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The Dow 30 & S&P 500 Advance As Growth Stocks Experience Volatile ‘Gut Check’ Kind Of Week

By John F. Heerdink, Jr.
“The key to making money in stocks is not to get scared out of them.” – Peter Lynch

Happy Saturday All!

I hope that all of you made significant progress in the markets this week & that you are having a wonderful time with the family or with whatever pursuits that you fancy this weekend.

This past week’s market was volatile to say the least, especially for growth oriented investors, as we saw the the Russell 2000 dip down ~10% testing the best of us speculators/traders/investors, prior to realizing a significant bounce of ~+7% on Thursday and Friday to see it close at 2,221.48 (-2.9% wk/wk) (+12.5% YTD). It always helps to keep a healthy dose of cash to in the portfolio when these pullbacks happen and this week was no different.  Thursday and Friday were also healthy sessions for the Dow and the S&P 500 which enabled them to produce positive weekly performances. The Dow ended at 33,072.88 (+1.4% wk/wk) (+8.1% YTD), the S&P 500 closed at 3.974.54 (+1.6) wk/wk) (+5.8% YTD). However, the Nasdaq Composite closed lower at 13,138.72 (-.6% wk/wk ) (+1.9% YTD) even with the positive move in the back half of the week. Interestingly, 9 of the 11 S&P 500 sectors ended in in the green this week, while the real estate sector led all with a sizable +4.2% jump and the cyclicals gained substantially too as a rotation of sorts continued. 

Overall, the markets in general continue to be driven by the economic recovery & subsequent rebound in corporate profits. This situation is being powered by Uncle Sam’s massive stimulus money & the continued progress regarding the distribution of the COVID-19 vaccine and push towards herd immunity which is increasingly getting us back to work and traveling. Overall, the unemployment rate has fallen by 8.6% from last year’s high mark of 14.8%. In addition, a pending infrastructure bill proposal from the Joe Biden is now in our sights and the cost is likely to be sizable. I believe that it is prudent to consider the impact that it may create on top of the past year’s $4T increase in U.S. national debt and how this may help increase inflation and place further pressure on yields. With this in mind and in contrast, interest rates settled down this week to calm some nerves and ended as follows: the 2-yr yield dipped 2 basis points to end at .14%, the 10-year yield fell 7 basis points to close at 1.66%, & the 30-year yield closed at 2.38% down from 2.43%. The U.S. Dollar Index edged higher from 91.86 last week to close at 92.7 this week.

MACRO & A CONTAINER SHIP ISSUE

On Monday, the macroeconomic schedule produced the Existing home sales report, which showed a significant drop of 6.6% month/month in February now showing a seasonally adjusted annual rate of 6.22M. However, the Total sales report in February confirmed a rise of 9.1% over a year ago. On Tuesday, the new home sales report confirmed an 18.2% month/month drop in February to a seasonally adjusted annual rate of 775k. On Wednesday, the Durable goods orders report confirmed a 1.1% drop month/month in February. The IHS final Markit Manufacturing PMI for March came in at 59 while the final Services PMI for March was 60. The weekly MBA Mortgage Applications Index dropped by 2.5%. On Thursday, the initial jobless claims report for the week ending March 20 showed a drop by 97k to 684k, while continuing claims for the week ending March 13 fell by 264k to 3.870M. The third estimate for Q4 GDP was revised to 4.3% up from 4.1%, however, the GDP Price Deflator was revised slightly down to 2% from 2.1%. On Friday, the Personal income report confirmed a drop by 7.1% in February while Personal spending dropped 1%. The PCE Price Index rose .2% & the Core PCE Price Index rose .1. The final reading of the University of Michigan Consumer Sentiment survey for March moved up to 84.9, a 1-year high. The Advance report for International Trade in Goods for February confirmed a deficit of $86.7B edging higher than the $83.7 B that was clocked in January. The Advance report for Retail Inventories for February was flat & the Advance report for Wholesale Inventories for February moved higher by .5%. Next week, we will receive the Consumer Confidence report, the unemployment rate, & the PMI Manufacturing index report.  

Also, worth noting is that there is a massive container ship called “Ever Given” currently disrupting global trade and likely to be stuck in the Suez Canal until early next week. The world is truly odd sometimes.

TECH HIGHLIGHTS

The information technology sector ended the week up 2.5%. The ever so popular and highly weighted FAANG’s ended the week as follows: Apple (AAPL) shares closed at $121.21 up from last Friday’s close of $119.99, Amazon (AMZN) closed at $3,052.03 down from last Friday’s close of $3,074.96, Alphabet (GOOG) closed at $2,035.55 down from last Friday’s close of $2,043.20, Facebook (FB) closed at $283.02 down ~$7/share from last Friday’s close of $290.11 & Netflix (NFLX) closed at $508.05 down from last Friday’s close of $512.18/share. 

Leading EV car maker Tesla (TSLA) slipped again this week to close at $618.71 & down from the $654.87 close last week.

The much traded and Reddit followed Gamestop (GME) closed at $181 down from the close $200.27 last Friday after reporting Q4 & fiscal 2020 results where the company highlighted the following points: Achieved 6.5% Increase in Comparable Store Sales During Fourth Quarter, With Global E-Commerce Sales Increasing 175% for the Fourth Quarter and 191% for Fiscal 2020, Expense Reduction Initiatives Drove $409 Million, or 21%, SG&A Improvement in Fiscal 2020, Strengthened the Balance Sheet and Ended Fiscal 2020 With $635 Million in Total Cash, Laying the Foundation for Transformation, Announces the Appointment of Technology Veteran Jenna Owens as New Chief Operating Officer.

HEADLINES ACROSS THE DOW 30

Microsoft To Bring Some Employees Back To Office Beginning March 29

Intel To Spend $20B At Chandler, Arizona Plant Expansion

Disney Announces To Release ‘Black Widow’ & “Cruella,” In Cinemas & Disney+ The Same Day

Boeing Signs $5.28B 2-Yr Revolving Credit Agreement

Goldman Considering Take Over Of JetBlue’s Credit Card Business


BIOTECH & HEALTHCARE

iShares Nasdaq Biotechnology ETF (IBB) closed at $149.14 down from last week’s close of $155.89. The NYSE ARCA Biotech Index (^BTK) closed at 5,471.13 down from last week’s close of 5,579.59. 

Interesting headlines from this sector: 

INVIMA Confirms Johnson & Johnson’s One Shot Covid-19 Vaccine Shot Receives Approval For Emergency Use In Columbia.

Infertility treatment innovator INVO Bioscience (NASDAQ: INVO) to Report Q4 & Fiscal Year 2020 Financial Results on Tuesday, March 30 – Conference Call To Follow

Fate Therapeutics (FATE) announced that Daniel D. Shoemaker, Ph.D., Chief Scientific Officer, has advised the Company that he is retiring as of June 30, 2021 after more than 12 years with the Company. Dr. Shoemaker has been with Fate Therapeutics since February 2009, having served as the Company’s Chief Scientific Officer since May 2015. Bob Valamehr, Ph.D., Chief Research and Development Officer of Fate Therapeutics and scientific leader of its iPSC Product Platform since January 2010, will continue to lead all research and development activities.

GOLD & SILVER MARKETS

Gold prices closed at $1734 down from the $1,746/oz. close last week. This Friday silver prices closed at $25.14/oz. down from the $26.33/oz. close last Friday.


TRADING NEXT WEEK 

We are back to 5-trading sessions again next week so bucketloads up!


 
VP WATCHLIST UPDATES 
Please review our complete VP Watchlist here that includes a brief list of highlighted companies 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.
Below are updates for five of the emerging companies from the VP Watchlist. 

  • Shares of Chinook Therapeutics (KDNY), a clinical-stage biotechnology company developing precision medicines for kidney diseases, closed at $16.73. Chinook is a clinical-stage biopharmaceutical company discovering, developing and commercializing precision medicines for rare, severe chronic kidney diseases, a severe and growing worldwide problem with a lack of effective treatments often leading to dialysis, transplantation, and high costs to health care systems. In the U.S. alone, kidney diseases affect an estimated 37 million people and account for over $120 billion in annual costs.
    • Last week, Chinook announced that the first patient with IgA nephropathy (IgAN) has been enrolled in the ALIGN Study, a pivotal phase 3 clinical trial evaluating the efficacy and safety of atrasentan, a potent and selective inhibitor of the endothelin A receptor. “The initiation of the phase 3 ALIGN Study is an important milestone for Chinook as we advance our pipeline of programs for rare, severe chronic kidney diseases,” said Alan Glicklich, M.D., chief medical officer of Chinook. “Atrasentan has been studied in over 5,300 diabetic kidney disease patients in the phase 2 RADAR and phase 3 SONAR studies, demonstrating rapid, sustained proteinuria reductions of approximately 30 to 35 percent as well as improved eGFR. Importantly, treatment with atrasentan also resulted in a reduction in clinical outcomes of development of end-stage kidney disease and doubling of serum creatinine. We look forward to exploring the proteinuria-lowering, anti-inflammatory and anti-fibrotic effects of atrasentan in patients with IgA nephropathy, a serious progressive disease for which there are no approved therapies.”
    • On March 1, Chinook and and Evotec SE announced a strategic collaboration focused on the discovery and development of novel precision medicine therapies for patients with chronic kidney diseases. Based on Evotec’s proprietary comprehensive molecular datasets from thousands of patients across chronic kidney diseases of multiple underlying etiologies, Chinook and Evotec will jointly identify, characterize and validate novel mechanisms and discover precision medicines for PKD, lupus nephritis, IgA nephropathy and other primary glomerular diseases. The collaboration will also involve further characterization of pathways and patient stratification strategies for programs currently in Chinook’s clinical and preclinical pipeline. “We are excited to embark on this strategic collaboration with Evotec, the leading drug discovery alliance and development partner in nephrology,” said Andrew King, D.V.M., Ph.D., Head of Renal Discovery and Translational Medicine at Chinook. “Gaining access to the NURTuRE cohort study and other proprietary patient biobanks, along with Evotec’s multi-omics integration platform, will enable us to define the molecular drivers of kidney diseases, identify novel targets for drug development in selected patient sub-populations and continue to build the foundation for our precision medicine approach. With a focus on comprehensive molecular disease classification, combined with prospective clinical outcomes, Chinook has the opportunity to potentially deliver targeted therapies to the right patient populations.”
    • Recently, Chinook announced that the U.S. Food and Drug Administration (FDA) has granted rare pediatric disease designation for CHK-336, an investigational oral small molecule inhibitor of lactate dehydrogenase A (LDHA) for primary hyperoxaluria (PH). PH is a group (PH1, PH2 and PH3) of ultra-rare genetic diseases caused by enzyme mutations that result in excess oxalate production in the liver, and in its most severe forms, can lead to end-stage kidney disease at a young age. Inhibition of LDHA with CHK-336 allows for the potential to treat all forms of PH and other disorders arising from excess oxalate, while its liver-targeted tissue distribution profile enables maximal inhibition of liver oxalate production with minimal systemic exposure. Please read the story here.
    • I will be hosting Chinook’s President & CEO Eric Dobmeier at our sister organization Tribe Public’s Presentation and Q&A event, Thursday, April 15th titled “Revolutionizing The Treatment of Kidney Disease.”You can register for FREE today at KDNY.TribePublic.com. Mr. Dobmeier previously was the President and CEO of Silverback Therapeutics, a Seattle-based biotechnology company in the immuno-oncology space. Prior to that, he spent more than 15 years at Seattle Genetics, most recently as Chief Operating Officer, where he oversaw business development, corporate communications, manufacturing, program/alliance management activities and corporate strategy initiatives. While at Seattle Genetics, Eric was also directly involved in raising more than $1.2 billion in equity capital, and led negotiation and completion of multiple corporate alliances with leading biotechnology and pharmaceutical companies. Earlier in his career, he represented technology companies in connection with public and private financings, mergers and acquisitions and corporate partnering transactions. Eric has a J.D. from University of California, Berkeley School of Law and an undergraduate degree from Princeton University. He is also a director of Atara Biotherapeutics and Adaptive Biotechnologies.
    • Chinook has well-funded development programs with participation in a $115 million private placement financing concurrent with the close of a merger with Aduro Biotech in Q4 2020 from top-tier healthcare investors including, EcoR1 Capital, OrbiMed Advisors, funds managed by Rock Springs Capital, Fidelity Management and Research Company LLC, Avidity Partners, Surveyor Capital (a Citadel company), Ally Bridge Group, Monashee Investment Management LLC, Northleaf Capital Partners, Janus Henderson Investors, Sphera Biotech and others.


  • Shares of Natural-Killer cell (NKcell) focused biopharmaceutical firm Fate Therapeutics (FATE) closed at $72.16. We started with this one folks over 3 years ago when it was in the $3 range and it has been as high as $121.16 recently.
    • This week, Daniel D. Shoemaker, Ph.D., Chief Scientific Officer, advised the Company that he is retiring as of June 30, 2021 after more than 12 years with the Company. Dr. Shoemaker has been with Fate Therapeutics since February 2009, having served as the Company’s Chief Scientific Officer since May 2015. Bob Valamehr, Ph.D., Chief Research and Development Officer of Fate Therapeutics and scientific leader of its iPSC Product Platform since January 2010, will continue to lead all research and development activities.
    • Fate announced that the Company will host a conference call and live audio webcast on Wednesday, February 24, 2021 at 5:00 p.m. ET to report its fourth quarter and full year 2020 financial results and provide a corporate update. Learn more here. 
    • Recently, Fate presented a patient case study from the Company’s Phase 1 clinical trial of FT596, its universal, off-the-shelf, CD19-targeted chimeric antigen receptor (CAR) natural killer (NK) cell product candidate, at the 62nd Annual Society of Hematology Annual Meeting and Exposition and the street loved it. NK cells are the body’s first line of defense against viral infections and cancerous cells with an innate ability to rapidly seek and destroy transformed cells. NK cell therapy has the potential to 1) target multiple pathogenic antigens with measurably more efficient cytotoxicity, 2) be better controlled to reduce risk of cytokine storms and 3) be produced from a variety of sources without relying on patient-specific immune cells. Dr. Wayne Chu, Senior Vice President, Clinical Development of Fate Therapeutics stated, “The safety, pharmacokinetics and clinical activity observed following both the first and second single-dose treatment cycles of FT596 are compelling, especially when considering that the administered cell dose was significantly lower than the recommended cell dose of FDA-approved autologous CD19-targeted CAR T-cell therapies and that the heavily pre-treated patient was refractory to last prior therapy. We are excited the CAR component of FT596 has shown clinical activity at this low dose level, and we continue to enroll patients in dose escalation with FT596 as a monotherapy and in combination with rituximab. Our recent Phase 1 clinical data with FT516 in combination with rituximab, which demonstrate the potential of our novel hnCD16 Fc receptor to potentiate ADCC and drive complete responses, support our belief that the multi-antigen targeting functionality of FT596 may offer best-in-class potential for patients with B-cell malignancies.” 
    • We have made another investment in a private company called Cytovia Therapeutics that owns its own NK cell platform that some investors are calling “FATE 2.0”. They are seeking to go next year in Q2/Q3 as there is room in the markets for another NK cell company. Their website is www.cytoviatx.com.


  • 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 $2.16 down from the $2.78/share close last Friday and is trading 24.65M shares a day.
    • On Monday, March 22, Atossa  announced that it had entered into a securities purchase agreement with institutional investors to purchase $50 million of its shares of common stock and warrants in a registered direct offering priced at-the-market under Nasdaq rules. Read Story.  Atossa has now raised ~$141M in gross proceeds (via registered directs and warrant exercises) since Dec. 2020 affording the company a significant development runway and many more options to be considering including acquisitions. 
    • Recently , Atossa announced the FDA has issued a “Safe to Proceed” letter under their Expanded Access Pathway, permitting the use of Atossa’s oral Endoxifen as a treatment in an ovarian cancer patient. The patient is being treated at the University of Washington Medical Center by Dr. Barbara Goff, Surgeon-in-Chief. Under the FDA expanded access program, the use of Atossa’s proprietary oral Endoxifen is restricted solely to this patient. Approval from the Institutional Review Board (IRB) must be obtained prior to providing oral Endoxifen to this patient.
    • Recently Atossa announced final results from its Phase 1 double-blinded, randomized, placebo-controlled clinical study using Atossa’s proprietary drug candidate AT-301 administered by nasal spray. AT-301 was considered to be safe and well tolerated in healthy male and female participants in this study at two different dose levels over 14 days. AT-301 is being developed for at home use for patients recently diagnosed with COVID-19. There are currently no FDA-approved therapies to treat COVID-19 at home. Steven Quay, M.D., Ph.D., Atossa’s President and CEO stated, “The results from this study are very encouraging and we look forward to quickly commencing the next study of AT-301. We recently received input from the FDA on this program and based in part on that input, we are now preparing to conduct an additional pre-clinical study, which we expect to start this quarter. Following that, we expect to apply to the FDA to commence a Phase 2 study here in the United States.” Learn more here.
    • Atossa recently announced updated findings following 26 months of Expanded Access (or “compassionate use”) single-patient studies of Atossa’s Endoxifen. “To date, the patient has not had a recurrence of breast cancer, as assessed by clinical breast examination and mammography; has not had treatment-related changes in periodic laboratory blood tests and general clinical examinations; and, the treatment has been well tolerated, including an absence of typical vasomotor symptoms commonly associated with tamoxifen (for example, night sweats and hot flashes), an FDA-approved drug frequently prescribed for breast cancer treatment,” commented Sidney Goldblatt, M.D., Principal Investigator. “This patient, like many breast cancer patients, was reluctant to take tamoxifen because of the well-documented side effects associated with that drug and because she lacked the proper liver enzymes to properly metabolize tamoxifen. We are very encouraged by this patient’s experience with our Endoxifen over the past two years. Her experience serves as a model for ongoing development efforts,” commented Steve Quay, Ph.D., M.D., Atossa’s President and CEO.
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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 $4.43/share this Friday.
    • Last week, after the close INVO announced that they has agreed to an amendment of their agreement with Ferring Pharmaceuticals that provides for an increase in the number of INVO company-owned US-based clinics initially allowable under the agreement and removes certain geographical restrictions. The amendment also adjusted the remaining annual 2020 minimum contractual product purchase requirement, whereby Ferring will place a $501,000 order, which will be recognized as revenue by INVO Bioscience in the first quarter of 2021. READ STORY.
    • With increased support and flexibility from Ferring I am expecting INVO management to announce 1-2 agreements regarding the opening of INVOcell only US clinics still in Q1 per the CEO’s shareholder letter. PLEASE READ IT HERE.
    • Last week, INVO announced the Company has received approval by COFEPRIS to import INVOcell into Mexico. In late 2020, INVO Bioscience established a joint venture focused on establishing fertility centers dedicated to offering INVOcell, with the initial center, called Positib Fertility, to be located in the city of Monterrey, Mexico. Steve Shum, CEO of INVO Bioscience, commented, “We are extremely pleased to have received approval by COFEPRIS to begin importing INVOcell into Mexico. This was a key step in the process to open our first joint venture owned clinic in the large and growing Mexico market for infertility services. Our internal team along with our JV partners have and continue to work aggressively and with a relentless focus to bring the INVOcell treatment option to the many patients in need of care within Mexico.”
    • Recently, INVO announced it has advanced its commercialization efforts into the European fertility market by securing initial orders of INVOcell in Madrid and Barcelona, Spain. INVOcell will initially be available at three separate existing fertility clinics which have placed orders and commenced training. Please read the story here.
    • 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.



