Disinflation Beliefs & Stock Values Grow During #JPM2023 Week – $AMZN $ATOS $BRQS $GME $INM $INVO $SHIP $TSLA Rise!

Happy Saturday!

I hope that you had a wonderful week and that you are out enjoying yourself this long MLK holiday weekend. This week, I spent a great deal of my days trying to unsuccessfully stay dry in San Francisco at and around the 41st Annual JPMorgan Healthcare Conference, which was held for the first time since 2020 in person again at the Westin on Union Square as it had once again become politically correct to meet in very large groups in The City. The week did not disappoint and was was action packed as significant mergers were announced & a number of business development deals progressed within the biotech and healthcare sector, while countless meetings were conducted all over San Francisco. As a proof point, CinCor Pharma, Inc. (NASDAQ: CINC), a clinical-stage biopharmaceutical company with a mission to bring innovation to the pharmaceutical treatment of cardio-renal diseases, announced that it entered into a definitive agreement with AstraZeneca  (AZN) under which AstraZeneca has agreed to acquire CinCor. Total consideration including the contingent value right, if the milestone is achieved, would be approximately $1.8 billion and a 206% premium over CinCor’s closing market price on January 6, 2023. We also saw that Chiesi Farmaceutici S.p.A., an international, research-focused biopharmaceuticals and healthcare group, and Amryt Pharma Plc (Nasdaq: AMYT), a global, commercial-stage biopharmaceutical company dedicated to acquiring, developing, and commercializing novel treatments for rare diseases, announce that the companies have entered into a definitive agreement under which Chiesi will acquire Amryt. The Transaction was unanimously approved by both Chiesi and Amryt Boards of Directors and is anticipated to close by the end of the first half of 2023, subject to the satisfaction of all closing conditions. Under the terms of the Transaction, Chiesi will purchase all outstanding shares of Amryt for a purchase price per American Depositary Share (“ADS”) of Amryt, which each represent 5 Amryt ordinary shares, of US$14.50 (or US$2.90 per ordinary share) in cash, plus Contingent Value Rights (“CVRs”) of up to US$2.50 per ADS (or up to US$0.50 per ordinary share) payable if certain milestones related to Amryt’s product Filsuvez® are achieved. The total Transaction value implied by the Transaction at close is approximately US$1.25 billion in upfront consideration, representing a 107% premium based on Amryt ADS’ closing price of US$7.00 on January 6, 2023, plus CVRs representing an additional approximately US$225 million of potential consideration.  Overall, biotech stocks rose significantly  this week as the Nasdaq Biotechnology ETF (IBB) moved up and closed at $136.23, +2.32% and is up 3.76% YTD, the NYSE ARCA Biotech Index (^BTK) closed at 5,524.61, +2.42% over the last 5-days and is now up 4.61% YTD, & the SPDR S&P Biotech ETF (XBI) closed at $87.88, up a very solid +5.68% over the last 5-days & is now up 5.88% YTD. The 52-week range is is now $61.78-$100.69. The iShares U.S. Healthcare ETF (IYH) closed at $283.72, +.05% over the last 5-days and is now flat YTD. 

As for the broad markets this week, we also experienced a decidedly positive week with all indices charging forward and in general the more growth-oriented the issuer’s nature the larger the realized gain. The yield curve also pulled back again this week, with the 2-yr note yield falling 5 basis points to close at 4.22% & the 10-yr note yield moving down by 5 basis points to close at at 3.51%. The U.S. Dollar Index also dropped 1.6% to close at 102.18. Disinflation beliefs grew in investors minds as the macroeconomic schedule overall helped support investors’ growth appetite in the stock market and position that the Fed may slow its pace of interest rate increases. On Monday, the Consumer Credit report confirmed a $27.9B rise in November. On Tuesday, the December NFIB Small Business Optimism came in lower at 89.8, while the November Wholesale Inventories repot came in higher at 1.0%. On Wednesday, the Weekly MBA Mortgage Applications Index report moved up 1.2% & the Weekly EIA Crude Oil Inventories that confirmed an 18.96M barrel build. On Thursday, the December CPI report served further evidence of disinflation coming in at -.1% and confirming that we have now seen 3 consecutive months where it has dropped. The Weekly Initial Claims report that came in lower than expected at 205k, while weekly Continuing Claims came in lower at 1.634M. The Weekly EIA Natural Gas Inventories report confirmed a 11 bcf build. On Friday, the December Import Prices report came in at .4% & the December Export Prices came in at -2.6%. The January Univ. of Michigan Consumer Sentiment came in higher with a preliminary reading of 64.6. 

