was +2.9%
CDE – Coeur Mining – 11:00am – Earnings conference call
TGTX – TG Therapeutics – 9:30pm &10:00pm – Poster presentations at Americas Committee for Treatment and Research in Multiple Sclerosis (ACTRIMS) annual forum

Friday, February 24
Personal Consumption Expenditures Index – 8:30am

The $20-For-$1 Stocks

Say you put $2,000 into a stock that goes from 50¢ a share to $10. The $2,000 turns into $40,000. Then you put the $40,000 into another stock that goes from 50¢ to $10. That turns the $40,000 into $800,000. You did it with two stocks, and never risked going negative more than $2,000. (Not that you won’t be mad at me if the first one works and then the second one doesn’t, taking your $40,000 to Money Heaven.)

If you can afford it – and it would not be too big a position in your portfolio – putting $2,000 into each of these speculative biotechs might be a good way to start. Buying these out-of-favor, fallen, or forgotten companies that can get important products through the FDA at very low market capitalizations seems like a good strategy to me.

Risks

Development-stage biotechs are subject to investor sentiment swings from wildly optimistic to excessively pessimistic – mostly the latter recently. After the Primary Risk for each company, I’ve added the clinical stage of their lead product, the probable time of their first FDA approval, and the probable time of their next financing.

As always, you need to think about an appropriate position size. You could buy a full position upfront and then just hold on, or buy some upfront and leave room to add more on the inevitable financings, transient clinical trial setbacks, and the like.

Algernon Pharmaceuticals (AGNPF – $1.48) completed dosing the first cohort in the Phase 1 trial of intravenous DMT for stroke, with no safety or tolerability issues. The safety review committee approved moving the trial forward with the next cohort at an escalated dose.

Stroke Rehab Times published an opinion piece on How DMT Could be the Future of Stroke Treatment quoting Dr. Rick Strassman, an Algernon adviser.

CEO Chris Moreau gave an Ifenprodil update and their reasons for choosing the chronic cough indication over the idiopathic pulmonary fibrosis indication. It’s a 90-day trial instead of a year with IPF. They expect results in 10 to 12 months after the first patient is enrolled. It will cost about $7 million and be run in both the US and Australia.

AGNPF is a Hold for the Phase 2b IPF/chronic cough results.
Primary Risk: Ifenprodil fails in clinical trials.
   Clinical stage of lead product: Phase 2
   Probable time of first FDA approval: 2024
   Probable time of next financing: 2023

Arch Therapeutics (ARTH – $3.60) stock symbol changed back to ARTH. ARTH is a Hold for a buyout.
Primary Risk: AC5 fails to sell or the internal trial fails.
   Clinical stage of lead product: External approved. Internal trial 2023
   Probable time of first FDA approval: External done. Internal 2024
   Probable time of next financing: March or June 2023 quarter

Inovio (INO – $1.51) announced positive preliminary results from the second cohort of their Phase 1/2 trial of INO-3107 for HPV 6- and HPV 11-associated recurrent respiratory papillomatosis. Ten of 11 patients had a reduction in the number of surgical interventions, measured up to one year following their initial treatment. Four of the 10 patients did not need any surgery.

There was a statistically significant median decrease of three surgical interventions when comparing the year following treatment to the year prior, when the number of surgical interventions ranged from two to eight with a median of five surgeries.

Dr. Ted Mau, Principal Investigator and laryngologist at University of Texas Southwestern Medical Center, said: “Many patients with RRP need years of repeated surgeries with no end in sight. A treatment that results in fewer surgeries – or even no surgery – would be transformational for patients and their families.”

INO-3107 has an Orphan Drug Designation from the FDA. INO is a Buy under $7 for a very long-term hold.
Primary Risk: Their drugs fail in the clinic.
   Clinical stage of lead product: Phase 3
   Probable time of first FDA approval: 2023
   Probable time of next financing: Mid-2024

Biotech MegaShift

TG Therapeutics (TGTX – $18.29) got a target price increase from $18 to $34 from Cantor Fitzgerald, which is projecting a “strong” commercial rollout for Briumvi, TG’s recently approved multiple sclerosis drug. They raised their peak global revenue estimate for Briumvi from $1.8 billion to $2.2 billion, a major blockbuster. The analyst expects a “significant upside” to 2023/2024 Wall Street forecasts. Buy TGTX under $7 for a target price in a buyout of $25 or more now that the MS drug is approved.
Primary Risk:Briumvi, the MS drug, fails to sell.
   Clinical stage of lead product: Approved
   Probable time of next FDA approval: NM
   Probable time of next financing: March 2023 quarter

Biotech & Digital Dominators MegaShift
There are at least four ways to make money in the stocks of these large, growing, dominant companies. You can:
* * Buy a stock and hold it
* * Buy a stock and write a call option against it
* * With a Level IV options account, write an out-of-the-money put option
* * With a Level IV options account, write an out-of-the-money put option and use part of the premium to buy an out-of-the-money call option

Gilead Sciences (GILD – $83.39) Chief Medical Officer presented at the SVB Securities Global Biopharma Conference (TRANSCRIPT HERE). He addressed the decision to layer oncology onto their HIV and virology pipeline and said they have “a lot of potential for additional growth over the near-term – over the near to midterm…we do continue to have a goal to try to build the pipeline out to be a truly sustainable pipeline for the long-term. And I would say, we are midway through that journey.”

And that’s why we own Gilead. Regarding Trodelvy, he said they will expand the number of indications they are in, including non-small cell lung cancer, and also go into earlier lines of the indications where they already have approvals. Gilead has a plethora of development programs underway and I expect a steady stream of press releases to drive the stock much higher. GILD is a Long-Term Buy under $70 for a first target of $100.

Meta Platforms (META – $172.44) is ahead of Apple in augmented and virtual reality headsets. Apple just postponed the planned introduction of its first mixed-reality headset from around April to June, marking the latest setback for the tech giant’s next big initiative.

A year ago, Meta introduced their smart glasses, Ray-Ban Stories, and this morning showed how they were built. There are lots of reviews on YouTube.

SeekingAlpha had a good backgrounder on the metaverse opportunity for Meta: If You Build It, They Will Come. META is a Buy under $150 for a $400 target in 2024.

Other Tech

Fastly (FSLY – $16.06) jumped 27.6% on Monday after BofA upgraded the stock from Underperform to Buy and raised their target price from $10.50 to $16. Then it jumped another 15.8% today after reporting December quarter revenues up 22.1% from last year to a record $119.32 million, above both the high end of their guidance and the consensus expectation for $114.55 million. They also beat on the bottom line with a pro forma loss of eight cents a share, better than the 13¢ loss expected.

On the conference call (INVESTOR SUPPLEMENT HERE and TRANSCRIPT HERE), they said the trailing 12 month net retention rate increased to 119% in the fourth quarter from 118% in the third quarter. Their total customer count was 2,958 in the fourth quarter, up 33 from the September quarter. Of those, 493 were enterprise customers in the December quarter, up 11 from the third quarter. The average enterprise customer spend was $782,000 in the quarter, up 3% quarter-over-quarter.

Management said they are gaining traction across multiple industries, including six new customers in travel and leisure featuring one of the world’s largest corporate travel management platforms moving to Fastly. They also won four new customers in healthcare and life sciences, highlighted by their first win at McKesson.

For the March quarter, they guided for revenue of $114 million to $117 million versus the consensus for $116.81 million, and a pro forma loss of 8¢ to 12¢ per share, compared to the consensus for a 12¢ loss.

For the 2023 year, they guided for revenue of $495 million to $505 million, well above the consensus for $491.32 million, and a pro forma loss of 21¢ to 27¢ per share, much better than the consensus for a 46¢ loss.

Brokerage firm Craig Hallum upgraded the stock from Hold to Buy and bravely raised their target price from $9 to $17 – less than $1 from where it closed today. The analyst said network costs and capital expenditures are coming down, gross margins are rising, and the company is back to beating expectations and raising guidance.

D.A. Davidson also upgraded the stock from Neutral to Buy and doubled their 12-month price target from $8.50 to $17. Ya’ think? FSLY is a Buy up to $20 for a 2- to 5-year hold to $80+ as Compute@Edge drives customer acquisition and revenue growth.
Primary Risk:Content and applications delivery networks are a competitive area.
   Probable time of next financing: None needed

Rocket Lab USA (RKLB – $43.97) was pointed out by Morgan Stanley as one of 17 high-quality companies that has been “unfairly punished” by the market. They think it has 119.8% upside potential. They’re way low. RKLB is a Buy up to $13 for my $30+ target as low earth orbit satellites and space exploration grow.
Primary Risk: A new competitor emerges.
   Probable time of next financing: None needed

Inflation MegaShift

Gold ($1,845.30) was not able to make headway against the inflation numbers and accompanying Fedspeak, which led to a stronger dollar. The three-week downtrend stopped right at the 38.2% retracement of the 2020 high. The fractal dimension is back in consolidation mode, building up energy again for the next move up.

