Post Elections Vaccine Hopes Drive Cyclicals, Russell 2000, Markets Higher This Week

It was a week in the markets that many investors relished after the election in the US had all been decided in most peoples’ minds. Especially, for those investors that were well invested in the cyclical stocks and the small caps on the Russell 2000, which hit a new record high. In fact, the energy sector jumped an amazing 16.5%, the financials sector rose 8.3%, and the industrials sector moved up 5.3% to lead all sectors. On a bit of a sour note, the large tech and popular consumer related stocks for the most part either dropped or tempered their recent significants moves as this rotation of sorts occurred leaving the consumer discretionary sector down 1.1% & the information technology sector off .4%. 

On Monday, investors hopes were indeed lifted along with the markets fortunes as the healthcare share brought forth much needed confidence regarding a possibly vaccine could be on the way. Specifically, the world received the welcomed news that Pfizer (PFE) & BioNTech (BNTX) had revealed preliminary results that suggested that their coronavirus vaccine was greater than 90% effective. Amazing, albeit still early findings.

On Tuesday, the markets got another shot in the arm as the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for Eli Lilly and Company’s (NYSE: LLY) investigational neutralizing antibody bamlanivimab (LY-CoV555) 700 mg. Bamlanivimab is now authorized for the treatment of mild to moderate COVID-19 in adults and pediatric patients 12 years and older with a positive COVID-19 test, who are at high risk for progressing to severe COVID-19 and/or hospitalization. The authorization allows for the distribution and emergency use of bamlanivimab, which is administered via a single intravenous infusion. However, and soberingly so, it is worth noting that Bamlanivimab has not been approved by the FDA for any use. It is also not known if bamlanivimab is safe and effective for the treatment of COVID-19.

Also Tuesday, 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, announced blinded preliminary results from its Phase 1 clinical study using Atossa’s proprietary drug candidate AT-301 administered by nasal spray. Encouragingly, AT-301 was found to be safe and well tolerated in this study at two different dose levels in both single and multiple dose forms 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.

However, for the balance of the week, the news surrounding the coronavirus situation worsened as reports that surges in cases and further shut downs/growth worries surfaced around the world & specifically in many states in the US. On Friday, it was reported that 63.9M cases have been recorded where 34.3M people have recovered and 1.3M people have died worldwide. In the US, we now have recorded 10.7M cases and ~243k Americans have died from the coronavirus and hospitals are reportedly filling up again. I still believe that our best hope is that the public adheres to more stringent public health measures while we continue to bring forth viable treatments. Please mask up and keep your distance in the meantime folks!

On the macroeconomic side of the coin, the schedule produced a mix of reports as follows:  On Tuesday, the NFIB Small Business Optimism Index report for October came in flat at 104 & the September job openings report confirmed a rise to 6.436M. On Wednesday, the weekly MBA Mortgage Applications Index report confirmed a drop by .5%. On Thursday, the Consumer Price Index report confirmed that it stayed pat in October as inflation was kept in check once again. The Initial jobless claims report also confirmed a drop by 48k for the week ending November 7 to 709k as continuing claims for the week ending October 31 dropped by 436,k to 6.786M. While the downward trend in initial claims is nice to see, the key takeaway is that market participants have reason to think, with the announcement of new curfews and restrictions on business activity in many cities and states due to rising coronavirus infections, that there could be a pickup in jobless claims in coming weeks. The Treasury Budget report confirmed a $284B deficit in October. On Friday, the Producer Price Index report for October came in better than expected up .3% month/month in the index for final demand but lower than expected up .1% month/month increase for final demand when you exclude food and energy. The preliminary University of Michigan Index of Consumer Sentiment for November also ended at 77 down from October’s reading of 81.8.

Fed Chair Jerome Powell added his two cents this week as well stating that he believes the economy will be challenging for the next few months which further supports a continued low interest rate outlook and market growth. The good ol’ boys at Goldman Sachs also used their “crystal ball” and offered a forecast that the S&P 500 will go to 4300 by the end of 2021 based, at least partially, on the assumption that a vaccine will surface.

MARKET RESULTS

The energy sector, which brought up the tail end last week, led all sectors this week with a massive 16.5% jump week-over-week as oil prices also rose 8.2.% to end at $40.20/bbl. Energy giant Chevron (CVX) closed at $83.03/share thus making a double digit move up from last Friday’s close of $71.15/share.

The tech-heavy Nasdaq Composite, which jumped a hefty 9% week-over-week last week, closed at 11,829.29 (-.6%) ticking down 31.8% YTD as the highly weighted FAANG’s results were mixed week-over-week as follows: Facebook (FB) closed at $276.95/share, +.68% Friday down from $293.43/share a week ago, Apple (AAPL) closed up .04% on Friday at $119.26/share and up from $118.53/share a week ago. Amazon (AMZN) closed at $3,128.81/share, +.6% Friday but down from $3,310.25/share a week ago, Netflix (NFLX) closed at $482.84/share, -.81% Friday, down from $514.83/share a week ago, & Alphabet (GOOG) closed at $1,777.02/share, +1.55% Friday up from $1,761.63/share a week ago. 

The Dow ended the week at 29,479.81, +4.1% & is back up 3.1% YTD. Around the Dow 30, Johnson & Johnson (JNJ) closed at $149.90/share up again from last week’s close of $142.51. Shares of Coca-Cola (KO) closed at $53.45/share up nicely from last Friday’s close of $49.45/share. Shares of Disney (DIS) closed at $138.36/share up again from last Friday’s close of $127.46/share. Shares of Nike (NKE) closed at $128.28/share down slightly from $128.90/share last Friday. Intel (INTC) closed at $45.46 up ever so slightly from the $45.39 close last Friday.

Shares of Deere (DE) closed at $251.794/share legging up again from last week’s close of $247.64/share. Pharmaceutical giant Merck (MRK) closed at $81.09/share closed up from last Friday’s close of $80.36/share & Caterpillar (CAT) closed at $171.71/share up ~$10 from last Friday’s close of $161.29/share. Walmart (WMT) closed at $150.54/share up from last Friday’s close of $145.77/share. Shares of Microsoft (MSFT) closed at $216.51/share up from last Friday’s close of $223.72/share, Salesforce (CRM) closed at $249.51 down from $269.15 last Friday and will report Q3 results on Tuesday , Dec. 1 after the close. Boeing (BA) closed $187.11 jumping up from last Friday’s close of $157.74/share.

The financials sector jumped 8.3% this week.  We saw the shares of Goldman Sachs (GS) close trading at $219.08/share up from last Friday’s close of $201.26/share, American Express (AXP) closed at $114.99/share up from the $96.69/share close last Friday, Visa (V) closed trading at $210.48/share up from the $198.47/share last Friday & shares of Morgan Stanley (MS) closed at $56.61/share up from last Friday’s close of $51.70/share. JPMorgan Chase (JPM) closed at $114.08 up from $102.96/share last Friday & Citigroup (C) $48.66/share up from $42.71/share last week. However, PayPal Holdings (PYPL) closed at $188.62/share down from last Friday’s close of $202.73/share and Square (SQ) closed at $177.19 down substantially from last week’s closed of $202.73/share. 

The S&P 500 closed at 3,585.15 up 2.2%% wk/wk and is up 11% YTD. 

Elon Musk’s EV company Tesla (TSLA) closed at $408.50/share skidding down from $429.95/share last Friday.  Chinese EV company Nio Limited (NIO) carried forward its recent momentum this week established a new all-time of $54.20 prior to closing at $44.56 but substantially higher than the $30.58/share two Friday’s ago.

The little guys on the Russell 2000 closed at 1,744.04 (+6.1%) wk/wk (+13% over 2 weeks) and is now up 4.6% YTD. 

WORTH HIGHLIGHTING

Shares of freelance work facilitator Upwork (NASDAQ: UPWK), which recently reported that revenue had grown 24% year-over-year to $96.7 million during the pandemic & exceeding guidance, closed trading up again this week at $30.84/share.

Thursday, after the markets closed this week, INVO Bioscience (NASDAQ: INVO), announced the pricing of an underwritten public offering of 3,625,000 shares of its common stock at a public offering price of $3.20 per share. The gross proceeds to INVO Bioscience from this offering are expected to be a ~$11.6 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on November 17, 2020, subject to customary closing conditions. Shares of their common stock  began trading on Friday, November 13, 2020 under the symbol “INVO” on the Nasdaq Capital Market. In my speculation, this move now gives this little company, for the first time, a real fighting chance on a “real” exchange to finally begin to gain some momentum after the crush down investors incurred during the “reIPO” process from the OTC to Nasdaq. INVO now has a tight or low float,  a respectable and expanded board of directors led by Barbara Ryan – respected Wall Street Healthcare and Life Science Capital Markets veteran, CNBC Speaker, and women’s health company advocate and advisor, a refreshed new institutional peppered shareholder base and a balance sheet that will support their efforts to properly support growth for the foreseeable future. INVO’s goal is to increase access to care and expand fertility treatment across the globe while seeking to lower the cost and increase the availability of care. INVO’s lead commercial product, the INVOcell, is a patented Assisted Reproductive Technology (ART) used in the treatment of infertility. The INVOcell device and procedure is unique as the first Intravaginal Culture (IVC) system in the world used for the natural in vivo incubation of eggs and sperm during fertilization and early embryo development. As an alternative to traditional in Vitro Fertilization (IVF) that is too expensive and not readily available for most, only ~1-2% of the world’s infertile couples, ~152 Million, still a ~$20B business, are not able to receive care today. INVO’s revolutionary in vivo method of vaginal incubation also offers patients a more natural and intimate experience at a more affordable price point the has been show to reduce office visits by 50%, cut lab time by 65%, & medication by 75% by the AIRM. LEARN MORE.

COMMODITY MOVES

Gold prices closed at $1,890/oz. down from $1,952/0z. last Friday & silver prices closed at $24.74/oz. down from $25.71/oz. last Friday. Barrick Gold Corp. (GOLD) closed trading at $25.98/share down .08% on Friday after recently confirming that it had increased its operating cash flow by 80% Q/Q to $1.9B.  North American silver and gold producer Hecla Mining Company (HL) ended the week at $5.33/share down from last Friday’s close of $5.59/share after recently establishing a new 52-week high of $6.79. This week, Hecla announced Q3 2020 financial and operating results. Phillips S. Baker, Jr., Hecla’s President and CEO stated, “Because of our strong operating performance and higher prices, Hecla had record adjusted EBITDA, generated the most free cash flow in a decade and repaid our revolver in full. These accomplishments were achieved because of our workforces’ resiliency and our commitment to health and safety. With the Lucky Friday ramp-up ahead of schedule, the expected improvements at Casa Berardi, and our modest planned capital expenditures, we are well positioned to further strengthen our balance sheet, increase exploration activities, and pay our enhanced dividend.” 

MONEY UPDATE

The U.S. Dollar Index weakened to end the week at 92. 73 up slightly from 92.26 last Friday.

The 2-yr Treasury yield closed closing at .17% up from .16%, the 10-yr yield increased 7 basis points ending at .89% while the 30-yr yield ended at 1.649% up from 1.607% last Friday.

NEXT WEEK

We will be back with another full week of trading. 

NEXT WEEK’S KEY MACROECONOMIC DATA

The macroeconomic schedule will deliver the retail sales & industrial production report on Tuesday, the building permits report on Wednesday, and the leading index report on Friday.

STOCKS IN VIEW NEXT WEEK

• Shares of Atossa Therapeutics (ATOS) closed at $1.57/share up from $1.56 last Friday after announcing progress in their AT-301 administered by nasal spray being developed for at home use for patients recently diagnosed with COVID-19.

• • Atossa Therapeutics is 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.

  • This week, Atossa announced blinded preliminary results from its Phase 1 clinical study using Atossa’s proprietary drug candidate AT-301 administered by nasal spray. AT-301 was found to be safe and well tolerated in this study at two different dose levels in both single and multiple dose forms 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. Learn more now.

  • On October 13, Atossa’s CEO and CFO presented at the Tribe Public Presentation & Q&A event titled “Atossa Therapeutics: Tackling our Greatest Health Challenges – COVID-19 and Breast Cancer” which now can be viewed at the Tribe Public YouTube Channel.

• • The Maxim Group’s Analyst Jason McCarthy, Ph.D. updated his research on Atossa Therapeutics stating “Factoring in COVID-19 Candidates, awaiting HOPE Study Initiation as Pandemic Continues – Raised His Price Target to $8 from $4. 

• Shares of INVO Bioscience (NASDAQ: INVO) closed at $3.06/share after placing cash on the balance sheet this week.

• • Thursday after the markets closed this week, INVO Bioscience, announced the pricing of an underwritten public offering of 3,625,000 shares of its common stock at a public offering price of $3.20 per share. The gross proceeds to INVO Bioscience from this offering are expected to be approximately $11.6 million, before deducting underwriting discounts and commissions and other estimated offering expenses. INVO Bioscience has granted the underwriters a 45-day option to purchase up to an additional 543,750 shares of common stock to cover over-allotments, if any. The offering is expected to close on November 17, 2020, subject to customary closing conditions. Shares of their common stock  began trading on Friday, November 13, 2020 under the symbol “INVO” on the Nasdaq Capital Market. Roth Capital Partners acted as the sole book-running manager, with Colliers Securities LLC and Paulson Investment Company, LLC acting as co-managers for the offering. Learn More Now.

• • INVO Bioscience, Inc. (INVO), the developers of INVOcell®, the world’s only in vivo Intravaginal Culture System, has a mission to increase access to care and expand infertility treatment across the globe with a goal of improving patient affordability and industry capacity. Industry forecasts suggest that only 1% to 2% of the estimated 150 million infertile couples worldwide are currently being treated which presents and interesting opportunity. 

• • INVO recently announced a new joint venture as it has teamed up with Dr. Francisco Arredondo, MD, a respected and experienced board certified reproductive endocrinologist, and Dr. Ramiro Ramirez, MD, a physician and owner of several successful enterprises in Mexico, to establish a joint venture through its wholly-owned subsidiary INVO Centers, LLC, a Delaware limited liability company (“INVO Centers”), focusing on developing the Mexico market for INVOcell. The new jointly-owned operation, named Positib Fertility, S.A. de C.V. (“Positib Fertility”), is a Mexico registered company that will focus on establishing fertility centers dedicated to offering INVOcell, with the initial center to be located in the city of Monterrey, Mexico.

• North American silver and gold producer Hecla Mining Company (HL) ended the week at $5.33 down from $5.59/share last Friday after reporting earnings.

• • This week, Hecla announced Q3 2020 financial and operating results. Phillips S. Baker, Jr., Hecla’s President and CEO stated, “Because of our strong operating performance and higher prices, Hecla had record adjusted EBITDA, generated the most free cash flow in a decade and repaid our revolver in full. These accomplishments were achieved because of our workforces’ resiliency and our commitment to health and safety. With the Lucky Friday ramp-up ahead of schedule, the expected improvements at Casa Berardi, and our modest planned capital expenditures, we are well positioned to further strengthen our balance sheet, increase exploration activities, and pay our enhanced dividend.” 

• • A Presentation & Q&A event video with North American Silver & Gold Producer Hecla Mining Company’s (NYSE: HL) President and CEO Phillips S. Baker, Jr. titled “Hecla – A Uniquely Scarce Investment”  is now available to view at the Tribe Youtube Channel.

• Shares of Fate Therapeutics (FATE) closed at $50.51/share up from last Friday’s close of  $48.24 after hitting a new all-time high of $54.64 this week.
  
  • Fate is a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders.

• • Last week, Fate reported their business highlights and financial results for the third quarter ended September 30, 2020. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated, “The clinical data across our iPSC product platform continue to solidify our conviction that multiple doses of iPSC-derived NK cells can be administered off-the-shelf in the outpatient setting, are well-tolerated, and can drive anti-tumor activity, including in combination with monoclonal antibody therapy. We have now expanded the scope of clinical investigation for FT516 to solid tumors as well as for FT596 to chronic lymphocytic leukemia after observing clinical activity in diffuse large B-cell lymphoma at the first dose level. In addition, we have initiated first-in-human investigation of the first-ever CRISPR-edited, iPSC-derived cell therapy FT538, which incorporates three engineered elements to enhance multiple mechanisms of innate immunity, in acute myeloid leukemia and multiple myeloma.”

• Shares of NeuBase Therapeutics (NBSE) closed trading at $8.35 up nicely from the $7.84/share close last Friday. 

• • 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. NeuBase is continuing its progress towards developing treatment candidates in Huntington’s Disease (HD) and Myotonic Dystrophy (DM1.)

• • NeuBase’s CEO Dietrich A. Stephan, Ph.D. delivered his October 28th Tribe Public Webinar Event presentation titled “Manufacturing Heat Seeking Missiles Against Misbehaving Genes.” You may view the presentation the Tribe Public Youtube Channel here. 

• • Recently, NeuBase announced the addition of Peter Nielsen, Ph.D. to its scientific advisory board. Dr. Nielsen, the primary inventor of peptide nucleic acid (PNA) technology, brings extensive experience in genetic medicine to NeuBase as the Company optimizes its PATrOL™ therapies and moves them towards the clinic. Dr. Peter Nielsen is a leading expert in gene targeting, RNA interference and chemical replication and translation and was one of the inventors of PNAs in 1991. He is currently a professor at the University of Copenhagen where his lab focuses on PNAs in regard to drug discovery, gene targeting, antisense principles, cellular and in vivo delivery and administration of biopharmaceuticals. He is the co-author of more than 400 scientific papers and reviews as well as over 20 patents and patent applications, and he serves on the advisory board of four scientific journals. In addition to his esteemed academic career, Dr. Nielsen is the co-founder of two biotech companies in Denmark and is a member of EMBO and the Danish Academy of Technical Sciences. He received his Ph.D. in 1980 from University of Copenhagen.

• • RBC Capital Markets recently initiated coverage of NBSE today with an Outperform, Speculative Risk rating & a $16 price target. 

• We continue to like clean hydrogen solution provider Plug Power (PLUG) which closed at $23.43 up significantly from $14/share two Friday’s ago after hitting a new all-time high of $24.78 this week. Shares of PLUG are up also significantly since we brought PLUG to your attention after they closed the $300M equity offering at $10.25 over the last couple of months and market prognosticators like Jim Kramer are firmly in its corner as interest and investment continue to increase in this opportunity. 

• Buyout rumors are still surfacing around wireless home system provider, Sonos (SNOS), who recently lost sponsorship from Apple (AAPL) which is thought to be entering the market with their own products. The stock ended the week at $16.62 up from $16.07/share a week ago when we highlighted this situation. They report Q4 and fiscal 2020 results after the market close on Nov. 18th.

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. 

As always, I will leave you with an insightful quote to help form your investment thesis this week.

“Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham

Economic Reports

On the macroeconomic side of the coin the schedule produced a mix of reports as follows:  On Tuesday, the NFIB Small Business Optimism Index report for October came in flat at 104 & the September job openings report confirmed a rise to 6.436M. On Wednesday, the weekly MBA Mortgage Applications Index report confirmed a drop by .5%.
On Thursday, the Consumer Price Index report confirmed that it stayed pat in October as inflation was kept in check once again. The Initial jobless claims report also confirmed a drop by 48k for the week ending November 7 to 709k as continuing claims for the week ending October 31 dropped by 436,k to 6.786M. While the downward trend in initial claims is nice to see, the key takeaway is that market participants have reason to think, with the announcement of new curfews and restrictions on business activity in many cities and states due to rising coronavirus infections, that there could be a pickup in jobless claims in coming weeks. The Treasury Budget report confirmed a $284B deficit in October. On Friday, the Producer Price Index report for October came in better than expected up .3% month/month in the index for final demand but lower than expected up .1% month/month increase for final demand when you exclude food and energy. The preliminary University of Michigan Index of Consumer Sentiment for November also ended at 77 down from October’s reading of 81.8.

Investing & Inspiration

“Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham

“Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein

“The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett

“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

“Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone

“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn

“You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 

“We always live in an uncertain world. What is certain is that the United States will go forward over time.” – Warren Buffett

“Never test the depth of the river with both of your feet.” – Warren Buffet

“Know what you own, and know why you own it.” – Peter Lynch

“Liquidity is only there when you don’t need it.” -Old Proverb

“There is no such thing as no risk. There’s only this choice of what to risk, and when to risk it.” – Nick Murray

“If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson

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

“In investing, what is comfortable is rarely profitable.” – Robert Arnott

“Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger

“The entrance strategy is actually more important than the exit strategy.” – Edward Lampert

“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

“It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton

“Inaction and patience are almost always the wisest options for investors in the stock market.” – Guy Spier

“Remember that the stock market is a manic depressive.”  – Warren Buffett

“An investment in knowledge pays the best interest.” – Benjamin Franklin

“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

“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

“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

“If all the economists were laid end to end, they’d never reach a conclusion.
-George Bernard Shaw

“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

“In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Ben Graham

“In investing, what is comfortable is rarely profitable.” -Robert Arnott

“The fundamental law of investing is the uncertainty of the future.” -Peter Bernstein

“How many millionaires do you know who have become wealthy by investing in savings accounts?” -Robert G Allen

“Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself.”-Ivan Boesky

“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

“The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru

“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

“Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.” -Larry Summers