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Energy, Cyclicals & Russell 2000 Take A Hit This Week – $XBI Enjoys +2.91% Jump On Friday!

By John F. Heerdink, Jr.
Energy Cyclicals & Russell 2000 Take A Hit

 

“Every good painter paints what he is.” – Jackson Pollock, American Artist, Born: January 28, 1912


Happy Sunday All!

I hope that all ended well for you this week in the markets and you are out having a great weekend. As for the markets it was overall down week, but one that ended well with Friday’s bounce. Throughout the week, investors had to swallow a plethora of negative stories that surely weighed on their minds and increased worries over growth i.e. the spreading of the Delta variant, vaccine concerns from efficacy to a large percentage of the population still refusing to take it, the FOMC statement that gave further gestures towards the eventual tapering  of purchases,  China issues, the ongoing Afghanistan saga that saw the US pullout & Taliban tap in, & the general malaise of the summer doldrums and frostiness of a long term bull market. At the end of the week, the S&P 500 closed lower at 4,441.67 (-.6%)  & up 18.3% YTD, the Dow 30 closed at 35,120.08 (-1.1%)  & now is up 14.7% YTD, & the Nasdaq closed lower at 14,714.66 (-.7%) & is up 14.2% YTD. The small caps on the Russell 2000 took a bit of nose dive until Friday and closed at 2,167.60 (-2.5%), but remains up 9.8% YTD. The MicroCaps dropped too as the iShares Micro-Cap ETF (IWC) closed at $139.46, -3.03% for the week & is up 17.54% YTD.

 The Cyclical sectors were overall down this week with the energy sector dropping a whopping 7.3% as oil prices crashed 9.6% to close at $61.88 still up 27.5% YTD. Rounding out the cyclicals, the materials sector also fell 3.1%, while both the financials and industrials dropped 2.3%. This consumer discretionary sector also fell 2.2%, but strength came from the health care sector & the utilities which both rose 1.8%, & real estate added .6%, & both consumer staples and information technology moved up .4%. Microsoft (MSFT) broke out to record highs with a 3.9% gain.

Oil prices closed at $61.88, -9.6% for the week but remains up 27.5% YTD.

MACRO REPORTS – YIELDS 

Many more macroeconomic reports surfaced again this week causing some to believe that the Fed may need to rethink their position on tapering their asset purchases sooner than later. I still believe that it should continue to be later as inflationary concerns are starting to fade with confirming reports. On Monday, the macroeconomic schedule delivered the Empire State Manufacturing report for August fell to 18.3. On Tuesday, as the total retail sales report for July confirmed a drop by  1.1% m/m & the NAHB Housing Market Index for August fell to 75. The total industrial production report showed a rise by .9% in July. The capacity utilization rate report showed a rise to 76.1%.  The Business Inventories report confirmed a rise by .8% month/month in June. On Wednesday, the total housing starts report showed a sizable 7% m/m drop to a seasonally adjusted annual rate of 1.534M units. Building permits however rose 2.6% m/m to a seasonally adjusted annual rate of 1.635M. The weekly MBA Mortgage Applications Index also fell 3.9%. The weekly crude oil inventories report confirmed a drop by 3.23M barrels. Oil prices fell again by 1.7% to close at $65.44/bbl as growth concerns continue to increase as the Delta variant clones spreading.  On Thursday, the initial claims report for the week ending August 14 confirmed a drop by 29k to 348k, while continuing claims for the week ending August 7 fell by 79k to 2.82M. The Conference Board’s Leading Economic Index (LEI) report showed a rise by .9% in July.

The yield curve moved lower this week as the 10-yr yield ended down 4 basis points wk/wk to close at 1.26%, while the 2-yr moved up 1 basis point wk/wk closing at .21%. The U.S. Dollar Index moved higher from 92.79 to close at 93.45.

Next week, the macroeconomic schedule will serve the Existing Home Sales report for July & the preliminary IHS Markit Manufacturing and Services PMIs report for August.

STORIES YOU MAY HAVE MISSED

UnitedHealth Agrees To Settle Federal & New York Charges Over Mental Health/Substance Abuse Coverage

Walgreens & VillageMD Expand Partnership With 3 New Village Medical At Walgreens In Orlando Area

Salesforce Launching Salesforce+ – A Streaming Service Featuring Business Content

The Boeing Charitable Trust to CARE Offers $500k To Fund CARE Indonesia’s Battle Against COVID-19

Home Depot’s New Distribution Center Expected To Produce ~500 New Jobs To Baltimore

MeAmgen Adds S. Omar Ishrak, Former Chairman & CEO of Medtronic, To Board Of Directors

FAANG’s MIXED – $NFLX STRONG

The FAANG’s weekly returns were as follows: Apple (AAPL) closed at $148.19, -.61%, Amazon (AMZN) closed at $3,199.95, -2.85% for the week, Alphabet (GOOG) closed at $2,768.74, +.02% for the week, Facebook (FB) closed at $359.37, -1.05% this week & Netflix (NFLX) closed at $546.88/share, +6%. The MicroSectors FANG+ Index 3X Leveraged ETN (FNGU), which offers 3x leveraged exposure to an index of “FANG” companies, and other companies that exhibit similar characteristics, closed at $32.47, -7.83% for the week. 

EV- TECH- $MSFT RECORD

Leading EV car maker Tesla (TSLA) moved lower to close at $680.26, -5.15% as the government probe of its autopilot system emerged. 

Shares of Ford Motor Co. (F) moved lower to close at $12.57, -7.52% for the week.

