A Sprinkling Of Fed Worries/Global Growth Fears & Tax Loss Swaps Knocked Out Stocks This Week

Happy Saturday All!

I hope you all had an amazing week & that you have been able to enjoy the amazing knock out stage games of the 2022 World Cup. I like France to take it all as I have since the start, but Croatia has been solid and their win over Brazil was impressive. However, the beauty of Argentina’s Messi led team has been entertaining and they cannot be ruled out. Who do you happen to see winning this year? Congratulations also goes out to the USMNT who bowed out, but represented us all well, and I am excited to see how we progress in the years to come. I predict that many more of our US players will be in the top leagues around the world as we move forward as the flood gates are truly and widely open and that we will have an increased pool of very experienced and talented players to choose from when we compete at the world stage in four years. 

As for the markets this week we experienced a downward trend. Fueling the decline, at least in part, was macroeconomic schedule that produced another set of reports that unfortunately left many a bit confused if not pessimistic as to where the Fed’s head will be when they meet next week (Dec. 13-14) to reveal their latest interest rate decision. On Monday, the ISM Non-Manufacturing Index report for November showed a rise to 56.5%. The factory orders for manufactured goods report also confirmed a 1% M/M rise in October, while shipments of manufactured goods rose .7%. The final IHS Markit Services PMI report for November was confirmed to have edge marginally higher to 46.2. On Tuesday, the October Trade Balance report confirmed the deficit widened to $78.2B. On Wednesday, the Weekly MBA Mortgage Application Index report confirmed a 1.9% drop. The Nonfarm business sector labor productivity report showed a .8% rise in Q3, while the unit labor costs report shoed a 2.4% increase. The Consumer credit report confirmed $27B increase in October. The Weekly EIA Crude Oil Inventories report showed came in with 5.19M barrel draw. On Thursday, the initial claims report for the week ending December 3 showed a 4k rise to 230k, while the continuing claims report for the week ending November 26 confirmed a 62k increase to 1.671M. The Weekly EIA Natural Gas Inventories report also confirmed another 21 bcf draw. On Friday, the Producer Price Index report for final demand showed a .3% M/M rise in November & on a Y/Y basis it was up 7.4%. The Wholesale Inventories fell to 0.5% in October from a revised 0.8% in September (from 0.6%). The preliminary December University of Michigan Index report of Consumer Sentiment came in higher at 59.1. On Friday, the yield curve closed with the 2-yr note yield rising by 8 basis points to close at 4.361% & the 10-yr note yield moving up by 10 basis points to close at at 3.59%.

Global growth and/or recessionary worries fueled by supply constraint concerns and disruptions, rising prices, except for housing which is falling in many parts of the country, coupled with upward moving interest rates continued to grow in investors minds.  However, oil prices closed lower at $71.48/bbl and falling solid 1o.6% this week much to the chagrin of Putin and Co. & OPEC+, but a welcomed site at the local gas station as prices fell sharply and even in San Francisco we were able to fill up with premium for under $5/gallon once again and leaving a few extra dollar in the wallet. The US dollar also stabilized to a degree after its recent pullback edging slightly higher to close at $104.93.  

At the end of the week, the major indices closed significantly lower where growth oriented investments were definitively out of favor. The S&P 500 closed at 3,934 (-3.4%) for the week and is now down 17.5% YTD. 11 of the 11 sectors closed in the red with the energy sector taking the biggest hit legging down 8.4% as oil prices cratered. The communication services sector fell 5.4% & the consumer discretionary sectors falling 4.5% round out the top three heaviest hit sectors. The 6.82% weighting of Apple (AAPL) placed some decent pressure again this week closing at $142.16 moving down 3.82% over the last 5-days. The Dow 30 closed lower at 33,476 (-2.8%) and is down 7.9% YTD. The Nasdaq closed at 11,005 (-4%) for the week and is down 29.7% YTD. In line with the negative bias, the CBOE Volatility Index (^VIX) closed at $22.83, +19.78% over the last 5-days and remains up +32.58% YTD. The small caps on the Russell 2000 also got relatively hit and closed at 1,796.66 (5.08%)  & is now down 19.98% YTD. The MicroCaps joined the upward downward trajectory this week as the iShares Micro-Cap ETF (IWC) closed at $108.62, down 4.70% over the last 5-days and is now down 22.26% YTD. Tax swap or loss selling also added to the overall pressure and hopefully setting us for one heck of a January Effect trade. The January effect is a hypothesis that there is a seasonal anomaly in the financial market where securities’ prices increase in the month of January more than in any other month. This calendar effect would create an opportunity for investors to buy stocks for lower prices before January and sell them after their value increases. 