At the end of the week, the S&P 500 closed at 3,999.09 (+2.7%) for the week and is now up 4.2% YTD. 9 of the 11 sectors again closed in the green with 2 sectors leading the overall upward charge including the highly weighted consumer discretionary sector’s +5.8% jump & the information technology sector’s 4.6% upward move. The laggards included the consumer staples (-1.5%) and the health care sector off .2%.  The 6.82% weighting of the shares of Apple (AAPL) helped the markets move strongly higher as it closed at  $134.76,+3.97% over the last 5-days.  The shares of EV giant Tesla (TSLA) recovered this week as it closed at $122.40, +8.26% over the last 5-days as the EV company reduced prices of some of its cars nearly 20%.  The Dow 30 closed higher at 34,302.60 (+2%) and is now up +3.5% YTD. The Nasdaq also clocked in with an even more impressive win ending the week at 11,079.10 (+4.8%) for the week and is up 5.9% YTD. With the positive market swing, the CBOE Volatility Index (^VIX) and vocatively lovers lost significantly as it closed at $18.35, off 13.16% over the last 5-days and is now down 15,32% YTD. However, the clear winner this week came from the small caps on the Russell 2000 which closed at 1,887.03 (+5.3%) for the week and is no up a solid +7.1% YTD. The MicroCaps also showed particularly relative strength again this week as the iShares Micro-Cap ETF (IWC) closed at $116.59, up a more than respectable 6.70%.  

EV, TECH, CONSUMER, FINANCIALS

Apple (AAPL) closed at $134.76 +3.97% over the last 5-days. Apple represents a 6.82% weighting in the S&P 500. Interestingly, reports surfaced this week that Apple is looking at making touchscreen Macs a reality.

 

The Walt Disney Company (DIS) closed at $93.92, +7.73% over the last 5-days. This week, Disney’s Board of Directors elected an independent director called Mark G. Parker as Chairman of the Board, effective following the Annual Meeting of Shareholders. Mr. Parker, a seven-year member of the Disney Board and Executive Chairman of NIKE, Inc., will succeed Susan E. Arnold, who will not stand for re-election pursuant to the 15-year term limit under Disney’s Board Tenure Policy.

 

The Walt Disney Company will discuss fiscal first quarter 2023 financial results via a live audio webcast beginning at 4:30 p.m. ET / 1:30 p.m. PT on Wednesday, February 8, 2023. Results will be released after the close of regular trading on February 8, 2023. To listen to the webcast, please visit www.disney.com/investors. The webcast presentation will be archived.

 

On Jan.4, The Walt Disney Company marked its 100th anniversary in 2023, Disney Consumer Products, Games and Publishing will unveil exciting new collections and experiences celebrating Disney 100 Years of Wonder. 2023 will celebrate the storytellers who have brought generations the wonder and magic that is Disney, and the fans and families who have brought Disney into their hearts throughout the past 100 years. Everyone can share their favorite moments using #ShareTheWonder and #Disney100.

Shares of JPMorgan (JPM) closed at $143.01, +3.68% over the last 5-days. On  January 13, JP Morgan reported its Q4 results. Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase reported strong results in the fourth quarter as we earned $11.0 billion in net income, $34.5 billion in revenue and an ROTCE of 20%, while maintaining a fortress balance sheet and making all necessary investments. This robust earnings generation combined with the execution of our capital strategy allowed us to exceed our CET1 target of 13% one quarter early, and we have the ability to resume stock buybacks this quarter, as we deem appropriate. Looking further ahead, we still await details of the Basel III finalization package, but we will manage to the new requirements as we have demonstrated in the past.Our lines of business performed well in the quarter, and we continued to see momentum in our areas of strategic focus. In Consumer & Community Banking, debit and credit card sales were up 9%, while card loans were up 19% with total revolving balances now back to pre-pandemic levels. In the Corporate & Investment Bank, Markets revenue rose 7% as client activity remained strong in Fixed Income. Global Investment Banking fees were down significantly in a challenging environment, although we maintained our #1 ranking in 2022. Commercial Banking loans were up 14% on new loan originations and higher revolver utilization. And in Asset & Wealth Management, revenue increased 3% as higher net interest income more than offset the impact of lower market levels. The U.S. economy currently remains strong with consumers still spending excess cash and businesses healthy. However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening. We remain vigilant and are prepared for whatever happens, so we can serve our customers, clients and communities around the world across a broad range of economic environments. As a result of the investments we have made over the years and our dedication to clients, the Firm is in a position of strength as the market leader in U.S. retail deposits, credit cards, business banking, Payments, Markets, investment banking and multifamily lending as some examples. But we will not rest here, and we remain committed to investing in the franchise and innovating. The importance of these investments and investing through cycles was particularly evident this year, as we generated a robust ROTCE of 18% even after sharply accelerating our investments in the business. In 2022, we extended credit and raised $2.4 trillion in capital for small and large businesses, governments and U.S. consumers. Finally, I want to reiterate how proud I am of our employees and how they work to support our customers and communities and earn their trust every single day.”

Shares of Microsoft Corp. (MSFT) closed at $239.23, +.30% over the last 5-days.  

Shares of Salesforce, Inc. (CRM) closed at $149.51, +6.41% over the last five days. On Jan. 9, Salesforce released its 2022 holiday shopping recap, analyzing November and December shopping data from over 1.5 billion shoppers on retail sites using Salesforce Customer 360 (including 24 of the top 30 U.S. online retailers). Last week, CEO Marc Benioff stated at the he is seeking to cut costs by $3-$5B. as he seeks to restructure the business starting with a 10% workforce reduction and reducing their real estate footprint that spans 100 offices in 89 cities.

Shares of NVIDIA (NVDA), a pioneer in accelerated computing, closed at $168.99, +13.73% over the last 5-days. Last week, NVIDIA and Hon Hai Technology Group (Foxconn), the world’s largest technology manufacturer, announced a strategic partnership to develop automated and autonomous vehicle platforms.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $35.99, +14.73% over the last 5-days.  

The Technology Select Sector SPDR Fund (XLK) closed at $130.49, +4.62% over the last 5-days. 

Shares of McDonald’s (MCD) closed at $268.89, -.22% over the last 5-days. 

GOLD & SILVER

Gold prices closed at $1922/oz., +$54/oz. & silver prices closed at $24.31/oz., +$.44/oz. for the week.

Hecla Mining (HL) closed at $6.23, +5.24% over the last 5-days after announcing this week that they have realized a 10% increase in silver production over 2021 & that Keno Hill is expected to produce more than 2.5 million ounces in 2023.  First Majestic (AG) closed at $8.77, -1.90% over the last 5-days. 

MEMES CENTRAL

AMC Entertainment (AMC) closed at $5.06, 31.43% & (APE) closed at $1.52, +11.76% over the last 5-days.  On Jan. 12, AMC Theatres® announced that in celebration of National Popcorn Day on January 19, 2023, AMC is slashing prices by 50% on AMC’s delicious Perfectly Popcorn at all its U.S. locations. The discount will be given at the register or online via the mobile concession order process. All AMC guests qualify for this special promotion. In addition to 50% off traditional popcorn on National Popcorn Day, all AMC Stubs members receive a free refill with the purchase of a large popcorn every day of the year. AMC Stubs A-List members and Premiere members can also receive a free upsize on all popcorn and fountain soda purchases. On National Popcorn Day, moviegoers can enjoy recent hit films like AVATAR: THE WAY OF WATER, PUSS IN BOOTS: THE LAST WISH, and M3GAN, as well as new releases like A MAN CALLED OTTO, PLANE, and HOUSE PARTY.

GameStop (GME) closed at $20.48, +24.48% over the last 5-days as the shorts lost it big this week. 

Seanergy Maritime Holdings Corp. (SHIP) closed at $.5722, +5.96% over the last 5-days. On Jan. 11, Seanergy announced the preliminary results of its tender offer to purchase all outstanding Class E Warrants at a price of $0.20 per warrant, net to the seller in cash, less any applicable withholding taxes and without interest. The tender offer expired at 5:00 P.M., Eastern Time, on January 10, 2023. Based on a preliminary count by Continental Stock Transfer & Trust Company, the depositary for the tender offer, the total number of warrants tendered in the tender offer was 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants. No warrants were tendered pursuant to the guaranteed delivery procedure described in the tender offer documents.

CRYPTO & BITCOIN

Bitcoin (BTC) closed at $19,837.51, +15.36% over the last 5-days at the time this report was prepared. 

ENERGY

The Energy Select Sector SPDR Fund or ETF (XLE) closed at $89.95, +2.73% over the last 5-days. Chevron (CVX) closed at $177.56, +.57% over the last 5-days. On Jan. 9, Raven SR Inc., a renewable fuels company, Chevron New Energies, a division of Chevron U.S.A. Inc., and Hyzon Motors Inc. (NASDAQ: HYZN) announced they are collaborating to commercialize operations of a green waste-to-hydrogen production facility in Richmond intended to supply hydrogen fuel to transportation markets in Northern California. The facility will be owned by a newly formed company, Raven SR S1 LLC (Raven SR S1). Raven SR will be the operator of the facility, which is targeted to come online in the first quarter of 2024. Chevron holds a 50% equity stake in Raven SR 1. Raven SR holds a 30% stake and Hyzon owns the remaining 20%. To produce the hydrogen, the project is expected to divert up to 99 wet tons of green and food waste per day from Republic Services’ West Contra Costa Sanitary Landfill into its non-combustion Steam/CO2 Reforming process, producing up to 2,400 metric-tons per year of renewable hydrogen. Diversion of this organic waste will help fulfill SB 1383 mandates, and will potentially avoid up to 7,200 metric-tons per year of CO2 emissions from the landfill. In addition, Raven’s technology uses no fresh water, an important element given drought risks in California, and uses less electricity to power its units than competing processes. The project is expected to produce at least 60% of its own electricity by upgrading the currently permitted and zoned landfill gas electric generators at the landfill, further reducing both the current air emissions and the need for grid power for its non-combustion process. Chevron plans to market its share of the hydrogen in Bay Area and Northern California fueling stations, enabling the energy transition to zero emission vehicles. Hyzon, a global supplier of fuel cell electric commercial vehicles, plans to provide refueling for hydrogen fuel cell trucks at a hydrogen hub in Richmond.

Warren Buffet’s pick in the sector, Occidental Petroleum (OXY) closed at $65.31, +2.45% over the last 5-days.

Oil prices closed on Friday to end at $79,98/bbl and up 8.4% over the last 5-days. and is now down .3% YTD.

NEXT WEEK

The markets will be up and running for only 4 full trading sessions in the stock market next week beginning on Tuesday with the markets being closed on Martin Luther King Day (MLK Day) being observed on Monday. By mid-week will be receiving the PPI index report and the Retail Sales Growth Report on the macroeconpminc side of things as the quarterly earnings season begins to ramp up again.

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 $1.89, +15.24% over the last 5-days.

• On Dec. 16, InMed confirmed that, at its annual general meeting of shareholders held on December 15, 2022 (the “Meeting”), all of the matters put forward before shareholders for consideration and approval as set out in InMed’s notice of meeting and management information circular, dated October 28, 2022, were approved by the shareholders. In particular, shareholders approved the election of all director nominees to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. See results. 

• On Dec. 12, InMed announced the Company has entered into a service contract with Brio Financial Group to provide senior financial leadership and bookkeeping services. Pursuant to the Contract, Mr. Jonathan Tegge, a member of Brio, will assume the role of Interim Chief Financial Officer for the Company effective December 12, 2022. Brio is a financial and management consulting group based in Bridgewater, New Jersey. The firm provides outsourced financial management and financial reporting support to small and middle market entities. Currently, the team provides consulting services to over 50 private and publicly traded companies. Additionally, the Company announces that its auditor, KPMG, has resigned effective as of December 8, 2022, and that the Audit Committee of the Board of Directors of the Company approved the engagement of Marcum LLP  as its auditor, subject to Marcum’s completion of their client acceptance procedures. Marcum will stand for appointment at the Company’s Annual General Meeting, currently scheduled for Thursday, December 15, 2022. KPMG has confirmed that there are no reportable events (as such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”)).

• 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. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
2. “There is little that can withstand a man who can conquer himself.” – Louis XIV
3. “The limits of the possible can only be defined by going beyond them into the impossible.” – Arthur C. Clarke
4. “Be faithful in small things because it is in them that your strength lies.” – Mother Teresa
5. “The future rewards those who press on. I don’t have time to feel sorry for myself. I don’t have time to complain. I’m going to press on.” – Barack Obama
6. “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
7. “No man was ever wise by chance.” – Lucius Annaeus Seneca
8. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
9. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

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

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

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

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

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

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

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

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

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

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

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

23. “Without labor nothing prospers.” – Sophocles

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

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

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

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

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

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

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

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

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

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

34. “A hero is someone who understands the responsibility that comes with his freedom.” – Bob Dylan
35. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
36. “If we give something positive to others, it will return to us. If we give negative, that negativity will be returned.” – Allu Arjun
37. “A good plan violently executed now is better than a perfect plan executed next week.” ~ George S. Patton
38. “You must do the things you think you cannot do.”- Eleanor Roosevelt
39. “Success is dependent on effort.” – Sophocles
40. “Nobody who ever gave his best regretted it.” – George Halas
41. “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
42. “And when I breathed, my breath was lightning.” – Black Elk
43. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
44. “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
45. “If you want a guarantee, buy a toaster.” – Clint Eastwood
46. “We are an impossibility in an impossible universe.” – Ray Bradbury
47. “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
48. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
49. “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
50. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
51. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
52. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
53. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
54. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
55. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
56. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
57. “There is more to life than increasing its speed.” – Mahatma Gandhi
58. “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
59. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
60. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
61. “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
62. “Life is too short for long-term grudges.” – Elon Musk
63. “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
64. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
65. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
66. “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
67. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
68. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
69. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
70. “Let there be work, bread, water and salt for all.” – Nelson Mandela
71. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
72. “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
73. “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
74. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
75. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
76. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
77. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
78. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
79. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
80. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
81. “Delete the negative; accentuate the positive!” – Donna Karan
82. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
83. “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
84. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
85. “Everything has beauty, but not everyone sees it.” – Confucius
86. “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
87. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
88. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
89. “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
90. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
91. “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
92. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
93. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
94. “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
95. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
96. “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
97. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
98. “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
99. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
100. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
101. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
102. “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
103. “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
104. “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
105. “There is little that can withstand a man who can conquer himself.” – Louis XIV
106. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
107. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
108. “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
109. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
110. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
111. “Never do anything against conscience even if the state demands it.”– Albert Einstein
112. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
113. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
114. “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
115. “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
116. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
117. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
118. “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
119. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
120. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
121. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
122. “The secret of getting ahead is getting started.” – Mark Twain
123. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe