Dear New World Investor:

December quarter real GDP of +2.9% came in “stronger than expected” – but not by us. This is why I regularly post the Atlanta Fed’s GDPNow forecasts. Their final December quarter update, published last Friday, forecast +3.5%:

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Yes, they were too high by 0.6 percentage points – maybe. Today’s advance estimate will be revised twice, on February 23 and March 30. It probably will be revised higher toward the Atlanta Fed’s estimate.

But what I am looking for is the element of surprise to the consensus. As you can see, the Blue Chip Consensus was way low into November and has been raising their estimate but behind the curve since then. They were expecting +1.8% – too low by 1.1 percentage points. Most money managers listen to the Blue Chips, so they were expecting a weaker economy and a hard landing due to the Fed interest rate increases. Now they have to price in the possibility of a milder recession and better corporate earnings. This is a major reason I think the October 13 low at 3491.58 could be the bottom of the bear market.

In line with GDP, December quarter earnings are coming in better than expected. Current estimates suggest very respectable 6% growth from the September quarter, with the biggest drag from energy, which is a good thing for the economy as a whole:

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Double bottoms on the number of stocks above their 200-day moving average have marked market bottoms. This time is likely not different.

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Another one I’m watching is the percentage of stocks above their 200-day moving averages. It needs to get above 61% to signal a bull market. It got over 60% on January 17 and was 57.5% as of last Friday. Note that it did not make a lower low on the October retest of the June lows, which is a very positive divergence.

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Market Outlook

The S&P 500 jumped 4.1% since last Thursday on strong earnings reports combined with an increased possibility that the Fed is nearly done raising interest rates. The Index is up 5.8% year-to-date, one of its strongest starts. The Nasdaq Composite did even better, gaining 6.1% as tech stocks caught a bid, in part due to their aggressive cost-cutting and layoffs. It is up 10.0% for the year. The small-cap Russell 2000 lagged a bit, rising 3.9%, but is up a solid 8.1% in 2023.

We are less than a week and 19 points away from a Golden Cross between the 50-day moving average and the 200dma. The previous times it happened were in April 2019 after the December 2018 low and in July 2020 after the March 2020 low – see below. This will provide another confirmation that the bear market low was on October 13.

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The fractal dimension has started to move down, indicating this l-o-n-g consolidation could be coming to an end. We won’t really know for sure until it breaks under 55.

The macro hedge funds that tend to lead professional investors are now long equities. They not only are “no longer short” but actually close to a 12-month high long position. There’s plenty of room for them to go much longer, though…

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And here is the real chase potential: Mutual funds’ equity exposure is very depressed. How is that FOMO feeling? (Fear Of Missing Out)

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On February 3, one week from tomorrow, the January payrolls number will be released before the stock market opens. Only +16,000 jobs are expected, a dramatic drop from December’s +223,000. FX Street asked: “Will markets continue to price in a 25 bps Fed hike in February after the jobs report?” and their Nonfarm Payrolls Analysis is headlined: “Mark March as the Fed’s final hike, Dollar set to decline.”

They wrote: “First, the trend in labor market growth is to the downside – December’s 223K is lower than 256K according to the revised data for November. It extends a trend of moderation.

“Second, wage growth decelerated to 4.6% year-over-year, significantly below estimates. That is a huge sigh of relief for the Federal Reserve. The world’s most powerful central bank went to lengths to explain that labor-related inflation is what it is focusing on. Why?

“First, non-core inflation such as energy and food prices are out of the Fed’s control and are set in global markets. Price rises related to goods are falling thanks to the unsnarling of supply chains – the transitory inflation the Fed was talking about a long time ago.

“Another type of inflation is set to come down – housing, which is down due to the Fed’s rate hikes, but the full effect will only be seen in 2023. What’s left is called “non-shelter core services inflation” – things like getting help from an accountant, a haircut, or anything involving people giving services. These all cost more – but this jobs report provides some optimism.

“I will go with a bold call – this jobs report opens the door to the Fed ending its tightening cycle in March. Officials will decide on a 25 or 50 bps hike in February according to the inflation report coming out on January 12, and will then do something similar in the following meeting.

“Afterward, it is hard to see further increases to borrowing costs with a cooling jobs market. This is the beginning of the end of the Great Tightening of 2022, which spills into 2023 – but not much.”

I hope you have acted on what I’ve been saying for months: the Fed pivot is a process, not a light switch.