BIOTECH AND HEALTHCARE

Biotech stocks fell overall this week. The Nasdaq Biotechnology ETF (IBB) moved down and closed at $133.01, -3.92% over the last 5-days & is down 12.85 YTD. The NYSE ARCA Biotech Index (^BTK) closed at 5,219.13, -3.96% over the last 5-days and is now down 5.42% YTD. The SPDR S&P Biotech ETF (XBI) closed at $79.53, -7.16% over the last 5-days & is now down 28.97% YTD. The 52-week range is is now $61.78-$119.21.

The iShares U.S. Healthcare ETF (IYH) closed at $287.08, -1.41% over the last 5-days and is down -4.42% YTD.

EV, TECH, CONSUMER, FINANCIALS

Apple (AAPL) closed at $142.16, -3.28% over the last 5-days. Apple represents a 6.82% weighting in the S&P 500.  Reportedly, Amid supply chain difficulties stemming from China’s zero-COVID policy, Foxconn’s founder has urged some manner of ‘Chinese leaders’ to ease some of the country’s guidelines and apparently their may be progress. 

EV giant Tesla (TSLA) closed at $179.05, -8.11% over the last 5-days. Wedbush senior analyst Dan Ives told Yahoo Finance regarding COVID’s impact on automakers in China, “It has been a nightmare. I think you’re starting to see cracks in the armor for the first time in many years and obviously competition is increasing in the EV land, and I almost call it a ‘Game of Thrones’ going on between Tesla and others, and I think that’s the heart and lungs of the EV story — there is pressure on the automakers and it is a storm to navigate.”

On Dec. 1, Tesla revealed its Semi, a 18-wheeler long-haul electric freight hauler, which the first will roll out to PepsiCo. (PEP). The Semi has a 500-mile range while hauling 82k pounds of freight according to Tesla. 

 

 

Shares of ADT Inc. (ADT), the most trusted brand in smart home and small business security, closed at $9.64, -1.13% over the last 5-days, but established a new 52-wk high at $9.98 along the way. On Nov. 3, ADT, announced its results for the third quarter of 2022. They highlighted Total revenue of $1.6 billion, up 22% or 8% excluding Solar, and end-of-period Recurring Monthly Revenue (RMR) of $372 million, up 4%, Record high customer retention with gross customer revenue attrition at 12.6%, Record revenue payback of 2.1 years, & GAAP net loss of $122 million, or a loss of $(0.13) per diluted share, down $13 million. The board of ADT announced that it will pay a dividend of $.035.share on the 4th of January or 1.6% yield.

 

On Oct. 13, ADT, announced that it has issued and sold in a private placement to State Farm 133.3 million shares of ADT common stock for a gross purchase price of $1.2 billion. In September, ADT announced a new partnership with State Farm to revolutionize the homeownership experience through innovation in the detection and mitigation of property losses. In addition to the equity investment, State Farm has committed up to $300 million to fund product and technology innovation, customer growth and marketing activities in connection with the partnership. State Farm has funded the first $100 million and the two companies will collaborate to approve initiatives utilizing the funds.

Shares of JPMorgan (JPM) closed at $132.16, -2.22% over the last 5-days. On December 1, J.P. Morgan announced launched Wealth Plan today, a free digital money coach that gives clients a full picture of their finances and helps them plan, save and invest, all in one place. The experience will be available for free to all 62 million digitally-active Chase customers in the top-ranked Chase Mobile app and Chase.com.

Shares of Amazon.com, Inc. (AMZN) closed $89.09,-5.35% over the last 5-days.  On December 8, Amazon Games and Bandai Namco Online Inc. today announced they are bringing Blue Protocol, a multiplayer online action role-playing game featuring beautiful, anime-inspired art, to North America, Europe, South America, Australia, and New Zealand. Blue Protocol will be free-to-play, and will launch for PC, Xbox Series X|S, and PlayStation 5 in the second half of 2023, with a Closed Beta on PC earlier in the year. View the gameplay trailer, which debuted tonight at The Game Awards, here.

Shares of Microsoft Corp. (MSFT) closed at $245.42,-3.76% over the last 5-days. On Dec. 8, Microsoft received news that the FTC is seeking to possibly block its purchase of gaming company Activision Blizzard (ATVI, $75.16, +.54%).

Shares of Salesforce, Inc. (CRM) closed at $131.11, -9.30% over the last five days. On Nov. 30, Salesforce announced that Bret Taylor will step down as Vice Chair and Co-CEO of Salesforce, effective January 31, 2023, while Marc Benioff will be Chair and CEO of the company.