Microsoft (MSFT) closed at $304.36, +3.93% for the week and established a new record high off $305.84

NVIDIA Corporation cooled and closed $208.16, +3.11% for the week. 

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $115.80, -3.58% for the week.

The Technology Select Sector SPDR Fund (XLK) closed at $155.74, +.48% for the week.


DISNEY

Disney (DIS closed at $175.12, -2.29% for the week. Last week, DIS reported a better than expected Q3 earnings report. Disney’s streaming users growth (Disney+) blasted through expectations checking in with 116M vs. the 113.1M. People cannot seem to do without their Star Wars and Marvel related content…Revenues also came in at $17.02B vs. $16.8B expected & $11.78B Y/Y & adjusted earnings per share were $.80 vs. $.55 expected & $.08 Y/Y. Shares of Disney jumped in the aftermarkets to $189.38, +5.63%. 

BIOTECH – XBI JUMPS ON FRIDAY

 The Nasdaq Biotechnology ETF (IBB) closed at $167.16, +1.54% on Friday but -1.32% for the week, & is up 10.34% this year. The NYSE ARCA Biotech Index (^BTK) closed at 5,773.01, -.59% for the week and is up .59% YTD. In concert this week, the SPDR S&P Biotech ETF (XBI) closed at $122.13, +2.90% on Friday but was down 2% for the week and is off 13.25% for the year. The XBI’s 52-wk range is $100.64-$174.79.

GOLD & SILVER DOWN

Gold prices rebounded to close at $1,782, up $2 from the $1,780 close last week. This Friday silver prices closed lower at $23.03/oz., down $.72 from the $23.75/oz. close last Friday and nearly a $2.32 in two weeks. Hecla Mining Company (NYSE: HL) closed $5.52, -9.95% for the week. 

MEMES REPORT

AMC Entertainment (AMC), closed at $34.41, +2.81% for the week & GameStop (GME) closed at $159.30, -1.98% got the week. “Short sellers alone aren’t enough to contain the bulls,” stated Jim Cramer during his Mad Money Recap recently. What do you think?

Virgin Galactic Holdings (SPCE) closed at $24.53, -3.31% this week as the space race rages on.

Infamous ‘meme brokerage’ firm Robinhood Markets, Inc., (HOOD) moved lower again this week closing at $42.64, -15.78% for the week, but still higher then IPO shares which were sold recently at $38! This week’s release of their financial results for the second quarter ended June 30, 2021 confirmed that their Total net revenues increased 131% to $565 million in the second quarter of 2021, compared with $244 million in the second quarter of 2020. Their transaction-based revenues increased 141% to $451 million in the second quarter of 2021, compared with $187 million in the second quarter of 2020. Loss before income taxes was $464 million in the second quarter of 2021, compared with income before taxes of $58 million in the second quarter of 2020. Costs associated with the change in fair value of convertible notes and warrant liability totaled $528 million in the second quarter of 2021.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP, $1.07, -8.55% for the week). The ‘only pure-play Capesize ship-owner publicly listed in the US’, announced recently that its Board of Directors has authorized a share repurchase plan. Under the Plan, the Company may repurchase up to $17 million of its outstanding common shares, representing approximately 10% of the Company’s market capitalization as of August 10, 2021.

Bitcoin

Bitcoin $BTC.X moved significantly higher again this week eclipsing the $48k level now at $48,702.66.

NEXT WEEK

The markets will enjoy another normal 5-day trading week during the 3rd week of August. 

VP WATCHLIST UPDATES

Please review our complete VP Watchlist that includes Apple (AAPL), Disney (DIS), Tesla (TSLA) & a select group of emerging names.  The pages will allow you to learn more and keep up with these companies daily.

For now, see the summaries or five of the emerging companies from the VP Watchlist below:


  • Shares of INmune Bio, Inc. (NASDAQ: INMB) moved higher over the week closing at $16.53. The 52-wk range is $7.28 – $29.99.
    • On Wednesday, Aug. 4th, INmune Bio, Inc. reported its financial results for the second quarter ended June 30, 2021 and provided a business update. Raymond J Tesi, M.D., CEO/CMO of INmuneBio (INMB) stated, “We continue our planning and setup for a Phase 2 clinical trial of our lead candidate, XPRO™ (Xpro1595™), in patients with mild Alzheimer’s disease, which we plan to initiate by year-end. We have already demonstrated that XPRO™ can reduce neuroinflammation and decreases biomarkers of neurodegeneration and improve synaptic function. If successful in Phase 2, we believe XPRO™ has the potential to be among the most significant advancements in the treatment of Alzheimer’s Disease (AD) and other neurodegenerative diseases in many years. At the Alzheimer’s Association International Conference last week, we introduced a new biomarker – Apparent Fiber Density (AFD), a measure of axonal integrity measured by MRI. XPRO™ increases AFD in patients receiving 1mg/kg/week. We believe the novel non-invasive white matter analytics of white matter free water and apparent fiber density will be very useful in the development of XPRO™ in AD, Treatment Resistant Depression (TRD) and the many other CNS indications we hope to attack in the future. Last month, we treated the first patient in the first Phase 1 clinical trial of our NK cell priming platform, INKmune, in high-risk myelodysplastic syndrome (MDS). We are calling INKmune a pseudokine because, in vitro, it converts the resting NK cells into memory-like NK cells that can kill cancer cells as well or better than NK cells treated cytokines such as IL-12, IL-15 and IL-18 alone or in combination.”
    • On July 26th, INmune Bio announced the design of its upcoming Phase 2 clinical trial of XProTM in patients diagnosed with mild Alzheimer’s disease (AD) at AAIC. The announcement was accompanied by the release of additional biomarker data from the Phase 1b AD trial that shows improvement in white matter (myelinated axons) that degenerate in AD patients. READ MORE. 
    • On July 22, LUMICKS, a leading next generation life science tools company renowned for its innovative platforms for Dynamic Single-Molecule and Cell Avidity analysis, announced that it has installed its ground-breaking z-Movi® Cell Avidity Analyzer at INmune Bi0. INmune Bio is employing the z-Movi cell avidity analysis platform to demonstrate that the mechanism of action of the tumor-priming is the increase in NK cell:tumor cell avidity. Early data acquired by the z-Movi support their hypothesis that increased cell avidity enhances NK cell killing of tumor cells. This allows screening of batches of INKmune for potency and provides a potential biomarker of in vivo activity by measuring the tumor avidity of NK cells isolated from patients before and after INKmune treatment.
    • On July 14th, INmune Bio announced that it has entered into a definitive agreement with one healthcare focused institutional investor and one family office for the purchase and sale of 1,818,182 shares of its common stock at a price of $22 per share for gross proceeds of approximately $40 million in a registered direct offering. The closing of the offering is expected to occur on or about July 16, 2021, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering. INmune Bio intends to use the net proceeds from this offering for working capital and general corporate purposes and to advance the development of its product candidates and expand its pipeline. This includes the completion and data readout from the Company’s planned Phase 2 clinical trial of its lead clinical candidate, XPro1595, in patients suffering from Alzheimer’s disease, which is expected to commence by the end of 2021. “With this investment, we expect the Company’s Phase II program in Alzheimer’s disease is completely funded said RJ Tesi MD, CEO of Inmune Bio.
    • On July 12th,  INmune Bio, Inc. announced that the first patient has been treated in the company’s Phase 1 clinical trial of its Natural Killer (NK) cell priming platform, INKmune, as a potential treatment for high-risk myelodysplastic syndrome (MDS). This Phase 1 open label study will enroll nine patients with a confirmed diagnosis of MDS with excess blasts in a 3×3 dose escalation protocol. The primary endpoint is the safety and tolerability of INKmune when administered intravenously. Most secondary endpoints are biomarkers and include the change in percentage of blasts in peripheral blood and bone marrow, the change in autologous NK cell activity and functional maturity into tumor-induced memory-like NK cells in vivo. The overall response rate using WHO criteria, and duration of response will also be reported. READ MORE.
    • On July 7th, The Maxim Group’s analyst raised his price target from $32 to $42 today.
    • On June 14th, INMB announced that it had entered into a new $15M credit facility with Silicon Valley Bank (SVB) and an affiliate of SVB Financial Group. INmune intends to use the proceeds from the facility to partially fund the buyout of an option held by Xencor, Inc.(XNCR), resulting from INmune’s in-licensing of XPro1595 (now known by its generic name, pegipanermin) in October 2017. XPro1595 is a next-generation inhibitor of tumor necrosis factor (TNF) that uses a dominant-negativeTNF technology that is very different from approved TNF inhibitors that block the effects of both soluble and trans-membrane TNF. Pegipanermin neutralizes soluble TNF, without affecting trans-membrane TNF or TNF receptors. XPro1595 could have substantial beneficial effects in patients with Alzheimer’s and other neurodegenerative diseases by decreasing neuroinflammation. Total consideration to be paid to Xencor by INmune is $18.3 million, comprised of $15 million of cash and $3.3 million of INMB shares at a price of $17.14 resulting in the issuance of 192,533 shares. Pursuant to the original 2017 in-licensing agreement, INmune granted Xencor an option to purchase an additional number of shares of common stock equal to 10% of INmune’s fully diluted company shares for a period of seven years. The retirement of the Xencor option eliminates an estimated 2.1 million shares of potential future common stock dilution upon exercise of the option.

    • On May 18th, I hosted Immune Bio’s CEO RJ Tesi at the Tribe Public Presentation & Q&A Event for a fascinating discussion and his presentation titled “Advancing Treatment To Repair Our Aging Innate Immune System to Fight Alzheimer’s.” Please view the event video here. 



  • InMed Pharmaceuticals, Inc. (NASDAQ: INM) is leading clinical-stage pharmaceutical company developing cannabinoid-based drug candidates for high unmet medical needs and IntegraSyn, a proprietary and cost effective manufacturing approach for synthesized rare cannabinoids. Please visit the INM page at our website to learn more and check out the videos section too.  
  • Shares of InMed closed trading this week at $2.08, -13.3% for the week. The 52-wk range is $2.05 -$8.94.
    • Eric. A. Adams, President and CEO of INM, and Dr. Eric Hsu, Senior Vice President of Pre-Clinical Research & Development, will present at H.C. Wainwright Ophthalmology Virtual Conference on Tuesday, August 17, 2021. Mr. Adams and Dr. Hsu will provide an overview of InMed’s ocular program including INM-088, a topical eye drop formulation under development for the treatment of glaucoma. The active pharmaceutical ingredient (“API”) in INM-088 is cannabinol, also known as CBN, a rare cannabinoid showing promise in its potential to provide neuroprotection and to reduce intraocular pressure of the eye.

    • On July 9th, Roth Capital Partners analyst Scott Henry, CFA issued an update report with. BUY Rating titled, “INM: Favorable Take on BayMedica LOI” that includes a $11.50 12-Month Price Target.
    • On July 2, InMed announced that it had closed the previously announced private placement and after deducting the placement agent fees and estimated offering expenses payable by the Company, the Company received net proceeds of approximately US$11 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement. Under the terms of the private placement, an aggregate of 4,036,327 common shares (or common share equivalents in lieu thereof) and warrants to purchase up to an aggregate of 4,036,327 common shares were purchased, at an effective purchase price of US$2.973 per common share (or common stock equivalent in lieu thereof) and associated warrant. The warrants have an exercise price of US$2.848 per share, are exercisable immediately and have a term of five years. InMed intends to use the net proceeds from the offering to continue pipeline development, advance business development activities and for general working capital purposes.

    • On June 29th, INM announced that it has entered into a non-binding letter of intent (the “LOI”) to acquire BayMedica Inc. (“BayMedica”), a private company based in Nevada and California that specializes in the manufacture and commercialization of rare cannabinoids. BayMedica is a revenue-stage biotechnology company leveraging its significant expertise in synthetic biology and pharmaceutical chemistry to develop efficient, scalable, and proprietary manufacturing approaches to produce high quality, regulatory-compliant rare cannabinoids for consumer applications. BayMedica is currently commercializing the rare cannabinoid CBC (cannabichromene) as a B2B supplier to distributors and manufacturers marketing products in the health and wellness sector. BayMedica is currently planning additional rare cannabinoid launches for the coming year. In addition to their manufacturing and commercial activities in the health and wellness arena, BayMedica is researching cannabinoid analogs as potential drug candidates for pharmaceutical purposes. Those BayMedica proprietary compounds are based upon the structures of naturally-occurring cannabinoids and are designed to either augment the potential therapeutic effect against specific diseases or enhance product safety, or both.

    • On Thursday, June 17th, InMed Pharmaceuticals (NASDAQ: INM) announced that its continued optimization of IntegraSyn™ has increased the cannabinoid yield to a level of 5 g/L, further improving the economics of this proprietary manufacturing approach in advance of large-scale production. InMed’s cannabinoid yield of 5 g/L significantly exceeds currently reported industry yields. The Company has continued to make important steps to further optimize the IntegraSyn™ manufacturing process, resulting in the improved yield of 5 g/L, surpassing InMed’s previously reported yield levels of 2 g/L, an already commercially viable yield. The impact of improved yield is a significant reduction in the overall cost of manufacturing due to greater amount of cannabinoid produced per batch. InMed is now focused on manufacturing scale-up to larger batch sizes in the second half of calendar year 2021. “We are very excited by these impressive yield levels that further validates the IntegraSyn™ manufacturing approach as a commercially viable solution for large-scale, pharmaceutical-grade GMP production of rare cannabinoids. While we continue to refine the process, we are now focused on advancing the program towards the next key milestones, including the manufacture of our first large-scale batch through a GMP-ready process in the coming months. We continue to believe InMed’s proprietary IntegraSyn™ approach will be one of the most important manufacturing processes for pharma-grade cannabinoids,” stated Eric A. Adams, President and Chief Executive Officer of InMed.


  • Shares of Natural-Killer cell (NKcell) focused biopharmaceutical firm Fate Therapeutics (FATE) closed at $67.01, -22.72% for the week. The 52-wk high is $121.16. After the close Thursday,  FATE highlighted positive interim clinical data from the Company’s FT516 and FT596 programs for patients with relapsed / refractory B-cell lymphoma. FT516 is the Company’s universal, off-the-shelf natural killer (NK) cell product candidate derived from a clonal master induced pluripotent stem cell (iPSC) line engineered with a novel high-affinity, non-cleavable CD16 (hnCD16) Fc receptor, which is designed to maximize antibody-dependent cellular cytotoxicity (ADCC), a potent anti-tumor mechanism by which NK cells recognize, bind and kill antibody-coated cancer cells. The Company’s FT596 program incorporates both the hnCD16 Fc receptor and a chimeric antigen receptor (CAR) targeting CD19, which is designed to enable multi-antigen targeting of tumor cells, as well as an IL-15 receptor fusion (IL-15RF) to enhance NK cell activity and survival.
    • August 4th, Fate reported business highlights and financial results for the second quarter ended June 30, 2021. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated, “We are very pleased with the early clinical safety and activity we have observed with our off-the-shelf, iPSC-derived NK cell programs in relapsed / refractory lymphoma and acute myeloid leukemia, where interim Phase 1 data indicate FT516 and FT538 are well tolerated and can deliver complete responses for patients. We look forward to sharing additional clinical data from our FT516 and FT596 programs in B-cell lymphoma at our upcoming investor event. Additionally, treatment of the first patient with FT819, the first-ever iPSC-derived T-cell therapy to undergo clinical investigation, is a landmark achievement and further demonstrates the Company’s leadership in off-the-shelf, iPSC-derived cell therapy and the versatility of its proprietary iPSC Product Platform.”
    • On Aug. 2 Fate announced that the first patient has been treated with FT819, an off-the-shelf chimeric antigen receptor (CAR) T-cell therapy targeting CD19+ malignancies. FT819 is the first-ever CAR T-cell therapy derived from a clonal master induced pluripotent stem cell (iPSC) line, a renewable cell source that enables mass production of high quality, allogeneic CAR T cells with greater product consistency, off-the-shelf availability, and broader patient accessibility. FT819 is engineered with several first-of-kind features designed to improve the safety and efficacy of CAR T-cell therapy.


  • Shares of Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need with a current focus on breast cancer and COVID-19, closed at closed at $3.26, +1.24% for the week. 
    • On Aug 13th, Atossa announced financial results for the fiscal quarter ended June 30, 2021, and provided an update on recent company developments. “We continue to experience encouraging progress in our MBD and COVID-19 programs, with new regulatory approvals being granted in Sweden for a Phase 2 trial in MBD and authorization in Australia to commence a Phase 2 study of AT-H201 for respiratory illness associated with COVID-19. In the meantime, we continue to enjoy a strong balance sheet, which we have significantly expanded over the last three quarters and will facilitate our development plans over the near term. As we actively explore the possibility for strategic expansion into other areas where we might see near-term milestones and results, we also urge all of our shareholders to exercise their right to vote at our special stockholder’s meeting on September 7, 2021. We urge a vote in favor of the proposal to increase authorized shares, which will provide the Company with the flexibility to issue shares as part of these potential acquisitions, collaborations and partnerships, a common strategy successful biotech companies seeking to grow shareholder value employ in order to create a more attractive opportunity for all. We look forward to continuing to update our stockholders on these opportunities as they develop,” stated Dr. Steven Quay, Atossa’s President and Chief Executive Officer.
    • On July 29th, Atossa filed a proxy inviting shareholders to attend the Special Meeting of Stockholders of Atossa Therapeutics, Inc., which will be held virtually on September 7, 2021, at 9:00 a.m. Eastern time. This Special Meeting will be held in a virtual meeting format only. You can virtually attend the live webcast of the Special Meeting at http://www.viewproxy.com/AtossaTherapeutics/2021/SM. Only stockholders of record who held common stock at the close of business on the record date, July 29, 2021 (the “Record Date”), may attend virtually and vote virtually at the Special Meeting, including any adjournment or postponement thereof. At the Special Meeting, you will be asked to consider and vote upon approval of an amendment to the certificate of incorporation to increase the number of shares of authorized common stock by 100,000,000 shares. No other items of business are expected to be considered at the meeting, pursuant to the Company’s Bylaws. The enclosed Proxy Statement more fully describes the details of the business to be conducted at the Special Meeting. After careful consideration, our Board of Directors has unanimously approved the proposal and recommends that you vote FOR the proposal. After reading the Proxy Statement, please mark, date, and sign and return the enclosed proxy card in the accompanying reply envelope to ensure receipt by our tabulator. YOUR SHARES CANNOT BE VOTED UNLESS YOU SIGN, DATE AND RETURN THE ENCLOSED PROXY OR ATTEND THE SPECIAL MEETING VIRTUALLY. Stockholders of record on the record date may also vote on-line or by phone by following the instructions contained in the accompanying Proxy Statement.
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  • Shares of  INVO Bioscience, Inc. (INVO), a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world’s only in vivo Intravaginal Culture System, closed at $3.90, -8.02% for the week.  
    • On August 16th, INVO announced their financial and operating results for the second quarter ended June 30, 2021 and provided a business update. Steve Shum , CEO of INVO stated. “Our team made excellent progress during the second quarter of 2021 toward our key objectives, headlined by last week’s official opening of our first INVO Center practice in Birmingham, AlabamaWe feel INVO is now well positioned for success based on the following core foundational elements developed over the past 2 years. We believe there is a substantial underserved patient population with infertility challenges and a real need to expand access to treatment. In our opinion, this is a multi-billion-dollar market expansion opportunity, and INVOcell is well positioned to address the unmet medical need.”
    • On Aug.2, INVO announced the Company’s first Joint Venture INVO Center practice in the United States, based in Birmingham, Alabama, will officially open on August 9, 2021. Dr. Hammond commented, “With the opening of the country’s first INVOcell medical practice, we are advancing a core mission towards improving access to advanced fertility services for the many patients who would otherwise never have the opportunity. To date, we have already received numerous advanced inquiries via word of mouth and have dozens of patients scheduled for initial patient consultations who are eager to proceed with treatment. As we officially open the center next week, we expect to accelerate our marketing programs with the help of the INVO marketing team to enhance overall patient awareness around Innovative Fertility Specialists, An INVO Center.”

INVO

    • On June 30th, VP Watchlist company, INVO Bioscience, Inc. (NASDAQ: INVO) expanded their North American footprint as they announced on June 30th that they had signed a joint venture agreement in partnership with reproductive specialist Dr. Sue Ellen Carpenter, M.D. through its wholly-owned subsidiary, INVO Centers, LLC, to open an INVO clinic in Atlanta. The clinic, Bloom Fertility, is scheduled to open in the second half of 2021. INVO Bioscience will provide funding for start-up and operating costs and own 40% of the Atlanta Joint Venture. Dr. Sue Ellen Carpenter, MD, is Board Certified in Obstetrics and Gynecology. With over 30 years of experience in reproductive medicine, Dr. Carpenter’s specialties include in vitro fertilization, treating congenital anomalies associated with infertility, as well as endometriosis and polycystic ovarian syndrome. Noted for excellence in her field and a “Top Doctor, Atlanta 2019 and 2020″ she delivers lectures across the country and has published more than a dozen papers on reproduction and fertility. She is an active member of the American Society of Reproductive Medicine (ASRM) as well as the Georgia OB GYN Society. Note that INVO Bioscience has also signed clinic partnerships in Birmingham, Alabama and the San Francisco Bay area earlier this year, along with its Mexico partnership in late 2020, which is scheduled to open later this year. These clinics, through the utilization of the INVOcell technology, in addition to the multiple clinic and distribution partnerships throughout the world are bringing advanced fertility care and much needed expanded access to the millions of underserved people.
    • On June 15th, INVO Bioscience, Inc. (NASDAQ: INVO), announced further foundational progress as they appointed of Andrea Goren as the Company’s Chief Financial Officer. In a career approaching 27 years, Mr. Goren has extensive experience in numerous financial functions, including service as a public company CFO, company director, capital raising activities as well as mergers and acquisition experience. Mr. Goren has served as managing director and CFO of Phoenix Group, a New York City-based private equity firm specializing in micro-cap and nano-cap public companies. He served as vice president of Shamrock Group, the Roy Disney family private investment firm in London; and was a director at New York City-based Madison Capital Group, a corporate advisory firm focused on U.S. / European Union cross border transactions. Mr. Goren holds a Bachelor of Arts degree from Connecticut College in New London, Connecticut, and an MBA from the Columbia Business School in New York City.
    • On May 17, INVO announced financial results for the first quarter of 2021 ended March 31, 2021 and provides a business update. Steve Shum, Chief Executive Officer of INVO Bioscience stated, “This was an exciting start to the year 2021 for INVO Bioscience as we advanced our INVO Clinic strategy with the signing of our first U.S.-based INVOcell exclusive facility in Birmingham, Alabama, the signing of a partnership agreement to establish and operate a center in Northern California, and the completion of our product registration in Mexico. We expect these initial centers to become operational in the second half of the year. Throughout this year, we have expanded our real-world experience data and positive results with INVOcell, enhanced our online training tools, materials, and capabilities and have experienced a substantial increase in active training sessions for our international partners and distributors. We believe the combination of strong commercialization partnerships and company-owned clinics, both in the U.S. and around the world, is key to expanding INVOcell’s adoption within the fertility industry. In addition to the progress made executing new commercialization agreements, we have strengthened our marketing capabilities to support the INVOcell-only centers and our growing number of distribution partners. Meryle Lynn Chamberlain, a tenured women’s health and fertility solution marketing professional, joined us as Director of Marketing in March 2021, while Rebecca Messina, current Senior Advisor at McKinsey & Co. and former Global Chief Marketing Officer at both Uber and Beam Suntory joined our board of directors in April 2021. As we look to increase access to care and expand fertility treatment across the globe, our market positioning and overall strategies are more important than ever. The addition of Meryle Lynn and Rebecca will enhance our ability to successfully accomplish these goals. As we look to the remainder of 2021, we have set a number of key objectives, including the opening of our first company-owned clinics in Mexico and the United States. Additionally, we will seek to build our international revenues this year through our growing list of international distribution partners as they finish training, and we complete local product registration requirements. Of note, we are extremely pleased to see the initial INVO procedures performed recently in Spain and Malaysia, which reflects the groundwork done by our team in these specific markets, which we believe will help in further expanding the overall awareness of the potential outside of the U.S. Finally, we are continuing to advance our 5-day label expansion efforts with the FDA in the U.S. market with a goal of completing this effort in 2021. It remains our belief that there is strong global demand for fertility services and INVOcell is well-positioned through our growing, global footprint to play a key role in helping to turn the dream of creating a family for millions of people around the world into a reality through our accessible, efficient, and affordable fertility treatment.”
    • On May 11, a 13G was filed that confirms that David Sable’s (a former #IVF doc turned portfolio manager) Special Situations Fund of AWM Investment Company increased their ownership to 11.1% or 1,154,153 share ownership of INVO Bioscience (INVO). They held 625k/6.5% as of the 13G filing 2-12-2021. If you are not familiar with them, I believe if you do a relatively small amount sleuthing you will find out that they are one of the most successful multi-billion funds over the last 20-years, especially in finding small undiscovered microchips. I believe that they led the round of $13M at $3.20 a share in November 12, 2020 that pushed INVO uplist to the NASDAQ. Here’s the 13G filing. The company only has 10,424,229 shares issued and outstanding as of March 31, 2021.
    • Industry forecasts suggest that only 1% to 2% of the estimated 150 million infertile couples worldwide are currently being treated. INVO’s mission is to increase access to care and expand infertility treatment across the globe with a goal of improving patient affordability and industry capacity. Since January 2019, INVO Bioscience has signed commercialization agreements in the United States, India, as well as parts of Africa and Eurasia and Mexico for the INVOcell device.


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. 

Investing & Inspiration

  1. “Every good painter paints what he is.” – Jackson Pollock
  2. If you believe in yourself and have dedication and pride – and never quit, you’ll be a winner. The price of victory is high but so are the rewards.” – Bear Bryant
  3. “Your mindset matters. It affects everything – from the business and investment decisions you make, to the way you raise your children, to your stress levels and overall well-being.” – Peter Diamandis
  4. “You cannot have a positive life and a negative mind.” – Joyce Meyer 
  5. “Like wildebeest and zebra migration across the Serengeti, investment managers and consultants, too, have a habit of running together and, every now and then, changing direction.” – Sanjaya Baru
  6. “If people are anything but enthusiastic about the information or ideas that they’re sharing, they’re either not that invested in what they’re doing – or they’re not communicating that investment effectively.” – Ana Kasparian 
  7. “Life consists not in holding good cards but in playing those you hold well.” – Josh Billings 
  8. “Friend, there’s no greater investment in life than in being a people builder. Relationships are more important than our accomplishments.” – Joel Osteen
  9. “It’s only natural that the heavy users help contribute to the investment to keep the Web healthy. That is the most important concept of net neutrality.” – Lowell McAdam
  10. “The more sand that has escaped from the hourglass of our life, the clearer we should see through it.” – Jean Paul 
  11. “Eliminate emotion from your investment program.” -John C. Bogle

  12. “Modern medical advances have helped millions of people live longer, healthier lives. We owe these improvements to decades of investment in medical research.” – Ike Skelton

  13. “In every investment, before I get involved or invest, I always see what the mindset of the founder, the CEO, is.” – Zaza Pachulia
  14. “An investment said to have an 80% chance of success sounds far more attractive than one with a 20% chance of failure. The mind can’t easily recognize that they are the same.” – Daniel Kahneman
  15. “The return on investment in global health is tremendous, and the biggest bang for the buck comes from vaccines. Vaccines are among the most successful and cost-effective health investments in history.” – Seth Berkley
  16. “Few things in the world are more powerful than a positive push. A smile. A world of optimism and hope. A ‘you can do it’ when things are tough.” – Richard M. DeVos
  17. To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment.” – Ralph Waldo Emerson
  18. “We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort.”  – Jesse Owens
  19. “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward- American Writer, Born 1921
  20. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson
  21. “The secret of your future is hidden in your daily routine.” – Mike Murdock
  22. “Work hard for what you want because it won’t come to you without a fight. You have to be strong and courageous and know that you can do anything you put your mind to. If somebody puts you down or criticizes you, just keep on believing in yourself and turn it into something positive.” – Leah LaBelle
  23. “Opportunity is missed by most people because it is dressed in overalls and looks like work”. -Thomas A. Edison
  24. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
  25. “Human behavior flows from three main sources: desire, emotion, and knowledge.” – Plato

  26. “We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far.” – Swami Vivekananda

  27. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill
  28. “If you don’t know where you are going, any road will get you there.” – Lewis Carroll

  29. “Don’t worry about being a star, worry about doing good work, and all that will come to you.” – Ice Cube

  30. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

  31. “Prediction is very difficult, especially if it’s about the future.” – Niels Bohr

  32. “It is indeed true that the stock market can forecast the business cycle.” -Paul Samuelson

  33. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks

  34. “What lies behind you and what lies in front of you, pales in comparison to what lies inside of you.” – Ralph Waldo Emerson
  35. Each new generation born is in effect an invasion of civilization by little barbarians, who must be civilized before it is too late.” – Thomas Sowell
  36. “Life is 10% what happens to you and 90% how you react to it.” – Charles R. Swindoll
  37. “The truth is you don’t know what is going to happen tomorrow. Life is a crazy ride, and nothing is guaranteed.” – Eminem
  38. “View health as an investment, not an expense.” – John Quelch
  39. “Opportunity does not knock, it presents itself when you beat down the door.” – Kyle Chandler

  40. If you don’t know where you are going, any road will get you there.” – Lewis Carroll

  41. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson

  42. “That which does not kill us makes us stronger.” – Friedrich Nietzsche
  43. “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
  44. “A problem is a chance for you to do your best.”– Duke Ellington
  45. “The best way to predict the future is to create it.” -Peter Drucker
  46. “I’m involved in the stock market, which is fun and, sometimes, very painful.” – Regis Philbin
  47. “Who owns the future? This is the question at the heart of every stock market.” – John Landgraf
  48. “One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.” – William Feather
  49. “While I’m sure some millennials are concerned with the ethical issues involved in mining for diamonds, the main reason they steer clear of the gems is because, well, they’re a dumb investment.” – Ana Kasparian
  50. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks
  51. We must shift our thinking away from short-term gain toward long-term investment and sustainability, and always have the next generations in mind with every decision we make.” –  Deb Haaland

  52. “The only way to have a friend is to be one.” –  Ralph Waldo Emerson

  53. “If you believe in yourself and have dedication and pride – and never quit, you’ll be a winner. The price of victory is high but so are the rewards.” – Bear Bryant

  54. “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

  55. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

  56. “Our greatest glory is not in never falling, but in rising every time we fall.” – Confucius
  57. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes
  58. “Who controls the past controls the future. Who controls the present controls the past.” – George Orwell
  59. “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” – Elon Musk
  60. The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward
  61. “Start where you are. Use what you have. Do what you can.” – Arthur Ashe
  62. “Netflix, Amazon, iTunes – whatever platforms emerge – we are looking at as having the same potential that home video had for the movie business. Which means there are entirely new opportunities to monetize our capital investment in content and do so in ways that work for distributors, for consumers and for creators.” – Bob Iger
  63. “When you have no one to answer to, vendetta as investment strategy is as legitimate as anything.” – Carl Icahn
  64. “No other investment yields as great a return as the investment in education. An educated workforce is the foundation of every community and the future of every economy.” – Brad Henry
  65. “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
  66. “Modern medical advances have helped millions of people live longer, healthier lives. We owe these improvements to decades of investment in medical research.”– Ike Skelton
  67. “Stock market goes up or down, and you can’t adjust your portfolio based on the whims of the market, so you have to have a strategy in a position and stay true to that strategy and not pay attention to noise that could surround any particular investment.” – John Paulson
  68. “Your mindset matters. It affects everything – from the business and investment decisions you make, to the way you raise your children, to your stress levels and overall well-being.” – Peter Diamandis
  69. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
  70. “Cash – in savings accounts, short-term CDs or money market deposits – is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money.”  – Suze Orman
  71. “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
  72. “I think you have to learn that there’s a company behind every stock and there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.” – Peter Lynch
  73. “Historically, there has been a bull market in the commodities every 20 or 30 years.” – Jim Rogers
  74. “The markets generally are unpredictable, so that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” – George Soros
  75. “Stop trying to predict the direction of the stock market, the economy or the elections.” – Warren Buffett
  76. “An important key to investing is to remember that stocks are not lottery tickets.” – Peter Lynch
  77. “Learn everyday, but especially from the experiences of others. It’s cheaper!” – John Bogle
  78. “When purchasing depressed stock in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt.” – Peter Lynch
  79. “No stock price is too low for bears or too high for bulls.” –  John F. Heerdink, Jr.
  80. “Investment is most successful when it is most businesslike.” – Ben Graham
  81. “Value stocks are about as exciting as watching grass grow, but have you ever noticed just how much your grass grows in a week?” – Christopher Browne
  82. “Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham
  83. “Individual who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham
  84. “I made my first investment at age eleven. I was wasting my life until then.” – Warren Buffet
  85. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” — Warren Buffett
  86. “There are only three measurements that tell you nearly everything you need to know about your organization’s overall performance: employee engagement, customer satisfaction, and cash flow. It goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.” – Jack Welch, former CEO of GE
  87. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble” ― Warren Buffett
  88. “If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffet
  89. “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
  90. “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.” – Warren Buffett
  91. “A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.” — Warren Buffett
  92. “Every once in a while, the market does something so stupid it takes your breath away.” — Jim Cramer
  93. “The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller
  94. “Know what you own, and know why you own it.” – Peter Lynch
  95. “Although it’s easy to forget sometimes, a share is not a lottery ticket… it’s part ownership of a business.” – Peter Lynch
  96. “Wise spending is part of wise investing. And it’s never too late to start.” – Rhonda Katz

  97. “Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

  98. “Fear incites human action far more urgently than does the impressive weight of historical evidence.”
    -Jeremy Siegel

  99. With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future.” — Carlos Slim Helu
  100. “If we like a business, we’re going to buy as much of it as we can and keep it as long as we can. And when we change our mind, we don’t take half measures.” – Warren Buffett
  101. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  102. “Never depend on a single income, make an investment to create a second source.” Warren Buffet“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.” ― Warren Buffett
  103. “The key to making money in stocks is not to get scared out of them.” – Peter Lynch
  104. “Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
  105. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  106. “As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.” — John Maynard Keynes
  107. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” — Jeff Bezos
  108. “Money is always eager and ready to work for anyone who is ready to employ it.” ― Idowu Koyenikan
  109. “The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt
  110. “We don’t have an analytical advantage, we just look in the right place.” – Seth Klarman
  111. “Men, it has been well said, think in herds. It will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” – Charles Mackay
  112. “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
  113. “In investing, what is comfortable is rarely profitable.” — Robert Arnott
  114. “Don’t look for the needle in the haystack. Just buy the haystack!” — John Bogle
  115. “No Price is too low for a bear or too high for a bull.” — Anonymous
  116. “Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” — Anonymous
  117. “Behind every stock is a company. Find out what it’s doing.” — Peter Lynch
  118. “Wise spending is part of wise investing. And it’s never too late to start.” –Rhonda Katz
  119. “If there is one common theme to the vast range of the world’s financial crises, it is that excessive debt accumulation, whether by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.” — Carmen Reinhart
  120. “It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.” ― Robert Shiller
  121. “A bull market is like sex. It feels best just before it ends.” — Barton Biggs
  122. “The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham
  123. “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
  124. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  125. “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham
  126. “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
  127. “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
  128. “Thousands of experts study overbought indicators, head-and-shoulder patterns, put-call ratios, the Fed’s policy on money supply…and they can’t predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack.” – Peter Lynch
  129. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  130. “Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
  131. “You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 
  132. “We always live in an uncertain world. What is certain is that the United States will go forward over time.” – Warren Buffett
  133. “Never test the depth of the river with both of your feet.” – Warren Buffet
  134. “Know what you own, and know why you own it.” – Peter Lynch
  135. “Liquidity is only there when you don’t need it.” -Old Proverb
  136. “There is no such thing as no risk. There’s only this choice of what to risk, and when to risk it.” – Nick Murray
  137. “If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson
  138. Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel
  139. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
  140. “Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
  141. “The entrance strategy is actually more important than the exit strategy.” – Edward Lampert
  142. “The rivers don’t drink their own water; Trees don’t eat their own fruits. The sun does not shine for itself, And flowers do not spread their fragrance For themselves. Living for others is a rule of nature” – PopeFrancis
  143. “It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton
  144. “Inaction and patience are almost always the wisest options for investors in the stock market.” – Guy Spier
  145. “Remember that the stock market is a manic depressive.”  – Warren Buffett
  146. “An investment in knowledge pays the best interest.” – Benjamin Franklin
  147. “I believe the returns on investment in the poor are just as exciting as successes achieved in the business arena, and they are even more meaningful!” -Bill Gates
  148. “Every portfolio benefits from bonds; they provide a cushion when the stock market hits a rough patch. But avoiding stocks completely could mean your investment won’t grow any faster than the rate of inflation.” – Suze Orman
  149. “The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital… the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy.” – John F. Kennedy
  150. “If all the economists were laid end to end, they’d never reach a conclusion.
    -George Bernard Shaw
  151. “The riskiest thing we can do is just maintain the status quo. I get up at 4:30 in the morning, seven days a week, no matter where I am in the world. I think it is important for people who are given leadership roles to assume that role immediately. What I’ve really learned over time is that optimism is a very, very important part of leadership.” – Bob Iger, Former Ceo of Disney
  152. “In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Ben Graham
  153. “In investing, what is comfortable is rarely profitable.” -Robert Arnott
  154. “The fundamental law of investing is the uncertainty of the future.” -Peter Bernstein
  155. “How many millionaires do you know who have become wealthy by investing in savings accounts?” -Robert G Allen
  156. “Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself.”-Ivan Boesky
  157. Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” -Bruce Kovner
  158. “The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru
  159. “I talk about macro themes a lot because they are fun to talk about, but it is the risk management that is the most important thing. The risk control is all bottom-up. I structured the business right from the get-go so that we would have lots of diversification.” -Michael Platt
  160. “Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.” -Larry Summers

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