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Yield Curve Flattens As S&P 500 Achieves Record High – Real Estate, Healthcare, Biotech Sectors Lead

By John F. Heerdink, Jr.
Yield Curve Flattens As S&P 500 Achieves Record High
“The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks

Happy Saturday All!

I hope that all of you had a fabulous week in the markets and otherwise. As for the markets, it was an overall positive week, unless of course you were concentrated in the Dow 30, which pulled back .8% to close at 34,479.60 (up 12.7% YTD) or the cyclicals i.e. the financials, which fell 2.4%, the materials which fell 2%, & the industrials which dropped 1.7%.  

On the positive side, the S&P 500 closed at 4,247.44 (+.4%)  for the week and is now up +13.1% YTD and hit a new record all-time high. The Nasdaq also played a bit of catch up this week as it has been trailing the other majors YTD and closed at 14,069.42 (+1.8%) for the week and is now up +9.2% YTD. The small caps on the Russell 2000 had a wonderful week and closed at 2,335.81 (+2.2%) & are now up a whopping +18.3% YTD. The Microcaps also moved up nicely again this week evidenced by the iShares Micro-Cap ETF (IWC), which closed at $154.77 up from the $151.92 close last week & is nearing its 52-wk high of $159.56.  Setting the overall positive tone for the markets the real estate sector rose 2%, the health care sector rose 1.9%, the consumer discretionary added 1.6%, & the highly weighted information technology sector added 1.4%. 

Oil prices also climbed to another ~3-year high closing at $70.81/bbl. Dow 30 component Chevron (CVX) closed at $107.91 down a $1.50 from last Friday’s close $108.45, but has moved up from its 52-wk low of $65.16. How long will OPEC+ continue to manipulate oil prices this time?…

MACRO/RATES/DOLLAR /BIDEN-CHINA

Many macroeconomic reports surfaced this week as attitudes towards inflation seemed to be generally buying into the Fed’s transitory position whereby current inflation pressures is a result of reopening demand that is currently being married to supply bottlenecks i.e. try to rent a car or buy car recently, yikes. This will be an interesting period in our history and I would suggest that it is either going to play out in one of three ways regarding the inflation situation.  First, the situation is where inflation is transitory (my vote as long with the Fed’s is here) and concentrated in the pandemic-hit sectors, or it may be that inflation is going to be enduring where fast-rising prices become locked with consumer expectations going forward, or lastly, it ends up somewhere in between, where the current spike then settles at higher comparative levels. What are you thoughts?…

With that said, there were many macroeconomic reports that surfaced again this week, which seemed to play along with this dialogue and understanding, but could be interpreted in many different ways. On Monday, the macroeconomic schedule produced the Consumer Credit report for April that confirmed an $18.6B rise. On Tuesday, the trade deficit report confirmed that it narrowed in April to $68.9B,  while April exports moved up $2.3B &  April imports came in $3.8B lower. Per the JOLTS report Job openings were confirmed at a record 9.286M in April. The NFIB Small Business Optimism Index report for May showed a drop to 99.6. On Wednesday, the Wholesale inventories report confirmed a rise by .8% month/month in April. The weekly MBA Mortgage Applications Index report confirmed a drop by 3.1%. On Thursday, the total CPI confirmed a rise by .6% m/m in May & Core CPI moved up by .7% while on a Y-O-Y basis, total CPI is up 5%. The Initial claims report for the week ending June 5 confirm a 9k to 375k, while continuing claims for the week ending May 29 dropped 258k to 3.499M. The Treasury Budget for May confirmed a $131.9B deficit. On Friday, the preliminary June reading for the University of Michigan Index of Consumer Sentiment rose to 86.4.

The yield curve also moved again lower and flattened a bit this week. The 10-yr yield fell 9 basis points wk/wk to close 1.46, while the 2-yr settled was flat wk/wk close at .15%.

The U.S. Dollar Index also ticked slightly higher from 90.13 to 90.51. 

Interestingly, President Biden was reported this week to have expanded an America ban on investment in a number of Chinese firms that Capitol Hill reportedly believes are linked to China’s military. Sound familiar? The executive order apparently that prohibits Americans from owning or trading any stocks with ties to 59 companies, pointing directly to the threat of Chinese surveillance technology. Stay tuned as this could add volatility as we have seen this result before.

Next week, we will receive the producer price data report, the retail sales report, & the leading economic indicator index report.

VISTA STORIES FROM THE DOW 30

American Express Announces “Membership Week” From June 14 – June 18 Featuring Offers, Deals & Experiences

Walmart Announces Community Academy Program Offering Free Educational Opportunities

Nike Launches “Be True” Collection Celebrating Pride 2021

Boeing’s MQ-25 Successfully Refuels A U.S. Navy Boeing F/A-18 Super Hornet

Honeywell Quantum To Enter A Joint Venture With Cambridge Quantum Computing

CONSUMER – TECH 

Leading EV car maker Tesla (TSLA) moved back over the $600 mark to close at $609.89 up from last Friday’s close at $599.05. This week, Tesla reportedly launched their Model S Plaid or what is believed to be its fastest car ever. This car has a 390-mile range and can accelerate, with a whiplash coming your way, from 0 to 60 in a ridiculous less than 2 seconds. It is being offered at a ‘mere’ $130k priced tag to get you started going down the road to quickly pick up your overpriced groceries.

Shares of Ford Motor Co (F) cooled off a little this week after its recent run closing at $15.28 down from the $15.97 close last Friday. Over the last week Ford confirmed that Ford SUVs posted their best May Retail Sales Since 2003 & that they achieved a record SUV Sales for Lincoln on Gains From Entire Lineup. Ford expects 40% of Ford global vehicle volume to be all-electric by 2030 & raised planned electrification spending to $30+ billion by 2025, including development of IonBoost batteries.

ADT (ADT), the “most trusted brand in smart home and small business security” and Google partner closed up again this week at $11.63 up again from last Friday’s close of $11.04 and significantly from our recent entry in the low $9 range. On August 3, 2020, ADT and Google announced a partnership to create ‘Leading Smart Home Security Offering’. The partnership has allowed Google’s award-winning Nest hardware to be combined with ADT’s trusted security, professional installation and monitoring service to create a fully integrated set of devices, software and services for the secure smart home & pairs ADT’s more than 20,000 professionals together with Google’s suite of helpful home hardware, manufacturing technology and vertical technology stack. Google also invested $450 million to acquire 6.6% ownership in ADT, cementing mutual, long-term commitment to partnership. Each company is to commit $150 million for co-marketing, product development, technology and employee training. This partnership is believed to provide customers with integrated smart home technology to be offered in both DIY and professionally installed security offerings.

Cathie Wood’s ARK Innovation ETF regained some ‘mojo’ as it closed at $116.12 up from last Friday’s close of $109.50, but still off her 52-wk high of $159.70. The Technology Select Sector SPDR Fund (XLK) closed at $141.13, +.74%.

The FAANG’s ended as follows: Apple (AAPL) closed at $127.35, +1.16% this week, Amazon (AMZN, $3,346.83, +4.39% this week as Amazon Web Services, Inc. (AWS) announced it will open an infrastructure region in Israel in the first half of 2023. , Alphabet (GOOG) closed at $2,521.60, +1.21%, Facebook (FB) closed at $331.26, +.28% this week & Netflix (NFLX) closed at $488.77/share, -1.21% this week. The MicroSectors FANG+ Index 3X Leveraged ETN (FNGU), which offers 3x leveraged exposure to an index of “FANG” companies, and other companies that exhibit similar characteristics, closed at $30.65, +2.2%. 

BIOTECH CONTINUES TO RECOVER

The Biotech sector continued to find solid ground this week as a number of issues leaped forward. The Nasdaq Biotechnology ETF (IBB) closed at $162.11 up nearly 10 points from last week’s Friday close of $153.02. The NYSE ARCA Biotech Index (^BTK) closed at 5,984.34 slightly jumping up from last week’s close of 5,556.63. The SPDR S&P Biotech ETF (XBI) closed at $135.83 up ~$9 from last Friday’s close $126.76. The XBI’s 52-wk range is $97.15-$174.79.

On Monday, June 7th the U.S. Food and Drug Administration (FDA) confirmed that Biogen (Nasdaq: BIIB, $396.64, +38.62% this week) and Eisai, Co., Ltd. (Tokyo, Japan) had been granted accelerated approval for the much debated and controversial ADUHELM™ (aducanumab-avwa) as the first and only Alzheimer’s disease treatment to address a defining pathology of the disease by reducing amyloid beta plaques in the brain. This approval was the first FDA clearance of an Alzheimer’s therapy since 2003 and is likely to serve as a beacon for hope for patients and investors alike as it is shining light on a once dark and mysterious space. Approximately 5.8 million people in the United States age 65 and older live with Alzheimer’s disease. Of those, 80% are 75 years old and older. Out of the approximately 50 million people worldwide with dementia, between 60% and 70% are estimated to have Alzheimer’s disease. As suggested recently, if you have not checked out our VP Watchlist company INmune Bio (INMB) which closed at $17.89 up from $13.56 last Friday and up almost double from the $9 range when we introduced it in May, then please do so now at this link. INMB’s work which is focused on modulating components of the innate immune system to activate an immune response against cancer and Alzheimer’s disease, is very compelling and getting attention as they progress. Last week, INmune Bio, Inc. (NASDAQ: INMB), confirmed via announcement that the United States Adopted Name Council (USAN) has adopted the name “Pegipanermin” for its lead clinical candidate, XPro1595.  The United States Adopted Names (USAN) Council is responsible for selecting simple, informative and unique nonproprietary (generic) drug names. The council and staff meet twice a year to discuss outstanding negotiations, new items of interest and policy issues. The USAN Council establishes logical nomenclature classifications based on pharmacological and/or chemical relationships. In addition to one member-at-large and a Food and Drug Administration (FDA) liaison, the council consists of one representative from each of the following: The American Medical Association (AMA), United States Pharmacopeia (USP) and the American Pharmacists Association (APhA). Please watch an interview that I conducted with INMB’s CEO on the Tribe Platform just 3 weeks ago now that was called “Advancing Treatment To Repair Our Aging Innate Immune System to Fight Alzheimer’s” by clicking here.


Atossa management also held a webinar on June 9th with Tribe Public to discuss their final data from its Phase 2 clinical study of oral Endoxifen administered in the “window of opportunity” between diagnosis of breast cancer and surgery. The study enrolled seven newly-diagnosed patients with ER+ and human epidermal growth factor receptor 2 negative (HER2-) stage 1 or 2 invasive breast cancer, requiring mastectomy or lumpectomy. Patients received the Atossa proprietary oral Endoxifen for at least 14 days from the time of diagnosis up to the day of surgery. The primary endpoint was to determine if the administration of oral Endoxifen reduces the tumor activity as measured by Ki-67. The secondary endpoints were safety and tolerability and assessment of the study drug on expression levels of both estrogen and progesterone receptors, and correlation between Ki-67 and Endoxifen levels. The Phase 2 study was conducted on behalf of Atossa by Avance Clinical, a leading Australian CRO.

  • Primary Endpoint Met: Reduction in Ki-67 was achieved. Ki-67, a common measure of tumor cell activity, was reduced from an average of 25.6% at screening to 6% on the day of surgery, a 65.1% reduction. Ki-67 was reduced below 25% for all patients, which is potentially clinically meaningful because studies by others have shown that a reduction below 25% improves long term survival.
  • Secondary Endpoints Were as Follows:
    • Safety and tolerability: All adverse events were mild and considered related to the study drug. There were no abnormal laboratory findings (serum chemistry, hematology, coagulation, urinalysis) and no differences in vital signs, physical examinations and ECGs. Based on these results, Endoxifen was considered safe and well tolerated in this study. No adverse events led to discontinuation of the study.
    • Other Results: Estrogen receptor expression decreased from 100% at screening to 88.6% on the day of surgery and progesterone receptor expression increased from 84.3% at screening to 92.9% on the day of surgery. No correlation between Ki-67 expression and Endoxifen levels was observed.

 To view the webinar event video please click here.

On Friday, June 11th, Atossa announced that it has received approval from the Swedish Medical Product Agency (MPA) to initiate a Phase 2 clinical study of its oral Endoxifen for the reduction of mammographic breast density (MBD). Studies conducted by others have shown that MBD reduces the ability of mammograms to detect cancer (sensitivity) and increases the risk of developing breast cancer. Additional studies show a correlation between reducing MBD and a reduction in the incidence of breast cancer. The primary objective of the MBD study is to determine the dose-response relationship of daily oral Endoxifen on mammographic breast density reduction, with secondary endpoints assessing safety and tolerability. The Phase 2 study will be randomized, double-blinded and placebo-controlled. It will be conducted in Stockholm and will include approximately 240 pre-menopausal women with measurable MBD who will receive daily doses of oral Endoxifen or placebo for six months. South General Hospital in Stockholm will be conducting the study. The study is being led by principal investigator Per Hall, M.D., Ph.D., Head of the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet. The study is also subject to approval by the institutional ethics committees and enrollment will not begin unless and until all approvals are obtained and COVID restrictions are lifted in Sweden.


GOLD & SILVER MOVES LOWER

Gold prices closed lower again this week closing at $1,881, down exactly $13 again from the $1,894 close last week. This Friday silver prices closed at $28.05/oz. up $.13 from the $27.89/oz. close last Friday. Hecla Mining (HL) recently reported impressive Q1 2021 financial and operating results recently and closed at $9.04 up from the $8.92 close last Friday after establishing a new-52-wk high of $9.44 last week.  See our update story here for greater details.

MEMESTOCKS CENTRAL

MemeStock, AMC Entertainment (AMC), closed at $49.40 up slightly from the $47.91 last week. Last week, AMC announced that it had completed another 11.55M share at-the-market (“ATM”) equity program. AMC raised approximately $587.4M of new equity capital, before commissions and fees, at an average price of approximately $50.85 per share. AMC President and CEO Adam Aron said, “Bringing in an additional $587.4 million of new equity on top of the $658.5 million already raised this quarter results in a total equity raise in the second quarter of $1.246 billion, substantially strengthening and improving AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.” Earlier in the week AMC also announced that it had entered into an agreement to raise $230.5 million of cash from the sale of equity to Mudrick Capital Management, L.P. in exchange for 8.5 million shares of AMC’s Class A Common stock. The equity was raised at a price of approximately $27.12 per share.  

GameStop (GME) also closed at $233.34 down from the $248.36 last Friday. This week, GME announced that it has appointed Matt Furlong as Chief Executive Officer and Mike Recupero as Chief Financial Officer. Mr. Furlong and Mr. Recupero join from Amazon, where they each held senior roles and oversaw various growth initiatives during their respective tenures. Mr. Furlong’s start date is June 21, 2021 and Mr. Recupero’s start date is July 12, 2021. Yesterday, GME also reported results for the first quarter ended May 1, 2021. First Quarter Fiscal 2021 Highlights included Net sales that increased 25.1% to $1.277 billion, compared to $1.021 billion in the fiscal 2020 first quarter, overcoming a nearly 12% reduction in the Company’s global store base due to strategic de-densification efforts, and continued store closures across Europe due to the COVID-19 pandemic; Gross margin was 25.9%, a decline of 180 basis points compared to the fiscal 2020 first quarter; & Adjusted EBITDA of ($0.7) million compared to ($75.5) million in the fiscal 2020 first quarter.

Bed Bath & Beyond (BBBY) closed at $31.91 basically in line with the $31.71 close last Friday. This week, BBBT announced the launch of Our Table™, a new collection of modern kitchen and dinnerware designed to help every home cook share more great meals together. Available only at Bed Bath & Beyond, Our Table features a modern and durable assortment of cookware, bakeware, dinnerware, table linens, kitchen tools, kitchen linens and more. The launch of Our Table celebrates an exciting time where many customers are preparing to welcome guests back into their homes, share recipes, and gather together at the same table

BlackBerry Limited (BB) continued moving higher this week and closed at $14.18 up from last Friday’s close $13.86.  Recently, BB announced that BlackBerry® Optics 3.0, its next-generation cloud-based endpoint detection and response (EDR) solution and BlackBerry® Gateway, the company’s first AI-empowered Zero Trust Network Access (ZTNA) product. Rooted in a prevention-first and AI-driven approach, BlackBerry’s new endpoint and network security capabilities will help differentiate BlackBerry’s extended detection and response (XDR) strategy.

Clover Health Investments, Corp. (CLOV), which operates as a Medicare Advantage insurer in the United States, closed $15.03 up +67% over the last 5 days. On May 17, CLOV reported financial results for the first quarter of 2021 highlighting “Record Revenue of Over $200 million” & “Lives Under Management Nearly Doubles Following The Launch of Direct Contracting.” Clover Health CEO Vivek Garipalli stated, “Clover’s mission is to use our technology platform to improve every life, and every day that passes brings us one step closer to that goal. I am excited that we have reached our strategic milestone of moving beyond Medicare Advantage into the largest segment of Medicare – Original Medicare – by launching Direct Contracting. This has led to our lives under management nearly doubling to over 130,000 Americans.”

Wendy’s (WEN) closed at $24.14, +6.6% over the week. Wendy’s was founded in 1969 by Dave Thomas in Columbus, Ohio. Dave built his business on the premise, “Quality is our Recipe®,” which remains the guidepost of the Wendy’s system. Wendy’s is best known for its made-to-order square hamburgers, using fresh, never frozen beef****, freshly-prepared salads, and other signature items like chili, baked potatoes and the Frosty® dessert. The Wendy’s Company (Nasdaq: WEN) is committed to doing the right thing and making a positive difference in the lives of others. 

The Geo Group, Inc. (GEO), a fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom, closed at $7.40, up +25.21% this week. On June 1, GEO announced that its Chairman, Chief Executive Officer and Founder, George C. Zoley, is transitioning to the position of Executive Chairman of GEO’s Board of Directors under a new five-year employment agreement with subsequent automatic one-year renewals, and Jose Gordo will be appointed Chief Executive Officer effective July 1, 2021, reporting to Mr. Zoley.

Clean Energy Fuels Corp. (CLNE) closed at $10.80, up +16% this week. CLNE is the country’s leading provider of the cleanest fuel for the transportation market. Through its sales of renewable natural gas (RNG), which is derived from biogenic methane produced by the breakdown of organic waste, Clean Energy enables thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by 60% to over 400% depending on the source of the RNG, according to the California Air Resources Board.

TRADING

The markets will be back to normal next week with 5-day trading sessions. 


 
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 $16.75 slightly down from last week’s $16.81 close. 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.
  • KDNY touched a 52-wk high of $21.68 in Dec. 2020 and has been roughly trading in the $14 and change range up to this level after uplisting to the NASDAQ in fall of 2020. It will be interesting to see if can break though the this level as it moves forward with several milestones in the back half of 2021 
    • On June 8th, KDNY announced the presentation of data from the ongoing phase 1/2 study of BION-1301 in patients with IgAN. The findings were presented in an oral presentation at the 58th European Renal Association – European Dialysis and Transplant Association (ERA-EDTA) Virtual Congress. here are the highlights: 1) BION-1301 has been well-tolerated to date in patients with IgAN, with no serious adverse events (SAEs) or treatment discontinuations due to adverse events, 2) Pharmacokinetics (PK) of BION-1301 observed in patients with IgAN are consistent with those previously reported in healthy volunteers and are sufficient to drive rapid and sustained reductions in free APRIL levels, 3) BION-1301 has durably reduced Gd-IgA1, IgA, IgM, and to a lesser extent, IgG levels in patients with IgAN, & 4) BION-1301 has demonstrated a clinically meaningful mean reduction in 24-hour proteinuria (UPCR) in the first several patients enrolled in the study, providing initial proof-of-concept for BION-1301 in IgAN.
    • On May 12, Chinook provided a business update and reported financial results for the first quarter ended March 31, 2021. Eric Dobmeier, president and chief executive officer of Chinook Therapeutics stated,  “During the first quarter of 2021, Chinook made strong progress with its pipeline of programs for kidney diseases, including initiating the phase 3 ALIGN and phase 2 AFFINITY trials of atrasentan, presenting encouraging clinical data from the BION-1301 program and entering into a strategic collaboration with Evotec. We are well-capitalized and resourced to execute across our programs to generate additional data catalysts and continue building Chinook into a leading kidney disease company.”

    • On April 15, Chinook’s CEO Eric Dobmeier  & CBO Tom Frohlich delivered a presentation titled “Revolutionizing The Treatment of Kidney Disease” followed by a Q&A session at the Tribe Public Network. You can view the video of the event here. 


  • INmune Bio, Inc. (NASDAQ: INMB) closed at $17.89 significantly up from the close of $13.37 on Friday and up significantly since we added them recently in the $9 range. INMB is a clinical-stage immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease. INMB is further focused on modulating components of the innate immune system to activate an immune response against cancer and Alzheimer’s disease. (52-wk range $4.50-$29.99).
  • INMB closed Q1/2021 with cash of $45.3M, which management believes is enough to fund operations into Q4/2022. Per our beliefs, INMB’s biggest value generator is its Phase 1 AD program, with additional results due later this year and their Phase 2 to start in in the 2nd half of this year. Keep an eye INMB around June 7th with Biogen (BIIB) is to receive a ‘go” or a ‘nogo” from the FDA for their Alzheimer’s Drug as it is likely to shine a positive light INMB’s program and others in the space as focus is increased on AD via this outcome positive or negative.
    • Part belief that with the June 7th FDA approval of Biogen’s (BIIB) controversial and much debated Alzheimer’s Drug, the focus on the AD space has been turned up and the light is a bit brighter and shining on INMB’s program and others in the space.
    • INmune Bio’s DN-TNF product platform utilizes dominant-negative technology to selectively neutralize soluble TNF, a key driver of innate immune dysfunction and mechanistic target of many diseases. DN-TNF is in clinical trial to determine if it can treat for COVID-19 complications (Quellor™), cancer (INB03™), Alzheimer’s and treatment resistant depression (XPro595), and NASH (LIVNate™). The Natural Killer Cell Priming Platform includes INKmune™ aimed at priming the patient’s NK cells to eliminate minimal residual disease in patients with cancer. INmune Bio’s product platforms utilize a precision medicine approach for the treatment of a wide variety of hematologic malignancies, solid tumors and chronic inflammation.
    • On May 18th, I hosted Immune Bio’s CEO RJ Tesi at the Tribe Public Presentation & Q&A Event for a fascinating discussion and his presentation titled “Advancing Treatment To Repair Our Aging Innate Immune System to Fight Alzheimer’s.” Please view the event video here. 
    • On May 5th, INMB reported its financial results for the first quarter ended March 31, 2021 and provided a business update on Wednesday, May 5th. RJ Tesi, M.D., chief executive officer of INmune Bio stated, “We continued to treat patients in the Phase I XPro1595 Alzheimer’s disease trial and expand the extensive biomarker data. The interim data that we reported in January confirms that XPro1595 decreases neuroinflammation in patients with Alzheimer’s disease and supports transitioning to a blinded randomized placebo-controlled Phase II trial later this year. We regard these results as extremely promising and look forward to further confirmation of XPro1595’s potential benefit to these patients in a rigorously designed Phase 2 study. We will report the additional biomarker data later this Summer. We have started screening patients in the Phase I INKmune NK cell priming platform trial in patients with high-risk myelodysplastic syndrome (MDS). MDS is a serious hematopoietic stem cell disorder in which patients have functionally defective NK cells, and approximately one-third of cases progress to AML. We created a short 5-minute video that we believe does a wonderful job explaining why NK cells fail to clear cancer and how the cellular and molecular interactions by INKmune activate NK cells to kill resistant tumors. The video can be found by clicking here.


  • Shares of Natural-Killer cell (NKcell) focused biopharmaceutical firm Fate Therapeutics (FATE) regained significant momentum this week and closed at $89.75 on Friday, up ~$17/share  from last Friday’s close of $72.79. 
    • On May 13th, Fate announced encouraging interim Phase 1 data from the Company’s off-the-shelf, iPSC-derived natural killer (NK) cell programs in relapsed / refractory acute myeloid leukemia (AML). The ongoing Phase 1 dose-escalation study of FT516 as monotherapy is currently enrolling patients in the third dose cohort (900 million cells per dose), with three patients treated in the first dose cohort (90 million cells per dose) and six patients treated in the second dose cohort (300 million cells per dose). The Phase 1 dose-escalation study of FT538 as monotherapy is currently ongoing, with three patients treated in the first dose cohort (100 million cells per dose). Learn more. 
    • On May 5th, Fate reported their business highlights and financial results for the first quarter ended March 31, 2021. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated, “During the first quarter of 2021, we strengthened our balance sheet by raising $460 million and successfully positioned our off-the-shelf, iPSC-derived NK cell pipeline to achieve significant clinical milestones across our disease franchises throughout the remainder of the year. We look forward to sharing Phase 1 clinical data from our FT516 and FT538 programs in relapsed / refractory AML at an investor event to be held alongside the ASGCT conference. We are also pleased with the clinical expansion of our FT538 program into solid tumors, where we plan to combine with FDA-approved monoclonal antibodies targeting EGFR, HER2, and PDL1. While we are disappointed that the PROTECT study of ProTmune did not meet its primary endpoint for prevention of acute graft-versus-host disease following allogeneic stem cell transplant, we will now turn our full attention and resources to our deep pipeline of off-the-shelf, iPSC-derived cancer immunotherapies. We would like to sincerely thank the patients, caregivers and investigators who participated in the clinical investigation of ProTmune, and we intend to share our clinical findings with that community.”

    • In related news, we have made another investment in a private NKcell company called Cytovia Therapeutics, a biopharmaceutical company developing allogeneic “off-the-shelf” gene-edited Chimeric Antigen Receptor (CAR)-NK cells derived from induced pluripotent stem cells (iPSCs) and NK cell engager multifunctional antibodies.  Their website is www.cytoviatx.com. This week, Cytovia announced  that Jason Aryeh, a long time biotech investor and board director, has been elected to the Cytovia Board of Directors, effective immediately. In addition, to support the rapid development of the company, Elizabeth Schwarzbach, PhD and Boris Reznik, PhD have joined the Strategic Advisory Board and Elysa Mantel has been appointed as Vice President, General Counsel and Corporate Secretary. Cytovia is seeking to go public in the 2H 2021.


  • 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 $4.62 up from last Friday’s close of $3.22 Friday and is trading 11.24M shares a day.
  • Atossa management held a webinar on June 9th with Tribe Public to discuss their final data from its Phase 2 clinical study of oral Endoxifen administered in the “window of opportunity” between diagnosis of breast cancer and surgery. The study enrolled seven newly-diagnosed patients with ER+ and human epidermal growth factor receptor 2 negative (HER2-) stage 1 or 2 invasive breast cancer, requiring mastectomy or lumpectomy. Patients received the Atossa proprietary oral Endoxifen for at least 14 days from the time of diagnosis up to the day of surgery. The primary endpoint was to determine if the administration of oral Endoxifen reduces the tumor activity as measured by Ki-67. The secondary endpoints were safety and tolerability and assessment of the study drug on expression levels of both estrogen and progesterone receptors, and correlation between Ki-67 and Endoxifen levels. The Phase 2 study was conducted on behalf of Atossa by Avance Clinical, a leading Australian CRO.
    • On Friday, June 11th, Atossa announced that it has received approval from the Swedish Medical Product Agency (MPA) to initiate a Phase 2 clinical study of its oral Endoxifen for the reduction of mammographic breast density (MBD). Studies conducted by others have shown that MBD reduces the ability of mammograms to detect cancer (sensitivity) and increases the risk of developing breast cancer. Additional studies show a correlation between reducing MBD and a reduction in the incidence of breast cancer. The primary objective of the MBD study is to determine the dose-response relationship of daily oral Endoxifen on mammographic breast density reduction, with secondary endpoints assessing safety and tolerability. The Phase 2 study will be randomized, double-blinded and placebo-controlled. It will be conducted in Stockholm and will include approximately 240 pre-menopausal women with measurable MBD who will receive daily doses of oral Endoxifen or placebo for six months. South General Hospital in Stockholm will be conducting the study. The study is being led by principal investigator Per Hall, M.D., Ph.D., Head of the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet. The study is also subject to approval by the institutional ethics committees and enrollment will not begin unless and until all approvals are obtained and COVID restrictions are lifted in Sweden.
    • This week, Physician-Scientist Dr. Steven C. Quay, M.D., Ph.D., CEO of Atossa Therapeutics (NASDAQ: ATOS) was asked to brief the elected members and staff of the United States Congress on his work on the origin of the COVID-19 pandemic. The virtual meeting was scheduled for Monday, May 24, 2021. Dr. Quay was too speak about his research on the origin of the pandemic, which he published in January 2021 and which is available here. In this analysis he concludes that it is beyond a reasonable doubt the virus came from a laboratory accident, a so called “laboratory-acquired infection”, in Wuhan, China. The briefing was also to include a discussion by David Asher, a senior fellow at the Hudson Institute, about his work at the U.S. State Department looking into the origins of COVID-19 and the role of the Chinese government. Dr. Quay recently stated, “While it would be a positive step for China to be open and transparent with records from the Wuhan Institute of Virology that were not shared with the WHO Committee during their field work in China earlier this year, there already exists more than enough data and evidence to conclude with high certainty that the COVID pandemic did not arise from a natural zoonosis. The purpose of this briefing is to supply relevant congressional staff and members with the facts that are not in dispute with respect to the pandemic, to show how these facts are different from any prior zoonosis, to show these facts are completely consistent with a lab-leak, and finally, to document the genetic signatures that are consistent with ‘gain-of-function’ laboratory manipulation. For over a year there has been a reticence to consider a lab-leak as the source of this pandemic despite the fact that most of the evidence I will present has been in the public domain all this time. It is clear to me that only a grass roots effort directed to the federal government will bring the urgency to help uncover the cause of the pandemic and set the stage to put in place the safeguards to prevent the next. You can help in this fight by inviting your Representative and Senators to this briefing on the leading COVID origin hypothesis, the possibility of a laboratory acquired infection at the Wuhan Institute of Virology. We owe it to the three million people who have died to get to the bottom of this.”
