Featured Trade: (WHY IS THE S&P 500 BEATING THE DOW), (SPY), (BAC), (HPQ), (AA), (GS), (V), (NKE), (AAPL), (GE), ($NIKK), (CAT), (DIS), (INTC), (AN EVENING WITH BILL GATES, SR.) (TESTIMONIAL)
SPDR S&P 500 (SPY)
Bank of America Corporation (BAC)
Hewlett-Packard Company (HPQ)
Alcoa Inc. (AA)
The Goldman Sachs Group, Inc. (GS)
Visa Inc. (V)
Nike, Inc. (NKE)
Apple Inc. (AAPL)
General Electric Company (GE)
Tokyo Nikkei Average (EOD) INDX ($NIKK)
Caterpillar Inc. (CAT)
The Walt Disney Company (DIS)
Intel Corporation (INTC)
I often see one stock index outperform another, as different segments of the economy speed up, slow down, or go nowhere. Sometimes the reasons for this are fundamental, technical, or completely arbitrary.
Many analysts have been scratching their heads this year over why the S&P 500 has been moving from strength to strength for the past year, while the Dow Average has gone virtually nowhere. Since January, the (SPX) has tacked on a reasonable 7.9%, while the Dow has managed only a paltry 3.4% increase.
What gives?
The problem is particularly vexing for hedge fund managers, who have to choose carefully which index they use to hedge other positions. Do you use the broad based measure of 500 large caps or a much more narrow and stodgy 30?
What?s a poor risk analyst to do?
The Dow Jones Industrial Average was first calculated by founder Charles Dow in 1896, later of Dow Jones & Company, which also publishes the Wall Street Journal. When Dow died in 1902, the firm was taken over by Clarence Barron and stayed within family control for 105 years.
In 2007, on the eve of the financial crisis, it was sold to News Corporation for $5 billion. News Corp. is owned by my former boss, Rupert Murdoch, once an Australian, and now a naturalized US citizen. News then spun off its index business to the CME Corp., formerly the Chicago Mercantile Exchange, in 2010.
Much of the recent divergence can be traced to a reconstitution of the Dow Average on September 20, 2013, when it underwent some major plastic surgery.
It took three near-do-wells out, Bank of America (BAC), Hewlett Packard, (HPQ), and Alcoa (AA). In their place were added three more robust and virile companies, Goldman Sachs (GS), Visa (V), and Nike (NKE).
Call it a nose job, a neck lift, and a tummy tuck all combined into one (Not that I?ve been looking for myself!).
And therein lies the problem. Like many attempts at cosmetic surgery, the procedure rendered the subject uglier than it was before.
Since these changes, the new names have been boring and listless, while the old ones have gone off to the races. Hence, the differing performance.
This is not a new problem. Dow Jones has been terrible at making market calls over its century and a half existence. As a result, these rebalancings have probably subtracted several thousand points over the life of the Dow.
They are, in effect, selling lows and buying highs, much like individual retail investors do. It is almost by definition the perfect anti-performance index. When in doubt, always measure your own performance against the Dow.
Dow Jones takes companies out of its index for many reasons. Some companies go bankrupt, whereas others suffer precipitous declines in prices and trading volumes. (BAC) was removed because, at one point, its shares took a 95% hit from its highs and no longer accurately reflected a relevant weighting of its industry. Citigroup (C) suffered the same fate a few years ago.
Look at the Dow Average of 1900 and you wouldn?t recognize it today. In fact, there is only one firm that has stayed in the index since then, Thomas Edison?s General Electric (GE). Buying a Dow stock is almost a guarantee that it will eventually do poorly.
This is why most hedge funds rely on the (SPX) as a hedging vehicle and how its futures contracts, options and ETF?s, like the (SPY), get the lion?s share of the volume.
Mind you, the (SPX) has its own problems. Apple (AAPL) has far and away the largest weighting there and is also subject to regular rebalancings, wreaking its own havoc.
Because of this, an entire sub industry of hedge fund managers has sprung up over the decades to play this game. Their goal is to buy likely new additions to the index and sell short the outgoing ones.
Get your picks right and you are certain to make money. Every rebalancing generates massive buying and selling in single names by the country?s largest institutional investors, which in reality are just closet indexers, despite the hefty fees they charge you.
Given their gargantuan size these days, there is little else they can do. Rebalancings also give brokerage salesmen talking points on otherwise slow days and generate new and much needed market turnover.
What has made 2014 challenging for so many managers is that so much of the action in the Dow has been concentrated in just a handful of stocks.
Caterpillar (CAT), the happy subject of one of my recent Trade Alerts, accounts for 35.3% of the Index gain this year. Walt Disney (DIS) speaks for 24.2% and Intel (INTC) 23.4%.
Miss these three and you are probably trolling for a new job on Craig?s? List by now, if you?re not already driving a taxi for Uber.
It truly is a stock picker?s market; a market of stocks and not a stock market.
Believe it or not, there are people that are far worse at this game than Dow Jones. The best example I can think of are the folks over at Nihon Keizai Shimbun in Tokyo (or Japan Economic Daily for most of you), who manage the calculation of the 225 stocks in the Nikkei Average (once known as the Nikkei Dow).
In May, 2000, out of the blue, they announced a rebalancing of 50% of the constituent names in their index. Their goal was to make the index more like the American NASDAQ, the flavor of the day. So they dumped a lot of old, traditional industrial names and replaced them with technology highfliers.
Unfortunately, they did this literally weeks after the US Dotcom bubble busted. The move turbocharged the collapse of the Nikkei, probably causing it to fall an extra 8,000 points or more than it should have.
Without such a brilliant move as this, the Nikkei bear market would have bottomed at 15,000 instead of the 7,000 we eventually got. The additional loss of stock collateral and capital probably cost Japan an extra lost decade of economic growth.
So for those of you who bemoan the Dow rebalancings, you should really be giving thanks for small graces.
https://www.madhedgefundtrader.com/wp-content/uploads/2014/07/Mickey-Mouse.jpg352339Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2014-07-10 01:05:012014-07-10 01:05:01Why is the S&P 500 Beating the Dow?
Featured Trade: (LAST CHANCE TO ATTEND THE JULY 11 SARDINIA, ITALY STRATEGY LUNCHEON), (DON?T BE SHORT CHINA HERE), ($SSEC), (FXI), (CYB), (CHL), (BIDU), (CATCHING UP WITH ECONOMIST DAVID HALE), (EEM), (GREK), (IWW), (EWJ), (NGE), (FXY), (YCS)
Shanghai Stock Exchange Index ($SSEC)
iShares China Large-Cap (FXI)
WisdomTree Chinese Yuan Strategy ETF (CYB)
China Mobile Limited (CHL)
Baidu, Inc. (BIDU)
iShares MSCI Emerging Markets (EEM)
Global X FTSE Greece 20 ETF (GREK)
iShares Russell 3000 Value (IWW)
iShares MSCI Japan (EWJ)
Global X Nigeria Index ETF (NGE)
CurrencyShares Japanese Yen Trust (FXY)
ProShares UltraShort Yen (YCS)
I have been relying on David Hale as my de facto global macro economist for decades and I never miss an opportunity to get his updated views. The challenge is in writing down David?s eye popping, out of consensus ideas fast enough, because he spits them out in such a rapid-fire succession.
Since David is an independent economic advisor to many of the world?s governments, largest banks and investment firms, I thought his views would be of riveting interest to you.
I met him this time at the posh Ozumo restaurant on San Francisco?s waterfront, near the Ferry Building. A favorite of Silicon Valley?s tech titans, I bumped into Marc Andreessen on the way in, nearly impaling myself on his pointed head.
I settled for a delicate vegetable tempura and eel sushi, while David, being from the Midwest, dug into an excellent Wagyu beefsteak. We washed it all down with liberal doses of Kirin beer and Takagi Shuzo designer sake.
David is an unmitigated bull on the economy, predicting that growth will leap from 2.0% in 2013 to 3% in 2014. Fading away of the fiscal drag created by a gridlocked congress will be the main reason.
Last year, we were hobbled by the maximum Federal income tax rising from 35% to 39.5% for income over $400,000. Capital gains rose from 15% to 20% as well. These combined to subtract 1% off US GDP growth in 2013. There are no such tax hikes planned for 2014.