Shares of NVIDIA (NVDA), a pioneer in accelerated computing, closed at $170.01, +.74% over the last 5-days. On Dec. 7,  KULR Technology Group, Inc. ( KULR), a leading energy management platform company accelerating the global transition to a sustainable electrification economy, announced that it will be expanding its vibration reduction solution KULR VIBE offering with the launch of a scalable, centralized artificial intelligence (“AI”) server platform. Powered by NVIDIA accelerators, the updated KULR VIBE system will deliver faster processing speeds and data capture for remote access.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $34.65, -9.20% over the last 5-days. 

The Technology Select Sector SPDR Fund (XLK) closed at $130.91, -3.29% over the last 5-days. 

Shares of McDonald’s (MCD) closed at $272.04, -.50% over the last 5-days. On October 27, McDonald’s Corporation announced results for the third quarter ended September 30, 2022 and highlighted the following: 1) Global comparable sales increased nearly 10%, with growth across all segments, 2) U.S. comparable sales increased more than 6% for the quarter, marking the ninth consecutive quarter of comparable sales growth for the segment, & 3) Digital Systemwide sales* in our top six markets were nearly $7 billion for the quarter, representing over a third of total Systemwide sales in those markets.

GOLD & SILVER

Gold prices closed at $1804/oz., -$1/oz. & silver prices closed at $23.55/oz., +$.32/oz. for the week.

Hecla Mining (HL) closed at $5.55,-2.97% over the last 5-days & First Majestic (AG) closed at $8.91, -6.60% over the last 5-days. 

MEMES CENTRAL

AMC Entertainment (AMC) closed at $5.94, -27.79% & (APE) closed at $.7703, -22.66% over the last 5-days.  

GameStop (GME) closed at $22.63, -17.77% over the last 5-days as the shorts won solidly overall this week. Note that approx. 20% of GME’s outstanding shares are sold short landing it with a short interest ratio of 7.6. On Dec. 7, GME released financial results for the third quarter ended October 29, 2022 highlighting that Net sales were $1.186 billion, compared to $1.297 billion in the prior year’s third quarter & that Sales attributable to new and expanded brand relationships were strong in the quarter, while sales in the collectibles category remained strong on a year-to-date basis.

Seanergy Maritime Holdings Corp. (SHIP) closed at $.5171, -.56% over the last 5-days. On Dec. 9, Seanergy announced the filing of an amendment to its Schedule TO and Offer to Purchase (the “Amendment”), both dated as of November 30, 2022, relating to the Company’s tender offer to purchase all outstanding Class E common stock purchase warrants (the “Warrants”) at a purchase price of $0.20 per Warrant, which tender offer will expire at the end of day, 5:00 P.M., Eastern Time, on January 10, 2023, unless extended or withdrawn. The Company has filed the Amendment on Schedule TO and the Amendment may be accessed from the Securities and Exchange Commission’s website at www.sec.gov.

On Nov. 30 after the close, SHIP announced its financial results for the third quarter and nine months ended September 30, 2022. The Company also declared a quarterly dividend of $0.025 per share for the third quarter of 2022.

CRYPTO & BITCOIN

Bitcoin (BTC) closed at $17,129.34, up +.91% over the last 5-days at the time this report was prepared. 

ENERGY

The Energy Select Sector SPDR Fund or ETF (XLE) closed at $82.68, -8.45% over the last 5-days. Chevron (CVX) closed at $168.00, -7.20% over the last 5-days. Warren Buffet’s pick in the space, Occidental Petroleum (OXY) closed at $62.60, -8.22% over the last 5-days.

Oil prices closed on Friday to end at $71.48/bbl and down a solid 10.6% this week, leaving oil down 5% for the year.

NEXT WEEK

A full five action packed trading days are back on the agenda again next week along with the Fed’s next interest rate decision when they conclude their Dec. 13-14 FOMC meeting. 

VP WATCHLIST UPDATES

Please review a select group of emerging names below and their updates below:

Shares of InMed Pharmaceuticals Inc. (INM), a leader in the research, development and manufacturing of rare cannabinoids, closed at $2.03.

• On Nov. 21, InMed announced the closing of its previously announced private placement with two healthcare-focused institutional investors for the issuance and sale of 1,818,185 of its common shares at a purchase price of $3.30 per share (or pre-funded warrant in lieu thereof) priced at-the-market under Nasdaq rules. In addition, the Company has issued to the investors in the offering unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 3,272,733 common shares. The aggregate gross proceeds to the Company from the private placement were approximately $6 million. The Company intends to use the net proceeds from the offering to continue pipeline development of its pharmaceutical drug candidates, advance manufacturing know-how of cannabinoids and cannabinoid analogs, support intellectual property development and other commercial activities, and for general working capital purposes.

• On Nov. 17, Tribe Public’s Webinar Presentation and Q&A Event was co-hosted by Eric A. Adams, CEO & Eric C. Hsu, PhD, Senior Vice President, Pre-Clinical Research & Development of InMed Pharmaceuticals (NASDAQ: INM. They delivered a presentation titled “Exploring The Neuroprotective Qualities of Rare Cannabinoids”& addressed a Q&A session at the end of the presentation. You may now watch the event video art the Tribe Public YouTube Channel at this link. 

Thanks again for your attention this week. Please continue to share your thoughts, questions, & ideas as we move forward. 

In the meantime, please enjoy the balance of the weekly newsletter’s videos, quotes, updates and let’s find ways to crush it again this year!

Investing & Inspiration

1. “By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.” – Confucius
2. “No man was ever wise by chance.” – Lucius Annaeus Seneca
3. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
4. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

5. “It does not matter how slowly you go as long as you do not stop.” – Confucius

6. “I want to put a ding in the universe.” – Steve Jobs

7. “Research is creating new knowledge.” – Neil Armstrong

8. “The reward for work well done is the opportunity to do more.” – Jonas Salk
9. “Man is a creative retrospection of nature upon itself.” – Karl Wilhelm Friedrich Schlegel
10. “There’s something about taking a plow and breaking new ground. It gives you energy.” – Ken Kesey

11. “Success seems to be largely a matter of hanging on after others have let go.” – William Feather

12. “The essential conditions of everything you do must be choice, love, passion.” – Nadia Boulanger

13. “More business is lost every year through neglect than through any other cause.” – Rose Kennedy

14. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes

15. “A person who won’t read has no advantage over one who can’t read.” – Mark Twain

16. “The best way out is always through.” – Robert Frost

17. “Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” – Francis of Assisi

18. “Without labor nothing prospers.” – Sophocles

19. “Intellectuals solve problems, geniuses prevent them.” – Albert Einstein

20. “This is the precept by which I have lived: Prepare for the worst; expect the best; and take what comes.” – Hannah Arendt

21. “The best and most beautiful things in the world cannot be seen or even touched – they must be felt with the heart.” – Helen Keller

22. “He who is brave is free.” – Lucius Annaeus Seneca

23. “When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

24. “I choose a block of marble and chop off whatever I don’t need.” – Auguste Rodin

25. “Hope is the only bee that makes honey without flowers.” – Robert Green Ingersoll

26. “He who knows that enough is enough will always have enough.” – Lao Tzu

27. “Plans to protect air and water, wilderness and wildlife are in fact plans to protect man.” – Stewart Udall

28. “In order to carry a positive action we must develop here a positive vision.” – Dalai Lama

29. “A hero is someone who understands the responsibility that comes with his freedom.” – Bob Dylan
30. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
31. “If we give something positive to others, it will return to us. If we give negative, that negativity will be returned.” – Allu Arjun
32. “A good plan violently executed now is better than a perfect plan executed next week.” ~ George S. Patton
33. “You must do the things you think you cannot do.”- Eleanor Roosevelt
34. “Success is dependent on effort.” – Sophocles
35. “Nobody who ever gave his best regretted it.” – George Halas
36. “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
37. “And when I breathed, my breath was lightning.” – Black Elk
38. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
39. “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
40. “If you want a guarantee, buy a toaster.” – Clint Eastwood
41. “We are an impossibility in an impossible universe.” – Ray Bradbury
42. “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
43. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
44. “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
45. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
46. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
47. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
48. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
49. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
50. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
51. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
52. “There is more to life than increasing its speed.” – Mahatma Gandhi
53. “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
54. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
55. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
56. “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
57. “Life is too short for long-term grudges.” – Elon Musk
58. “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
59. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
60. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
61. “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
62. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
63. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
64. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
65. “Let there be work, bread, water and salt for all.” – Nelson Mandela
66. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
67. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
68. “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
69. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
70. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
71. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
72. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
73. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
74. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
75. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
76. “Delete the negative; accentuate the positive!” – Donna Karan
77. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
78. “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
79. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
80. “Everything has beauty, but not everyone sees it.” – Confucius
81. “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
82. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
83. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
84. “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
85. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
86. “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
87. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
88. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
89. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
90. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
91. “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
92. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
93. “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
94. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
95. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
96. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
97. “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
98. “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
99. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
100. “There is little that can withstand a man who can conquer himself.” – Louis XIV
101. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
102. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
103. “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
104. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
105. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
106. “Never do anything against conscience even if the state demands it.”– Albert Einstein
107. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
108. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
109. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
110. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
111. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
112. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
113. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
114. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
115. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
116. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
117. “The secret of getting ahead is getting started.” – Mark Twain
118. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe