Dear New World Investor:

Last Friday’s “strong” (well, higher than expected) nonfarm payrolls report, +263,000, set off a five-day losing streak in the S&P 500 that ended today. Investors are afraid that the Fed might keep the interest rate pressure higher for longer, thus causing a harder economic downturn in the coming months. As well they might, except….

There’s something really wrong with the payroll survey and the Fed knows it. The payrolls number you saw is calculated by the “establishment” survey of companies. The October survey only had a response rate of 49.4%, equaling a 32-year low (blue line). That means that half of the report was estimated and the result is vulnerable to a bigger-than-normal revision. The red line is the response rate a month later on the first revision.

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This was a major shortfall:

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Also, while the +263,000 was well above the +200,000 expected, the three-month moving average is around +270,000. From peak job creation in 2021, the trend clearly is down.

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Not to get too deep into the weeds here, but temporary help services employees declined in November for the fourth straight month. That is an excellent leading indicator because temps are the first to go when the economy turns down. Four declines in a row hasn’t happened since 2009.

Adding to the questionable validity of this payroll report, the birth-death model of assumed new small business startups and other small businesses shutting down added 110,000 jobs in November. Sure thing. Net this out and adjust for the shrinking workweek, and the real nonfarm payrolls number was closer to minus 227,000.

Employment also is calculated by the “household” job survey of families. In the last two months alone, the Payroll Survey shows a gain of 547,000 jobs while the Household Survey shows a loss of 466,000. That’s a one million job disagreement. Most importantly, the Household Survey of families shows literally no jobs have been added in eight months while the Payroll Survey of establishments shows 2.7 million jobs added.

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Wait, what? Zero jobs versus 2.7 million jobs added? The answer mostly lies in how the different surveys are run. The Household Survey counts a person holding three jobs as one employed person. The Establishment Survey counts that as three jobs being created. Over 700,000 Americans have had to get a second or third job in the last 12 months to make ends meet, and the Establishment Survey double-counts them.

On top of that, the Bureau of Labor Statistics keeps telling us that after the pandemic the net birth/death in the creation of new businesses is double what it was before.

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Obviously, it’s not. It’s most likely due to a statistical adjustment the BLS talks about on their own website.

Conclusion: A much softer labor market awaits us, and it’s just a matter of when, not if. And I believe the Fed knows it.

The S&P 500 rose 8.0% in October and 5.4% in November. As my friend Keith Fitz-Gerald wrote: “Investors who don’t study history are at a huge disadvantage. They make poor decisions because they lack perspective. Persistent strength is more often a sign that there’s a new bull market brewing than a sign that there’s another bear market at hand.”

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Market Outlook

The S&P 500 lost 2.8% since last Thursday after posting the longest stretch of down days (5) to begin a month since 2011. The Index is down 16.8% year-to-date. The Nasdaq Composite fell 3.5% and has done very little since mid-September. It is down 29.2% for the year. The small-cap Russell 2000 dropped 3.3% and is down 19.0% in 2022.

The fractal dimension marked another week of consolidation, which means even more stored-up energy for what promises to be a barn-burner of a move. I still think it’s up.

Looking ahead to the next three weeks, Nomura wrote: “Between the December FOMC meeting and the end of the year, trading tends to be thinner than at any other time, and with many fundamentals-oriented investors on holiday, Commodity Trading Advisors’ trades tend to have a larger market impact.” Goldman Sachs says the CTAs have been shorting heavily the last seven trading days, with a close above 2975.80 likely to set off a wave of short-covering. The CTAs are trend-followers, so a move in either direction can be quick and outsized. Time for the Santa Claus rally!

Top 5

Changes this week: None

Near-Term – chronological order
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
INO Inovio – VGX-3100 HPV Phase 3 results by yearend
TGTX TG Therapeutics – FDA approval on December 28
META Meta – Bounce from overdone selloff
VLD Velo3D – Rapid revenue growth; low market cap

Long-Term – alphabetical order
GRPH Graphite Bio – second-generation genetic editing
NVTA Invitae – the winner-take-most of genetic testing
META Meta – a leader in the metaverse
RKLB Rocket Lab – #2 to SpaceX in space
VLD Velo3D – Return manufacturing to the US

Economy

The Atlanta Fed’s GDPNow model forecast for this quarter’s real GDP growth increased to +3.4% due to better personal consumption expenditures growth and government spending growth. The Blue Chip economists are raising their forecasts, as I expected, although they only are up to +1.0%.

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Dollar

Global trade growth affects the direction of the dollar. Korean exports (blue) indicate the year-over-year (YoY) performance of the dollar with a few quarters lead time. Weak global trade = organic dollar flow stops = exposed counterparties scramble for US dollars.

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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, December 9
Short Interest – After the close

Sunday, December 11
GILD – Gilead Sciences – Unspec. – 30(!) data presentation at the American Society of Hematology (ASH) annual meeting
APTO – Aptose Therapeutics – 10:00am – Clinical Update/Data Review from ASH
APTO – Aptose Therapeutics – 6:00pm – Three poster presentations at ASH
GRPH – Graphite Bio – 6:00pm – Poster presentation at ASH

Tuesday, December 13
Consumer Price Index – 8:30am – Expected headline: +7.7% YoY; +0.5% MoM. Expected core: +6.4% YoY; +0.6% MoM
CDE – Coeur Mining – 11:00am – Annual meeting
QUIK – QuickLogic – 2:05pm – Oppenheimer 5G Summit: The Revolution Continues

Wednesday, December 14
Fed Meeting – 2:00pm – +50 basis points expected

Thursday, December 15
CDE – Coeur Mining – 10:00am – Investor Day

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 12 speculative biotechs might be a good way to start.

The market capitalizations of these recommendations are typically very low. At the same time, Initial Public Offering valuations had moved very high. We were seeing $750 million to $900 million valuations for a good preclinical/Phase 1 IPO, and even $300 million to $500 million for mediocre Phase 1s. I don’t see how investors make 5x to 10x in a reasonable, three- to four-year period if they buy at those valuations. How many biotechs have moved north of $10 billion within 5 years after pricing an IPO in the $700 million to $900 million range? Hardly any. 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 much better 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 – $2.00) got Orphan Drug Designation for ifenprodil for the treatment of idiopathic pulmonary fibrosis. Orphan Drug Designation qualifies them for various incentives, including tax credits for qualified clinical trials, an exemption from user fees, and seven years of market exclusivity after approval. 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 2/3
   Probable time of first FDA approval: 2023
   Probable time of next financing: 2022

Aptose Biosciences (APTO – $0.71) will host an Investor Day from the American Society of Hematology (ASH) annual meeting this Sunday, including a comprehensive review of the current clinical data for tuspetinib (formerly HM43239). APTO is a Buy under $2.50 for a $30 target in a buyout.
Primary Risk: Either drug fails in clinical trials.
   Clinical stage of lead product: Phase 1a
   Probable time of first FDA approval: 2025
   Probable time of next financing: Mid- to late-2023

Arch Therapeutics (ARTH – $0.04) said the Centers for Medicare and Medicaid Services (CMS) has made a preliminary recommendation to establish a dedicated Healthcare Common Procedure Coding System (HCPCS) Level II billing code specific to AC5. The HCPCS code makes it easier for doctors to bill third-party payers for AC5 used in their offices. 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: June 2022 quarter

Compass Pathways (CMPS – $10.12) said 12 out of 14 bipolar patients went into remission for three months following a single 25-milligram dose of COMP360 psilocybin therapy, in an independent investigator-initiated, exploratory open-label study of Type II bipolar disorder. CMPS is a Buy under $20 for a very long-term hold to a 10x.
Primary Risk: Their drugs fail in the clinic.
   Clinical stage of lead product: Phase 2
   Probable time of first FDA approval: 2024
   Probable time of next financing: Mid-2023

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 – $142.65) fell after Morgan Stanley lowered its iPhone estimates for the second time in less than a month, citing a slower ramp in Foxconn’s Zhengzhou plant that has put them three to four weeks behind schedule for iPhone production as a result of the country’s COVID-19 lockdowns and worker unrest. MS now expect iPhone shipments of 75.5 million in the December quarter, down from their prior forecast of 78.5 million.

They kept their March quarter iPhone shipment estimate of 56.5 million unchanged, implying that none of the shortfalls in the current quarter would be moved to the next. But they added: “Given iPhone 14 Pro/Pro Max lead times remain elevated at 3+ weeks, 10-15 days ahead of the supply-constrained iPhone 12 Pro and 13 Pro/Pro Max at this point in the cycle, we believe demand for the iPhone 14 Pro/Pro Max remains solid, supporting the view that lost demand in December is more likely to be deferred into March than destroyed.”

The analyst said “it’s more likely” that most of the demand that did not grt filled in the December quarter is pushed out later in the fiscal year.

He wrote: “While we might be taking an overly conservative approach given our Greater China Hardware team … estimates just a 1-2M unit incremental shortfall from the slower iPhone production ramp, … we also believe more thoroughly de-risking estimates today is the prudent decision considering the uncertainty of the production situation in China.”

The analyst now expects December quarter revenues of $120.3 billion with earnings of $1.88 per share. He kept his overweight rating and $175 price target.

On Tuesday, investment firm UBS said it had seen evidence of improving wait times for the iPhone 14 Pro and iPhone 14 Pro Max in 30 countries, suggesting that the supply chain headwinds Apple has dealt with are starting to ease up. They noted that wait times in the US for both high-end iPhone 14 models are now down to roughly 25 days from 38 days two weeks ago. In China, wait times have declined to 36 days, down from 39 days last week and two weeks ago. They have a buy rating and a $180 target price.

I think Wall Street is likely to view the December and March quarters in aggregate relative to last year to gauge underlying demand. AAPL is a Buy under $150 for new iPhone rollouts and augmented/virtual reality products.

Corning (GLW – $33.32) gave a fireside chat today at the Barclays Global Technology, Media and Telecommunications Conference (TRANSCRIPT HERE). The CFO said their big priorities over the next couple of years are having enough capacity for the rapid growth in optical fiber, restarting Hemlock’s solar business, normalizing the supply chain, and getting costs back in line with pre-pandemic levels wherever they can, and continuing to raise price to offset costs where they can’t cut. 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 .

Gilead Sciences (GILD – $89.47) gave a fireside chat at the Nasdaq Investor Conference in London (TRANSCRIPT HERE). The CEO said he joined four years ago to take a company that had extraordinary success in virology into new therapeutic areas, which is not an easy thing to do. He decided to use the immunology scientific base and expand that to oncology with a real focus on immuno-oncology and also to inflammation. Gilead has put around $30 billion of capital to work over the past 2 1/2 years to build this portfolio that has gone from 30 molecules in development to 60 molecules. They want to have 30% or more of revenues in oncology by 2030 on top of a growing HIV virology base.

They’ve had really good quarters every quarter this year, and he said that’s going to continue in 2023. They have several PDUFA dates coming up. Gilead is a great Biotech Dominator and you get paid a 3.3% yield while you wait for Wall Street to catch on. GILD is a Long-Term Buy under $70 for a first target of $100.

Inflation MegaShift

Gold ($1,800.70) is unchanged for the week as $1,800 seems to be an attractor/repeller level as investors try to balance the Fed, inflation, the dollar, the economy, and however Putin wants to price his oil. The fractal dimension is hinting that a new uptrend is starting, but it has to drop a L-O-N-G way through 55 to confirm it. By then, gold will be near its all-time high with plenty of energy left to print new records.

Miners & Related

First Majestic (AG – $9.13) sold its past-producing La Parrilla Silver Mine in Durango, Mexico to Golden Tag Resources (GTAGF) for up to $33.5 million, mostly in stock. First Majestic will get 143.7 million Golden Tag shares worth $20.0 million upfront, approximately 40% of the outstanding shares in Golden Tag. Then they will receive up to $13.5 million in three milestone payments in either cash or Golden Tag shares.

This was a non-producing mine and it will be some time before we know if Golden Tag can make it valuable, but there’s no downside. AG is a Buy under $11 for a $23 next target price as production increases and the price of silver rises.
Primary Risk: Prices of precious metals fall due to US dollar strength.

Paramount Gold Nevada (PZG – $0.37) got the permit from the Forest Service to drill the Bald Peak Project in Mineral County, Nevada. Bald Peak is a 4-mile-long prospective area with significant gold mineralization identified in surface samples, promising geophysical targets, and excellent geology within the Aurora-Borealis mining district. These two mines have produced more than two million ounces of gold for their owner, Hecla Mining. Hecla plans to conduct exploration drilling at their Aurora site to replenish resources after having consolidated their land position, and the nearby, open pit Borealis Mine is currently in production with a heap leach recovery operation.

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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: Second half of 2022

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 – $17,235.87) has stabilized after the FTX debacle/fraud. Almost 960,000 addresses hold one bitcoin or more, and people are still saying that bitcoin is dead. I don’t think there’s much downside from here – that’s behind us – and I expect a strong run into 2023.

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BTC-USD, ETH-USD, GBTC, and, ETHE are Strong Buys. But the smartest way to buy bitcoin is the Grayscale Bitcoin Trust (GBTC- $8.19), now at a 48% discount from net asset value. I understand why the Wall Street/media fear-mongering campaign to scare you about GBTC is hard to resist. They are really good at it.

But as I wrote on the Comments board, in order for GBTC’s bitcoin to be missing or at risk, every one of these folks would have to be in on the scam:

1. The signers of the SEC filings would have to not care that they certainly would go to jail.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities indicated, thereunto duly authorized.

Grayscale Investments, LLC as Sponsor of Grayscale Bitcoin Trust (BTC)
By: /s/ Michael Sonnenshein Member of the Board of Directors and Chief Executive Officer
By: /s/ Edward McGee Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer
Date: November 4, 2022

2. Friedman LLP, the auditor of the 10-K, would have to be in on the fraud with partners ready to go to jail. In September, Marcum LLP acquired Friedman and would at least have had to miss the fraud in its due diligence.

3. The custodian, Coinbase Custody Services, would have to be willing to risk its entire business, lose its licenses, and (again) have several officers ready to go to jail.

“The Trust’s Digital Asset Account is a segregated custody account controlled and secured by the Custodian to store private keys, which allow for the transfer of ownership or control of the Trust’s Bitcoin, on the Trust’s behalf. Private key shards associated with the Trust’s Bitcoin are distributed geographically by the Custodian in secure vaults around the world, including in the United States. The locations of the secure vaults may change regularly and are kept confidential by the Custodian for security purposes. The Custodian requires written approval of the Trust prior to changing the location of the private key shards, and therefore the Trust’s Bitcoin, including to a different state. The Digital Asset Account uses offline storage, or cold storage, mechanisms to secure the Trust’s private keys. The term cold storage refers to a safeguarding method by which the private keys corresponding to digital assets are disconnected and/or deleted entirely from the internet.

“Bitcoin in the Digital Asset Account are not treated as general assets of the Custodian. Rather,the Custodian serves as a fiduciary and custodian on the Trust’s behalf, and the Bitcoin in the Digital Asset Account are considered fiduciary assets that remain the Trust’s property at all times.”

4. Oh, also – GBTC’s bitcoin is insured by an outside company.

Now, if you think all those companies and corporate officers are in on a massive fraud, you certainly should stay away from GBTC.

But if you think this is just Wall Street BS designed to separate the rubes from their money by buying GBTC in the open market and then pushing for redemptions at face value, buy GBTC.

And there might also be a shift to favor the view that regulating crypto is the best way to protect customers from things such as the debacle at FTX, and that vehicles such as Exchange-Traded Funds are safer alternatives, so the SEC should approve GBTC’s application to become an ETF post-haste. GBTC is a Buy under net asset value.
Primary Risk:Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.

Oil – $71.66

Oil prices ended lower despite government data showing domestic supplies of crude oil fell by 5.2 million barrels last week, down a fourth week in a row. Inventories at the Cushing, Oklahoma, delivery hub declined by 400,000 barrels for the week, while the Strategic Petroleum Reserve fell by 2.1 million barrels.

China is ignoring the price cap and buying Russian crude at a hefty discount. Their
crude oil imports in November rose 12% from a year earlier to the highest level in 10 months – so much for the Zero-COVID policy.

While demand for physical oil is holding up, the supply of paper oil is pushing the price down. According to The Wall Street Journal, trend-following traders (those Commodity Trading Advisors again) are shorting WTI crude oil futures to an extent they haven’t since October 2020, more than two years ago, according to a report from TD Securities that estimates their positions.

About 30% of trading volumes in commodities markets come from traders using computer algorithms to identify price trends, according to Daniel Ghali, a commodity strategist at TD Securities. Such traders have gone decisively short in recent days. It’s become a crowded trade, and that means it’s time to be a contrarian. Got OIL?

The July 2026 Crude Oil Futures (CLN26.NYM – $53.16) are a Buy under $55 for a $200+ target.

The iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $27.07) is a Buy under $36 for an $80+ target.

* * * * *

I should write a book titled Keep Calm and Wait. Every page would just be this chart:

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* * * * *

Your trying ChatGPT Editor, (tell your kids!)

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 – $0.93) – Buy under $5, first target $30, then $100
  Compass Pathways (CMPS – $10.12) – Buy under $20, hold a long time for a 10x return
  Graphite Bio (GRPH – $3.39) – Buy under $9, hold a long time
  Inovio (INO – $1.84) – Buy under $7, hold a long time
  Invitae (NVTA – $2.47) – Buy under $10, first target $50, then $100+
  Medicenna (MDNA – $0.50) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $1.89) – Buy under $3, target price $20, then $50

Other Biotech
  TG Therapeutics (TGTX – $8.20) – Buy under $7, target price $25+

Tech Dominators
  Apple Computer (AAPL – $142.65) – Buy under $150 for new iPhones
  Corning (GLW – $33.32) – Buy under $33, target price $60
  Gilead Sciences (GILD – $89.47) – Buy under $70, target price $100
  Meta (META – $115.33) – Buy under $250, target price $400
  SoftBank (SFTBY – $22.42) – Buy under $25, target price $50

Other Tech
  First Trust NASDAQ Cybersecurity ETF (CIBR – $40.37 – Buy under $40; 3- to 5-year hold
  Fastly (FSLY – $9.95) – Buy under $20; 2- to 5-year hold to $80+
  PagerDuty (PD – $24.01) – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $5.78) – Buy under $10, target price $40
  Rocket Lab (RKLB – $3.98) – Buy under $13, target price $30+
  Velo3D (VLD – $1.96) – Buy under $6, target price $50

Inflation
  A Short-Sale or REO House – ($447,000) – Buy while fixed mortgage rates are low
  Bag of Junk Silver – ($23.27) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $25.06) – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $29.95) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $17.57) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $28.95) – Buy under $30, target price $50
  Coeur Mining (CDE – $3.40) – Buy under $5, target price $20
  First Majestic Mining (AG – $9.13) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.37) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $5.31) – Buy under $10, target price $25
  Sprott Inc. (SII – $34.53) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $17,235.87) – Buy
  Grayscale Bitcoin Trust (GBTC – $8.19) – Buy
  Ethereum (ETH-USD – $1,277.048) – Buy
  Grayscale Ethereum Trust (ETHE – $6.46) – Buy

International & Other Recommendations
  EMQQ Emerging Markets Internet & Ecommerce ETF (EMQQ – $30.94) – Buy under $38 for a $66 target in 12 to 18 months
  KraneShares Bosera MSCI China A Share Fund (KBA – $32.64) – Buy under $40 for a three- to five-year hold
  Morgan Stanley China A-Shares Fund (CAF – $14.17) – Buy under $18 for a three- to five-year hold
  KraneShares CSI China Internet ETF (KWEB – $31.47) – Buy under $40 for a double over the next three years
  Acreage Holdings (ACRDF – $1.35) – Buy under $2 for the Canopy Growth merger
  Mongolia Growth Group (MNGGF – $1.10) – Buy under $1.30; long-term hold

Energy
  Crude Oil Futures – July 2026 (CLN26.NYM – $53.16) – Buy under $55; $200+ target
  iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $27.07) – Buy under $36; $80+ target
  Energy Fuels (UUUU – $6.08) – 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 – $2.00) – Hold for IPF/chronic cough trial
  Akebia Biotherapeutics (AKBA – $0.30) – Hold for FDA meeting
  Arch Therapeutics (ARTH – $0.04) – Hold for buyout

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.

Copyright ©GwynRoseLLC 2022

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