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Top Buys

Changes this week: Added EQT to Near-Term due to colder weather forecast – see below

Near-Term – chronological order
INO Inovio – VGX-3100 HPV Phase 3 results any day
EQT EQT – cold February coming
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
META Meta – Bounce from overdone selloff
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

Economy

The Fed’s Quantitative Easing has caused an incredible collapse in M2 money supply growth. People were very concerned this would cause hyperinflation back in 2020. Will the next worry be deflation?

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The Conference Board’s index of leading indicators set new lows and has never declined this much in six months without a recession. This indicator has a 100% hit rate on anticipating recessions with a seven to eight months lead. It’s now pointing to a recession starting in the June quarter, on par with the 2001 recession.

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Since 1979, the National Bureau of Economic Research (in charge of declaring recessions) hasn’t declared that a recession began until an average of 234 days after it began. So if you’re waiting for a warning, look to the stock market, which is the single best leading indicator.

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

Friday, January 27
AG – First Majestic – Unspec. – TD Securities Mining Conference

Monday, January 30
AG – First Majestic – Unspec. – Vancouver Resource Investment Conference

Tuesday, January 31
GLW – Corning – 8:30am – Earnings conference call

Wednesday, February 1
Fed Meeting results – 2:00pm
META – Meta Platforms – 5:00pm – Earnings conference call

Thursday, February 2
GILD – Gilead Sciences – 4:30pm – Earnings conference call
AAPL – Apple – 5:00pm – Earnings conference call

Friday, February 3
January payrolls – 8:30am – Only +16,000 expected!

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.

Arch Therapeutics (ARTH – $6.30) said it has filed to uplist to the Nasdaq National Market and also filed a preliminary prospectus to raise up to $17.3 million from the sale of units of stock and warrants plus $17.3 million from the sale of certain warrants. The sole manager is Maxim Group, which undoubtedly has been advising Arch on the plan to reverse split, uplist, and raise this money.

The deal will substantially dilute us. But as I always say, the second-worst news a biotech investor gets is that their company is doing a stock offering. The first-worst news? Their company can’t raise money. This deal will give Arch the money to do the internal (surgical) trial, which won’t take long or cost much, and make it obvious to potential acquirers that there isn’t going to be an opportunity to pick up the technology cheaply in a bankruptcy.

ARTHD closed at $6.02 on Monday. They filed on Tuesday and the stock moved up to $6.30 and held there through today. That looks to me like Maxim already is making an aggressive market, setting up for the deal. They have plenty of small-cap investor clients, so I’m eager to see what they can do. 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 2023
   Probable time of next financing: March or June 2022 quarter

Biotech MegaShift

TG Therapeutics (TGTX – $14.15) launched Briumvi, their recently-approved multiple sclerosis drug. CEO Michael Weiss said: “We have built what we consider to be a best-in-class team to support this launch, as well as a robust patient support program designed to aid in accessing BRIUMVI at all points through the treatment journey.” “Patient support” means helping them get insurance coverage or even giving them reduced-price drugs until insurance companies approve coverage.

Evercore said they’ve checked in with a couple of high-prescribing neurologists and were surprised at their level of enthusiasm and willingness to prescribe Briumvi. The analysts say they have a greater appreciation of nuances that position the drug for meaningful gains versus Roche’s Ocrevus, including a shorter infusion time and lower wholesale acquisition cost, adding that they expect considerable switching to Briumvi from Ocrevus. 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

Apple (AAPL – $143.96) will introduce their long-anticipated mixed-reality headset later this year under the likely name of Reality Pro, according to Silicon Valley rumors. It will switch between augmented reality (AR) and virtual reality (VR), have an IOS-like interface, and show a Mac display and immersive video. It’s a 3D version of the iPhone’s operating system, controlled by eye- and hand-tracking systems.

The roughly $3,000 device will take a novel approach to virtual meetings and immersive video, aiming to shake up a VR industry currently dominated by Meta Platforms. This is Apple’s first major new product category since releasing Apple Watch in 2015. I think it will focus every tech investor on the metaverse, benefiting Apple, Meta, Snap, Intel, and Nvidia, plus many others. AAPL is a Buy under $150 for new iPhone rollouts and augmented/virtual reality products.

Corning (GLW – $36.43) said Samsung’s next generation of Galaxy flagship smartphones will be the first to use Corning’s latest generation of Gorilla Glass, which delivers improved drop performance on rough surfaces like concrete. GLW is a Buy under $33 for the 5G cellular buildout, followed by the smartphone upgrade to use 5G services. My target is $60 in 2023 .

Meta Platforms (META – $147.30) is up 22.4% so far in 2023, with much more to come. Apple’s introduction of an AR/VR headset will validate Zuckerberg’s pivot to the metaverse. Meanwhile, Microsoft has laid off entire teams behind Virtual, Mixed Reality, and HoloLens because they know the hardware game is over for them in VR. That’s why they made a huge deal last year to license all their software for Meta Platforms. They’ve basically admitted Meta won here. Once AAPL releases it’s AR/VR products, people might figure out just how far ahead META is in this space.

This week, Meta launched more than 50 live NBA games in virtual reality on Meta Quest, including five in immersive, 180-degree VR. You can watch NBA, WNBA, G League and 2K League content on both XTADIUM and Meta Horizon Worlds. They also partnered with the league to offer licensed team apparel in the Meta Avatars Store, so users can style their avatar in their favorite team’s gear. Meta is the official VR headset of the NBA and WNBA.

If you think Meta isn’t big on Artificial Intelligence, you should remind yourself that:

1. Reels are currently making TikTok look like old news and they run on AI.
2. Meta is the creator of Pytorch, which the entire rest of the industry uses to train AI models.

Deutsche Bank research published some data this week on social media app usage in the United States. Daily usage rates for Facebook and Instagram both rose 400 basis points to 82% and 78% respectively from June to December 2022. These gains were identical to TikTok’s. In terms of the market share of daily time spent among social media apps, Meta fared relatively well. Its share between Facebook and Instagram was 27% for December versus 28% in June. TikTok fell from 18% to 16% as its average minutes spent fell more sharply than any other competitor.

The Family of Apps is more than holding its own and even taking relative engagement share versus its two largest competitors – YouTube and TikTok. Reels is slowly winning the world’s attention while its monetization rates improve. Younger generation app engagement remains stronger than competitors. TikTok public sector bans are happening at a rapid clip and it may be banned completely in the US.

More: The AI investments are bearing fruit. Year-over-year revenue and earnings comparisons are easing as we lap the pandemic pull-forward and the impact of Apple essentially killing the identifier for advertisers (IDFA) in iOS 14. WhatsApp marketing and enterprise tools are finally gaining steam, and WhatsApp may be a $22 billion opportunity.

META is a Buy under $150 for a $400 target in 2024.

Other Tech

PagerDuty (PD – $26.37) jumped after Morgan Stanley upgraded it from equal-weight to overweight and increased their target price from $32 to $36. They cited several reasons, including PD’s “resilient growth” and “attractive valuation.”

They said: “PagerDuty’s sustained growth and ~800 bps margin expansion has been rewarded by investors, with the stock outperforming peers, only down 25% in 2022 versus the broader software group average down 45% last year. Importantly, sustained top-line growth coupled with future margin expansion appears underestimated by investors.”

They noted that the company has grown at a compound annual rate of 32% over the past two years and net dollar retention rates have exceeded 120% for eight straight quarters. And though they may, like other software companies, see slower growth this year due to the weak economy, it’s likely that it will sustain at least 20% growth for a number of reasons, including substantial progress moving up-market; its role in responding to and resolving service incidents that can impact business operations and make it more valuable to customers; and a more favorable competitive environment in the $17 billion IT operations management market.

They added: “The stability in revenue stemming from a subscription model has provided the breathing room for management to execute on initiatives to improve the cost structure which has thus far translated to 800 bps of operating margin improvement in 2022.” The analyst added that PagerDuty’s operating margins could expand to be “well ahead of consensus” and grow to 8%, 14%, and 19% in fiscal 2024, 2025 and 2026, far above the 2%, 7%, and 9% Wall Street is expecting.

They concluded: “We believe valuation currently undervalues the resilience of PagerDuty’s growth in its core market and the ability to rapidly improve Free Cash Flow generation given the company’s highly attractive unit economics (85% gross profit margin, 90%+ gross retention) which should translate to a “Rule of 40” (revenue growth + operating margin) financial profile within the next few fiscal years.”

Last month, Morgan Stanley listed PagerDuty among the most likely takeover targets for private equity firms. PD is a Buy up to $30 for a 2- to 5-year hold as their digital operations management Software-As-A-Service gains market share.
Primary Risk:Digital operations management is a competitive area.
   Probable time of next financing: None needed

Rocket Lab USA (RKLB – $4.88) successfully launched for the first time from US soil late on Tuesday. The Electron rocket lifted off from Launch Complex 2 at the Mid-Atlantic Regional Spaceport on Wallops Island, Virginia. About an hour after the launch, Rocket Lab deployed three satellites for HawkEye 360.

They now have launched 33 Electron missions from three different pads in two countries, deploying a total of 155 satellites to orbit. They plan nine Electron missions in 2023, weather (as always) permitting. RKLB is a Buy up to $13 for my $30+ target as low earth orbit satellites and space exploration grow.

Inflation MegaShift

Gold ($1,929.80) continued it is steady run up, hitting a nine-month high and nearly touching $1,950 intraday today. Expectations for smaller US interest-rate hikes helped bolster precious metals while weighing on the dollar. Peter Marrone, a founder of Yamana Gold, said that their company’s $4.8 billion takeover will be the catalyst for “much needed” consolidation in the gold industry this year. He said: “I’m a bit jaded because I’ve been talking about the need for consolidation for 19 years. But I do think we’ll finally begin to see some of it happening soon. I hear lots of chatter out there about other pending transactions.”

Gold’s fractal dimension is dropping quickly towards the 55 level, which will confirm that a new trend has started. As I’ve said, that could happen with gold breaking out to all-time highs and mark a major upturn. Got gold?

In 2022, worldwide silver demand increased by 16% from 2021 to 1.21 billion ounces. India is the world’s sixth-largest economy and the foremost silver fabricator. Historically, silver and gold are recognized in that market as savings and investment assets, a reflection of the low penetration of banking and other financial products. Last year, silver imports into India hit a new record of 304 million ounces. That crushed the previous import high of 260 million ounces set in 2015.

More than half of the silver flowing into India is used in jewelry and silverware, and about one-third of India’s silver demand comes from investors in physical metal, including silver bars and silver coins.
According to a report published by the Silver Institute, since 2010, Indian retail investors have bought around 730 million ounces of silver (22,700 tons), about 90% of 2022’s total global silver mine production. Got silver?

Miners & Related

Coeur Mining (CDE – $4.12) moved up after Canaccord Genuity upgraded shares from Sell to Hold and raised their target price from $3 to $4. They said Coeur has significant operating leverage to commodity prices in addition to its increasing financial leverage, and sufficient liquidity for 2023. CDE is a Buy under $5 for a $20 target as gold goes higher.
Primary Risk: Prices of precious metals fall due to US dollar strength.

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 – $23,021.25) is up 39% so far this year as it recovers from last year’s crypto winter that never threatened the fundamentals of bitcoin. I get it that the collapse of ishtcoins, overleveraged exchanges, and straight-up fraud understandably scared people, but scared people=opportunity.

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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.

The fear around Grayscale Bitcoin Trust (GBTC- $12.24) drove the discount to net asset value as high as 48% and although that has shrunk to 41.7% that’s still a lot of fear. This still is my favorite way to buy bitcoin and GBTC remains a Buy under net asset value.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.

Oil – $81.17

Oil closed every day this week over $80 and most days over $81. Crude stocks are building, mostly due to refinery downtime, but traders have to weigh that increased supply against increasing demand from China, the world’s largest oil importer, as the Year of the Rabbit festival runs from January 22 to February 1, with the Lantern Festival on February 5. Chinese domestic air travel has exploded higher after two years of zero-COVID lockdowns – no surprise there.

But the American Petroleum Institute reported the biggest Cushing crude oil build since April 2020 – +3.928 million barrels. That was with no Strategic Petroleum Reserve releases for the second week in a row, so traders kept a lid on oil prices. But in less than two weeks, on February 5 the EU’s embargo on product imports from Russia is set to kick in, and despite a declining trend, Russian diesel deliveries to the EU are still over 25% of diesel imports. A diesel price spike seems almost inevitable as middle distillate inventories in OECD Europe remain some 30 million barrels below the five-year average and US diesel production is hamstrung by idled refining capacity.

While traders have to worry about getting each week right, we can rely on our superpowers – a long-term perspective and patience. I have no doubt that oil is headed for $300 a barrel in 2026. Despite West Texas Intermediate (WTI) averaging $95 a barrel in 2022, oil and gas market volatility plus the changing mindset around free cash flow allocation (caused in part by ESG pressure on both major oil companies and their banks) meant final investment decisions of only 20 billion barrels of oil equivalent last year. The world now consumes 60 billion barrels of oil equivalent per year, meaning we have been in investment shortfall for nine years running.

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The July 2026 Crude Oil Futures (CLN26.NYM – $65.59) are a Buy for a $200+ target.

The iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $30.81) is a Buy under $36 for an $80+ target.

EQT (EQT – $33.10) has been held back by record warm temperatures in Europe. Temperatures for January reached an all-time high in eight countries, with regional records in another three.

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The natural gas curve is no longer bearish, but rather mildly bullish for spot prices This is a material game changer from the autumn and a sign that the inventory story is no longer driving prices

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The supply side in the EU remains a big problem as the daily flow is 25% to 30% below normal levels. If demand rebounds due to colder weather or a demand boost from lower prices, prices will rise again.

In the US, the second half of winter is going to be very cold. Weather forecasters project a Midwest to Northeast switch to a cold/snow pattern, including a six degrees below normal first half of February. Brrr! It’s an impressive cold/storm signal as the Arctic oscillation turns negative.

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

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Bullets Avoided

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Your against a central bank digital currency 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 – $0.71) – Buy under $2.50, ultimate target $30
  Bellerophon Therapeutics (BLPH – $2.10) – Buy under $5, first target $30, then $100
  Compass Pathways (CMPS – $10.72) – Buy under $20, hold a long time for a 10x return
  Inovio (INO – $1.66) – Buy under $7, hold a long time
  Invitae (NVTA – $2.46) – Buy under $10, first target $50, then $100+
  Medicenna (MDNA – $0.75) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $1.75) – Buy under $3, target price $20, then $50

Other Biotech
  TG Therapeutics (TGTX – $14.15) – Buy under $7, target price $25+

Tech Dominators
  Apple Computer (AAPL – $143.96) – Buy under $150 for new iPhones
  Corning (GLW – $36.43) – Buy under $33, target price $60
  Gilead Sciences (GILD – $83.62) – Buy under $70, target price $100
  Meta (META – $147.30) – Buy under $250, target price $400
  SoftBank (SFTBY – $23.99) – Buy under $25, target price $50

Other Tech
  First Trust NASDAQ Cybersecurity ETF (CIBR – $40.45) – Buy under $40; 3- to 5-year hold
  Fastly (FSLY – $10.28) – Buy under $20; 2- to 5-year hold to $80+
  PagerDuty (PD – $26.37) – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $6.03) – Buy under $10, target price $40
  Rocket Lab (RKLB – $4.88) – Buy under $13, target price $30+
  Velo3D (VLD – $2.13) – Buy under $6, target price $50

Inflation
  A Short-Sale or REO House – ($447,000) – Hold
  Bag of Junk Silver – ($24.09) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $28.20) – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $33.31) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $18.53) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $31.39) – Buy under $30, target price $50
  Coeur Mining (CDE – $4.12) – Buy under $5, target price $20
  First Majestic Mining (AG – $8.19) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.39) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $6.01) – Buy under $10, target price $25
  Sprott Inc. (SII – $40.39) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $23,021.25) – Buy
  Grayscale Bitcoin Trust (GBTC – $12.24) – Buy
  Ethereum (ETH-USD – $1,592.45) – Buy
  Grayscale Ethereum Trust (ETHE – $7.85) – Buy

International & Other Recommendations
  EMQQ Emerging Markets Internet & Ecommerce ETF (EMQQ – $35.61) – Buy under $38 for a $66 target in 12 to 18 months
  KraneShares Bosera MSCI China A Share Fund (KBA – $29.37) – Buy under $40 for a three- to five-year hold
  Morgan Stanley China A-Shares Fund (CAF – $16.51) – Buy under $18 for a three- to five-year hold
  KraneShares CSI China Internet ETF (KWEB – $36.15) – Buy under $40 for a double over the next three years
  Acreage Holdings (ACRDF – $1.01) – Buy under $2 for the Canopy Growth merger
  Mongolia Growth Group (MNGGF – $1.12) – Buy under $1.30; long-term hold

Energy
  Crude Oil Futures – July 2026 (CLN26.NYM – $65.59) – Buy under $55; $200+ target
  iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $30.81) – Buy under $36; $80+ target
  EQT (EQT – $33.10) – Buy under $35; $70 first target
  Energy Fuels (UUUU – $7.37) – 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 – $1.60) – Hold for IPF/chronic cough trial
  Akebia Biotherapeutics (AKBA – $0.71) – Hold for FDA meeting
  Arch Therapeutics (ARTHD – $6.30) – Hold for buyout
  Graphite Bio (GRPH – $1.93) – 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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