  • Shares of NeuBase Therapeutics (NBSE) closed trading this week at $7.25/share. Recently, Neubase reported its financial results for the three-month period ended December 31, 2020. Review the story here.
    • Oppenheimer’s analyst Hartaj Singh has reiterated his OUTPERFORM Rating and his Price Target of $17.
    • NBSE recently announced the execution of a binding agreement to acquire infrastructure, programs and intellectual property for several peptide-nucleic acid (PNA) scaffolds from Vera Therapeutics, formerly known as TruCode Gene Repair, Inc. The technology has demonstrated the ability to resolve disease in genetic models of several human indications. The acquisition was reported to bolster NeuBase’s capabilities and reinforces the Company’s position as a leader in the field of genetic medicine. Read the complete story.
    • The company expects to successfully negotiate a corporate licensing deal of some kind prior to the one-year anniversary of their April, 2020 equity financing as stated in a recent interview.
    • NeuBase is developing the next generation of gene silencing therapies with its flexible, highly specific synthetic antisense oligonucleotides. The proprietary NeuBase peptide-nucleic acid (PNA) antisense oligonucleotide (PATrOL™) platform allows for the rapid development of targeted drugs, increasing the treatment opportunities for the hundreds of millions of people affected by rare genetic diseases, including those that can only be treated through accessing of secondary RNA structures. Using PATrOL technology, NeuBase aims to first tackle rare, genetic neurological disorders.

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. 

Markets

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Investing & Inspiration

  1. “The key to making money in stocks is not to get scared out of them.” – Peter Lynch
  2. “Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
  3. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  4. “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
  5. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” — Jeff Bezos
  6. “Money is always eager and ready to work for anyone who is ready to employ it.” ― Idowu Koyenikan
  7. “The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt
  8. “We don’t have an analytical advantage, we just look in the right place.” – Seth Klarman
  9. “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
  10. “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
  11. “In investing, what is comfortable is rarely profitable.” — Robert Arnott
  12. “Don’t look for the needle in the haystack. Just buy the haystack!” — John Bogle
  13. “No Price is too low for a bear or too high for a bull.” — Anonymous
  14. “Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” — Anonymous
  15. “Behind every stock is a company. Find out what it’s doing.” — Peter Lynch
  16. “Wise spending is part of wise investing. And it’s never too late to start.” –Rhonda Katz
  17. “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
  18. “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
  19. “A bull market is like sex. It feels best just before it ends.” — Barton Biggs
  20. “The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham
  21. “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
  22. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  23. “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham
  24. “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
  25. “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
  26. “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
  27. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  28. “Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
  29. “You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 
  30. “We always live in an uncertain world. What is certain is that the United States will go forward over time.” – Warren Buffett
  31. “Never test the depth of the river with both of your feet.” – Warren Buffet
  32. “Know what you own, and know why you own it.” – Peter Lynch
  33. “Liquidity is only there when you don’t need it.” -Old Proverb
  34. “There is no such thing as no risk. There’s only this choice of what to risk, and when to risk it.” – Nick Murray
  35. “If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson
  36. Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel
  37. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
  38. “Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
  39. “The entrance strategy is actually more important than the exit strategy.” – Edward Lampert
  40. “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
  41. “It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton
  42. “Inaction and patience are almost always the wisest options for investors in the stock market.” – Guy Spier
  43. “Remember that the stock market is a manic depressive.”  – Warren Buffett
  44. “An investment in knowledge pays the best interest.” – Benjamin Franklin
  45. “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
  46. “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
  47. “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
  48. “If all the economists were laid end to end, they’d never reach a conclusion.
    -George Bernard Shaw
  49. “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
  50. “In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Ben Graham
  51. “In investing, what is comfortable is rarely profitable.” -Robert Arnott
  52. “The fundamental law of investing is the uncertainty of the future.” -Peter Bernstein
  53. “How many millionaires do you know who have become wealthy by investing in savings accounts?” -Robert G Allen
  54. “Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself.”-Ivan Boesky
  55. 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
  56. “The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru
  57. “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
  58. “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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Videos

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