The Weekly Summary
Last week saw the S&P 500 stall after spending most of the year bouncing back fast from the previous quarter’s decline. We’ve seen the pattern play out, earnings season after earnings season. When the market as a whole gathers enough numbers to gauge the overall pattern, investors take a deep breath and start repositioning for the quarter ahead.
As usual, our stocks outperform during the pause as well as the surge. The Bull Market Report’s recommendations added another 1% in YTD profit, once again nudging against levels that the correction forced us to briefly give up. At this point all losses dating from later than early October have been erased. Once our stocks can recapture another 3%, overall performance of all BMR stocks will back in record territory, with fresh fundamental fuel in the tank for the next leg in our journey to higher profits. As it is, the active BMR universe is up more than 40% since 2016, beating the market every step of the way.
Of course we’re still at the pivot in the earnings cycle with about half of our companies on record so far with their 4Q18 results. There’s still room for some surprises on individual stocks, but with the big players that dominate the Stocks For Success portfolio already on the board, we’re feeling quite confident in the rest of out stocks.
The Silicon Valley giants and the big Banks were strong. Even the major Industrial manufacturers are reporting good results, despite the tough talk on trade. And while the impact of last month’s federal government shutdown remains to be gauged, corporate executives just aren’t using it as an excuse to justify any weakness in their own performance. We’ve seen a few more warnings than usual, but the tone of the commentary is upbeat.
We prefer to look at the glass of 2019 as at least half full so far. On one hand, growth may falter for a quarter or two, and the shutdown may have produced a chill similar to previous cold winters that temporarily froze economic activity while Americans stayed home. But next quarter can easily produce a boom in miniature, leaving investors in a position to once again raise expectations for the year as a whole. And in the meantime, even with lowered growth targets, stocks that once looked richly valued at 18X earnings have receded to a more reasonable 15X multiple. That’s no reason to sell, and as long as we add to our positions selectively we will have no reason to complain.
There’s always a bull market here at The Bull Market Report! Earnings season for us has reached its climax and this week we’ll need to split our Preview into two pieces to accommodate all 12 companies scheduled to announce their numbers. You’ll get our thoughts on Vornado in this very newsletter ahead of Monday night’s release. The Big Picture provides a sense of our sector strategy and Gary Jefferson debunks some urban legends about the infamous “January Effect.”
We’ve spotlighted a few of the strongest names in our portfolios, including Amazon, Facebook, Roku, Alteryx, Box and Universal Display. Finally, The High Yield Investor updates you on the Blackstone Group and Equity Residential Trust.
Key Market Measures (Friday’s Close)
BMR Companies and Commentary
The Big Picture: In The Sector Sweet Spot
With a breathtaking 92% of the S&P 500 and all but two BMR stocks in positive territory YTD, there’s good reason to feel that the entire market is moving in the same direction. There’s little point in fighting correlations that strong. Sooner or later, the tide will turn and investors will get back to work crowding into strength and fleeing weakness.
For now, the only real question is how fast each slice of the market is moving to the upside. The S&P 500 as a whole is up 8% YTD, which would be highly respectable but our recommendations are up 15% on average over the same period! Obviously, we pride ourselves on picking winners in all ticks of the market cycle, but our sector exposure plays a big role here. BMR coverage has focused on the sweet spots without wasting resources on relative weakness.
For example, while Consumer Staples, Materials and Utilities are participating in the rally, they just aren’t moving fast enough to outperform. We don’t mind. Since none of our stocks are direct plays on any of those themes, our performance calculations start from a stronger overall base. Granted, those sectors add up to only 15% of the S&P 500, so the drag from accepting only 4% from the Materials or 6% from the Staples isn’t huge — but it’s enough to keep market-weight investors at a disadvantage.
There isn’t a lot of inherent value in these sectors, either. The Utilities are already 2% from a 52-week peak and the Staples don’t have much more historical headroom for bargain hunters to capture. And while more dynamic areas of the economy are expanding fast enough to push stocks past all known limits, it’s hard to get excited about the growth prospects here.
Even though the Materials sector would have to rally another 14% before breaking any records, there’s a reason the group is depressed. Earnings this year are tracking slightly lower than where they came in last summer, so revisiting the peaks effectively forces investors to pay more for less. While it could happen, we don’t count on it. And unless a truly vibrant opportunity emerges in these sectors, we won’t urge you to buy these stocks simply because they’re on sale or because we need to round out our coverage.
Some areas of the market simply aren’t worth the effort right now. And to be honest, they weren’t even worth it last year when these “defensive” sectors were in demand. Money crowded into the Utilities back in December when the rest of Wall Street was on the run. We already had our own fortress in place thanks to our High Yield, REIT and Healthcare portfolios, all of which held up remarkably well last quarter.
When Wall Street hits a wall, our Big Pharma and Real Estate names light up. After all, drug sales aren’t going to decline any time soon. Corporate landlords won’t cut rent either. Cash will flow into Johnson & Johnson (JNJ: $132, down 1% last week) and Vornado (VNO: $70, flat) and keep the dividends flowing whatever happens in the larger economy. If it doesn’t, we’ll have much larger challenges to wrestle with than what’s happening in the stock market.
That said, Healthcare has lagged the overall market YTD with only a 4% sector gain. Our particular recommendations are tracking double that return because we’re open to the more innovative side of the industry as well as the Big Pharma defense. As the year plays out, we’re looking to add more names like Exact Sciences (EXAS: $89, down 1%) to balance the deck.
Real Estate is already touching those limits now on relief that the Fed won’t burden the sector with additional interest rate increases any time soon. While we’re always open to opportunities, we have robust representation in the portfolio now. Similar logic applies in the Financials and Energy, which together add up to 20% of the market and are roughly tracking the S&P 500. Our Exchange-Traded Funds give us all the broad exposure we need to each theme.
Likewise, we’re already exactly where we want to be in the Consumer Discretionary and new Communications sectors, where a few star players have done most of the scoring in each group. Just four stocks in Consumer Discretionary and Communications have captured 60% of the total upside of both sectors so far this year. We actively recommend all four: Amazon, Netflix, Facebook and Alphabet. Factor them out and these sectors aren’t a target-rich environment after all.
And finally there’s Technology. A lot of companies people associate with the sector have been reclassified as Consumer or Communications stocks, leaving only Apple (AAPL: $170, up 2%) and Microsoft (MSFT: $106, up 3%) to anchor the sector. These two have come a long way back in recent weeks. Apple in particular has a lot of ground left to recapture, but for our purposes the important thing is staying clear of the drag the Semiconductor group is creating. We’ve trimmed all obvious weakness from our Technology and Aggressive portfolios, leaving plenty of room for winners to go as far as they can. Those stocks are up a collective 24% YTD, leaving the sector as a whole with its 10% deep in the dust.
Box (BOX: $24, up 11% -- all prices are for the week)
This is the week the venerable Goldman Sachs finally came around to what we have been saying for months: That enterprises across the world are shifting to cloud technology, and that mid-cap Tech pioneers like Box are capitalizing as a result. Goldman thinks Box will be worth $31 a year from now, only a little above our near-term $30 Target. From what we’ve seen so far the final destiny is many multiples of its current price.
After all, Box grew its top line 21% last quarter and is on track to match that performance in a few weeks when it reports its 4Q18 numbers. Remember, the story here doesn’t revolve around sustained profit until at least 2021, at which point the run rate will likely have expanded from $610 million last year to $900 million. Admittedly, the business has scaled to the point where it only takes $165 million am quarter to break even, but we’d rather see cash flow plowed back into customer acquisition and market share capture.
While Cloud data storage is a competitive business, Box is winning. The company has almost 100,000 global clients and during 3Q18 converted 57 of them into big contracts generating $100,000 or more a year. The deep end of this pool gets extremely deep. And with every business on the planet is a potential client, the sales team can keep developing relationships for decades to come before the market matures.
BMR Take: Box is an industry powerhouse making inroads into enterprise cloud computing. The company has a strong global footprint, and continues to shepherd trial customers into sometimes lucrative long-term contracts. Revenue has beaten our target 7 out of the last 8 quarters, so we’re expecting big things when the company next reports a few weeks from now. One day, our $30 Target will be in sight. After all, we were last there in June.
Alteryx (AYX: $70, down 1%)
We started coverage of this little Tech stock on the dip and it’s given you 21% since that initial recommendation back in November. The beauty of Alteryx’s Big Data platform is the way it coexists alongside other major players like Microsoft. In effect, data scientists reach for this company’s tools to make sense of the output the other platforms give them.
Every executive wants a better view of what’s going on in their company. Whenever anyone spends money to achieve that perspective, there’s no reason Alteryx won’t be part of the conversation. Companies are demanding an additional layer of simplicity in order to remain comprehensible in human terms.
That’s why we’ve been seeing tremendous growth and customer retention rates. Admittedly, the base is small, with revenue last year at $200 million if the upcoming 4Q18 numbers hit the target, but that’s a respectable 50% above 2017 levels. And with only 4,500 subscribers currently on the platform there’s a lot of room to broaden as well as deepen the customer base. Retention is close to 100% as it is, with more users electing to spend more last year than cancel their service. That’s how a little company becomes a big one.
BMR Take: Big Data is fast taking hold of every single industry and Alteryx is right there in the thick of things with a unique product that is drawing in enterprise customers from around the world. We already need to raise our $68 Target to $85 just to keep up with its recent moves, and in the process that means we can lift the Sell Price to $58 to cushion the downside on what’s still an Aggressive stock, at just a $4.3 billion market cap.
Facebook (FB: $167, up 1%)
It seems the dark days and savage $120 lows of 2018 are well behind us now. There is simply too much to get excited about for investors to stay away as the negative political headlines surrounding privacy and broader-based fears of audience erosion recede.
As we laid out in our Earnings Review two weeks ago, last quarter didn’t demonstrate any hint of weakness at all, with $17 billion in revenue moving past our target by a comfortable $600 million and 2.3 billion monthly active users proving that people are not abandoning the platform in vast numbers.
An audience on that scale allows a company to do miraculous things with low-yield monetization strategies. Facebook only squeezes $7.37 per quarter from every user or the equivalent of $0.08 per day. People would probably pay that much simply to have the ads turned off, but it’s more likely that management will find ways to sell enough ads to avoid that option entirely.
It also takes a lot of user churn to depress that number in real terms. Even if Facebook were to hemorrhage 100 million accounts, revenue per user only needs to come up 4% to maintain the status quo. But we expect to see the audience remain stable while revenue ramps up at least 20% a year for the foreseeable future.
Of course last year’s nightmare has had its economic effects when it comes to recruitment and regulatory costs. Headcount is up a staggering 40%, largely due to the need for more fact-checkers and fake news stoppers keeping bad ads away from sensitive users. We no longer expect real profit growth to come back here for another year. But we’re open to surprises like the one Zuckerberg and company gave us in the recent quarter, flipping expectations for a 1% earnings decline into 8% continued growth.
BMR Take: Facebook fans still have a ton to hit the “like” button about: Remember, this is a company that hasn’t even begun to monetize billion-user properties like WhatsApp, Instagram and Facebook Messenger, not to mention more speculative bets like Virtual Reality and branded Facebook devices. Either way, while margins may compress in the short term, revenue has an open runway to keep building. The company will be on surer footing, and the stock will reflect that going forward. Our $220 Target stands.
Amazon (AMZN: $1,588, down 2%)
This hasn’t exactly been our biggest gain of 2019, but it takes a lot of heavy lifting to move one of the biggest stocks on Wall Street 6% in seven weeks. With a market cap of $800 billion at this point, we see every reason for growth as Amazon continues to gobble up the Retail sector. This was a $1 trillion company in September, and the company is bigger and more profitable since then. We’ll get there again. It’s only a matter of time.
For years, the knock on this goliath has long been its lack of ability to generate a lot of profit. Margins run at barely 4% and are unlikely to swell to more normal Technology levels any time soon. That’s all right. This is really a Retail company at its heart, carving out tiny fractions on bulk sales whenever Bezos decides it’s time to pay attention to the bottom line.
Even so, there’s a lot of bulk sales to play with here. Amazon will probably report at least $275 billion in sales this year, still expanding at least 18% a year. Walmart, the biggest Retailer in history, has stalled a little above $500 billion. At this rate, Amazon will close the gap within the next five years, and that’s assuming his big bets on cloud computing, Grocery and streaming media don’t push him over the top faster.
Amazon recently hinted that they are going to compete with FedEx and UPS on shipping. Since the company already delivers consumer products via its Whole Foods network and other physical Retail outlets, the move makes sense. All it needs is an army of drivers, a few more drones and a good routing system to take on what was once a global shipping duopoly. That’s how big this company is: They are so dominant and so innovative in so many different markets that a full-scale assault of this nature is just one more area that the company will attempt to control.
BMR Take: Amazon can turn a massive profit the minute management decides it’s time. Just turn the growth spigot off for a few quarters and let the cash reserves pile up. After all, there’s no dividend and the company doesn’t need to buy back its own stock. But where’s the fun in that, right? Look for more technological innovations and industry disruptions from Amazon in 2019.
Roku (ROKU: $48, up 7%)
This week was another rollercoaster for Roku on news that Comcast will be sticking with the company instead of developing an Apple-based TV app as many had feared. It’s good to see that competing streaming-to-TV technologies are having a hard time getting real traction.
Comcast’s entry in the streaming TV universe is Now TV, which is now on the Roku menu. Users don’t need to buy a separate device to load the content and Comcast gets a ready-made audience that coincidentally has already opted to bypass the traditional cable box.
Never forget that cord cutting has increased by 48% over the last eight years, taking a full 14% of U.S. households out of the reach of incumbents like Comcast. Not all will migrate to Roku, but the winds are certainly shifting away from traditional cable and towards streaming content.
BMR Take: While the streaming field will be growing more competitive as new entrants like Disney and Warner Media enter the fray, none match Roku in taking various content options to the living room screen. This isn’t just another competing channel operator. This is the company that makes the gadget that all channels need if they want to migrate off the laptop onto that expensive wall TV.
Universal Display (OLED: $111, up 6%)
Even though this company was never all about smartphone sales, Apple’s recent earnings report was enough to prompt huge relief for Universal Display shareholders. After all, if this is as bad as demand for Touch Screens gets, there’s light ahead for companies like this that make the materials inside them.
Remember, this is a stock that we added to the Special Opportunities portfolio because it was depressed over developments at Apple. We knew that the real primary consumer here remains the TV industry, which uses a lot more organic light emitting diodes to fill the pixels on every huge 75-inch screen, than Apple can fit onto 250 iPhones. As that business matures, we feel that Universal Display will one day once again command $200 and make people who bought around $100 mighty happy.
For now, the odds are good that phone sales have bottomed or are at least due a short-term turnaround as 5G functionality rolls out in the United States and global vendors look for ways to refresh their products to maintain market share. A year from now the iPhone may not be a luxury-priced product overseas, although designers will still lobby hard to get Universal Display diodes into the screens.
New products on the horizon simply can’t use the old display systems. If you want to roll out a foldable phone, a flexible wearable device, or a Virtual Reality display, you need a Universal Display screen. This is the future. Your fellow investors are just a little slow to catch on.
BMR Take: It’s worth noting that Apple is set to begin using Universal Display exclusively from 2020 onward, and with the emergence of 5G phones as well as improvements to tablets and other devices, expect that relationship to drive revenue over the coming years. Ironically enough, the customer that sank this stock last year (Apple) may now be its long-term savior. We’ve maintained our $150 Target over the past eight months and firmly believe we will see this level some time this year.
A Word from Gary Jefferson
Jefferson Financial Group
First Vice-President, Investments
UBS Financial Services, Inc.
Devised by Yale Hirsch in 1972, the January Barometer argues that a good first month tends to turn into a positive year. It works most of the time, registering only 10 major errors since 1950 for an 85% accuracy ratio. A slightly more sophisticated version combines the Santa Claus Rally, the First Five Days Early Warning System and the full-month January Barometer.
Whichever version you prefer, the best January since 1987 gives investors the upper hand as 2019 continues. Since bottoming on the day before Christmas, the market’s trajectory has been essentially straight back up. Santa paid a visit to Wall Street and thus the Santa Claus Rally was positive.
The First Five Days were also positive. Add up all indicators and the predictive power is considerably greater than any of them alone. Granted, we are looking in the rear view mirror, but these three positive January indicators complete a Trifecta that historically greatly improves the prospects of further gain this year.
Whenever all these historical signals flash, the S&P 500 has posted full-year gains 90% of the time with an average gain of 17%. Add this to where we are in the election cycle (the third year of a presidential term is the best) and statistics are on our side despite all the fretting about the future we need to screen out now.
We can look ahead and see reasons to believe history may indeed repeat itself this year. The prospects for 2019 have improved dramatically over the past five weeks. The Fed has backed off its unwavering stance to raise rates and to reduce its balance sheet on a rapid "autopilot" pace. President Trump is still optimistic about reaching a trade agreement with the Chinese. And, importantly, unemployment is low and the economy is still creating jobs each month. (The latest strong non-farm payroll number was released on the 1st of February.)
Corporate earnings, although slowing, are forecast to continue growing and consumer confidence is again strengthening. Basically, the economy continues to be a job creation machine even as the 4% unemployment rate is already near a four-decade low. Interest rates also remain low and the inflation that everyone feared for so long remains nowhere to be seen.
(These numbers make a mockery of all the negative stories about the economy that you read in the press or hear on TV).
However, when talking about the market there is always a “however.” We haven't forgotten that we started off 2018 in much the same fashion, and stocks rolled over in February and March. But in the meantime, earnings season remains in full swing now with dozens of big names reporting. Recent highlights include: Google, Disney, Clorox, General Motors, Twitter, and Chipotle
A miss can be devastating and a lowering of guidance for earnings can be even worse. Thus, we anticipate continued volatility for the market. The base case in all of this is that decent growth numbers for 2019, when coupled with the historical winds at our backs, should be good enough to cut through the volatility and move stocks higher this year.
Earnings Preview: Vornado (VNO: $70, flat)
Earnings Date: Monday, 5:00 PM ET
Revenue: $562 million
Net Profit: $70 million
Funds From Operations: $1.09
Year Ago Quarter Results
Revenue: $536 million
Net Profit: $67 million
Funds From Operations: $0.80
Implied Revenue Growth: 5%
Implied EPS Growth: 9%
Implied FFO Growth: 36%
Sell Price: $50
Date Added: March 5, 2018
BMR Performance: 8%
Key Things To Watch For in the Quarter
We always ignore confusion around “whisper numbers” because it rarely adds up to more than noise. That clarity is especially crucial around Vornado this quarter because while most analysts broadly agree with our revenue and Funds From Operations forecast, we’ve seen a few people claim they’ll be disappointed with anything less than $135 million in profit. Don’t let them distract you from the essentials.
For one thing, we don’t see any $65 million windfalls in the recent quarter that would feed that kind of earnings growth. If anything, Vornado has been a net consolidator after finally unwinding its stake in troubled New York office tower 666 Broadway, so there aren’t any big property sales on record. Instead, the company paid $41 million to buy out the junior partner in its looming Madison Square Garden project, which would logically show up as an expense. We’re thrilled with this decision and suspect management will only feed our enthusiasm on the conference call. After all, there’s 9 million square feet of commercial and office space on the line here and Vornado literally holds all the keys.
Either way, earnings aren’t the headline number for REITs anyway. You know how the accountants in that industry manipulate the math to keep the balance sheet flexible. The real factor to watch is Funds From Operations, which everyone agrees will show significant improvement from last year. This is the pool of cash dividends draw on. As long as Vornado reports enough to pay its $0.54 per-share distribution, it’s a win.
The High Yield Investor
By John Freund
VP of High Yield
The Bull Market Report
Institutional capital always has to flow somewhere, and as exotic hedge fund strategies break down investors are returning to the relative safety and security of Private Equity. Because some of that money always flows back to the fund managers that run the strategies as well as the shareholders in the fund companies themselves, this rotation of assets ultimately plays out in our favor.
One of the biggest beneficiaries here is Blackstone Group (BX: $34, down 1%, Yield = 6.4%). In a league with Carlyle Group (which we covered here last week ahead of its earnings), Blackstone is the largest Private Equity complex in existence.
The company earns income on fees it charges investors for capital it invests, along with a percentage of any profits above a certain threshold. Imagine you’re handing your money off to a professional poker player who’s heading to Vegas for the weekend. The pro tells you he’s taking 2% of your money off the top and 20% of any profits above a certain amount as an incentive to do well. You give him your money anyway, because he’s just that good. Even with the 2% and 20% fees, you’re still going to come out ahead.
That’s essentially Blackstone’s business model. It’s what the hedge funds earn, only with longer lock-up periods and free reign over the capital over extended periods of time. Blackstone has a hand in privately held Real Estate as well as Energy projects and Debt Financing, giving corporate affiliates the tools and liquidity they need to grow, in exchange for a rich slice of the returns, which the firm then hands back to those institutional investors and collects its fees.