The economy continues to power along, supported by three legs: housing, the energy boom and a reviving auto industry. Detroit is expected to pump out over 17 million vehicles this year, a figure only dreamed about six years ago, when it hit a rock bottom 9 million unit annual rate.
Management has a death grip on controlling costs, which is why they aren?t hiring, and explains the feeble employment statistics. This has enabled profit margins to surge to all time highs. Expect more of the same.
Europe should grow by 1% in 2014 after delivering a near zero rate this year. It will take years for them to return to any kind of normalized growth rate. That said, continental stock markets could well outperform those in the US in the near term.
David spends much of his time traveling, doing a major intercontinental trip almost every month. The coming calendar includes Japan, Australia, and Europe by yearend. To have his frequent flier points!
Two years ago, David was banging his drum about an imminent recovery in Japan (EWJ) and a collapse in the yen (FXY), (YCS). He was ignored by virtually all, except by me. As you may recall, I started laying on major short positions in the yen about then at David?s behest, which proved wildly successful.
The proof is in the constant testimonials that I regularly publish in my letter. I don?t make these up and they come in almost every day.
David believes that Prime Minister Shinzo Abe is doing all the right things, so the recovery is real, sustainable and will play out over several more years. However, he would have been wise to spread out the VAT tax rise that took place in April, from 5% to 8%, over five years instead of bunching it all up in one.
He also should spend less time focusing on domestic nationalistic issues, which have the undesirable effect in that it focuses China on Japan?s regrettable past, not its bright future.
He is also quite an authority on emerging markets (EEM), which account for 40% of global GDP, and sees the recent collapse as presenting a once in a generation buying opportunity.
His favorite is Mexico (EWW), which will benefit hugely from the first new round of political and economic reforms in 20 years. The new oil and gas fracking technology has also arrived just in the nick of time, as its existing conventional fields are approaching exhaustion.
David thinks Greece (GREK) has more to run, although not at the heady pace of the past year. Nigeria (NGE) is another outstanding opportunity, where he recently visited. A privatization wave there could boost GDP growth from 7% to 10%.
To show you how wide David casts his net, he had lunch with none other than Syria?s Bashar al-Assad a decade ago. The country was then enacting a series of ground-breaking liberalizations by privatizing banks, and was viewed as the hot frontier market of the day. How things change!
This is why investors expect outsized returns from these countries. Less, and the risk is not worth it. They?re called ?frontier? for a reason.
David has in the past made some far out predictions that were real zingers. Population growth is grinding to a halt throughout Asia. It is already well below the replacement rate in Japan and South Korea, which will soon be joined by China.
This will eventually lead to labor shortages in Asia, and bring to an end the cheap labor regime, which has driven their economies for the past 100 years. The Chinese work force will shrink from five times ours to only three times.
Their cost advantage then goes out the window. The upshot for us is that perhaps half of the 6 million jobs that America lost to China over the last 20 years will come back. Many items can now be bought cheaper in Chicago than they can in Shanghai.
This explains why ?onshoring? is accelerating with a turbocharger (click here for ?The American Onshoring Trend is Accelerating?).
China will still become far and away the world?s largest economy in our lifetimes. In 1700, Asia accounted for 58% of world GDP. Some 250 years of wars pulled that figure down to 15% by 1950. It is on track to recover to 50% by 2050.
To learn more about David Hale and the extensive list of services he offers; please visit the website of David Hale Global Economics at http://www.davidhaleweb.com.
https://www.madhedgefundtrader.com/wp-content/uploads/2013/09/David-Hale.jpg353305Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2014-07-09 01:03:332014-07-09 01:03:33Catching up with Economist David Hale
Featured Trade: (JULY 18 BARCELONA, SPAIN STRATEGY LUNCHEON) (TIME TO TAKE ANOTHER RIDE WITH GENERAL MOTORS), (GM), (F), (TM), (TESTIMONIAL), (QUANTITATIVE EASING EXPLAINED TO A 12 YEAR OLD)
General Motors Company (GM)
Ford Motor Co. (F)
Toyota Motor Corporation (TM)
The blockbuster nonfarm payroll on Friday, coming in at a heady 288,000 has certainly removed any doubt that the US economy will reaccelerate in the fall. Earlier months were substantially revised up.
Monthly job growth of 200,000 plus now seems to be the new norm, after five consecutive months of such prints.
The headline unemployment rate plunged to 6.1%, a new six year low. American H2 GDP growth of 4% or more now seems to be firmly back on the table.
The gob smacking data has left many hedge fund managers confused, befuddled, and questioning the meaning of life. Loads have been playing the short bond, short equity trade all year, to the unmitigated grief of their investors.
Is smart now the new dumb?
As for me, I have been on the long equity side for almost the entire year, except for a few fleeting moments of mental degradation here and there. After spending most of June unwinding a sizeable US equity position into the rally, I now have little choice but to slap some new positions back on.
Still, there is a way to stay invested in the market and sleep at night. That is to focus on sectors and companies that, so far, have been left at the station during the 2014 bull market.
This is why I charged into a long in General Motors (GM) on Friday, the stock, until now, weighed down by past management?s unfortunate proclivity for killing off their customers.
The housing stocks (ITB), inhabitants of the doghouse for the past year, also look pretty interesting here. May pending home sales came in at a robust 6.1%, the best in four years, while pending home sales (contracts signed) leapt a positively eye popping 18.1%, a six year apex.
Revival of a moribund housing market is another piece of the puzzle that gets us to 4% GDP growth this year.
Bonds seemed to sniff out the great things coming by rolling over two days ahead of the June payroll news, diving some two points. Did they have advance notice, or are bond guys just smarter than we dullards in the equity world (true!)?
Rising US interest rates, a byproduct of a strengthening economy, will certainly lead to one thing: a more virile Uncle Buck and a sagging Euro. Interest rate differentials are the primary driver of foreign exchange movements.
So, you always want to be long the currency with rising rates (ours), and short the one with falling rates (theirs). So I am happy to sell short the beleaguered European currency here.
We saw the multi month selloff in the Euro going into the European Central Bank?s announcement of interest rate cuts and quantitative easing last month. Since then we have seen a classic ?buy the rumor, sell the news? short covering rally that has taken the euro up a counterintuitive two points.
The second move is just about to run out of steam.
Weakening data from the European economy, which is trailing that of the US, Japan, Australia, and even China, suggests that the Euro zone will see more easing before it experiences a tightening.
In proposing the Currency Shares Euro Trust (FXE) August, 2014 $136-$138 in-the-money bear put spread, I have been devious in the selection of my strikes. The near $136 put strike that I am shorting here against the long $138 put is exactly 50% of the move down from the double top at the March and May highs.
It also helps that the (FXE) was firmly rejected from the 50 day moving average on the charts.
We are getting a further assist from the calendar, which is giving us an unusually short monthly expiration on August 15. Most of Europe will be closed until then, not a bad time to be short Euro volatility.
I was also in a rush to get these out before the long July 4 weekend sucks out what little premium is left in the options market.
For those who don?t have options coursing through their veins, the ProShares Ultra Short Euro ETF (EUO) makes an ideal second choice. This 2X leveraged fund rises when the Euro falls, not by two times, but enough to make it worth the trouble. Or you can just sell short the 1X Currency Shares Euro Trust ETF (FXE).
Finally, if you are looking for another way to slumber like a baby with your long equity position, you can use a short position in the Euro to partially hedge your stock portfolio as well. US stock market weakness generally triggers a strong dollar and a weak Euro, as financial assets rush into a flight to safety mode.
https://www.madhedgefundtrader.com/wp-content/uploads/2014/07/Euro-Symbol.jpg306329Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2014-07-07 09:22:002014-07-07 09:22:00The Time to Dump the Euro is Here
So, I?m sitting here in my Turkish redoubt, fighting off unusually aggressive flies and going over my charts. It?s further proof that no matter where in the world you travel, work follows you.
There is truly no rest for the wicked.
As a respite, I have the Best of the Guess Who playing on iTunes.
I noticed that the market priced our Caterpillar (CAT) July, 2014 $97.50-$100 in-the-money bull call spread at $2.50 at last night?s close. This is despite the options still having ten days left to the July 18 expiration. This means that the market is effectively pricing the inverse, the Caterpillar (CAT) July, 2014 $97.50-$100 in-the-money bear put spread at zero.
It?s not just Caterpillar that is doing this. I see this happening across the market, where downside protection is being thrown away for nothing. I see anomalies like this happening from time to time, but not very often. Think of it as complacency in the extreme, on adrenaline and with a turbocharger.
It always ends in tears, but who knows when? I priced the alert at $2.48 just to allow two cents for you to get an execution done. This should add 1.04% to your total return for 2014. If some high frequency dummy is willing to work for pennies, that?s fine with me. Nobody works for free.
If you don?t get done today, then re-enter the order on Monday. You will almost certainly get taken out after they remove the long weekend time decay.
Taking profits here does give you some black swan protection. We could have a flash crash at any time, if not in the main market, then certainly in single names. It also removes a 9/11 type risk. Sure, you say, this is all very improbable. But then, 9/11 was viewed as an impossibility on 9/10.
This has been a bang up trade for us in an otherwise detestable trading environment. We caught a nearly 10% rise in the shares in a market that was otherwise quiescent. I managed to do this with a half dozen other names as well.
It?s not that I have suddenly fallen out of love with the maker of heavy construction and mining equipment. I think (CAT) will continue to appreciate for the rest of 2014, possibly rising to $120-$130/share.
I have been following this company for 40 years and it is one of the most solid, best-managed companies out there. And I love their cool, yellow baseball caps.
(CAT) has finally crossed the wide desert and will continue from strength to strength (there goes those Middle East metaphors again!). And if China manages to engineer a recovery, then it will be really off to the races. So will the rest of the entire industrials sector for that matter.
The other problem with taking off a trade here is that there is nothing to replace it. Zero premiums mean there is not another risk-controlled position to replace the outgoing (CAT) position.
So don?t expect a lot of joy from me on the Trade Alert front until August.
I always take this as an invitation to say, ?Thank you very much, Mr. Market? and take a profit. It is also a sign of how far volatility has fallen, and by implication, option premiums.
https://www.madhedgefundtrader.com/wp-content/uploads/2014/07/Caterpillar-Tractor.jpg295494Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2014-07-07 09:21:402014-07-07 09:21:40Taking Profits on Caterpillar
Yes, I know that the presidential election of 2016 is another two years off. But if you already know the outcome of that contest you can use it to your advantage trading the markets today.
You don?t want to get caught out like many conservatives did in 2012, who were forced to dump stock in a hurry to beat a surprise jump in capital gains taxes after an unexpected Obama win, triggering a 10% market correction.
By the way, that was the last 10% correction we got. It has been straight up from there.
If you have any doubt that Hillary Clinton will be the slam-dunk winner in 2016, take a look at the table below. According to a poll conducted by Quinnpiac University in New Haven, Connecticut, the former Secretary of State beats every Republic front-runner in the key battleground states of Florida and Ohio, often by huge margins.
Notice that the more conservative the candidate, the bigger the losing margin. I have always believed that the United States is a fundamentally moderate, middle of the road country.
Whenever either party leans towards extremes, they are sent to the woodshed, where they are punished severely by the voters. At the end of the day, most Americans just wish that the government would go away.
In another poll I saw Clinton is leading by 60%-40% with Republican women. Democrats are counting on many to cross party lines to vote for the first woman president, as they did for the first black one in 2008. Most other leading, non-partisan polls are reaching the same conclusion.
You can forget about Senator Ted Cruz from Texas because he was born in Canada, with a Canadian father. After carping about Obama being from Kenya for eight years, the last thing the Republicans will do is run another foreigner for president.
So what will President Hillary mean for the market? There?s no point in asking her. Officially, she is not even running yet. She is on the lecture circuit now earning $225,000 a pop. But I have been in touch with some of her recent and past staff people, and the answer seems to be not much.
With our Middle Eastern wars done, Al Qaida a distant memory, the economy going great guns, unemployment down, and the US energy independent, Clinton should inherit a country that is in pretty good shape.
With the economy reaccelerating back to a 3%-4% growth rate, and no new wars, the budget should be close to balancing. The dollar will be endemically strong.
We should be at the threshold of a Pax Americana. In these goldilocks conditions stock portfolios should rise by 10% a year, and 13% with dividends, and inflation will stay under control. Bonds will slowly grind down and interest rates up, but no by much. That works for me.
So, social issues will be the top legislative priority. You can expect to hear a lot about gun control. Assault rifles, especially military ones like the AR-15, and high capacity magazines will become history. You can also count on federal restrictions on the resale of firearms and closer tracking of convicted criminals.
Immigration will be another hot button item. Expect measures to permit the 10 million illegals currently in the country to gain access to citizenship, subject to strict conditions. This is the umpteenth time we have done this in my lifetime.
Clinton will also make an effort to roll back restrictions on voter?s rights now rampant in red states. Ten-hour lines to vote in black neighborhoods in Miami should become a thing of the past. The same will hold true for state restrictions on abortion, such as mandatory ultrasounds.
President Obama did the heavy lifting with financial regulation through Dodd-Frank and with health care in the Affordable Care Act. It will be up to Hillary to implement and enforce existing law, a far easier task. Who knows? The website might even be working by 2016?
The same will be true with tax reform. Obama delivered the big hit when the federal income tax rate jumped from 35% to 39.50%. Clinton will probably only nibble at the edges. It will be hands off for the middle class.
Target number one: the ?carried interest? treatment that assures that most hedge fund managers, like me, pay no more than a 15% annual rate. Capital gains could also see another 5% move.
But with the federal budget balancing, there shouldn?t be any need to raise taxes, unless you want to pay off the $17.5 trillion national debt faster. In any case, that will happen by 2030 under current law, and with improved growth outlook.
Big earners can expect to see their favorite deductions whittled back as well. Home mortgage interest deductibility will get capped at mortgage values of $250,000-$500,000. Limits will be placed on tax-free charitable donations. Company provided health insurance will become fully taxable as regular income, and will eventually get blended in with Obamacare.
The really big impact President Clinton will have on the future of the country will be with her Supreme Court appointments. It is likely that at least one conservative justice will retire or die before the end of her second term in 2024.
That will enable her to shift the 5-4 convective majority to a liberal one for the first time in 50 years. That assures a liberal bent in the Court?s decisions until 2064. After that, I will be long dead, or 112, so I won?t care what happens.
A rapid succession of legal challenges will follow that will eventually bring to an end of gerrymandering of congressional elections and anonymous corporate campaign donations. That will turn Texas, Arizona and several other states into blue ones. Gay rights will reach full equality, if it hasn?t already happened by then.
This has already happened in California. What was the outcome? Radicals on both the right and left were abandoned in droves, as there was no longer any mileage there. Everyone suddenly became a moderate and pragmatist. Gridlock ended, and the government returned to doing the people?s work. Ratings on cable TV talk shows fell.
Who will Hillary bring into her cabinet? I suggest former presidential candidate, Mitt Romney, as the next Secretary of Health and Social Services. He is the only person who has every gotten government provided health care to work in the US, with his highly successful Massachusetts program.
I think it will take ten years to fully implement Obamacare and for it to become actuarially sound. In the end, Obamacare should cost the government nothing, and reduce the cost of health care for the rest of us. That?s how the Lloyds of London insurance exchange functions. A private equity guy should be able to deliver that, right?
So who will be Hillary?s first appointment to the Supreme Court? President Obama will be only 55 when his second term ends and is a constitutional law professor with a proven track record. The kids are already placed in local schools. The only thing he will be need is a new residence. What else is an ex president supposed to do?
The bigger question will be what to do about Bill? Will he be the first husband, the dude, or just another Mr. President.
Mr. and Mrs. President? The possibilities boggle the mind.
https://www.madhedgefundtrader.com/wp-content/uploads/2013/12/Hillary-Clinton.jpg386307Mad Hedge Fund Traderhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMad Hedge Fund Trader2014-07-04 01:04:172014-07-04 01:04:17The Markets and President Hillary
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