Miners & Related

Paramount Gold Nevada (PZG – $0.32) said that the Oregon Department of Geology and Mineral Industries and State permitting agencies have accepted the Cultural Resources Baseline Data Report (BDR) as complete. This is the final BDR in the process of obtaining state approval for the Grassy Mountain mine. It prepares the way for the State to move Grassy Mountain into the permit drafting phase, which starts on the State’s Notice to Proceed and is required to be completed within 225 days.

At the Federal level, the Plan of Operations has been deemed complete and the Bureau of Land Management will file a Notice of Intent in the Federal registry, which starts the National Environmental Policy Act process. Upon completion of the draft Environmental Impact Statement there is a 90-day public comment period that ends in a Record of Decision enabling the project to proceed. PZG is a Buy under $1 for a $10 target as gold moves higher.
Primary Risk: Prices of precious metals fall due to US dollar strength.
   Probable time of next financing: 2023

Cryptocurrencies

Cryptocurrencies are a diversifying asset that offer a unique opportunity to make (or lose!) a lot of money quickly. You can easily buy Bitcoin and other cryptocurrencies at Coinbase, Block, or Robinhood.

Bitcoin (BTC-USD on Yahoo – $24,470.21) traded above $25,000 today, hitting a new six-month high even as regulatory crackdowns drove continued uneasiness in the crypto space. People are realizing that bitcoin is immune to many of the problems that plague the alt coins, tokens, and crypto exchanges. Bitcoin is up over 50% so far this year, with much more to come.

According to crypto derivatives aggregator CoinGlass, between February 13 and 15, $112 million in bitcoin short positions were liquidated.

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BTC-USD, ETH-USD, GBTC, and ETHE are Strong Buys.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.

Grayscale Bitcoin Trust (GBTC- $11.89) is at a 46.0% discount to net asset value, which means you can buy bitcoin for $13,052.76 and make an 85% profit when GBTC converts to an exchange-traded fund even if bitcoin doesn’t move at all. GBTC is a Buy under net asset value.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.

International & Other Recommendations
It is important to hold some non-US assets, especially in China.

Acreage Holdings (ACRDF – $0.93) filed the proxy statement for the March 15 virtual shareholders meeting to vote on the merger with Canopy Growth. The Zoom call is at noon EST at web.lumiagm.com/244671399 and the password is acreage2023.

Frankly, I’m torn. They are screwing us on the price and Canopy is a weaker company now than when the original deal was done. But we want to wind up as part of Constellation Brands, which controls Canopy.

The vote needs approval of 66 2/3% of the ACRDF (“Floating”) shares. If it fails, Canopy will buy the ACRHF (“Fixed”) shares that gives them 70% of the company and control. We will be minority shareholders in a barely-liquid stock. They would have no obligation to buy us out later, but I think they will at a higher price. Therefore, I am going to vote NO and I urge you to do the same. ACRDF is a buy under $2 for a hold for the Canopy Growth merger and beyond.
Primary Risk: Canopy Growth does not acquire the company.

Oil – $78.07

The Energy Information Administration is in danger of people thinking it’s the Energy Misinformation Administration after they released their weekly estimate showing crude oil stocks up 16.238 million barrels in the week ended February 10. That included the largest ever week-on-week “adjustment factor” swing, a massive 2.7 million barrels a day (mbd) change from -0.7mbd last week to +1.96mbd this week. It’s difficult to understand the US oil supply/demand situation with such a huge swings.

For the week, the US produced 12,300 barrels, imported 6,232 barrels, and exported 3,146 barrels for a net supply of 15,386 barrels. Of that, 15,027 barrels went into refinery runs. The most we could have gained without the “adjustment factor” was 359 barrels, yet we gained 16,283 barrels? From where?

Low refinery throughput in the US in January coupled with low crude exports have resulted in hefty crude builds. Despite these builds, product storage – not crude – is finishing just below 2022 levels going into the refinery maintenance season. Starting this week, product storage on a seasonality basis drops ~35 million barrels over the next six weeks.

h/t @HFI_Research Click for larger graphic

As we go through the rest of the refinery maintenance season, US crude storage will continue to build. It will enter May/June at a very high level, but the potential draw down in the second half of the year is equally great. US crude storage should peak somewhere between 495 million to 505 million barrels and then fall as low as 400 million barrels by the end of 2023.

h/t @HFI_Research Click for larger graphic

Russia announced late last week that it will cut oil production by 500,000 barrels per day starting in March, in retaliation for price caps imposed by the West. The Biden Administration immediately said it will release 26 million more barrels from the Strategic Petroleum Reserve starting on April Fool’s Day.

All in all, oil did pretty well in spite of a stronger dollar and the off-the-charts inventory build. It was down only 17¢ from last Thursday despite these typically huge headwinds. Imagine what happens when positive data gets released.

The July 2026 Crude Oil Futures (CLN26.NYM – $66.53) are a Buy under $55 for a $200+ target.

The iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $29.79) is a Buy under $36 for an $80+ target.

EQT (EQT – $31.83) reported December quarter pro forma earnings of 42¢ per share, missing the consensus estimate for 52¢.

On the conference call (SLIDES HERE and TRANSCRIPT HERE), management guided for 1,900 to 2,000 billions of cubic feet equivalent production in 2023.

They expect capital spending of $1.7 billion to $1.9 billion in 2023, including $1.4 billion to $1.535 billion of reserve development (drilling). The company is leaning hard into the need for natural gas as a replacement for oil and coal:

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In 2022 they had almost $2 billion in free cash flow. Total proved reserves of 25.0 trillion cubic feet equivalent were up slightly year-over-year. Total discounted after-tax future net cash flows increased from $17 billion at the end of 2021 to $40 billion.

They’ve hedged 62% of their 2023 and 2024 production at $3.37 and another 10% at $4.20. CEO Toby Rice said: “Our 2022 achievements represent yet another positive step of the journey we’ve been on since taking over the helm of EQT in 2019. Over this period, our team continued to improve asset productivity, strengthened our balance sheet, evolved our hedging strategy and added to our successful M&A track record, creating a durable, free cash flow focused business model that will thrive in all natural gas price scenarios.”

Since the end of the quarter, they repurchased 5.9 million shares of stock for $200 million at an average price of $33.86 per share. Since the inception of the repurchase program, they have bought back 20.4 million shares for $622 million at an average price of $30.48 per share. They doubled the 2022-2023 buyback authorization to $2.0 billion.

They also retired $283 million of senior notes during and subsequent to the end of the December quarter. They have retired over $1.1 billion of debt since the beginning of 2022 and raised their yearend 2023 debt retirement target from $2.5 billion to $4.0 billion.

EQT is a buy under $35 for a first target of $70 and a long-term hold for much higher prices.
Primary Risk:Natural gas prices fall.

Energy Fuels (UUUU – $7.19) completed its previously announced acquisition of 17 mineral concessions in the State of Bahia, Brazil, totaling 37,300 acres or 58.3 square miles. The Bahia Project will supply raw materials to their US facility to produce advanced rare earth materials for EVs, clean energy, and defense technologies.

They also completed the sale of their Alta Mesa project to enCore Energy for $120 million. They’ll use this non-dilutive funding to expand US uranium production and complete Phase 1 of their rare earth separation circuit. UUUU is a buy under $8 for a $30 target.
Primary Risk: Uranium prices fall.

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https://www.theguardian.com/us-news/2019/aug/02/pentagon-balloons-surveillance-midwest
https://www.usatoday.com/story/news/nation/2019/08/02/pentagon-testing-mass-surveillance-balloons-over-midwest-report-says/1906094001/

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Your planning to read Snow Crash Editor,

Michael Murphy CFA
Founding Editor
New World Investor

All Recommendations

Check out the complete Portfolio page HERE.

Buys
These are the stocks everyone needs to own because transformative events are happening over the next year or two, and I expect to hold them long-term.

$20-for-$1
  Aptose Biosciences (APTO – $0.69) – Buy under $2.50, ultimate target $30
  Bellerophon Therapeutics (BLPH – $1.47) – Buy under $5, first target $30, then $100
  Compass Pathways (CMPS – $9.12) – Buy under $20, hold a long time for a 10x return
  Inovio (INO – $1.51) – Buy under $7, hold a long time
  Invitae (NVTA – $2.20) – Buy under $10, first target $50, then $100+
  Medicenna (MDNA – $0.65) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $1.54) – Buy under $3, target price $20, then $50

Other Biotech
  TG Therapeutics (TGTX – $18.29) – Buy under $7, target price $25+

Tech Dominators
  Apple Computer (AAPL – $153.71 ) – Buy under $150 for new iPhones
  Corning (GLW – $35.35) – Buy under $33, target price $60
  Gilead Sciences (GILD – $83.39 – Buy under $70, target price $100
  Meta (META – $172.44) – Buy under $250, target price $400
  SoftBank (SFTBY – $21.73) – Buy under $25, target price $50

Other Tech
  First Trust NASDAQ Cybersecurity ETF (CIBR – $42.19 – Buy under $40; 3- to 5-year hold
  Fastly (FSLY – $16.06) – Buy under $20; 2- to 5-year hold to $80+
  PagerDuty (PD – $30.66) – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $5.82) – Buy under $10, target price $40
  Rocket Lab (RKLB – $4.97) – Buy under $13, target price $30+
  Velo3D (VLD – $3.54) – Buy under $6, target price $50

Inflation
  A Short-Sale or REO House – ($447,000) – Hold
  Bag of Junk Silver – ($21.50) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $24.79) – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $28.62) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $17.29) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $27.41) – Buy under $30, target price $50
  Coeur Mining (CDE – $3.31) – Buy under $5, target price $20
  First Majestic Mining (AG – $7.18) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.32) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $5.21) – Buy under $10, target price $25
  Sprott Inc. (SII – $38.18) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $24,470.21) – Buy
  Grayscale Bitcoin Trust (GBTC – $11.89) – Buy
  Ethereum (ETH-USD – $1,662.24) – Buy
  Grayscale Ethereum Trust (ETHE – $7.55) – Buy

International & Other Recommendations
  EMQQ Emerging Markets Internet & Ecommerce ETF (EMQQ – $33.11) – Buy under $38 for a $66 target in 12 to 18 months
  KraneShares Bosera MSCI China A Share Fund (KBA – $27.12) – Buy under $40 for a three- to five-year hold
  Morgan Stanley China A-Shares Fund (CAF – $15.63) – Buy under $18 for a three- to five-year hold
  KraneShares CSI China Internet ETF (KWEB – $33.34) – Buy under $40 for a double over the next three years
  Acreage Holdings (ACRDF – $0.93) – Buy under $2 for the Canopy Growth merger
  Mongolia Growth Group (MNGGF – $1.08) – Buy under $1.30; long-term hold

Energy
  Crude Oil Futures – July 2026 (CLN26.NYM – $66.53) – Buy under $55; $200+ target
  iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $29.79) – Buy under $36; $80+ target
  EQT (EQT – $31.83) – Buy under $35; $70 first target
  Energy Fuels (UUUU – $7.19) – Buy under $8; $30 target

Holds
These are holds but not sells – yet. They could get moved back to one of the buy categories if their prices drop or outlook improves, or they could become sell recommendations in the future.
  Algernon Pharmaceuticals (AGNPF – $1.48) – Hold for IPF/chronic cough trial
  Akebia Biotherapeutics (AKBA – $0.86) – Hold for FDA decision
  Arch Therapeutics (ARTH – $3.60) – Hold for buyout
  Graphite Bio (GRPH – $2.31) – Hold until they resolve the clinical hold

Publisher: GwynRose LLC, 5348 Vegas Drive, Suite 868, Las Vegas, NV 89108

New World Investor does not act as a personal investment adviser or advocate the purchase or sale of any security or investment for any specific individual. The recommendations and analysis presented to members are for the exclusive use of members. Members should be aware that investment markets have inherent risks and there can be no guarantee of future profits. Likewise, past performance does not assure future results. Recommendations are subject to change at any time. Nothing in this presentation should be considered personalized investment advice. No communication to you by Michael Murphy or any of our employees or contractors should be deemed as personalized investment advice.

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