The company currently runs $120 billion in outside money through each of its Private Equity, Real Estate and Credit divisions, which in the aggregate is more than the Gross Domestic Product of Hong Kong, Ireland or Israel. That gigantic cash reservoir keeps growing fast, with management setting a lofty fundraising goal of $1 trillion over the next eight years.
Remember, the company charges fees on all managed capital, so the more money in its coffers, the more it earns. On the hedge fund model, 2% of $1 trillion is enough to boost projected revenue 35% over the next eight years, even if the underlying investments don’t generate a penny of performance fees over that period. We suspect that zero return scenario is unlikely. These are some of the smartest investors in the global markets. They didn’t get where they are making dumb bets.
Blackstone continues to proactively acquire entire companies across a range of industries and geographic regions in order to keep its investors satisfied. Just in the last few months, the company purchased India’s largest affordable housing financing company, a life sciences investment platform and a next-generation oil drill equipment company. That last acquisition was on the small side for Blackstone at $700 million but it reveals a lot about the scale and the ambition at the table.
Granted, the last few months have been sluggish as global markets froze up and performance fees evaporated. Blackstone ended up booking $500 million in revenue for the recent quarter, an aberration for a company that often breaks $1.8 billion in a good quarter. Nonetheless, we’re looking for at least 3% top-line growth for the entirety of 2019 translating into 20% profit growth. That’s enough to keep the dividend aloft and fuel management’s expansion ambitions.
And investors would be thrilled if Blackstone changes its structure from the current limited partnership into a more conventional corporation. While this may sound like nothing more than semantics, it actually could have a significant influence on after-tax profits and the way we evaluate the stock.
KKR, another Private Equity firm, recently made the switch and reaped substantial rewards. KKR now commands a 13X earnings multiple, leaving Blackstone’s 11.6X valuation looking more than a little neglected. Two years ago, the multiple gap pointed in the other direction, with the larger firm basking in a 1.5X earnings premium to its somewhat obscure rival. Leveling the tax playing field can easily trigger at least a 10% rally and almost certainly boost Blackstone earnings as well. We aren’t counting on it, but it would be nice.
Back in the publicly traded Real Estate space, Equity Residential (EQR: $73, up 2%, Yield =3.0%) is up 11% so far this year and offers a similarly stable income stream to long-term shareholders. After all, owning apartments and charging long-term fees on Private Equity investments are both forms of rent-seeking behavior.
The only difference is that Equity Residential is immune to the vagaries of institutional investor sentiment. Whatever happens in the global markets, its tenants need to keep paying or find a new place to live. Given the strength of the underlying economy and historically low unemployment numbers this is a great defensive business. Record job growth has contributed to surging demand for housing in urban areas, where this company is primarily focused.
Last year saw Equity Residential raise rents 2% while maintaining 96% occupancy across its units. Renewals increased 5% on the year as well, signaling strong customer satisfaction with the high-end brand in a world where apartments are in short supply. New developments are coming but are still years away in cities like New York, Boston, San Francisco and Los Angeles. As it is, Amazon’s new secondary headquarters will further augment the New York Real Estate market and the company is spending a lot of money to build there. (Recent political developments may derail the NYC headquarters, but there are 50 other cities that would love to have them, so we’re really not concerned.)
Equity Residential also re-entered the Denver market in 2018 with a pair of new developments. Denver actually has the fastest growing cohort of young urban professionals in the country, which just happens to be the company’s core demographic. Since these units are brand new, we’ll need to wait and see how renewals shape up, but management has been cheerful about performance so far.
The company as a whole is on its strongest financial footing in years. They issued $900 million in unsecured bonds last year and retired over $1 billion in higher-rate secured debt, trading down the interest scale and reducing overall financing costs. If this continues, we can easily see more room open up on the balance sheet for further expansion or debt retirement. While it’s been a slow process, liabilities have declined $2 billion since 2014 and here at $10 billion are well balanced against $20 billion in assets.
Equity Residential is a reliable REIT with a powerful business model given the sustained growth in the urban jobs market. The company is in the right place at the right time, expanding in markets that are themselves growing thanks to continued job creation. We fully expect that run to continue throughout the year ahead.
Todd Shaver, Founder and CEO
The Bull Market Report