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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 significantly up this week to close at $5.18 up ~+20% from last week’s $4.31 close. On the 1-year chart INVO once again ecliped the 50-Day MA ($4.74) and is peeking at the 200-day MA or $9.10. On March 9, 2021 INVO eclipsed its 50-day MA then and traded +96M shares traded for this low-float stock (~10.4M shares are issued and outstanding & shot up to a new 52-week high of $12.30….  The stock has again continued to trend upwards since May 11th.  See INVO’s chart on here. 
    • On May 17, INVO announced financial results for the first quarter of 2021 ended March 31, 2021 and provides a business update. Steve Shum, Chief Executive Officer of INVO Bioscience stated, “This was an exciting start to the year 2021 for INVO Bioscience as we advanced our INVO Clinic strategy with the signing of our first U.S.-based INVOcell exclusive facility in Birmingham, Alabama, the signing of a partnership agreement to establish and operate a center in Northern California, and the completion of our product registration in Mexico. We expect these initial centers to become operational in the second half of the year. Throughout this year, we have expanded our real-world experience data and positive results with INVOcell, enhanced our online training tools, materials, and capabilities and have experienced a substantial increase in active training sessions for our international partners and distributors. We believe the combination of strong commercialization partnerships and company-owned clinics, both in the U.S. and around the world, is key to expanding INVOcell’s adoption within the fertility industry. In addition to the progress made executing new commercialization agreements, we have strengthened our marketing capabilities to support the INVOcell-only centers and our growing number of distribution partners. Meryle Lynn Chamberlain, a tenured women’s health and fertility solution marketing professional, joined us as Director of Marketing in March 2021, while Rebecca Messina, current Senior Advisor at McKinsey & Co. and former Global Chief Marketing Officer at both Uber and Beam Suntory joined our board of directors in April 2021. As we look to increase access to care and expand fertility treatment across the globe, our market positioning and overall strategies are more important than ever. The addition of Meryle Lynn and Rebecca will enhance our ability to successfully accomplish these goals. As we look to the remainder of 2021, we have set a number of key objectives, including the opening of our first company-owned clinics in Mexico and the United States. Additionally, we will seek to build our international revenues this year through our growing list of international distribution partners as they finish training, and we complete local product registration requirements. Of note, we are extremely pleased to see the initial INVO procedures performed recently in Spain and Malaysia, which reflects the groundwork done by our team in these specific markets, which we believe will help in further expanding the overall awareness of the potential outside of the U.S. Finally, we are continuing to advance our 5-day label expansion efforts with the FDA in the U.S. market with a goal of completing this effort in 2021. It remains our belief that there is strong global demand for fertility services and INVOcell is well-positioned through our growing, global footprint to play a key role in helping to turn the dream of creating a family for millions of people around the world into a reality through our accessible, efficient, and affordable fertility treatment.”
    • On May 11, a 13G was filed that confirms that David Sable’s (a former #IVF doc turned portfolio manager) Special Situations Fund of AWM Investment Company increased their ownership to 11.1% or 1,154,153 share ownership of INVO Bioscience (INVO). They held 625k/6.5% as of the 13G filing 2-12-2021. If you are not familiar with them, I believe if you do a relatively small amount sleuthing you will find out that they are one of the most successful multi-billion funds over the last 20-years, especially in finding small undiscovered microchips. I believe that they led the round of $13M at $3.20 a share in November 12, 2020 that pushed INVO uplist to the NASDAQ. Here’s the 13G filing. The company only has 10,424,229 shares issued and outstanding as of March 31, 2021.
    • Industry forecasts suggest that only 1% to 2% of the estimated 150 million infertile couples worldwide are currently being treated. INVO’s mission is to increase access to care and expand infertility treatment across the globe with a goal of improving patient affordability and industry capacity. Since January 2019, INVO Bioscience has signed commercialization agreements in the United States, India, as well as parts of Africa and Eurasia and Mexico for the INVOcell device.



  • Shares of NeuBase Therapeutics (NBSE) closed trading this week at $5.17 slightly down from the $5.29 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.
    • On June 8th, NBSE announced positive new data and program updates for its development pipeline of PATrOL-enabled genetic medicines. Review the story here.

    • On May 13, NBSE reported its financial results for the three- and six-month periods ended March 31, 2021. Dietrich A. Stephan, Ph.D., Founder, CEO and Chairman of NeuBase stated, “We continue to expand and scale our unique precision genetic medicine platform that we believe can turn genes on, off, or edit them in vivo, and thus address most mechanisms that cause diseases in a single industry-unifying solution. Our recent financing led by top-tier healthcare investors enables us to advance our lead program into the clinic next year and expand our pipeline to address historically undruggable oncogenic driver mutations. We look forward to hosting our R&D day on June 8th, during which we will present an update on our current pipeline programs, as well as introduce an oncology program targeting a genetic driver mutation in a high value indication.”


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

In the meantime, please enjoy the balance of the weekly newsletter’s videos, quotes, updates. 

Investing & Inspiration

  1. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks
  2. We must shift our thinking away from short-term gain toward long-term investment and sustainability, and always have the next generations in mind with every decision we make.” –  Deb Haaland

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

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

  5. “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

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

  7. “Our greatest glory is not in never falling, but in rising every time we fall.” – Confucius
  8. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes
  9. “Who controls the past controls the future. Who controls the present controls the past.” – George Orwell
  10. “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” – Elon Musk
  11. The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward
  12. “Start where you are. Use what you have. Do what you can.” – Arthur Ashe
  13. “Netflix, Amazon, iTunes – whatever platforms emerge – we are looking at as having the same potential that home video had for the movie business. Which means there are entirely new opportunities to monetize our capital investment in content and do so in ways that work for distributors, for consumers and for creators.” – Bob Iger
  14. “When you have no one to answer to, vendetta as investment strategy is as legitimate as anything.” – Carl Icahn
  15. “No other investment yields as great a return as the investment in education. An educated workforce is the foundation of every community and the future of every economy.” – Brad Henry
  16. “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
  17. “Modern medical advances have helped millions of people live longer, healthier lives. We owe these improvements to decades of investment in medical research.”– Ike Skelton
  18. “Stock market goes up or down, and you can’t adjust your portfolio based on the whims of the market, so you have to have a strategy in a position and stay true to that strategy and not pay attention to noise that could surround any particular investment.” – John Paulson
  19. “Your mindset matters. It affects everything – from the business and investment decisions you make, to the way you raise your children, to your stress levels and overall well-being.” – Peter Diamandis
  20. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
  21. “Cash – in savings accounts, short-term CDs or money market deposits – is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money.”  – Suze Orman
  22. “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
  23. “I think you have to learn that there’s a company behind every stock and there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.” – Peter Lynch
  24. “Historically, there has been a bull market in the commodities every 20 or 30 years.” – Jim Rogers
  25. “The markets generally are unpredictable, so that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” – George Soros
  26. “Stop trying to predict the direction of the stock market, the economy or the elections.” – Warren Buffett
  27. “An important key to investing is to remember that stocks are not lottery tickets.” – Peter Lynch
  28. “Learn everyday, but especially from the experiences of others. It’s cheaper!” – John Bogle
  29. “When purchasing depressed stock in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt.” – Peter Lynch
  30. “No stock price is too low for bears or too high for bulls.” –  John F. Heerdink, Jr.
  31. “Investment is most successful when it is most businesslike.” – Ben Graham
  32. “Value stocks are about as exciting as watching grass grow, but have you ever noticed just how much your grass grows in a week?” – Christopher Browne
  33. “Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham
  34. “Individual who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham
  35. “I made my first investment at age eleven. I was wasting my life until then.” – Warren Buffet
  36. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” — Warren Buffett
  37. “There are only three measurements that tell you nearly everything you need to know about your organization’s overall performance: employee engagement, customer satisfaction, and cash flow. It goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.” – Jack Welch, former CEO of GE
  38. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble” ― Warren Buffett
  39. “If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffet
  40. “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
  41. “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.” – Warren Buffett
  42. “A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.” — Warren Buffett
  43. “Every once in a while, the market does something so stupid it takes your breath away.” — Jim Cramer
  44. “The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller
  45. “Know what you own, and know why you own it.” – Peter Lynch
  46. “Although it’s easy to forget sometimes, a share is not a lottery ticket… it’s part ownership of a business.” – Peter Lynch
  47. “Wise spending is part of wise investing. And it’s never too late to start.” – Rhonda Katz

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

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

  50. With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future.” — Carlos Slim Helu
  51. “If we like a business, we’re going to buy as much of it as we can and keep it as long as we can. And when we change our mind, we don’t take half measures.” – Warren Buffett
  52. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  53. “Never depend on a single income, make an investment to create a second source.” Warren Buffet“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.” ― Warren Buffett
  54. “The key to making money in stocks is not to get scared out of them.” – Peter Lynch
  55. “Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
  56. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  57. “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
  58. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” — Jeff Bezos
  59. “Money is always eager and ready to work for anyone who is ready to employ it.” ― Idowu Koyenikan
  60. “The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt
  61. “We don’t have an analytical advantage, we just look in the right place.” – Seth Klarman
  62. “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
  63. “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
  64. “In investing, what is comfortable is rarely profitable.” — Robert Arnott
  65. “Don’t look for the needle in the haystack. Just buy the haystack!” — John Bogle
  66. “No Price is too low for a bear or too high for a bull.” — Anonymous
  67. “Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” — Anonymous
  68. “Behind every stock is a company. Find out what it’s doing.” — Peter Lynch
  69. “Wise spending is part of wise investing. And it’s never too late to start.” –Rhonda Katz
  70. “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
  71. “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
  72. “A bull market is like sex. It feels best just before it ends.” — Barton Biggs
  73. “The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham
  74. “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
  75. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  76. “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham
  77. “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
  78. “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
  79. “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
  80. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  81. “Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
  82. “You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 
  83. “We always live in an uncertain world. What is certain is that the United States will go forward over time.” – Warren Buffett
  84. “Never test the depth of the river with both of your feet.” – Warren Buffet
  85. “Know what you own, and know why you own it.” – Peter Lynch
  86. “Liquidity is only there when you don’t need it.” -Old Proverb
  87. “There is no such thing as no risk. There’s only this choice of what to risk, and when to risk it.” – Nick Murray
  88. “If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson
  89. Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel
  90. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
  91. “Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
  92. “The entrance strategy is actually more important than the exit strategy.” – Edward Lampert
  93. “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
  94. “It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton
  95. “Inaction and patience are almost always the wisest options for investors in the stock market.” – Guy Spier
  96. “Remember that the stock market is a manic depressive.”  – Warren Buffett
  97. “An investment in knowledge pays the best interest.” – Benjamin Franklin
  98. “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
  99. “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
  100. “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
  101. “If all the economists were laid end to end, they’d never reach a conclusion.
    -George Bernard Shaw
  102. “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
  103. “In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Ben Graham
  104. “In investing, what is comfortable is rarely profitable.” -Robert Arnott
  105. “The fundamental law of investing is the uncertainty of the future.” -Peter Bernstein
  106. “How many millionaires do you know who have become wealthy by investing in savings accounts?” -Robert G Allen
  107. “Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself.”-Ivan Boesky
  108. 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
  109. “The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru
  110. “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
  111. “Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.” -Larry Summers

Videos

Please consider viewing these interesting videos: